Dukascopy is one of the most well-known and high-trusted European brokers. Lots of newly-minted Forex traders choose it as their first broker, but they tend to ask a lot of questions about its services. Is it reliable enough to trust with your money? Are the trading conditions good or not? What makes it better than other brokers out there? While perfectly legitimate, these questions require more than just two words to answer.
That’s why we have arranged this article with our short answers to the most frequent questions about Dukascopy brokerage services: everything you need to know about it, as briefly as possible.
What is Dukascopy?
Dukascopy Europe is a brokerage company owned by Dukascopy Bank SA. While the office of the bank itself is located in Geneva, the broker is registered in Riga. However, it still remains a subject of the European Union financial laws.
How reliable the broker is?
Dukascopy is well-regulated by various European laws, and it has been in business since 2004, so we consider it highly reliable. In addition, this broker complies with the demands of FCMC (Financial and Capital Market Commission), so its clients can expect significant compensation for lost financial instruments and some other losses. The compensation may be as high as 90% of your loss, but no more than €20.000, though.
What are the basic trading conditions?
Dukascopy has a minimum deposit limit of $100. The leverage is limited to 1:200, and while experienced traders may find that unacceptable, this is an advantage for novice traders. There are only three available types of accounts:
- Live FX — a standard option available for every trading platform;
- Demo FX — a demo account for practice and trading strategy testing;
- PAMM — an investment account with managers for earning passive income.
Users can choose from a variety of trading platforms, including JForex Trader, MetaTrader 4, and SWFX. The array of trading options includes more than 60 currency pairs, bonds, ETFs, binary options, and even some cryptocurrencies.
Is this broker user-friendly?
Dukascopy is not just reliable and easy-to-use, the broker is exceptionally user-friendly. It has a customer support service that works 24/6 (not on Saturdays), and you can ask them questions not included in this article. You can also freely access the database of educational tutorials and webinars made by Dukascopy experts. That should make building a strategy and trading much easier.