Dukascopy Review 2026

Dukascopy is a practical option for active FX and CFD traders who value an ECN-style platform and extensive charting, but it is less suited to investors seeking direct share ownership or traders who need a simple, low-cost payment route. Its breadth of platforms and market tools is a strength; its commission schedule varies with account equity, net deposits and recent turnover, while several payment methods carry percentage fees. The Swiss bank’s regulatory and deposit-protection framework is a notable feature, alongside separate group entities for European and Japanese clients. The most consequential practical choice is whether JForex’s tools and the account’s changing commission rate fit your trading volume and workflow. Shares and ETFs are available as CFDs, including in a separate stock platform with long-only positions, so the product choice also affects how you can trade equity markets.

Dukascopy is a Geneva-based Swiss online bank and trading group founded in 2004 by Andre and Veronika Duka, who still own 99% of the company. The business combines foreign-exchange and CFD trading with banking and other financial services. Its group includes Dukascopy Europe IBS AS in Latvia and Dukascopy Japan K.K. in Tokyo; Dukascopy Bank SA says it directly owns both subsidiaries.

Dukascopy describes its SWFX marketplace as an ECN model using Straight Through Processing, with orders matched automatically and no dealing desk. It says the marketplace connects by FIX API to more than 20 major banks. For a trader, this model means prices and available liquidity are presented through the trading system rather than through a dealer-set spread; it does not by itself establish execution quality for a particular order. The bank publishes annual and interim financial reports and names KPMG SA as its external auditor. Dukascopy also runs Dukascopy TV and an online trading community.

Dukascopy Bank SA is regulated by Switzerland’s FINMA as a bank and securities firm, and its eligible bank deposits have named Swiss insurance protection. The group also has Latvian and Japanese brokerage subsidiaries, with distinct local authorisations and deposit-protection terms. Regulation does not remove market, counterparty or trading risk.

### Which Dukascopy entity holds your account? Dukascopy Bank SA is based in Geneva and says FINMA regulates it as both a bank and a securities firm. Its commercial-register ID is CHE-112.086.322; this is a company registration, not a financial-services licence number. Dukascopy Europe IBS AS is based in Riga and is regulated by the Bank of Latvia. Dukascopy Japan K.K. is a Type-1 licensed broker regulated by Japan’s Financial Services Agency. Dukascopy’s subsidiaries offer trading facilities under white-label agreements with the Swiss head office.

### What protection applies to client money? Dukascopy Bank SA says eligible private and corporate client deposits are covered by esisuisse up to CHF 100,000 per client and institution, with multiple accounts aggregated. The bank says client deposits at Dukascopy Europe are protected under EU rules up to €20,000 per client. Those are separate schemes and limits; the Swiss protection should not be applied to a European subsidiary account. Dukascopy publishes financial reports, names KPMG SA as external auditor and is a member of the Swiss Bankers Association. These protections relate to eligible bank deposits, not compensation for trading losses.

Dukascopy charges trading commission on each opening and closing trade on JForex self-trading accounts, with rates depending on net deposits, equity or the prior 30 days’ traded volume. The lowest applicable rate is used. The broker’s homepage snapshots labelled average spreads showed EUR/USD at 0.2 pips in one capture and 0.4 pips in another; those are snapshots, not a dependable typical-spread figure.

### How much is the FX commission? For JForex currency pairs, the commission schedule ranges from USD 35 per USD 1 million traded at the lowest tier down to USD 5 per USD 1 million at the highest. For commodities, indices, precious metals, crypto and bonds, the corresponding range is USD 52.5 to USD 7.5 per USD 1 million. Rates are set daily at settlement and apply the following trading day. The schedule uses deposit, equity and 30-day turnover thresholds; for example, the lowest currency-pair rate applies when both net deposits or equity are below USD 5,000 and traded volume is below USD 5 million. Accounts with a bank guarantee have fixed rates of USD 18 per USD 1 million for currency pairs and USD 27 for the other listed products.

As an illustration, at the USD 35 rate, a USD 100,000-equivalent FX trade incurs USD 3.50 on opening and USD 3.50 on closing, or USD 7 in commission for the round trip. This assumes the lowest tier applies and excludes spread and any currency conversion. Dukascopy converts commissions to the account’s base currency at its current spot rate with a 0.5% adjustment. Swap-free accounts pay an additional USD 5 per USD 1 million for currencies and USD 7.5 per USD 1 million for precious metals, on top of standard commission.

### What does stock trading cost? Stock and ETF CFDs use a separate schedule. Examples include 0.10% of trade value with an €8 minimum for Germany and France, 0.10% with a £7 minimum for UK listings, and USD 0.02 per share with a USD 10 minimum for US shares. The Stock Trading Platform also charges an annual account-maintenance fee of 0.5% of portfolio value, billed monthly. Relevant exchange fees, stamp duties and regulatory surcharges may also be deducted. Its account-opening and closing charges are free.

### What do deposits, withdrawals and inactivity cost? For trading accounts other than Multi-Currency Accounts, bank-transfer deposits are listed as free. Card deposits cost 1.5% for EEA cards and 2.5% for non-EEA cards; Skrill costs 2.5%, Neteller costs €1 or 2.5%, and Bitcoin, Ether and Tether deposits are listed as free. Bank-transfer withdrawal charges vary by currency and route: the schedule gives €2.3 for SEPA and €20 for non-SEPA EUR transfers, and USD 19 for SHA or USD 35 for OUR. Transfers in a currency different from the account currency can incur a separate exchange fee. Trading accounts have no maintenance charge for their first 180 days; subsequent inactivity charges can reach CHF 100 per client for each 180-day period without a trade, open position or online currency exchange. The charge can be avoided by activity and may be refunded as cashback against future fees or binary-option premiums.

Its demo options include JForex, MT4 and MT5 Forex demos, plus a Forex/CFD demo.

### Which account fits the product? The JForex trading account is the core route for Dukascopy’s FX and CFD trading; its commission schedule varies with net deposits, equity or traded volume. The MT4 account has a separate additional platform commission of USD 0.5 per MT4 lot, described as USD 5 per USD 1 million, calculated as a round-turn charge and booked on opening trades. Dukascopy also offers an MT5 live account, with more than 400 instruments announced for MT5 live and demo in February 2026.

Stock CFDs require a JForex trading account plus a separate Stock CFD sub-account. The stock platform is long-only and uses 1:1 leverage, unlike the leveraged FX and CFD products. Dukascopy also advertises swap-free accounts; these carry extra volume commission for currencies and precious metals. The practical decision is chiefly product and platform fit: JForex for the broader platform feature set, MT4/MT5 for MetaTrader, and the separate stock sub-account for long-only equity CFDs.

The bank describes its SWFX execution as ECN and Straight Through Processing, with automatic order execution and no dealing desk; those are the bank’s descriptions of its model.

### How does Dukascopy describe order execution? Dukascopy says SWFX brings buy-side and sell-side participants together and displays market depth, and describes a maximum-slippage control that can set the permitted negative slippage or exclude it. That control is unavailable on stop-loss orders, and a tighter slippage tolerance increases the chance that an order will be rejected. JForex also includes market and pending orders, trailing stops and stop-limit orders. A maximum-slippage setting gives a trader a way to constrain price tolerance, but it does not promise that every order will fill.

### What leverage and product limits apply? Dukascopy’s separate Stock Trading Platform specifies leverage up to 1:1, long positions only, and no short selling. It supports market, limit, stop-limit, market-on-close and limit-on-close orders. In that platform, the maximum size per CFD trade can vary with stock capitalisation, liquidity and instrument-specific constraints. These stock-market terms do not describe the leverage or order conditions of the FX account.

Leverage needs to be considered in the context of the specific instrument and platform rather than treated as a universal group term.

Dukascopy’s range covers forex, metals, indices, commodities, bonds, cryptocurrency CFDs, stock and ETF CFDs, and binary options on stocks and forex. The number and product terms vary by platform: its Stock Trading Platform lists more than 25,000 stock and ETF CFDs, while the JForex comparison lists more than 1,500 stocks and ETFs.

### Are Dukascopy’s stocks real shares? No: the stock platform identifies its equity and ETF products as CFDs. It offers long-only exposure with 1:1 leverage, and short selling is not permitted in that platform. This is not ownership of the underlying company shares or ETFs. JForex’s stock CFDs have a different product range and allow both long and short positions, according to Dukascopy’s platform comparison.

### How does the range vary by platform? Dukascopy announced more than 400 instruments on MT5 in February 2026, including precious metals, additional forex crosses and crypto CFDs. That platform-specific count is distinct from the much larger stock-and-ETF CFD count on the Stock Trading Platform. JForex provides forex, precious metals and CFDs on several underlying markets, with the bank’s fee schedule also listing commodities, indices, crypto and bonds. The range is therefore broad across CFDs, but an instrument count alone does not mean that a product is available on every platform or that it represents ownership. The Stock Trading Platform’s focus on long-only equity derivatives also makes it a different proposition from JForex for traders seeking short exposure or automated strategies.

Dukascopy offers JForex on desktop, web and mobile, alongside MetaTrader 4 and MetaTrader 5. JForex has the broadest feature set; Dukascopy’s dedicated Stock Trading Platform is accessed through JForex 4 desktop or the Dukascopy Trading Platform app and does not support automated strategies.

### What can you do with JForex? JForex Desktop runs on Windows, Mac and Linux. Dukascopy describes more than 250 built-in indicators, customisable charts, analytical objects, strategy development and historical back-testing. Traders can write custom automated strategies, and the platform includes economic events, an interactive calendar and alerts. JForex mobile is available for iOS and Android, including phones and tablets; Dukascopy lists more than 100 built-in indicators and notifications for market movements and economic events. JForex Web runs in a browser and offers trading, charts, real-time data, notifications and an integrated calendar. The web version is described as a simplified platform compared with desktop.

### How does the stock platform fit in? The Stock Trading Platform is not an independent login route. A client opens a JForex account, creates a Stock CFD sub-account, funds it through the JForex account and accesses the platform from JForex 4 desktop or the Dukascopy Trading Platform app. The stock platform supports market, limit, stop-limit, market-on-close and limit-on-close orders, but it is long-only and has no automated strategies. That account and access path matters for traders who primarily want stock CFDs rather than FX.

Dukascopy also offers MT4 and MT5, with live and demo access advertised. JForex demos are free. The documented range supports manual chart trading and automation in JForex, but the stock-specific interface limits automation and short selling.

Dukascopy offers online registration for a trading account and says the account-opening documents are sent automatically after registration. It also promotes video identification for remote onboarding. Funding options and charges depend on payment method and account type; the amounts below apply to trading accounts other than Multi-Currency Accounts.

### How can you fund a trading account? The fee schedule lists bank-transfer deposits as free, card deposits at 1.5% for EEA cards and 2.5% for non-EEA cards, Apple Pay at 2.5%, Skrill at 2.5%, and Neteller at €1 or 2.5%. Bitcoin, Ether and Tether deposits are listed as free. Dukascopy reserves the right to add a further 0.5% deposit fee in some cases. Internal transfers within Dukascopy Bank and transfers to or from another Dukascopy account are listed as free. Multi-Currency Account fees differ, so these trading-account charges do not apply automatically to that account type.

### What does a withdrawal cost? For bank withdrawals from trading accounts, the schedule lists €2.3 for SEPA and €20 for non-SEPA EUR transfers, CHF 2.3 for SIX and CHF 15 for non-SIX transfers, and USD 19 for SHA or USD 35 for OUR. It gives separate prices for other currencies and routes, and says a €7.50 charge may apply to SEPA withdrawals to certain financial institutions. Transfers in currencies different from the account currency can also incur currency-exchange fees. These are Dukascopy’s processing charges; the receiving or intermediary bank may affect the amount ultimately credited.

Dukascopy’s tutorials cover deposits through its web service, app and 911 support route, as well as crypto deposits. The practical cost distinction is between a free bank-transfer deposit and the charge for the withdrawal route or currency conversion.

Dukascopy provides market commentary, technical and fundamental analysis, economic calendars, trading tools, video tutorials and 24-hour support channels. Its research is useful for following market events and reading the bank’s own analysis; it should not be confused with an independent performance record.

### What research and tools are available? Dukascopy’s site lists technical analysis, expert commentary, trade-pattern ideas, fundamental analysis and trading ideas covering instruments such as EUR/USD, USD/JPY, GBP/USD and gold. The bank provides an economic calendar, pivot-point levels, SWFX sentiment index, daily highs and lows, historical-data export, a forex calculator and online news. JForex integrates economic events and calendar alerts into charts. Dukascopy TV supplies financial video content, and the site carries video tutorials on tasks such as account opening, video identification, deposits, platform login and trading functions. Dukascopy’s materials provide a mix of market analysis and practical platform instruction rather than a structured course syllabus.

### How can you reach support? Dukascopy lists live chat, a message form, a callback request and phone support. The contact details identify 24-hour client support and live-trading support; the company overview describes support as 24/5. Those schedules are not identical, so the clear practical distinction is that the site advertises round-the-clock phone coverage on its contact listing while its company description gives a weekday schedule. Dukascopy also provides an issue-report form for trading or technical problems. Phone conversations may be recorded, and the bank says requests may be handled by Dukascopy Group employees located inside or outside Switzerland. These are published channels and hours, not measured response or resolution outcomes.

Dukascopy’s FX commission is charged on each opening and closing trade, and the applicable rate changes with deposits, equity or recent turnover. If a predictable per-trade bill matters more than JForex’s variable volume tiers, compare brokers with a fixed commission per lot and use their round-trip charge alongside typical EUR/USD spreads.

For equity investing, Dukascopy’s separate stock platform offers long-only CFDs and charges an annual 0.5% account-maintenance fee based on portfolio value. A direct-share broker is the more relevant comparison for someone who wants ownership rather than a CFD; compare its dealing and custody charges with that recurring fee and Dukascopy’s minimum commissions on smaller orders.

The changing JForex commission tier also makes account equity, deposits and recent turnover relevant to the cost of an active FX strategy.

For equity exposure, decide whether a CFD meets your purpose: Dukascopy’s stock and ETF products are derivatives, not direct ownership, and the dedicated platform adds an annual maintenance charge.