Dukascopy is a Swiss brokerage forex house which was established primarily to serve the needs of institutional and other large-volume traders, offering both automated and anonymous trading options and one-click execution for even large orders.About Dukascopy
Founded in 1998, Dukascopy offers direct access to the Swiss Foreign Exchange Marketplace, and offers the largest pool of spot forex liquidity for its clients. Drawing from an extensive network of banking partners, Dukascopy offers full Prime Broker capability and is committed to transparency and security in the forex industry.
Dukascopy’s corporate hierarchy includes a four-member executive committee that oversees four divisions: IT and Operations; Marketing and Sales; Logistics and HR; and Finance and Risk Management.
To keep things interesting and encourage transparency among its traders, Dukascopy also offers a “Trader of the Month” contest for its clients, awarding the trading account with the best performance a personal invitation to the company’s office in Geneva to receive a Swiss Luxury Watch valued at 15000 CHF. Past winners include ex-Presidents Bill Clinton (USA), Pascal Couchepin (Switzerland) and Vladimir Putin (Russia), and ex-UN Secretary Kofi Annan.
Key Registrations
Dukascopy is a member of the Association Romande des Intermediaires Financiers (ARIF) and is audited by KPMG. In March 2009, the company submitted an application to obtain a Swiss banking license, adding an additional measure of security for its clients.
Contact Information At A Glance
- Email support: Info@dukascopy.com
- Main phone: +41 (0) 22 799 48 88 or +41 (0) 22 799 48 44
- Fax: +41 (0) 22 799 48 80
- Trading desk email: RM@dukascopy.com
- Trading desk phone: +41 (0) 22 799 48 38 or +41 (0) 22 799 48 48
- A Skype link is available at the Dukascopy site: http://www .dukascopy.com/swiss/english/about/contact/?ibref=1062
Vital Trading Information About Dukascopy
Trading platforms at Dukascopy offer access to the Swiss FX Marketplace, and are designed to react quickly under all types of market conditions. Platforms currently supported include:
- JForex Platform – recommended for traders interested in automatic trading; requires Java to operate
- Java Platform – designed for manual trading; requires Java
- Web platform – optimized for speedy access, this platform has low technical requirements
An MT4 platform is currently in the testing stages.
Minimum Deposit Amounts
Dukascopy (Suisse) SA offers Forex trading accounts both to individuals and to institutional clients. The company’s services are optimized for institutional trading, and recommended deposit size for these accounts is 50,000 USD and up. For individuals, minimum deposit amounts vary based on the type of account, and range from $5,000 for a retail account to $1M for a VIP account, which includes extras such as a personal VIP account manager and priority in both trading support and technical support features.
Currently, Dukascopy accounts support the following seven currencies: USD, CHF, EUR, GBP, JPY, CAD and AUD. Funding for accounts can be made through wire transfer, bank guarantees, and Swiss custodian banking services (segregated Swiss bank account). The minimum deposit for the Swiss custodian account is 250,000 USD.
Account Set-Up
Setting up an account is relatively simple using the company’s online form. Registration requirements vary for individual and legal entity accounts. Both require filling in the trading agreement form and the form to request an account opening, a certified or notarized copy of an ID or passport and a copy of a utility bill showing proof of residence. Legal entity accounts must also provide a full set of corporate documents and the corporate resolution authorizing the account to be opened. For both individual and legal entity accounts, all forms must be mailed to Dukascopy for review and approval. Once approved, an account number will be provided and an initial deposit of at least $5,000 USD or equivalent in other currencies must be made via wire transfer. Once the account is funded, login information and password will be provided.Demo Accounts
Dukascopy offers a 14-day demo account that allows registrants to trade using the same functionalities and same data feed as are offered by the Live SWFX – Swiss FX Marketplace. The demo is free to use for a 14-day trial and requires filling out a simple, online form. Once registered, demo account users will have access to all of the same features as regular account traders, offering novices an ideal way to familiarize themselves with the account options. Dukascopy recommends use of its demo account for all prospective clients, especially individual accountholders.
Dealing Desk
There is no dealing desk execution at Dukascopy.
Trailing Stops
Dukascopy’s platform supports trailing stops on both stop loss and entry stop orders, with the minimum trailing step parameter set to 10 pips. The stop can be easily adjusted from the edit menu of the client account, for both types of orders.
Trading Spreads
In its continuing effort to improve transparency among traders and throughout its trading practices, spreads are shown at interbank prices with no mark-up. Instead, Dukascopy charges a small commission per trade, which is based on the traded volume and the account size. A table describing commission rates for various trading volumes and account sizes (in USD) can be seen at Dukascopy’s website, here: http://www.dukascopy.com/swiss/english/forex/forex_trading_accounts/commission-policy/?ibref=1062 .Leverage-margin
During regular trading hours, Dukascopy supports a margin limit of 1:100; on weekends and other non-market days, the limit is set at 1:30. The account leverage limits can be adjusted to different levels when the account is opened. The minimum margin required for any given trading level depends on the leverage ratio, as well as the current market prices and currency pair being traded. A table describing various leverage-margin scenarios is available at http://www..dukascopy.com/swiss/english/forex/forex_trading_accounts/margin/?ibref=1062Bottom Line
Geared for larger, institutional accounts, Dukascopy requires larger minimum deposit amounts from individual traders than many other forex trading service providers, making it less than ideal for traders seeking mini or micro accounts. However, it also offers advantages missing in many of its competitors, including an absence of dealing desk executions, anonymous trading and the ability to create an automated trading strategy. For investors with larger sums to invest, and for investors looking to trade anonymously, this company could be a good choice.
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