Dukascopy Forex Broker Review
FXMARE editorial rating, not user reviews.
Reviewed by the FXMARE Research Desk under our review methodology · licences last verified 2026-06-25
A uniquely structured Swiss bank and securities dealer offering true ECN forex via its own SWFX marketplace, proprietary JForex platform, and FINMA-grade client-fund protection.
Spreads, minimum deposit and leverage are indicative and vary by account type and jurisdiction — confirm current terms on the broker’s site.
Between 74% and 89% of retail investor accounts lose money when trading CFDs.
You should consider whether you understand how CFDs and leveraged products work and whether you can afford to take the high risk of losing your money. FXMARE is not a broker and does not offer these products; figures are indicative of those disclosed by regulated providers. This page is information, not financial advice. See our full risk disclosure.
FXMARE may receive compensation from some brokers listed on this page when you click a tracked link and open an account. Sponsored placements are clearly labelled. Compensation may affect which brokers we feature and where, but it does not affect our independent ratings or rankings, which follow our review methodology, and it never costs you more. See affiliate disclosure and how we make money.
Dukascopy Overview
A uniquely structured Swiss bank and securities dealer offering true ECN forex via its own SWFX marketplace, proprietary JForex platform, and FINMA-grade client-fund protection.
Dukascopy is regulated by FINMA (Switzerland) — bank and securities dealer, Bank of Latvia (Latvia) — via Dukascopy Europe IBS AS, JFSA (Japan) — Type-1 licence via Dukascopy Japan K.K.. Independently verifiable licences include Dukascopy Bank SA — Swiss commercial register CHE-112.086.322; Dukascopy Europe IBS AS — Latvian company reg. 40003344762 (supervised by Bank of Latvia). It ranks among the most trusted, tier-1-regulated brokers in this comparison.
EUR/USD spreads start around 0.2 pips on the raw/ECN account (about 0.2 pips on the standard, commission-free account), with $7 (JForex, base tier); volume-tiered down to ~$0.50/lot at highest volume; $8 for MT4/MT5 commission. The minimum deposit is $100 (JForex ECN); $1,000 (MT4/MT5) and maximum retail leverage is 1:200 (Switzerland/EU, JForex); 1:100 (MT4/MT5); 1:25 (Japan). Swap-free (Islamic) trading is offered conditionally — Available on request for any JForex ECN account — activate/deactivate freely via the trader cabinet. An additional fee of USD 5 per $1M (currencies) or USD 7.5 per $1M (precious metals/CFDs) applies in lieu of swaps. A running "Deficit" is tracked and debited on account closure or full withdrawal; trading is blocked if equity cannot cover the Deficit. No time limit stated, but Dukascopy reserves the right to cancel swap-free status at its discretion..
Platforms include JForex 4, MT4, MT5. Dukascopy provides ~1,200+ (60+ FX pairs, 1,000+ equity CFDs across 19 countries, 70+ ETFs, 20 indices, 14 commodities, 18+ crypto CFDs, 3 bonds) across Forex, Stocks, ETFs, Indices, Commodities, Crypto, Bonds, Options, funded via Bank wire (SWIFT/SEPA), Visa/Mastercard/Maestro/Visa Electron, Skrill, Neteller, Crypto (BTC, ETH, USDT).
Dukascopy occupies a rare niche: it is simultaneously a licensed Swiss bank and a multi-regulated broker, meaning retail clients benefit from CHF 100,000 esisuisse deposit protection on top of standard segregated accounts. Execution quality is genuinely institutional via the SWFX ECN, and the JForex platform is one of the most powerful proprietary environments available — though its complexity will deter casual traders. Costs are competitive for high-volume traders (commissions tier down steeply) but the MT4/MT5 minimum deposit of $1,000 and higher withdrawal fees temper its appeal for beginners or low-frequency traders.
Headquarters: Geneva, Switzerland · Funding: Bank wire (SWIFT/SEPA), Visa/Mastercard/Maestro/Visa Electron, Skrill, Neteller, Crypto (BTC, ETH, USDT)
Pros
- One of few retail brokers that is also a fully licensed Swiss bank (FINMA-regulated), offering CHF 100,000 deposit protection via esisuisse
- True ECN/STP execution via the proprietary SWFX Swiss FX Marketplace connecting to 20+ major liquidity banks
- JForex 4 is a deep, highly customisable proprietary platform with Java API, algorithmic strategy builder, 250+ indicators, and FIX API access
- Tiered volume commissions reward active traders — commission can fall from $7 to ~$0.50 per lot at top-tier volumes
- Broad instrument range including equity CFDs from 19 countries, ETFs, bonds, and crypto custody — uncommon for a pure forex broker
Cons
- $1,000 minimum for MT4/MT5 accounts is high compared to market average; JForex $100 minimum unlocks fewer features
- Withdrawal fees are higher than many competitors and vary by currency/method
- JForex platform has a steep learning curve — not suited to beginners
- Live chat support is inconsistently rated; video verification required for onboarding adds friction
Ratings Breakdown
Dukascopy Fees & Costs
Regulation & Safety
Licence numbers link to each regulator’s public register so you can verify them yourself. Last checked 2026-06-25.
Dukascopy is authorised by FINMA (Switzerland) — bank and securities dealer, Bank of Latvia (Latvia) — via Dukascopy Europe IBS AS, JFSA (Japan) — Type-1 licence via Dukascopy Japan K.K.. Brokers regulated in tier-1 jurisdictions are generally required to hold client money separately from company funds and may offer protections such as negative-balance protection or an investor-compensation scheme — the exact safeguards depend on the entity you sign up with. As with all trading, your capital is at risk. Confirm which entity, licence and protections apply to your country on the regulator’s register before funding an account.
Platforms
Available on desktop, web and mobile. Tradable across Forex, Stocks, ETFs, Indices, Commodities, Crypto, Bonds, Options. Track every position you take with Dukascopy in the FXMARE trading journal.
FXMARE Verdict
Dukascopy occupies a rare niche: it is simultaneously a licensed Swiss bank and a multi-regulated broker, meaning retail clients benefit from CHF 100,000 esisuisse deposit protection on top of standard segregated accounts. Execution quality is genuinely institutional via the SWFX ECN, and the JForex platform is one of the most powerful proprietary environments available — though its complexity will deter casual traders. Costs are competitive for high-volume traders (commissions tier down steeply) but the MT4/MT5 minimum deposit of $1,000 and higher withdrawal fees temper its appeal for beginners or low-frequency traders.
Dukascopy — frequently asked questions
Is Dukascopy regulated?
Dukascopy states it is authorised by FINMA (Switzerland) — bank and securities dealer, Bank of Latvia (Latvia) — via Dukascopy Europe IBS AS, JFSA (Japan) — Type-1 licence via Dukascopy Japan K.K.. We last checked those licence details against the regulators' own public registers on 2026-06-25. Licences are entity-specific: the group company that onboards you depends on your country, so confirm which entity your client agreement names before depositing.
What is the minimum deposit at Dukascopy?
Dukascopy lists $100 (JForex ECN); $1,000 (MT4/MT5) min deposit. Minimums vary by account type, funding method and regional entity, so treat this as indicative and confirm the figure on the broker's own site for the account you intend to open.
What spreads does Dukascopy offer on EUR/USD?
Dukascopy advertises spreads from 0.2 pips (raw/ECN), with EUR/USD quoted around 0.2 pips (standard) · 0.2 pips + commission (raw). Commission: $7 (JForex, base tier); volume-tiered down to ~$0.50/lot at highest volume; $8 for MT4/MT5. Advertised "from" figures are floors seen in ideal conditions rather than averages — compare total cost per round turn (spread plus commission) at the volume you actually trade.
What is the maximum leverage at Dukascopy?
Dukascopy advertises up to 1:200 (Switzerland/EU, JForex); 1:100 (MT4/MT5); 1:25 (Japan). Leverage caps are set by the regulator of the entity you trade with, so retail clients in the UK, EU and Australia receive materially lower caps than the headline figure. Higher leverage magnifies losses as much as gains.
Does Dukascopy offer swap-free (Islamic) accounts?
Partly. Dukascopy offers swap-free trading with conditions. Available on request for any JForex ECN account — activate/deactivate freely via the trader cabinet. An additional fee of USD 5 per $1M (currencies) or USD 7.5 per $1M (precious metals/CFDs) applies in lieu of swaps. A running "Deficit" is tracked and debited on account closure or full withdrawal; trading is blocked if equity cannot cover the Deficit. No time limit stated, but Dukascopy reserves the right to cancel swap-free status at its discretion.
Which platforms does Dukascopy support?
Dukascopy supports JForex 4, MT4, MT5. Platform availability can differ by entity and account type — a platform offered in one region is not guaranteed in another, so verify it is available on the specific account you plan to open.
Community Rating
Trader Reviews
No reviews yet — be the first trader to review Dukascopy.
Complaints & Resolutions
No complaints filed against Dukascopy. If you’ve had an unresolved issue, you can file one above.
FXMARE may earn a commission if you open an account through links on this page, including any placement marked Sponsored. This does not affect our independent rating of Dukascopy. Trading forex and CFDs carries a high level of risk and most retail accounts lose money. This review is information, not financial advice — verify all terms with the broker directly.