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Dukascopy Account Types

Dukascopy_Account types

Overall Rating

4.6/5

Rated #17 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FINMA

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

18

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Dukascopy provides two different account types, namely the Forex/CFD ECN Account and the Forex MT4 Account. Both accounts can be used as a demo account or as an Islamic account and each account type has its own set of conditions for commission, fees, margin calls, leverage, and minimum deposits.

Dukascopy is a Switzerland-based STP and ECN broker that was established in 2004 and is strictly regulated by both FINMA and FSA. Despite being headquartered in Switzerland, Dukascopy has offices in Tokyo, Moscow, Kyiv, Riga, and Hong Kong.

Dukascopy makes provision for competitive and comprehensive trading conditions that are tailored according to the trading needs and objectives of various traders despite their level of skill, knowledge, and experience.

Dukascopy provides traders with direct market access, more plainly known as DMA, low and competitive spreads, and instant executions along with the lowest possible commission charges.

 

Dukascopy Account Types

Dukascopy provides two main account types that each have their own unique trading conditions and serve the purpose of providing traders with a dynamic trading experience and environment along with being the best pricing schedule.

 

The Dukascopy account types include:

  • Forex/CFD ECN Account, and
  • Forex MT4 Account.

 

Forex/CFD ECN Account

When registering for a live trading account, traders are required to pay US Dollar 100 during registration that will open the account for trading. The US Dollar 100 minimum deposit, however, is only available to EU Clients.

Traders who register through Dukascopy Bank S.A will be subjected to a minimum deposit of US Dollar 1,000.

On the Forex/CFD ECN Account, there is a minimum acceptable order size of 1’000 units of the primary currency and while there is no limitation on the maximum lot sizes, it will depend on the liquidity, marginal requirements, and maximum instrument exposure.

 

When using this account, traders need to acknowledge that there are special trading hours with regards to certain financial instruments during Summer and Winter months, these instruments include:

  • XAU/USD – trading breaks occur during 21H00 and 22H00 during the Summer, and 22H00 and 23H00 during the Winter.
  • XAG/USD – trading breaks occur during 21H00 and 22H00 during the Summer, and 22H00 and 23H00 during the Winter.
  • USD/RUB and EUR/RUB – trading breaks occur during 20H50 and 07H00 during both Summer and winter months.

 

There are, besides, special trading conditions involved with certain financial instruments which result from the limited available liquidity present during off-market hours. These special conditions apply to the following financial instruments:

  • USD/PLN
  • EUR/PLN
  • USD/TRY, and
  • EUR/TRY.

 

The features provided on the Forex/CFD ECN account include:

  • Access to maximum leverage of 1:30 for EU Clients, and 1:200 for all other clients.
  • Variable spreads that start from 0.1 pips on EUR/USD.
  • Commissions that are calculated according to the trading platform, in this case, JForex, the monthly trading volume, and the assets traded.

 

Islamic Account holders are charged additional commissions of US Dollar 5 per million USD traded on Forex and US Dollar 7.5 per million USD traded on metals and CFDs.

 

Forex MT4 Account

This account type is paired with the reputable, popular, and comprehensive MetaTrader 4 and this account differs from the Forex/CFD ECN Account in a variety of ways including the list of financial instruments available, trading conditions, and swaps.

 

The trading specifications associated with this type of account include:

  • USD, EUR, GBP, CHF, and PLN can be chosen to serve as the base currency for the account.
  • 24 supported deposit currencies which can be chosen from when funding the trading account.
  • Leverage of 1:30 for EU Clients.
  • Margin Call level of 100% and Stop Out level of 50%.
  • Market execution.
  • The use of hedging while trading on this account.
  • Access to Expert Advisors, or EAs, along with being able to use Trailing Stop, and
  • Maximum orders allowed up to 1’000.

 

Demo Account

Dukascopy offers traders the option of opening a Demo Account which can be utilized in various ways, including, but not limited to the following:

  • A practice account for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.
  • Traders who are evaluating and comparing brokers who would like to explore Dukascopy’ trading conditions in a risk-free environment, and
  • Traders who wish to test their trading strategies in a mimicked live trading environment without risking their capital.

 

Dukascopy’s demo account signs up is fully digitalized and hassle-free. It can be done within a few minutes and as soon as the trader is registered, demo trading can commence once the trading platforms have been installed on either

  • Desktop PCs that use Linux, Windows, or macOS, or
  • Mobile devices such as tablets and smartphones that run Android or iOS operating systems.

 

Alternatively, traders can easily access the trading platforms from their web browser and use their credentials to sign into their Dukascopy Demo Account using the trading platforms’ WebTraders.

 

Islamic Account

The purpose of an Islamic Account is that it caters specifically for Muslim traders who strictly follow the Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

Dukascopy offers the option of an Islamic Account on the Forex/CFD ECN Account which can be used in conjunction with the JForex trading platform.

 

The diversity provided by these account types ensures that traders have access to a trading environment that is competitive and cost-effective in terms of trading and non-trading costs.

Dukascopy traders are given the edge they need to facilitate their trading activities regardless of their level of skills, knowledge, and experience.

 

Overall Rating

4.6/5

Rated #17 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FINMA

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

18

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Dukascopy account types are designed to facilitate all styles of trading.

Now that you know what to expect in terms of the accounts offered by Dukascopy, let’s look at some of the pros and cons of trading with them.

 

Pros and Cons

✔️Pros ❌Cons
Well-regulated No US Clients
Multiple trading tools offered Restricted leverage for EU Clients
Flexible trading platforms High commission charges
PAMM Accounts offered MetaTrader 5 not offered
Multiple base currencies supported for accounts Accounts tied to trading platforms without the option of changing
Demo Account only available for 14-days

 

Dukascopy provides traders with competitive and comprehensive trading conditions, tailored to the needs of various traders despite their level of understanding and expertise.

To conclude this article, here is a brief overview of Dukascopy containing all essential information:

 

Dukascopy at a Glance

Broker’s Name Dukascopy
Headquartered Switzerland
Year Founded 2004
Regulating Authorities FINMA, FSA
Countries not accepted for trade United States
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts Yes
Managed Accounts Yes
Maximum Leverage 1:30 for EU clients, 1:200 for others
Minimum Deposit US Dollar 100
Deposit Options
  • Bank Wire Transfer
  • Credit/Debit Cards
  • Bitcoin
  • Bank Guarantees
  • Skrill
  • Neteller
Withdrawal Options
  • Bank Wire Transfer
  • Credit/Debit Cards
  • Bitcoin
  • Bank Guarantees
  • Skrill
  • Neteller
Platform Types JForex, MetaTrader 4
OS Compatibility Web browsers, Windows, macOS, Linux, Android, iPhone, tablets, iPads
Tradable Assets Forex, commodities, cryptocurrency, stocks, shares, indices, metals, energies, options, bonds, ETFs, CFDs
Languages supported on Website English, French, German, Polish, Spanish, Simplified Chinese, Traditional Chinese, Portuguese, Italian, Russian, Arabic, Slovakian, Latvian, Hungarian, Czech
Customer Support Languages Multi-lingual
Customer Service Hours 24/5

 

Conclusion

Dukascopy offers two flexible account types that accommodate the needs of any type of trader. These accounts can also be used as demo accounts or Islamic accounts.

To find out more about Dukascopy, read one of the articles below.

 

Good luck with your trading!

 

You might also like: Dukascopy Minimum Deposit 

You might also like: Dukascopy Demo Account 

You might also like: Dukascopy Fees and Spreads 

You might also like: Dukascopy Sign up Bonus

You might also like: Dukascopy Islamic Account

 

FAQs

Trading Environment

How many instruments can I trade with Dukascopy?

You can trade the following instruments:

  • Forex
  • Commodities
  • Cryptocurrency
  • Stocks
  • Shares
  • Indices
  • Metals
  • Energies
  • Options
  • Bonds
  • ETFs, and
  • CFDs

Which platforms are supported by Dukascopy?

JForex and MetaTrader 4.

Does Dukascopy offer leverage?

Yes. Dukascopy offers maximum leverage of 1:30 to EU clients, and 1:200 to others.

What spreads can I expect with Dukascopy?

Spreads from as little as 0.1 pips when using the Forex/CFD ECN Account.

Does Dukascopy charge commission?

Yes. Commissions are charged according to the trading platform, JForex, the monthly volume traded, and the net deposit or bottom-line equity.

Besides, Muslim traders are subjected to additional commissions of US Dollar 5 per million USD traded on Forex and US Dollar 7.5 per million USD traded on metals and CFDs.

Are there additional charges on the Islamic account?

Yes. There are additional commission charges of US Dollar 5 per million USD traded on Forex and US Dollar 7.5 per million USD traded on metals and CFDs.

Is Dukascopy regulated?

Yes. Dukascopy is regulated by FINMA and FSA.

Is Dukascopy a recommended forex trading broker for experts and beginners?

Yes. Dukascopy caters for both beginners and experts.

What is the overall rating out of 10 for Dukascopy?

9/10.

 

Accounts

What is the difference between a demo and live trading account?

A Demo Account is a risk-free account which is funded by virtual money and allows traders to either practice trading, explore the brokers offering, or test trading strategies in a mimicked live trading environment.

Does Dukascopy offer a demo account?

Yes.

For how long is the demo account valid?

14-days.

Does Dukascopy offer the option of an Islamic Account?

Yes. The option for converting a live trading account is available on the Forex/CFD ECN Account.

Which live trading accounts does Dukascopy offer?

Dukascopy offers the following trading accounts:

  • Forex/CFD ECN Account, and
  • Forex MT4 Account.

What are the available deposit currencies for a live trading account?

  • USD
  • CHF
  • EUR
  • GBP
  • HKD, and more.

 

Deposits and Withdrawals

What is the minimum deposit for Dukascopy?

US Dollar 100.

How do I make a deposit and withdrawal with Dukascopy?

  • Bank Wire Transfer
  • Credit/Debit Cards
  • Bitcoin
  • Bank Guarantees
  • Skrill
  • Neteller

Does Dukascopy charge withdrawal fees?

Yes.

  • Credit/Debit Cards – €1.5 + 2.5% when traders use any other Credit/Debit card other than a Dukascopy bank card.
  • E-Wallets – Skrill 2.5%, Neteller withdrawals lower than US Dollar 40 are charged at €1 while amounts more than US Dollar 40 will be charged at 2.5%.

How long does it take to make a withdrawal?

This will depend on the method through which withdrawals are made along with the process involved and generally it can take between one and several business days.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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