» Biggest marketplace in the world
» Low spreads, slippage control
» Reliable Customer Service
» ARIF regulated with known physical address
» $50,000 USD to open an account
» Could use more cross-platforms like HUF and MXM
» No service for retail clients
Dukascopy Review rate: 4.00
You would not be wrong if you believe this advanced-level, Swiss Forex Broker to set the yardsticks for security, technology and reliability in the Forex industry. Supported by one of the world’s highly liquid forex networks, Dukascopy is immensely controlled by FFA ((Federal Finance Administration) and ARIF. So, money laundering prevention is a prime concern for this broker. Identity proofs and documentations to reveal source of funds are requested from customers to ensure completely legal dealings.
Get ready for spot forex as you gain access to probably the biggest interbank forex liquidity pool. It is perhaps the liquidity of these centralized marketplaces along with several banking partners that Dukascopy is bequeathed the honor of being the world’s biggest marketplace. The daily volumes of the network can sometimes exceed the whooping $80 billion USD. Spreads such as 0.5 – 1 pip is available on Majors, as the broker utilizes the real-time interbank rates. This is almost an unbeatable spread in the market. At times, the spread may rise to around 4 pips. But this is usually for non-major pairs.
There is no reason for you to feel anxious about the safety of your dealings as the stringency of Swiss Foreign Exchange Marketplace is unparallel in this regard. Get involved in one click trading or trade through unlimited accounts. Any which ways, you can be sure that your money is secure online. In case, you wish to exploit the option of trading via telephone, Dukascopy also makes available that option for you. Reach out to their 24*6 trade desk customer support available anytime you want.
Dukascopy marketplace is free of any conflict of interest with their clients or exposure risks. These are some problems that you may have to face with other trading platforms. But as Dukascopy marketplace makes available the market spreads and does not create spreads of their own, you can be at peace about such problems. A commission is charged to access their marketplace; however it is very minimal with standard commission being $20 USD for every one million that you trade. Managed accounts are to pay $40 USD for every million that is traded. A small amount of this commission is reimbursed, depending on the monthly volume traded by you.
It would be a good idea to start by reading their trading terms. Dukascopy’s Official Website can be accessed in eight languages. Gear up with a demo account and as you switch to real time trading after some time, you are provided with a visual encryption secure code for higher security. You can then make a choice between Web-based and Java-based software program.
Avail a highly-cordial and knowledgeable customer support via Skype, telephone or online chat. You may have to face a little inconvenience with the demo account as it may stop in between for some updates, though it is still worth to bear this minor inconvenience as it provides you with a great introduction to the features of the program. Click the Help Menu to get hold of an insightful tutorial in a PDF file.
The windows setup is one of a kind with an easy market monitor, positions management, and examination of the current exposures as well as a good track of their performance, leverage and equity. You may resize or move windows according to your own preference. Ask prices, bid, market depth and volumes are updated real-time.
Dukascopy is one broker which is more suitable for advanced brokers, though beginners too are sure to enjoy trading with them. $50,000 is the minimum account requirement, which undoubtedly is a little higher than other brokers. But that is the price what one must pay to get associated with one of the largest brokers of the forex market.
In case, this threshold requirement is of no hurdle for you, you can sign up for a live account and start trading right away! Another small glitch is that being a Swiss forex broker, the sign up with Dukascopy is not as easy as simply filling up an online form, like with several other brokers.
Sign up requires that you download some paperwork, fill the essential details and then mail the documents to Switzerland. It is also suggested that you fax or email the scanned copy of the documents beforehand to confirm if all documents and information is in order. Once you get a green signal, you can go ahead and mail the hard copy of the documents to Switzerland. As we mentioned before, it is all a completely legal deal.
To open a private account, you need to send a certified copy of passport and any latest utility bill that shows your billing address. If you wish to get started with a corporate account, you are requested to provide all documents that you can. You will be contacted if any more documents are required. For deposit or withdrawal purposes, you need to have the standard bank order.
This should not be any reason that you should shy away from giving Dukascopy a try, as these are all standard Switzerland forex brokerage procedures and are definitely worth the efforts.
Once you have overcome these minor formalities, you can reap the benefits of your efforts in the form of slippage control, low spreads, great customer support and real time tick charts made available by Dukascopy.
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