Dukascopy Review 2026

The basic trading model

Dukascopy connects clients to the SWFX Swiss FX Marketplace and offers floating spreads with volume-based commissions. Its product range includes leveraged forex trading and CFDs. Share exposure is mainly through CFDs rather than direct share ownership; the instrument categories also include indices, commodities, bonds, ETFs and cryptocurrencies, with many of these exposures provided through derivatives.

Clients can trade through JForex or MetaTrader 4 and MetaTrader 5. JForex is Dukascopy's proprietary platform and connects to SWFX; it supports automated strategies and API trading. Social Signal Trading lets live-account holders copy trades from participants in Dukascopy Trader contests, with risk parameters that clients can set.

Important regional differences

Account terms and leverage depend on the entity and jurisdiction. Forex leverage can reach 1:200 where permitted, while retail leverage is capped at 1:30 in the UK and Europe. Dukascopy Bank SA and Dukascopy Europe also have different fee schedules for some payment and currency-conversion services.

Trading costs

Dukascopy uses floating spreads and a volume-based commission structure rather than spread-only pricing. The spreads below are average values, not minimum or guaranteed spreads.

The standard forex commission can fall as low as $10 per $1 million traded, with discounts based on account equity, net deposits and trading volume over the previous 30 days. Actual charges depend on the applicable fee schedule and account conditions.

Non-trading costs

Payment-card deposits may incur partner-bank fees. The charges vary by entity and currency; the deposit-method table below gives the card conditions for the specified payment routes. Bank-wire deposits are free on Dukascopy's end, although intermediary or sending banks may charge fees.

Withdrawal charges vary by entity, currency and route. For Dukascopy Bank SA, examples include €2.30 for a SEPA withdrawal, €20 for a non-SEPA EUR transfer, and $19 with SHA or $35 with OUR for USD. Dukascopy Europe examples include €7.50 for EUR, $50 for USD, CHF 10 for CHF and £15 for GBP. Internal transfers within the Dukascopy network are free.

Currency conversion also carries a charge. Dukascopy Bank SA applies a standard 0.5% markup to the interbank rate; multi-currency account holders with more than $1 million in monthly trading turnover can receive a 0.1% exchange commission. Dukascopy Europe uses tiered charges ranging from 1.00% below 10,000 base-currency units to 0.05% at 1,000,000 units or more. A separate 0.1% conversion fee applies to standard trading accounts when profits, losses or commissions are settled in a currency different from the account's base currency.

Overnight positions can incur swap charges or credits. Rates vary, and Wednesday overnight positions incur triple swaps. Swap-free accounts avoid standard overnight interest but use additional volume commissions. Accounts with no trades or online currency exchange for 180 consecutive days may incur a maintenance fee of up to €50, or the equivalent in the account currency, for each 180-day period.

Cost takeaway

Frequent traders may benefit from commission reductions tied to account equity, deposits and recent trading volume, but the pricing requires tracking both spread and commission. Infrequent traders should also account for the inactivity charge, while clients funding or withdrawing by card or converting currencies should check the relevant entity-specific fees before moving money.

Account options

JForex is the clearest fit for traders who want Dukascopy's proprietary environment or its Java-based API. MT4 and MT5 provide alternatives for users of those platforms, but they are not separate pricing tiers: the applicable pricing and other terms still depend on the entity and account conditions.

Platform choices

Base currency and account configuration

Base currencies include USD, CHF, EUR, GBP, AUD, CAD and a range of other currencies. Choosing a base currency that differs from the currency used to settle trading results can trigger a conversion fee.

Dukascopy offers swap-free accounts for clients seeking an account structure aligned with Islamic principles. These accounts do not apply standard overnight interest; additional commissions apply to currency trades and to precious metals and CFDs. A demo account is also available.

Dukascopy covers forex and several CFD-related markets. The count and product structure vary by category, so the figures below indicate approximate breadth rather than direct ownership of every underlying asset.

The stock count refers mainly to CFD exposure, not a share-dealing account with ownership rights. Traders considering crypto or other leveraged products should also check the applicable instrument and jurisdiction conditions.

Order execution

Dukascopy routes trading through its SWFX Swiss FX Marketplace and describes the model as ECN. Requested prices on market and stop orders are not guaranteed: orders fill at the first available price, so slippage can occur. Slippage controls let traders set a maximum negative slippage or exclude it.

Leverage, margin and stop-out

Forex leverage can reach 1:200, while standard accounts default to 1:100 and higher leverage may be requested depending on jurisdiction and account type. Retail forex leverage can be capped at 1:30 in the UK and Europe, and the weekend limit for retail accounts is 1:30. Indices and commodities can reach 1:100; cryptocurrency leverage is up to 1:3 or 1:5, and equities and ETFs are usually up to 1:10.

The margin-call level is 100% and the stop-out level is 50%. Margin requirements can trigger blocking and closure of open positions as equity falls. The broker also offers negative balance protection.

Trading restrictions

Dukascopy allows scalping, news trading, hedging and automated trading. Hedging mode permits simultaneous long and short positions in the same instrument; net-position mode combines orders for a currency pair into one net position. JForex supports Java-based strategy development, while the JForex API can connect custom applications to SWFX.

Dukascopy offers FIX API connectivity using FIX 4.4, with a $100,000 minimum deposit for a direct FIX API account at Dukascopy Bank. FIX API accounts are limited to forex instruments and use net/global position calculation. Copy trading is available through Social Signal Trading for live-account holders, who can set risk parameters, multipliers and stop-loss limits.

Day-to-day usability

JForex is available across desktop, web and mobile, while MT4 and MT5 offer desktop, browser and mobile access. Custom strategy development is centered on desktop/API environments rather than the JForex mobile interface. Dukascopy does not host its own VPS; it partners with external technology providers for traders who want VPS hosting.

1. Eligibility

Dukascopy restricts clients from Afghanistan, Cuba, Iran, Japan, Myanmar, North Korea, South Sudan, Sudan, Syria and the United States. Eligibility can also depend on the account entity and residence, so confirm that the relevant service accepts applications from your country.

2. Registration

Choose an account and platform route, then complete the application. JForex, MT4 and MT5 are available account/platform options. The standard trading-account minimum deposit is $100 or its equivalent in another supported currency.

3. Verification

Dukascopy requires identity and address checks. Applicants need a government-issued ID or passport, proof of address such as a utility bill, and a completed application form. A video identification call with a bank representative is mandatory; Dukascopy may also ask about occupation and source of income.

Remote onboarding is available, and full approval typically takes around one business day.

4. Initial funding

Fund the account using an eligible method and check its fee and processing terms. Card payments can carry partner-bank commissions, while bank wires are free on Dukascopy's end but may incur charges from sending or intermediary banks.

5. Getting ready to trade

Once the account is approved and funded, install or open the selected platform and configure the trading mode. JForex supports automated strategies; FIX API access at Dukascopy Bank requires a $100,000 minimum deposit. A demo account is available for platform familiarisation.

Deposits

The standard account minimum is $100. The specific card and wire routes below have a $100 minimum; bank-wire timing can depend on the banks involved.

Method	Minimum	Broker Fee	Broker Processing	Expected Settlement
SWIFT	-	-	-	-
SEPA	-	-	-	-
Visa	$100	1.5% (EEA card) / 2.5% (non-EEA card), bank may add 0.5%	Instant	Instant
Maestro	-	-	-	-
Skrill	-	-	-	-
Neteller	-	-	-	-
Bitcoin	-	-	-	-
Tether	-	-	-	-
Ethereum	-	-	-	-

Bank-wire deposits typically take 1–2 business days, with the payment-method conditions allowing 1–3 business days. Card funding is credited by the next business day after the bank receives it; the card route in the table has instant broker processing and expected settlement.

Withdrawals

Withdrawal charges and settlement depend on the route, currency and Dukascopy entity. Bank transfers typically need 1–2 business days, while card withdrawals are typically completed within one business day. Dukascopy Payments may process some withdrawal routes immediately, but the receiving bank or provider can take additional time.

Method	Minimum	Broker Fee	Broker Processing	Expected Settlement
SWIFT	-	-	-	-
SEPA	-	-	-	-
Visa	-	-	-	-
Maestro	-	-	-	-
Skrill	-	-	-	-
Neteller	-	-	-	-
Bitcoin	-	-	-	-
Tether	-	-	-	-
Ethereum	-	-	-	-

Internal transfers within the Dukascopy network are free. Wire fees vary by currency and route; examples include €2.30 for SEPA EUR, €20 for non-SEPA EUR, and $19 with SHA or $35 with OUR for USD withdrawals from Dukascopy Bank SA.

Availability

Dukascopy gives support hours as 24/7 and offers help by phone callback, contact form and Live Trading Support. Its contact email is [email protected] and its phone number is +41 22 555 0500.

How traders can get help

The support language range includes English, French, German, Russian, Japanese, Chinese, Spanish, Italian, Portuguese, Polish, Czech, Slovak, Hungarian, Slovenian, Croatian, Serbian, Ukrainian, Arabic and Persian. Traders can also use platform guides, articles, tutorials, wiki and help content, and webinars.

Support limitations

Customer feedback is mixed. Some users report helpful account managers and courteous service, while others describe difficulties with deposit or funding support and lengthy verification cases. The overall experience is not consistently reliable across those reports.

Dukascopy is headquartered in Switzerland and has operated since 2004. The Swiss bank is authorised by FINMA; clients should check which Dukascopy entity holds their account because protections and fees can differ.

Legal entities and regulators

Dukascopy also operates Dukascopy Europe, an EU-regulated brokerage. It holds client funds separately from corporate funds in line with MiFID II and local regulator requirements. The specific protection and account conditions depend on the entity serving the client.

Client money protections

Dukascopy segregates client funds from its own operational funds. For deposits held with Dukascopy Bank SA, Swiss deposit insurance covers up to CHF 100,000 if the bank defaults. The EU subsidiary also keeps customer funds separate from corporate funds.

Dukascopy offers negative balance protection across Dukascopy Bank SA and its European subsidiaries, so clients are not liable to cover a negative account balance. This does not prevent trading losses up to the account balance. Margin controls and slippage settings provide additional risk-management measures.

Company transparency

Dukascopy was founded in 2004, is headquartered in Switzerland and is not publicly traded.

Important distinction

Segregation and deposit insurance address risks associated with client money and bank failure; they do not protect a trading account from losses caused by market movements. Negative balance protection limits liability for a negative balance under the broker's policy, but it does not prevent losses to funds in the account.

What the headline claim suggests

A maximum forex leverage of 1:200 and floating spreads can make Dukascopy appear straightforward to price and configure. The maximum is not universal, and the spread is only one part of the trading cost.

What happens in practice

Standard accounts default to 1:100, and the 1:200 maximum depends on account type and jurisdiction. Retail caps can reduce leverage to 1:30 in the UK and Europe, with the same 1:30 limit applying over the weekend for retail accounts. Trading commissions are charged alongside spreads, while card funding, withdrawals, currency conversions and inactivity may add costs.

Who should care most

Traders comparing headline spreads, using leverage near the maximum, or moving funds across currencies should check the rules for their account entity. Infrequent traders should also consider the 180-day inactivity condition.

Practical example

A client whose account has no trades or online currency exchange for 180 consecutive days may face a maintenance fee of up to €50, or its equivalent in the account currency, for that 180-day period. Making at least one trade or online currency exchange every 180 days avoids the fee.

Consider Dukascopy if you...

• Want access to JForex, MT4 or MT5, and understand that pricing includes floating spreads and volume commissions.
• Build automated strategies or use APIs, particularly through JForex or a qualifying FIX API account.
• Trade actively enough to assess commission tiers, overnight costs and currency conversion charges as part of your trading plan.

You may want to look elsewhere if you...

• Require spread-only pricing and do not want a separate volume commission.
• Need a broker-hosted VPS, which Dukascopy does not offer directly.
• Expect the same leverage, funding charges and protections to apply regardless of account entity or jurisdiction.

Dukascopy's strongest proposition is its combination of SWFX access, JForex automation and API connectivity alongside MT4 and MT5. The main compromise is a layered cost structure, with commissions on top of floating spreads and additional charges possible for funding, conversion and inactivity. Experienced, active traders who can assess those costs and entity-specific terms are most likely to accept that trade-off.

Our assessment considers regulatory status, account and fee terms, trading conditions, platform capabilities, instrument coverage, funding and withdrawal rules, and reported customer-support experiences. Broker claims are distinguished from FINMA authorisation details and user feedback; no personal platform testing is claimed here. For more detail on how brokers are assessed, see our review methodology.