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Dukascopy review

Dukascopy Europe is not just yet another binary options broker. It's also a highly renowned brand in the world of Dukascopy, the mother company, owns a Swiss banking license and all the funds deposited up to 100,000 CHF are under FINMA guarantee.

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Sign-up to a broker (check the list of promotional brokers) from our link, spend a deposit, make a few transactions and get access to unique strategies and tools at our VIP ZONE!

Tired of looking for a broker that does not need your fervent prayers to work or handle your payouts? Do you find yourself dreaming of a broker that does not create ratings, but subscribes to them? Or maybe you're sure of your binary skills and you'd like to start with the high numbers, but all the limits or rates make it impossible? There's no blocking or limiting of accounts with Dukascopy. Your rates won't suddenly go low. High standards and high numbers = Dukascopy, a Swiss Forex bank that is well­-known in the Forex market which is reflected in the plethora of awards that Dukascopy has received throughout the years.

In May 2014 Dukascopy launched its own original binary options platform. Bear in mind, though, that the Swiss­-based Dukascopy Bank and the Latvia-­based Dukascopy Europe are two different entities. While Dukascopy bank is a licensed Swiss bank and the mother company, its 100% child, Dukascopy Europe, is a brokerage house licensed by the Latvian Financial and Capital Market Commission as well as the Polish Financial Supervision Authority.

Both entities deal with binary options, but we'll concentrate on Dukascopy Europe since it is more straight­-forward and cheaper than Dukascopy Bank (it takes a lot to set up an account, and you need to deposit at least $1000). Dukascopy Europe is more user­-friendly and you can start with depositing just $100 and investing as little as $1!

Your account will be verified (you need to provide documents with your personal data and address), which takes up to a couple of business days, but it is handled online.

Dukascopy organizes monthly contests, e.g. the best binary options trader, and the prizes are accumulated on your Live account.

 

Dukascopy platform

Thoroughly original and confidential, Dukascopy's platform is all about being professional and technologically advanced, while remaining simple and easy to comprehend at the same time. Pay extra attention to the price chart – actually, you won't be able miss this glorious product. Nor will you overlook the tools that can be used with the chart, because there is no other platform with this many tools. You can follow the chart many years back, make use of plenty of different indicators, set any parameter for any of the indicators, choose a detailed one­-month or one tick time interval. You may also add a favorite time interval so that you can access it whenever you want. The chart may be a line, a bar or a candlestick. You may even see the economic calendar inside the chart.

Needless to say, the platform is clear­-cut and the option execution is a no-­brainer. There is no unnecessary information cluttering the platform, no ads or trivial webinars. All you need is a currency pair, rate, time interval, returns and call or put. When you go with a different pair, the data are there already, so you can do it quickly.

A pending order is another interesting aspect of Dukascopy: you can choose when exactly an options starts in the future. An option like that can be cancelled before its start. It's especially useful when using a strategy with a start being set at when the candle goes out. You can cancel the option when it does not cover your strategy's prerequisites or just let it start automatically: all in one – or zero – click. It's especially important with short-­term strategies, e.g. 60 seconds, when the opening time is essential.

Still, the platform is still a work in progress. You only get to choose the classic high/low, and currency pairs and CFDs comprise the assets. Soon stocks, indices and commodities will join the assets section. For now the maximum expiry time is 1 hour and the minimum is 60 seconds, but it should be 24 hours soon enough. We get to decide when we want an option to open or close, it's not predetermined by the broker.

An exceptionally high returns on all the options, 90% – one of the highest number there is. To get more for a lost option, we can also go for 70%, as exemplified below:

Return Return from failed option
90% 0%
85% 5%
80% 10%
75% 15%
70% 20%

Dukascopy does not use its own ratings of the assets' prices. With Dukascopy the Forex and the binary options market both use an actual, real-­life ratings, SWFX – Swiss Forex Marketplace with variable spreads (the difference between the bid and ask price of the assets). Therefore, we get two price charts of an asset (BID and ASK) to switch in the chart. A PUT option will be open at BID, while a CALL option will be open at ASK. With a CALL option an expiry is realized at BID, while it's at PUT with an ASK price.

Spreads are variable because they are within an ECN trading environment. Here, they're very low, e.g. EUR/USD spread is the average of 0.2-­0.3 pips, one of the smallest spreads there are.

There is no way to influence or change the course, ratings or spreads, as they are provided externally. Some brokers manipulate the prices or spreads, but you do not have to worry about that with Dukascopy as it merely passes them along.

You need to wait 3 seconds to open an option, which means that, for instance, a one­-minute option that should open at 12:00:00 will actually "work" with the price at 2:00:03 and expire at 12:01:03. No option is allowed to expire after 21:59:59 GMT in the winter time, or 20:59:59 GMT in the summer time. A draw is simply a loss ("out of the money").

The platform can be accessed on mobile devices (Android and Apple).

Dukascopy deposits and withdrawals

You can fund your Dukascopy account using a bank wire or a credit/debit card.

  • a direct bank wire to a Swiss account (recommended for those withdrawing from a foreign currency account);
  • credit card is the fastest way to go. You can go as high as $5000 using a debit card (Maestro, Visa Electron) or a credit card (MasterCard, Visa). The fees are set at 2%.

Payouts are handled within 2-­3 hours on business days.

DEMO account

Dukascopy offers a 14­-day free access to a demo account with all the options a live account has.

Client support

The website has been translated into 12 languages. You can contact them via e­-mail (info@dukascopy.eu) or phone.

Educational materials

There aren't many reading materials in here since the broker has been mostly into the Forex market and the binary part has just happened. Some general information regarding the binary options will do for now, but those who wish to learn more can go to the Forex section and analyze the market there.

Bonus

There are no bonuses offered.

Dukascopy SCAM?

Not much has been said about the broker since the platform is quite fresh. However, as it operates under banking and financial licenses, the transactions are heavily controlled. Dukascopy is a thriving and credible brand with million dollar turnovers. As such, it's the most trustworthy broker we've reviewed so far, therefore it's the recommended choice for those who wish to invest more.

Summary

A truly credible entity, Dukascopy has just started its binary options adventure. The platform, created by the Forex experts, keeps on developing and expending, so that more and more advanced tools used for technical analysis are available and the interface is being perfected all the time.

Moreover, the broker's minimum deposit and investment are very low, so even newbies or those who do not like spending too much money can become members of this celebrated big name broker. If you don't want to invest at all, you can also go for the demo account.

Discussion forum and opinions

Forum link

Broker details
Broker’s name DukasCopy Europe
Website url www.dukascopy.com
Start of 2014
Country of registration Latvia
Regulation yes, brokerage license (Latvia) and the parent company banking license
Platform Web Binary Trader
Markets Forex, CFD (Indices, Stocks, Commodities)
Options High/Low
Assets 29
Deposit methods credit card, wire transfer
Withdrawal methods wire transfer
Deposit min. $100
Min/max stake $1/$5000
Withdrawal min. no minimum
Deposit/withdrawal fee none, 2-2.5% for credit cards
Profit 90%
Account currency USD, EURO, CHF, GBP, CAD, JPY, PLN, SGD, AUD, HKD, DKK, NOK, RUB, SEK
Bonus none
Failed transactions refund up to 20% (can be modified)
Demo yes (14 days)
On-line support yes
Languages English, Polish, French, German, Russian, Spanish, Chinese, Japanese, Portuguese, Latvian, Italian, Czech
US traders no
Expiry times 60 seconds; up to 24h
Educational materials tutorials, webinars, seminars (the Forex platform only)
Mobile trading yes (Android, iPhone)

Dukascopy rank

  • Platform: Web Binary Trader
  • Launched: 2014
  • Rejestracja: Latvia
Withdrawal execution
Platform
Support
Functionality and look
Reliability
Payment methods
Educational materials
Return
Assets
Awesome

User Rating:

4.9/5
(1 votes)
  • Platform: Web Binary Trader
  • Launched: 2014
  • Rejestracja: Latvia
Withdrawal execution 100%
Platform 100%
Support 100%
Functionality and look 100%
Reliability 100%
Payment methods 84%
Educational materials 78%
Return 100%
Assets 88%
94% Awesome

User Rating:

99
(1 votes)

Pros
  • Banking license from the parent company
  • Brokerage license
  • Advanced and modern platform
  • Very high return
  • Quick withdrawal execution
  • No fees
  • External quotation free from manipulation
  • Pending options
  • Free to choose start time and expiration
  • Free demo account
  • Cyclical competition for the best binary options trader
Cons
  • Only classic options
  • Low number of assets
  • No long-term options
  • No bonuses

 

 



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