Dukascopy review 2026

Dukascopy Bank SA is owned by its founders, Andre and Veronika Duka, who still hold 99% of the company, and it fully owns Dukascopy Europe IBS AS in Latvia and Dukascopy Japan. Its website says its trading information is not aimed at residents of the UK, Belgium, Canada and some other countries.

Dukascopy works through one licensed entity: Dukascopy Bank SA (FINMA, as a bank and a securities firm). Which one holds your account depends on where you live, and that decides your protection: leverage limits, negative balance protection and any compensation scheme come from that entity's licence, not from the brand.

Dukascopy does not publish how client money is held on the pages we checked; under a strict licence it must be kept apart from the firm's money.

Compensation: CHF 100,000 per client (esisuisse deposit insurance, Dukascopy Bank SA).

Dukascopy does not publish negative balance protection for every entity on the pages we checked. It is required for retail clients under UK, EU and Australian rules; check your own account agreement.

Dukascopy was founded in 2004 (2 November, Geneva). Headquarters: Geneva, Switzerland (ICC, Entrance H, Route de Pré-Bois 20, 1215 Geneva 15).

FINMA licence (Dukascopy Bank SA)

Dukascopy Bank SA is licensed by the Swiss Financial Market Supervisory Authority (FINMA) in Switzerland, authorised as a bank and a securities firm (no licence number is shown on its page). We read it on dukascopy.com (https://www.dukascopy.com/swiss/english/about/company/).

The Swiss Financial Market Supervisory Authority is one of the strictest financial regulators in the world. A Swiss bank licence brings capital, audit and client-asset rules that go well beyond a normal broker licence.

To check it yourself, open the register at https://www.finma.ch/en/finma-public/authorised-institutions-individuals-and-products/, search for "Dukascopy Bank SA", and make sure the name, status and website match before you deposit.

Dukascopy lists these accounts: Forex / CFD margin accounts at Dukascopy Bank SA on JForex 4 or MT4 (EU clients through Dukascopy Europe IBS AS), plus a demo account.

You open a margin account at Dukascopy Bank (or at Dukascopy Europe in the EU) and choose JForex 4 or MetaTrader 4. Swap-free accounts pay an extra USD 5 per USD 1 million on currencies. A demo is available for both platforms.

Dukascopy does not publish a list of base currencies on the pages we checked.

Swap-free (Islamic) account: Yes (swap-free accounts, with an extra USD 5 per USD 1 million on currencies).

Demo account: Yes (JForex 4 and MT4). A demo uses virtual money, so it is the safe place to learn the platform before you risk real funds.

A spread is the gap between the buy and the sell price; it is the main cost on most CFD trades. Dukascopy's published spreads: 0.1 pips (variable, SWFX marketplace). "From" figures are the tightest moments in the best markets; normal spreads are usually wider, especially at night and around news.

Commission example: at the first tier, a trade of USD 1 million on a currency pair costs USD 35 to open and again to close; a standard lot (100,000 units) is one tenth of that. MT4 accounts pay USD 5 per million more than JForex. All commissions are converted to your account currency with a 0.5% fee.

Commission

Commission, as Dukascopy publishes it: USD 35 per USD 1 million traded on currency pairs (volume commission per opening or closing trade; lower with higher deposits or volume).

On a commission account you pay a fixed amount per lot on top of a small spread; on a spread-only account the cost is built into a wider spread. Add both together to compare the real cost of one trade.

Other fees to check

Inactivity fee: Minimum 500 CHF for dormant accounts (not more than the account balance).

Currency conversion fee: 0.5% (on conversions to the account currency).

Swaps (overnight financing) are charged or paid when you hold a position past the daily rollover; check the swap of each market on the platform before holding trades for days.

Minimum deposit: $100 (Dukascopy Bank SA forex account).

The minimum deposit to open a forex account at Dukascopy Bank is $100 or the equivalent, according to its forex page; its platforms landing page shows a minimum from $1,000, so confirm the figure for your account type when you apply.

A small first deposit lets you test the account, the platform and a withdrawal before you commit more. Only deposit money you can afford to lose.

Dukascopy lists these deposit methods: Bank transfers, Payment cards, Apple Pay, Skrill, Neteller and Bitcoins, Ether, Tether. Which ones you see depends on your country and your Dukascopy entity.

Deposit fee: Dukascopy does not publish a deposit fee on the pages we checked; your own bank or card provider may still charge.

Always deposit from an account or card in your own name: brokers reject third-party payments and return funds to the source.

Withdrawal methods: Bank transfers, Payment cards, Skrill, Neteller and Bitcoins, Ether, Tether.

Withdrawal fee: 2.3 EUR SEPA (bank transfer; 2.3 CHF SIX; cards 1.5 EUR + 2.5%; Skrill 2.5%; Neteller 1 EUR or 2.5%; crypto USD 30; non-SEPA and SWIFT higher).

Timing: Dukascopy does not publish a withdrawal processing time on the pages we checked.

Bank transfers cost 2.3 CHF via SIX or 2.3 EUR via SEPA (more for non-SEPA and SWIFT), card withdrawals 1.5 EUR plus 2.5%, Skrill 2.5%, Neteller 1 EUR or 2.5%, and crypto USD 30. Dukascopy does not publish a withdrawal processing time on the pages we read.

Like most brokers, Dukascopy sends money back to the method you deposited with first. Verify your identity before your first withdrawal, and try a small withdrawal early so you know how it works.

Dukascopy offers JForex 4 and MetaTrader 4.

JForex 4 is Dukascopy's own platform for desktop, web and mobile, with strong charting and its own automated-strategy language. MetaTrader 4 is offered for traders who prefer MT4 tools.

MetaTrader 4 and 5 suit traders who use expert advisors (automated strategies) and custom indicators; a broker's own app is usually simpler for beginners. Try the platform on a demo before you trade real money.

Leverage lets you open a position larger than your deposit. It multiplies gains and losses in the same way.

Maximum leverage, as Dukascopy publishes it: Up to 1:200 on business days (1:60 at weekends; Dukascopy Bank SA).

Dukascopy Bank offers leverage up to 1:200 on business days and 1:60 at weekends, holidays and market-off times. Dukascopy also reports that 0.21% of retail client accounts had to deposit funds to offset a negative balance, so negative balance protection is not stated for every account.

Dukascopy's own page states that 75.75.14% of retail investor accounts lose money when trading CFDs (source: https://www.dukascopy.com/swiss/english/about/company/).

Dukascopy does not publish its margin call and stop-out levels on the pages we checked; check them on the platform before you trade.

What we like: Swiss bank regulated by FINMA; Deposit insurance up to CHF 100,000 per client (esisuisse); Spreads from 0.1 pips on its own ECN marketplace; Commission falls as your deposit or volume grows; JForex 4 and MetaTrader 4.

What to watch: Withdrawal fees on every method; Dormant-account fee of at least 500 CHF; 0.5% fee on commission and currency conversions; Minimum deposit shown differently on two of its pages; 75.75.14% of retail accounts lose money, by its own figure.

Dukascopy suits experienced and high-volume traders who value Swiss bank-level safety and an ECN model, and who are comfortable with a commission-based platform like JForex.

It is less suited to small, occasional traders: withdrawal fees and the dormant-account fee make small balances expensive, and its services are not aimed at UK residents.

1. Go to Dukascopy's official website (https://www.dukascopy.com) and check that the entity named in the footer is the one licensed for your country.

1. Register, then upload your ID and proof of address. Brokers must verify you before you can withdraw.

1. Choose your account type and base currency (Forex / CFD margin accounts at Dukascopy Bank SA on JForex 4 or MT4 (EU clients through Dukascopy Europe IBS AS), plus a demo account).

1. Deposit at least $100 (Dukascopy Bank SA forex account) with a method in your own name, then practise on the platform with small trades.

1. Request a small withdrawal early, so you know how long it takes before you add more money.

These are the rules Dukascopy keeps in its terms, read on its own pages on 2026-10-16:

• Inactivity fee: Minimum 500 CHF for dormant accounts (not more than the account balance)
• Withdrawal fee: 2.3 EUR SEPA (bank transfer; 2.3 CHF SIX; cards 1.5 EUR + 2.5%; Skrill 2.5%; Neteller 1 EUR or 2.5%; crypto USD 30; non-SEPA and SWIFT higher)
• Deposit fee: not published on the pages we checked
• Minimum withdrawal: not published on the pages we checked
• Currency conversion fee: 0.5% (on conversions to the account currency)
• Negative balance protection: not published on the pages we checked
• Margin call: not published on the pages we checked
• Stop-out: not published on the pages we checked

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.75.14% of retail investor accounts lose money when trading CFDs with this provider, by Dukascopy's own figure. Brokers change their terms; confirm each number on the official page before you deposit.

Dukascopy offers some of the strongest protection in retail forex: a FINMA-regulated Swiss bank with deposit insurance up to CHF 100,000.

Its costs are transparent but layered (volume commission, conversion and withdrawal fees), so it pays off most for active traders. Remember that 75.75.14% of retail client accounts lose money when trading CFDs.