With the growing Forex industry, the number of both regulated and unregulated companies grows as well. Everybody knows that foreign exchange is a good way to make a profit, both quick and easy. Therefore, the risks and manipulations are also present in a large number. It means that there is no guarantee that the currency trading industry is safe in the first place. However, many companies are trying to do their best, and offer easy trade and positive experience. These are, usually, regulated enterprises that have certain conditions to fill. On the other hand, it is possible that these companies are also trying to manipulate their customers. Because of all these facts, it is necessary to be aware of the market risks, carefully pick your broker and know how much money you should invest.
Forex Brokers We Recommend
Background and Regulation
According to the information acquired from their website, this is the daughter company of Dukascopy Bank SA. This project started in 1998 in Geneva, Switzerland. The European branch, Dukascopy Europe IBS AS, is located in Riga, Latvia and it is an EU licensed investment brokerage company. Dukascopy, nevertheless, is dealing with a Swiss Bank, which is further regulated by FINMA (Swiss Financial Market Supervisory Authority) both as a bank and a securities dealer. As many people already know, the Swiss banking system is known as the strongest and safest in the world. There are also branches Dukascopy Japan, which is a Type-1 licensed broker situated in Tokyo and SIA Dukascopy Payments, a European authorized payment and e-money company with headquarters in Riga. This company was established in November 2004 in Geneva by Andre and Veronika Duka. It is important to mention that Dukascopy Bank has offices in Zürich, Riga, Kiev, Moscow, Kuala Lumpur and Hong Kong, and Dukascopy Group has over 300 employees. This group primarily provides online and mobile trading services through the SWFX – Swiss FX Marketplace which offers online and mobile Forex, precious metals as well as CFD trading options. The SWFX connects 20 major banks and automatically executes orders on a Straight Through Processing basis. Most importantly, both buying and selling side participants interact on an equal footing.
Dukascopy Trading Platform
The Dukascopy central trading platform is called JForex, and it suggests a range of tools for risk management as well as easy control over the order execution. Clients can trade millions of dollars with the help of a secure “one-click” option. This platform is recommended for both manual and automated trading. There is also a newer version of JForex, called JForex3 which made slight changes and improved the existing platform.
- No Java installation
- Instant updates
- Access to Demo or Live account
- Both network and RAM control
- Acess from the start menu, Desktop icon, and Quick Launch icon
- Available for Windows, Mac or Linux
All Dukascopy Bank trading platforms provide access to Swiss Forex Marketplace (SWFX). They are designed to act and react promptly to different situations available on the market. They have a very organized view which allows easy monitor of the market, current exposure, management of their orders and positions, as well as other characteristics. Besides, there are also web platform and mobile platform which provides instant market access; the latter is available for Apple iOS and Android.
Dukascopy Account Types
Account types are based on the initial deposits that customers invest. For example, they offer account starting from USD $100, over $5,000, over $100,000 and over $250,000. However, it is important to mention that Dukascopy Bank SA only allows accounts with less than 5,000 USD for Swiss residents, while ECN accounts with the minimum deposit of 100 USD are available only for the clients of Dukascopy Europe.
This company offers anniversary bonus, equity bonus, discount program and option to invite your friend are some options available for customers to use. Rewards are received if you specifically ask for it and they will be added only after the turnover requirements are met. The client can, however, withdraw money at any time but this will cancel the bonus.
Dukascopy Bank offers its customers three payment methods for their trading accounts. Debit and credit cards are welcomed option for funding. However, the types of cards accepted by Dukascopy Bank SA may change at any time. Therefore, you should be aware of this possibility at any time. For the clients’ safety, the maximum amount accepted through this payment method is CHF 10,000 or equivalent in USD, EUR, GBP, AUD, CAD, JPY, PLN, SEK, NOK, DKK and RUB. Besides this, you can also fund your accounts through Wire Transfers and Bank Guarantees. It is important to state that all the customers are welcomed to open accounts in USD, CHF, EUR, GBP, JPY, AUD, CAD, DKK, HKD, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY and ZAR currencies. To deposit and withdraw funds the name of the card holder must be same the name of the account holder with Dukascopy Bank SA, and transfers from third parties will not be accepted. This bank does not charge fees for the account funding through cards, but the partner banks have commission fee of 2 % on the transaction amount for EUR, USD, GBP or CHF transactions, and 2.5% for AUD, CAD, JPY, SEK, NOK, DKK, RUB or PLN transactions. It is important to state that the bank can offer a guarantee for several accounts under the same name, and it makes the guarantee for deposits starting from 100 000 USD.
Dukascopy offers 24/5 customer support via email, phone, live chat and video call. However, necessary information can also be found on their main website which is available in 13 languages.