Dukascopy, a Swiss forex broker, founded mainly to provide service to the large trading setups, offering choices of automated, anonymous trading and single-click order executions.
Dukscopy, established in 1998, allows for accessing SWFX Marketplace directly, providing the biggest pool of spot forex liquidity to its clients. Having a strong back of banking collaborators, Dukascopy offers potential of a Prime Broker and is dedicated to make forex trade transparent and secure. Dukascopy’s managing power structure comprises of four units related to IT, management, marketing and finance. Dukascopy has a membership of ARIF and is regulated by KPMG. It also owns a license to Swiss banking.
Trading Info Regarding Dukascopy
• Dukascopy offer trading access to the Swiss FX Marketplace. It supports JForex (for automatic trading), Java (for manual trading) and Web platform (for quick access). All the three platforms support ‘hedging’ and ‘net’ modes. At present MetaTrader 4 platform is going through testing phase.
• Dukascopy offers accounts to individuals as well as large institutions. The minimum deposit for institutions is 50,000 USD while for individuals, it varies for their account types; retail account ($5,000 and up) VIP account ($1M and up) which has extra trade managing features
• Presently, seven currencies are supported: USD, CHF, GBP, EUR, JPY, AUD and CAD.
• Transactions through bank guarantees, wire transfers and Swiss custodian banking services, can be made.
• Account can be set up easily via online forms. Forms for individual accounts and legal entity accounts have varying requirements. All forms are reviewed and only after approval an account number is supplied and a starting deposit of minimally $5,000 USD would be required to be made through a wire transfer after which the login details are provided.
• Dukascopy provides a 14-day demo account. Even the demo users are provided with some of the original functions as well as data feed similar to that from the Live SWFX Marketplace.
• Dukascopy is free from dealing desk executions.
• Trailing stops on “stop loss” as well as “entry stop” orders are supported with trailing step preset to at least 10 pips. The stop has an option to be adjusted for both order types.
• Dukascopy costs a modest commission for every trade. The charges are based on account size and volume traded.
• Dukascopy provides a leverage limit of 1:100 on regular days while 1:30 on weekends and other non-trading days.
Since Dukascopy was designed for large organizational accounts, it takes a minimum deposit that is larger than most of the forex auto trading systems. So using Dukascopy is not suitable for the mini account traders. Nevertheless it offers some advantages over the competitors like it is free from dealing desk executions, it offers anonymous trading, and provides the ability to formulate automated trading strategies. Dukascopy can be a good choice for traders with potential of making huge investments or the ones seeking anonymous trading.