Dukascopy – Is it a trusted name on Forex Trading?

If we look at the current scenario around us, we’ll find people, in fact a lot of people who want to invest and maximize their earnings or savings. Online forex trading through binary options are one of the easiest sources to invest. Centering the origin of ‘binary options’ back in the year 2008, a number of organizations have evolved over the course of time. However, there were a few organizations which have started years before the origin of ‘binary options’ and continued to deliver a topnotch service to all its clients. ‘Dukascopy’ belonged to that elite group of Forex traders and has got a massive number of users.

Overview of Dukascopy

Dukascopy, a Switzerland based bank founded back in the year 2004. Veronika Duka & Andre Duka were the founders of this institution which was intended to serve the money market, financial services, and foreign exchange market. At present, this organization offers the services-bank, online trading, and currency trading. Therefore, Dukascopy users will have the access to trade through binary options and CFD (Contract for difference) on bonds, stocks, indexes, commodities, ETFs through a single platform. Two reasons why Dukascopy is a way ahead of its other competitors in the market- transparent environment on pricing & equal trading rights.

Is Dukascopy a scam?

It’s a concern for all the potential investors to check whether the forex trader he’ll be choosing is a fraud or not. And a investor should observe and evaluate the trading centers’ performances in the trading market. Financial and capital market commission or FCMC (origin-Lativa) is one of renowned institutions across the glove which evaluates and crosscheck the performance of the registered ‘forex traders’ at every single step, specifically in the monetary transactions. In addition, it also has a set of instructions for the forex traders and a trading organization must have to follow those rules to be certified by them.

Dukascopy forex broker isn’t only governed by FCMC, it has also signed an agreement with Switzerland security dealers and banks to protect the clients deposit in addition. ‘Dukascopy broker’ was the best trading platform in the year 2016. And in the year 2017, this organization was awarded for being the best providers in the section of liquidity.

Why should an investor choose ‘Dukascopy broker’ over others?

Though ‘monetary protection’ is the primary concern for any investor to look for at the first place, there are some other facilities which are no less than that. Dukascopy, a reliable broker for the past 10 years, offers almost all the necessary facilities which a user requires to complete the trades at ease.

1. Attractive spreads which starts from 0.1 pip for both USD/JPY & EURO/USD.
2. Liquidity at ‘Electronic Communication Network’ through CFD (Contract for difference) on bonds, stocks, indexes, commodities, ETFs.
3. Instant execution of trading orders.
4. No manipulation regarding the price or execution.
5. Both the price and liquidity are equal for all clients.
6. Visual strategy services through ‘Visual Forex’.
7. A user will have the option to choose any currency from the list of 23 and make his/her deposit.
8. Both debit and credit card can be used for funding an account.
9. Customer support for 24 hours and 6 days a week.
10. A user will have an access to relevant news and sophisticated analytics to grow his/her trading sense.

Registration and verification at ‘Dukascopy’

Unlike other forex traders, Dukascopy didn’t make the registration and verification process a convoluted one. Rather, here the processes are much simpler than a user would expect. Dukascopy can be accessed through both computers and smartphones. For smartphone, a user investor will find an application named as ‘Dukascopy- Connect 911’at the ‘App Store’. From there, he/she will have to download and install it prior to registration steps.

• Sign-up and login: The first step to start using any application is to sign-up for it. For a smartphone user, the sign-up page will arrive just after opening the app. However, for a computer user, the sign-up box will be at the left bottom of the home-page. Initially, the user will be asked to provide the ‘first and last part’ of his/her name, active email account, and a phone number. The user have to put the ‘promo code’ if he/she is invited from another user. At Dukascopy, the information providing steps begin with a scan copy of user’s passport or national ID. Soon after, the user will be asked to provide both personal information and occupational information. Next, verification steps will arrive and upon the completion of the verification, the user will be able to login with his email ID and password.
• Verification: After a user provides all the necessary information, he/she will be notified by the ‘Dukascopy’ to be available in online with a machine readable passport. Here, the verification process is done through a face-to-face communication with a Dukascopy official. The assigned person will confirm whether photo on the passport matches exactly with the person holding in on the other end of chat-box. That person will also verify the passport number/code whether it exists in real or not. After a while, the user will be notified about his identity verification and account approval message. When the account is approved, the user will receive U.S. $5.00 in the account to begin with.
• Deleting the Dukascopy account: If a user doesn’t want to continue with Dukascopy, he/she will always have the option to deactivate the account for few months or delete it permanently.

Dukascopy-demo account

Like the other Forex trading organizations, Dukascopy also offers an option to choose between demo and live account. However, here the demo account can directly be transformed to live accounts. The Dukascopy trading platform of both demo and live account are identical with only difference with the later one is the hypothetical currencies in place of real. As usual, it’s always recommended to start using a Forex trading application with a demo account. It helps a user to grow the trading sense over the course of time, and when it comes down to invest through real money, the investor handles it quite well.

Deposits and withdrawal from a Dukascopy account

Dukascopy is a globally accepted trading platform, and people from all corners of the globe could be able to access and use it. Therefore, to make this Dukascopy trading platform convenient, they had added a number of money-transaction platforms.

1. Dukascopy is one of the view trading platform, on which transaction with 23 different currencies is possible through wire-transfer. However, the maximum amount in a single transaction cannot be more than U.S. $10,000.00 or equivalent. Through wire-transfer, deposition can be done at free of cost. Whereas, for the withdrawal, the subtracted amount will be CHF 2.30 or equivalent.
2. Deposits and withdrawal can also be handled through Visa, Maestro, Visa-electron, and MasterCard. Here, deposition charge is 2.3% and withdrawal charge is U.S. $1.50+2.5% of the amount.
3. Recently, Dukascopy introduced “crypto-fundable” option with which it’s possible to deposit and withdraw the money through Bitcoins (BTC). In this type transaction, there is no deposition fee, but the withdrawal charge is U.S. $10.00.

However, if the transactions are being executed through Dukascopy bank or Dukascopy group, there will be no additional charges for both deposition and withdrawal.

Dukascopy commission and spreads

At Dukascopy, the commission depends on different parameters. Nevertheless, to qualify for receiving the commission amount, investor must have to complete the trading of U.S. $1,000,000.00. And the commission amounts varies for investing in different platforms.

• At Dukarscopy Meta Trader 4 platform, the user will receive a $10 for trading $1,000,000.
• The commission amount is handsome in the trading of single stock. Here, the commission will be 0.10% of the traded amount or one-thousandth of the traded amount. But the minimum commission amount will be Euro 8.00 or equivalent.\
• Volume commission is calculated based on the equity, net deposit and traded volume. Commission rate is expressed through a chart-

A spread is the simultaneous purchase of a commodity or stock CFD, and the sale of that at a certain time of a certain date. On a Dukerscopy platform, the spread starts from 0.1 pip or one-hundredth of a currency.

Contact information

The headquarters of Dukerscopy is at the Geneva of Switzerland. A user or a potential user can contact them through phone, fax or emails.

Conclusion

Online forex trading through binary options can be an excellent way to invest the savings, and with a very little effort, time, and intelligent decision making, an investor can easily maximize his/ her savings. Since forex trading has already been a popular way of investing money, hundreds of organizations have started centering this business. But the sad part is, most of those organizations couldn’t offer an unbiased environment and equal trading rights to all. As per the transparency issue goes, Dukerscopy is miles ahead of its competitors with the offerings of all the necessary facilities.