DUKASCOPY – Broker Review 2019
I have been into forex trading for quite some time now and I have used a good number of forex trading platforms already, including Dukascopy. With my experience with a variety of trading platforms, I am able to judge Dukascopy with my observations with various platforms as the yardstick.
I cannot say that Dukascopy is the best, but it also isn’t the worst. It flaunts in between but it doesn’t stand at par with other platform greats. I have encountered a lot of problems with regards to execution since it was slipping by more than a pip every time I make a trade. I am not the only one to have noticed this flaw, actually. Other traders could attest to this claim. The good point here is that Dukascopy has at least sensed and admitted this problem. Traders are always asked to write to them with the unique transaction ID every time they encounter this trouble. The sad part is this trouble persists every now and then and I don’t see any resolution to this trouble. Indeed, it’s quite a source of discomfort to contact the support service every time this trouble recurs, which is really a waste of trader’s time.
Dukascopy also has poor liquidity. I was even getting slipped regularly. These slips have favored me much so far and I have been fortunate with it for quite some time, especially on news time when are a little bit haywire. However, I have not yet found a broker that performs “deliver” every news time.
Another bad thing that happened to me while using Dukascopy was when one of my trades shut down on its own without any prior warning or reason. The issue was never solved and until now, I don’t get the reason why and how that happened.
Dukascopy is a bit too unaffordable for most traders since you need to have at least $50,000 to open a trading account with them. In short, they don’t extend their services to small-time and retail clients. The platform does not also cater to clients who want exotic currency crosses.
The brighter side about Dukascopy is that its customer service is one of the best and that is one of the reasons why it continues to attract a lot of clients. Withdrawing funds is also easy and you won’t experience any hassle when getting your money, unlike other trading platforms where the withdrawal process causes you a lot of headaches.
I can’t really say that Dukascopy is the best but it is also not the worst. Just try it for yourself and decide if you really want this platform for your forex trading endeavors. You could open a demo account now and experience real-time trading with Dukascopy. If things go well, you can upgrade your account and enjoy the help that it has to offer. If you think it doesn’t suffice your needs, then switch to the more established trading platforms.