If you’re looking for a broker that is very popular amongst professional traders you should take a closer look at Dukascopy. This is one of the largest online brokers when it comes to liquidity. Only ECN trading is available and you have to pay a commission for every Million dollars you trade instead of a high spread. A commission does not sound nice but we can already mention that trading is much cheaper this way if you can afford to trade with higher volumes.
Dukascopy is a Swiss broker with its own banking license. The mission of this broker is to offer a very professional Forex trading experience and every trader should be happy to make use of such a professional broker. This sounds a bit odd but this is the experience almost every trader makes at Dukascopy. It really is what you can expect from a Swiss broker that can be compared to the famous Swiss watch. However, this broker does not fit to every trader and that’s why you should keep on reading. If you think this may be the right broker for you though, you can just click here to sign up at Dukascopy immediately.
Software and platforms: JForex and MT4
Dukascopy offers a nice selection of different platforms. There’s a Java based webtrader that allows you to trade without a download, at foreign PCs for example. The platform that is used most at Dukascopy is JForex. This is their very own platform aimed to professional traders. At first glance this platform looks a bit odd. But due to the fact that you have more than 180 tools to analyze and many more features you might miss at other Forex platforms shows that you deal with a platform that suits the needs of professional traders. If you don’t like JForex you can also go with MT4 and you should already be familiar with this platform. Thanks to the ECN Bridge it’s also possible to trade with MT4 and your ECN account. There’s also an iPhone app for everybody who wants to trade with his mobile.
ECN account at Dukascopy
You wont sign up at Dukascopy and deposit lots of money if you want to trade with a retail broker. Dukascopy is nothing else than a stone-cold ECN broker and no market maker. That’s why you have to pay a commission for trading and only a very, very low spread.
Spreads and commission
There’s no doubt that there’s a very low spread for a reliable ECN broker like that and you rarely pay more than 1 Pip for EUR/USD. What is more important is their commission. The commission depends on your first deposit. If you deposit “only” $5.000 you pay more than twice as much in commission compared to a deposit of $ 1 Mil. Dukascopy recommends depositing at least $ 50.000. In this case you pay $18 in commission for every Million USD you trade.
Deposit and withdrawal
Dukascopy is very strict in terms of minimum deposit. As already mentioned a deposit of at least $50.000 is recommended although it’s possible to deposit $5.000. However, in this case you don’t have that much room to maneuver. As Swiss trader you can even make smaller deposits but you also don’t have much room to maneuver in this case. The more you deposit, the better your “advantages” become.
It’s obvious that Dukascopy does not offer that many deposit options when they require larger deposits. You can only deposit with a bank wire and no Paypal or credit cards are offered compared to other brokers. You can deposit in seven different currencies at Dukascopy.
Maximum Leverage: 100:1
Minimum Margin: 1.0%
Spread: 1 pips EUR/USD
Available Currency Pairs: 22
Conclusion and experiences
Dukascopy is without a doubt one of the largest and most reliable brokers and nobody can really disagree. The experiences traders make with Dukascopy are very positive. You can find lots of negative experiences with most Forex brokers but not with this one. However, quality like that is not for free. You have to deposit at least $5.000 and even then you’re no VIP trader.
Overall the Metatrader platform that can be used for ECN trading is a huge plus because you should be used to this platform already. If you want you can also work with JForex which is also a great platform to trade with. If you can afford to make huge deposits and if you’re looking for a professional Forex broker you should start trading at Dukascopy. You won’t regret it!
|+ Largest broker in terms of liquidity||– High minimum deposit|
|+ Reliable and secure, with Metatrader|
|+ ECN broker with very tight spreads|