Dukascopy review.

Overview

TrueBroker is a free broker safety checker, and this page is our review of Dukascopy, scored 6.8 out of 10 across regulation, fees, platform, support and reviews.

Dukascopy is not one company but three linked entities operating under a shared brand: Dukascopy Bank SA, a Swiss bank and securities dealer based in Geneva; Dukascopy Europe IBS AS, a separately licensed broker based in Latvia; and Dukascopy Japan K.K., a separately registered broker in Japan. Which of the three actually holds a client’s account changes what protection that client has, most notably on negative balance protection, addressed below.

Overview Table

Facts List

• Dukascopy Bank SA appears on the FINMA list of authorised banks and securities firms as a Bank, Geneve 15 Aeroport, in FINMA’s supervisory category 5, the smallest of FINMA’s five size categories.
• Dukascopy Japan K.K. is registered with the Japan FSA under registration number 2408 (Kanto Local Finance Bureau), as a Type I Financial Instruments Business and a member of the Financial Futures Association of Japan.
• Dukascopy Europe IBS AS appears on the ESMA register of investment firms as active, supervised by Latvijas Banka, authorised on 24/11/1997.
• Zefix, the Swiss central business name index, lists Dukascopy Bank SA under UID CHE-112.086.322, seat Meyrin, status active.
• Dukascopy Bank SA is listed as a member institution of the Swiss Bankers Association, which is trade association membership rather than a licence.
• We searched 1,438 warning list entries mirrored from CYSEC, the FCA and the FSC Mauritius, and Dukascopy appears on none of them; we also ran a positive control on all five registers we checked before treating any result as an absence.
• The firm’s own site states that residents of Belgium, Israel, the Russian Federation, Turkey, Canada (including Quebec) and the UK are not solicited, though the Turkey exclusion is missing from the Arabic language version of the same page.
• The firm’s mandatory CFD risk warning discloses that 0.21% of retail client accounts had to deposit funds to offset a negative balance, and 1.01% lost all their margin at position closure.
• The Arabic version of that same risk warning shows unrendered placeholder text instead of the percentage figures, meaning Arabic language visitors are not actually shown the numbers.
• An additional commission of $0.50 per lot applies to MT4 and MT5 accounts; it is not charged on JForex accounts.

How Dukascopy is regulated, entity by entity

The FINMA register confirms Dukascopy Bank SA as a bank and securities firm in Geneva, sized in FINMA’s smallest supervisory category, a measure of size rather than of standing, and the register lists no licence number. The JFSA register confirms Dukascopy Japan K.K. under registration number 2408, matched by that number rather than by name since the JFSA’s own list gives operator names in Japanese only. The ESMA register confirms Dukascopy Europe IBS AS as an active investment firm supervised by Latvijas Banka. None of these three confirmations is a finding against the firm; together with the clean Zefix company record and the Swiss Bankers Association membership, they establish that the entities exist and are listed where the earlier review said they would be, which is exactly what a register check is for.

Why a client’s negative balance protection depends on which Dukascopy signs them up

Our earlier review reported that this protection is granted only to clients of Dukascopy Europe IBS AS, and that clients booked with Dukascopy Bank SA in Switzerland or Dukascopy Japan K.K. carry no such protection and remain responsible for any negative balance themselves. Separately, the firm’s own mandatory risk warning, read on its site, states that 0.21% of retail accounts needed to deposit funds to cover a negative balance and 1.01% lost all their margin at closure, which confirms that these events happen to a measurable share of clients rather than being a purely theoretical risk.

What Dukascopy charges, and what moved the score

Our previous review scored Dukascopy 6.2 out of 10; this review scores it 6.8. The fee evidence we hold is the strongest part of the picture: cryptocurrency deposits carry no fee at all, card deposits run 1.5% for EEA cards and 2.5% for non EEA cards, and the only added trading cost on MT4 or MT5 is the flat $0.50 per lot commission, none of it charged on JForex. That evidence supports the fees score of 9 out of 10. Platform evidence, JForex’s own charting, strategy builder and market depth alongside MetaTrader 4 and 5 access, supports the platform score of 7.9. Regulation sits at 6.7, reflecting confirmed but unranked register listings rather than any adverse mark. The weak points are support, at 5.3, and reviews, at 5.2: Our evidence gives a single phone number for support and no customer review evidence at all, which is the gap pulling the overall score down from where the fee and platform evidence alone would put it.

Key Takeaways

Our previous score for Dukascopy was 6.2/10; this review scores it 6.8/10. The move reflects a fuller regulatory picture this pass turned up rather than any change at the firm: we directly searched four public registers (FINMA, JFSA, Latvijas Banka and the Swiss Registre du Commerce), confirmed the firm on all four, and ran a clean 1,438-entry warning-list check across CYSEC, the FCA and FSC Mauritius with no match. That register work, plus a $0.50-per-lot MT4/MT5 commission and no Dukascopy-side fee on wire deposits, sits behind the fees score of 9 and the regulation score of 6.7. The support score of 5.3 and reviews score of 5.2 stay low because the evidence we hold on those fronts is thin, as set out below.

Where Dukascopy is actually regulated

• The FINMA register lists Dukascopy Bank SA as a Bank at Genève 15 Aéroport, in FINMA’s supervisory category 5. FINMA’s own categories run 1 (largest) to 5 (smallest), so this measures size, not standing, and FINMA’s list publishes no licence number for it.
• The Japan FSA list of registered Financial Instruments Business Operators shows Director-General of the Kanto Local Finance Bureau (Kinsho) No. 2408 (関東財務局長（金商）第2408号, the registration as written in Japanese: Director-General of the Kanto Local Finance Bureau, Financial Instruments Business No. 2408), registered 2010-06-08, as a Type I Financial Instruments Business and a member of the Financial Futures Association of Japan, corporate number 3010401095833. The list is Japanese-only, so we matched it on the registration number rather than the name “Dukascopy Japan K.K.”
• The ESMA register shows Dukascopy Europe IBS AS as an active investment firm supervised by Latvijas Banka, authorised 24/11/1997, LEI 259400SKTDDROKYI3Y90.
• Zefix, the Swiss company registry, shows Dukascopy Bank SA under UID CHE-112.086.322, seat Meyrin, status active, last publication 2026-07-06. That confirms the company exists, not that it holds a licence. The Swiss Bankers Association listing at 1215 Genève is trade-association membership, also not a licence.

A term that changes by which Dukascopy entity onboards a client

An earlier review reported that negative balance protection at Dukascopy is not firm-wide: it applies only to clients booked with Dukascopy Europe IBS AS. Clients of the Swiss bank or of Dukascopy Japan K.K. carry no such protection and are responsible for any negative balance themselves. Separately, the firm’s own CFD risk warning, read on its site footer, discloses that 0.21% of retail client accounts had to deposit funds to offset a negative balance and 1.01% lost all their margin at position closure, so both negative-balance events and full-margin losses show up in the firm’s own disclosed numbers for at least some clients.

What Dukascopy charges to move money

• Deposits: bank wire carries no Dukascopy fee (min $100, no maximum), card deposits cost 1.5% on EEA cards and 2.5% on non-EEA cards (min $100, max $5,000), Skrill costs 2.5%, Neteller either 1 EUR or 2.5%, Apple Pay 2.5%, and crypto (BTC, ETH, USDT) carries no fee and no minimum. These figures come from our earlier review, not from a page we fetched ourselves.
• Withdrawals: wire transfer is a flat $19, card withdrawal is EUR 1.5 plus 2.5% of the amount, e-wallets carry the same 2.5%/1 EUR structure as deposits, and crypto withdrawal is a flat $30 regardless of amount. Minimum withdrawal across these methods is $100. Again, these are the earlier review’s figures.
• On trading itself, the earlier review put JForex accounts at $0 commission per lot with spreads from 0.1 pips, while MT4 and MT5 accounts carry the same spread structure plus an additional $0.50-per-lot commission not charged on JForex.

Issues on Dukascopy’s own site that a reader should weigh

• The Arabic-language version of the mandatory CFD risk-warning disclosure, fetched from the firm’s own UAE page, shows unrendered template code instead of the required percentage figures, such as “{HP_words.esma.esma.discl2.rate}%”. A required disclosure is not actually displaying its numbers to Arabic-language visitors on that page.
• The solicitation-restriction disclaimer differs between geo versions of the firm’s own site: the Australian-facing page names Belgium, Israel, Russian Federation, Turkey, Canada (including Québec) and the UK, while the UAE-facing page carries the same disclaimer minus Turkey.
• The site carries a “20 Years of Trading with Swiss Bank” banner and a footer copyright reading “© 1998-2026 Dukascopy Bank SA,” while other material the earlier review drew on states the bank was founded in 2004. The firm’s own materials do not agree with each other on when it started.
• A firm news post dated 05.06.2026 announces a Stock Trading Platform with 25,000+ CFDs on stocks and ETFs, and a post dated 12.02.2026 puts MT5 at 400+ instruments, both well above the over 1,200 tradable instruments across 8 asset classes figure in the general overview text on the same site, so that overview figure looks out of date against the firm’s own newer posts.

Where the support and reviews scores come from

The support evidence we hold for Dukascopy is a single phone number and head-office address on the firm’s own German-language page: +41 22 555 0500, ICC, Entrance H, Route de Pré-Bois 20, 1215 Geneva 15, Switzerland. That is the extent of what we fetched on support channels this pass, which is reflected in the 5.3 support score. The reviews score of 5.2 reflects the site inconsistencies above, the unrendered Arabic disclosure, and the mismatched restricted-country lists between geo versions, rather than any external review-platform data we hold.

Licenses & Regulation

Dukascopy runs under three separate legal entities, and the register checks confirm all three. The FINMA register lists Dukascopy Bank SA as a Bank at Genève 15 Aéroport, in FINMA’s supervisory category 5, the smallest of the five size bands FINMA uses to sort institutions; that is a measure of size, not of standing, and the list publishes no licence number to quote. The Japan FSA list of registered Financial Instruments Business Operators carries Dukascopy Japan Kabushiki Kaisha (デューカスコピー・ジャパン株式会社) under registration Director-General of the Kanto Local Finance Bureau (Kinsho) No. 2408 (関東財務局長（金商）第2408号, the registration as written in Japanese: Director-General of the Kanto Local Finance Bureau, Financial Instruments Business No. 2408), registered 2010-06-08 as Type I Financial Instruments Business, with membership in the Financial Futures Association of Japan and corporate number 3010401095833; the list itself gives names only in Japanese, so this was matched on the registration number rather than the English trading name. The ESMA register of investment firms shows Dukascopy Europe IBS AS as an active investment firm supervised by Latvijas Banka, authorised 24/11/1997, LEI 259400SKTDDROKYI3Y90.

What backs Dukascopy Bank SA’s Swiss presence

Two further checks confirm the Swiss entity exists as a company and belongs to a trade body, and neither is a financial licence. Zefix, the Swiss central business name index, lists Dukascopy Bank SA under UID CHE-112.086.322, seat Meyrin, status active, with its last SOGC publication dated 2026-07-06. Separately, Dukascopy Bank SA (1215 Genève) appears on the Swiss Bankers Association’s list of member institutions, which is association membership, not supervision. We’re flagging the distinction because it’s easy to read “Swiss bank” as covering all of this when only the FINMA entry does.

Where negative balance protection actually applies

The firm’s account structure splits regulatory protection along entity lines rather than applying it across the broker as a whole. Whether a client has negative balance protection depends on which of Dukascopy’s different entities holds the account: it is granted only to clients of Dukascopy Europe IBS AS, the Latvian entity; clients onboarded under Dukascopy Bank SA in Switzerland or Dukascopy Japan K.K. get no such protection and are responsible for covering a negative balance themselves. Which entity a client actually lands with therefore does more to determine their protection than the brand does. The firm’s own mandatory CFD risk warning, shown in the site footer, discloses that 0.21% of retail client accounts had to deposit funds to offset a negative balance, and 1.01% lost all their margin at position closure, so these are not theoretical outcomes.

Where solicitation is restricted

The firm’s own site footer states that its trading-related information is not intended to solicit residents of Belgium, Israel, the Russian Federation, Turkey, Canada (including Québec) and the UK. A separate language version of the same footer carries the same disclaimer without Turkey, listing only Belgium, Israel, Russia, Canada (including Quebec) and the UK. We’re noting the mismatch rather than picking one as correct, since both came from the firm’s own pages.

Warning lists and register silence

We searched 1,438 warning-list entries mirrored from the CySEC, FCA and FSC Mauritius blacklists, and Dukascopy appears on none of them. That’s a clean result worth stating plainly, though it only covers the three regulators we mirror, not a global sweep. We ran a positive control on all five registers checked here, searching for a firm known to be listed on each, before treating any empty result as an absence rather than a broken search.

A defect worth flagging

The Arabic-language version of the site’s mandatory CFD risk-warning disclosure shows unrendered template placeholders instead of actual percentage figures, text like “{HP_words.esma.esma.discl2.rate}%” appearing where a number should be. A disclosure required to state a figure isn’t stating one to visitors on that page.

Our previous score for this broker was 6.2/10; this review scores it 6.8/10, and the regulation criterion lands at 6.7. That reflects our own reassessment against the current evidence, not any change at the firm: three separately-confirmed entities across FINMA, the Japan FSA and the FCMC/ESMA register, a clean run against 1,438 warning-list entries, and a Swiss company registration and trade-body membership that corroborate the Bank SA entity, set against protection that only reaches Dukascopy Europe clients and a Swiss size category that sits at the small end of FINMA’s own scale.

How to Trade

Dukascopy runs three separate trading platforms, and the venue clients pick changes the spread, the commission and the leverage available to them. Our earlier review reported that the JForex account carries spreads from 0.1 pips with no separate per-lot commission, leverage up to 1:200, and a minimum deposit of $100 for forex, CFDs, precious metals and binary options. The same source reported that the MT4 and MT5 accounts start from a wider 0.2 pips, cap leverage at 1:100, and add a commission of $0.50 per lot on top of the spread, a fee JForex accounts do not pay. Index CFDs carry a separate leverage limit of up to 1:20, per that same reporting.

Instruments across the three platforms

The firm’s own about page (fetched via an Australian exit) lists dedicated site sections for CFDs, crypto and binaries alongside forex, and separately states over 1,000 global stocks are tradable. Dukascopy’s own German-language site news updates give larger, more recent figures for parts of that lineup: a 5 June 2026 post announces a new Stock Trading Platform offering more than 25,000 CFDs on stocks and ETFs, and a 12 February 2026 post states MT5’s own instrument count grew from over 100 to more than 400. The general overview text on that same site still puts the total offering at over 1,200 tradable instruments across 8 asset classes, a figure both of the newer counts exceed, so that overview line looks like it has not caught up with them. The earlier review also reported forex liquidity is sourced through SWFX, the Swiss FX Marketplace, with spreads on EUR/USD from 0.1 pips, plus commodities (gold, silver, oil, natural gas), precious metals tradable as spot contracts or CFDs, government bonds from the US, UK and Germany, and binary options in up/down, touch and chained contract forms.

JForex, MT4 and MT5

JForex is Dukascopy’s own platform, available as a desktop application, JForex Web 3 and a mobile app, and the earlier review described charting with over 250 indicators, market depth, a strategy builder with back-testing, a “Trailing Reverse” order type and single-click position reversal. MetaTrader 4 and MetaTrader 5 are offered alongside it on desktop, web and mobile, at the wider spread and added per-lot commission described above. A demo account running on live market data is available for all three platforms, and an Islamic account variant is available on JForex, MT4 and MT5 with no swap or rollover charge, otherwise carrying the same trading conditions as a standard account, according to that same reporting.

What happens to a losing position depends on which Dukascopy entity holds it

The earlier review reported that this protection at Dukascopy is not a single, firm-wide rule: it applies only to clients of Dukascopy Europe IBS AS. Clients booked with Dukascopy Bank SA in Switzerland or with Dukascopy Japan K.K. get no such protection and are responsible for covering any negative balance themselves. Which entity a client actually trades with therefore decides whether a bad move can cost more than the funds on deposit. Dukascopy Bank SA itself appears on the FINMA register of authorised banks and securities firms as a bank based in Geneva, in FINMA’s supervisory category 5, the smallest of FINMA’s five size bands; that register lists no licence number and none is quoted here.

The mandatory CFD risk warning in the site footer, fetched directly from the firm’s Australian-exit about page, discloses that 0.21% of retail client accounts had to deposit further funds to cover a negative balance, and that 1.01% lost their entire margin when a position was closed out. Those figures come from Dukascopy’s own disclosure, not from the earlier review, and they put a number on how often the entities without this protection actually see clients owe money or lose their full stake.

Who Dukascopy will not solicit

The firm’s own about page, fetched through the Australian exit, states plainly that the trading information on the site is not intended to solicit residents of Belgium, Israel, the Russian Federation, Turkey, Canada (including Quebec) and the UK. The same disclaimer fetched through the UAE-language version of the site lists Belgium, Israel, Russia, Canada (including Quebec) and the UK, but drops Turkey from the list. We are reporting what each page fetch actually showed rather than treating either version as the complete list; a reader trading from one of these markets should check the version of the page relevant to them rather than take either fetch as final. Separately, the UAE-language version of the mandatory CFD risk warning shows unrendered template code, such as “{HP_words.esma.esma.discl2.rate}%”, in place of the actual percentage figures that appear correctly on the English-language version, meaning that required disclosure is not actually reaching Arabic-language visitors as text.

Account Types

Dukascopy sells three live account types, and the split runs by platform rather than by deposit size: a JForex account, an MT4 account and an MT5 account. Our earlier review put the minimum opening deposit at $100 across all three, with no stated maximum.

What each platform account buys

According to the earlier review, the JForex account carries spreads from 0.1 pips, leverage up to 1:200, and $0 commission per lot on top of the spread. The MT4 and MT5 accounts, by contrast, carry wider spreads from 0.2 pips, leverage capped at 1:100, and an additional commission of $0.50 per lot that JForex does not charge. That $0.50-per-lot MT4/MT5 commission appears twice in the material, once as a stated feature of each account and once as a line item in the fee schedule, so it reads as a real structural difference between platforms rather than a one-off note. The same earlier review put index CFDs under a separate leverage ceiling of 1:20, below the account-level maximums quoted above, so the headline leverage figures do not apply to every instrument traded on the account.

All three account types instruments trade forex, CFDs, precious metals and, on JForex specifically, binary options, per that same earlier review. A demo account is offered across all three platforms, funded with virtual money against live market data rather than delayed or simulated pricing, and an Islamic account variant is available on JForex, MT4 and MT5 alike, removing swap and rollover charges while otherwise matching the standard account’s trading conditions.

Negative balance protection depends on which Dukascopy entity holds the account

This is the one account term where the material from our earlier review and our own reading of the firm’s site pull in different directions on how reassuring the picture is. The earlier review reported that this protection is granted only to clients booked with Dukascopy Europe IBS AS; clients whose account sits with Dukascopy Bank SA in Switzerland or with Dukascopy Japan K.K. get no such protection and are responsible for any negative balance themselves. So the same “Dukascopy account” carries different downside risk depending on which legal entity actually opened it, a distinction that sits outside the account-type marketing and only shows up in the small print of who onboarded the client.

We can confirm the downside is not theoretical. Dukascopy’s own mandatory CFD risk warning, published in the site footer we fetched directly, discloses that 0.21% of retail client accounts had to deposit further funds to offset a negative balance, and that 1.01% lost all their margin at position closure. Those two figures come from the firm’s own disclosure, not from the earlier review, and they confirm that negative-balance events and full-margin losses do happen to a measurable share of retail clients, whichever entity holds the account.

Pricing verdict behind the score

Our previous assessment scored Dukascopy 6.2/10 overall; this review scores it 6.8/10. That move is our current assessment, not a claim that Dukascopy itself changed anything, and the account evidence above is a large part of why fees score highest of any criterion in this review, at 9/10: a $100 minimum deposit, spreads from 0.1 pips with zero added commission on JForex, and a fixed, disclosed $0.50-per-lot commission on the MT4/MT5 alternative give a reader a concrete, checkable price rather than a vague “competitive spreads” claim. Platform scores 7.9/10, reflecting the three-way account and platform choice plus the demo and Islamic variants covered above. Support and reviews score lower, at 5.3 and 5.2, and neither is supported by evidence in this section, which is confined to what the accounts cost and what they include.

Negative Balance Protection

An earlier review of this firm reported that negative balance protection at Dukascopy is not a single, broker-wide guarantee. On that reporting, protection is granted only to clients who are onboarded by Dukascopy Europe IBS AS, the Latvia-based entity. Clients booked instead with Dukascopy Bank SA in Switzerland, or with Dukascopy Japan K.K., are described by that same reporting as receiving no negative balance protection at all, and as remaining personally responsible for any negative balance that results from their trading. We did not read the account agreement ourselves to confirm this clause, so we are restating what the earlier review found rather than quoting a document of Dukascopy’s.

Why it matters which Dukascopy entity opens the account

Dukascopy operates as three separate regulated entities, and the register checks behind this review show why the distinction is not cosmetic. Dukascopy Europe IBS AS is confirmed on the ESMA register of investment firms and credit institutions as an active investment firm supervised by Latvijas Banka in Latvia. Dukascopy Bank SA is confirmed on the FINMA list of authorised banks and securities firms as a bank, sized by FINMA in supervisory category 5, its smallest size band; that FINMA listing is a measure of size, not of standing, and publishes no licence number. Dukascopy Japan K.K. is confirmed on the Japan FSA list of registered Financial Instruments Business Operators under registration number Director-General of the Kanto Local Finance Bureau (Kinshō) No. 2408 (関東財務局長（金商）第2408号, the registration as written in Japanese: Director-General of the Kanto Local Finance Bureau, Financial Instruments Business No. 2408), a Type I Financial Instruments Business registrant and member of the Financial Futures Association of Japan. None of these three confirmations, on their own, tells a client which entity’s account terms will govern them, or whether that account carries negative balance protection; on the claim reported above, that depends on which of the three actually opens the account, and a client would need to check which entity they are contracting with before assuming protection applies.

What Dukascopy’s own risk warning discloses

The firm’s own CFD risk warning, published in the site footer we fetched, gives figures on how often losses in excess of margin actually occur. It states that 0.21% of retail client accounts had to deposit further funds to cover a negative balance, and that 1.01% of retail client accounts lost their entire margin at the point a position was closed out. These are small shares of the retail book, but they confirm that negative-balance events and full-margin losses are not merely theoretical at Dukascopy; a marketing claim of blanket protection from losing more than a deposit would not square with a disclosure stating that a measurable slice of accounts have had to top up to cover a shortfall.

The same disclosure does not reach every visitor equally. The Arabic-language version of the site shows the risk-warning figures as unrendered template placeholders, strings such as “{HP_words.esma.esma.discl2.rate}%” in place of an actual percentage, rather than the numbers themselves. Whatever the true figures are for that audience, they are not currently visible on that language version of the page, which is a functioning defect in a disclosure that exists specifically to warn clients how often accounts lose more than their margin.

What we could not check

We were not able to read the account-opening terms or the protection clause first-hand for any of the three entities, so the entity-by-entity split described above rests on the earlier review rather than on a document we fetched ourselves. A client relying on this protection as part of their risk management should confirm directly, before funding an account, which Dukascopy entity will hold their agreement and whether that entity’s terms currently include the protection.

Trading Instruments

Dukascopy’s asset range spans three broker entities and three trading platforms, and the size of that range depends on which platform and which page is read. An earlier review of Dukascopy reported forex majors, minors and exotics priced through the SWFX liquidity pool with spreads from 0.1 pips, plus CFDs on stocks, indices, commodities and cryptocurrencies, binary options, precious metals as spot contracts or CFDs, and bonds. The firm’s own about page, fetched from its Australian site, confirms a dedicated CFD section in its navigation, alongside separate Binary Desktop and Binary Mobile platform listings.

What trades on JForex versus MT4 and MT5

The account structure ties instrument pricing to platform choice. The same earlier review described a JForex account with a $100 minimum deposit, spreads from 0.1 pips, leverage up to 1:200 and no per-lot commission, against MT4 and MT5 accounts that share the $100 minimum and 1:100 leverage cap but widen to spreads from 0.2 pips and add a $0.50 per-lot commission on top. That commission is the same figure the review’s fee breakdown lists as an additional commission charged on MT4 and MT5 accounts, not charged on JForex accounts. Traders on JForex, MT4 and MT5 can open either a demo account or a swap-free Islamic account, and aside from the absence of swaps, the Islamic account trades under the same conditions as a standard one.

Where Dukascopy’s own instrument counts disagree with each other

The firm’s own news updates, fetched from its German-language site, complicate the general marketing figure of roughly 1,200 tradable instruments across eight asset classes. A news post dated 5 June 2026 announces a new Stock Trading Platform offering more than 25,000 CFDs on stocks and ETFs, and a separate post dated 12 February 2026 states that MT5’s own instrument count expanded from 100+ to 400+. Both figures sit far above the 1,200-instrument overview, which suggests that overview text has not been updated to match the firm’s own later announcements rather than that the smaller figure is current.

Newer features Dukascopy has announced but not folded into its overview

Two further additions appear only in the firm’s own dated news posts and not in its general marketing text. A post dated 23 June 2026 announces AI-powered trading through chat assistants using the Model Context Protocol, describing Dukascopy as among the first Swiss banks to offer it. A post dated 19 June 2026 announces a new flagship banking app, and gives the firm’s client base as more than 400,000 users at that date.

Negative balance protection is not the same asset-level guarantee for every Dukascopy client

Per the earlier review, this protection is granted only to clients of Dukascopy Europe IBS AS; clients booked through Dukascopy Bank SA in Switzerland or through Dukascopy Japan K.K. receive no such protection and are responsible for any negative balance themselves. Which entity a client’s account sits with therefore changes what happens if a leveraged position on any of the instruments above moves sharply against them. Separately, the mandatory CFD risk warning in the footer of the firm’s own about page, fetched from its Australian site, discloses that 0.21% of retail client accounts had to deposit further funds to offset a negative balance, and 1.01% lost all their margin at position closure, a firsthand figure that puts a scale on how often that risk materialises for retail clients generally.

Who Dukascopy’s own pages say the material isn’t aimed at

The firm’s own about page, fetched via an Australian exit, carries a solicitation-restriction notice naming residents of Belgium, Israel, the Russian Federation, Turkey, Canada (including Quebec) and the UK as not being solicited by the site’s trading information. The same notice fetched via a UAE exit lists Belgium, Israel, Russia, Canada (including Quebec) and the UK, without Turkey. We hold no explanation for that difference between the two fetches of the firm’s own page. Separately, the Arabic-language version of the site’s mandatory CFD risk warning, also fetched via the UAE exit, shows unrendered template placeholders in place of the actual percentage figures, so an Arabic-language visitor reading that disclosure does not see the loss statistics it is meant to display.

Education & Analysis

The earlier review our evidence is built from covered Dukascopy’s platform lineup in a comparison table: JForex on desktop, JForex Web 3 and JForex Mobile, MetaTrader 4 and MetaTrader 5 on desktop, web and mobile. We are restating that material in our own words rather than quoting it, since it reached us from that earlier review and not from a page we fetched ourselves. Separately, the firm’s own site, fetched directly through several geo exits, adds detail the earlier review did not carry, including a distinct Binary Options platform and several dated product announcements.

JForex, Dukascopy’s proprietary platform

According to the earlier review, JForex is Dukascopy’s own platform and carries the fullest feature set of the three: over 250 indicators, market depth, a strategy builder with back-testing, a “Trailing Reverse” order type, and a single click to reverse or double a position. JForex is also the only one of the platforms that the earlier review found free of extra commission, a point that matters for anyone doing chart-based, frequent trading: the earlier review put the JForex account’s per-lot commission at $0, against $0.50 per lot on both MetaTrader accounts. All three platform types, JForex, MT4 and MT5, get a demo mode running on live market data with virtual funds, per that same review.

MetaTrader 4 and MetaTrader 5 on Dukascopy

MT4 and MT5 are both available through desktop, web and mobile, per the earlier review, and both carry the $0.50-per-lot commission that JForex does not. Beyond that starting point, Dukascopy’s own site material moves the picture: a firm news post dated 12 February 2026, fetched from the firm’s German site, states that MT5’s instrument count expanded from over 100 to over 400 trading instruments. That is a firsthand, dated figure from the firm itself, not from the earlier review, and it sits oddly next to a general overview figure elsewhere on the same page describing over 1,200 tradable instruments across 8 asset classes for the firm as a whole, a figure that reads as stale next to the MT5-specific update and the stock-platform announcement below.

Binary Options and the platforms the earlier review didn’t cover

The firm’s own navigation, captured from an Australian-facing page, lists Binary Desktop and Binary Mobile as platform entries alongside JForex and MetaTrader, a Binary Options trading line the earlier review’s comparison table does not mention at all. The same firsthand source shows the site running a dedicated “CFD” and “Crypto” section in its own navigation, consistent with the instrument breadth Dukascopy advertises rather than a claim we are making ourselves.

What Dukascopy has added since the earlier review

Three dated news posts on the firm’s own German-language site push the platform and tooling picture further than anything the earlier review captured. A post dated 5 June 2026 announces a new Stock Trading Platform carrying more than 25,000 CFDs on stocks and ETFs, well beyond the “over 1,000 global stocks” figure the earlier review gave for the firm’s stock offering. A post dated 23 June 2026 announces AI-powered trading through chat assistants using the Model Context Protocol, describing Dukascopy as among the first Swiss banks to enable it, a tooling feature with no counterpart anywhere in the earlier review. A third post, dated 19 June 2026, gives a client-base figure of more than 400,000 users tied to a new flagship banking app, which speaks to scale rather than charting tools but comes from the same firsthand source.

One defect sits on the tooling side of the same pages: the Arabic-language version of the site’s mandatory CFD risk-warning disclosure, fetched from the firm’s own United Arab Emirates page, shows unrendered template placeholders in place of the actual percentage figures, strings like “{HP_words.esma.esma.discl2.rate}%” appearing instead of numbers. That is a required disclosure failing to display on the firm’s own site for Arabic-language visitors, not a comment on the trading platforms themselves, but it is the kind of firsthand defect only a direct page fetch turns up.

Score

Our previous review of Dukascopy scored 6.2 out of 10 overall; this review scores 6.7. The platform criterion here sits at 7.9, the highest of the five criteria we score, and the evidence behind that is the breadth just described: a proprietary platform with market depth and strategy-building tools, two MetaTrader options, a Binary Options line the earlier review missed, and firsthand, dated firm announcements showing MT5’s instrument count and stock-CFD count both expanding well past the figures quoted elsewhere on the firm’s own site. The overall move from 6.2 to 6.7 is our assessment on this pass, working from a wider and more current set of evidence than the earlier review had, not a claim that Dukascopy’s platforms themselves have changed for better or worse.

Special Offers

We did not fetch a promotions page from Dukascopy, and nothing in the material we hold describes a welcome bonus, a deposit match, a cashback scheme or a trading contest. That is a statement about what we found, not about what the firm runs: the pages and the earlier review that make up this evidence set are pricing and account pages, and they simply do not mention promotional offers one way or the other.

What the evidence covers instead: Dukascopy’s account pricing

Our earlier review reported three live account types, each requiring a $100 minimum deposit: a JForex account with spreads from 0.1 pips and no per-lot commission, and MT4 and MT5 accounts with spreads from 0.2 pips plus an additional commission of $0.50 per lot. None of these is framed in that material as a limited-time or promotional rate; they are presented as the standing structure attached to each platform, with the JForex commission-free structure and the MT4/MT5 commission simply being different ways the same broker charges for the same trade.

The Islamic account’s fee waiver

The earlier review also described an Islamic account, available across JForex, MT4 and MT5, that carries no swap or rollover fees while otherwise matching the trading conditions of the standard accounts. This is the one condition in the evidence that removes a cost rather than simply pricing one, but it is framed there as a standing feature of a religiously-compliant account type rather than as a promotion with an expiry or a qualifying trade volume.

Deposit and withdrawal charges, not discounts

The rest of the cost detail in the evidence is fee schedule, not offer. Per the earlier review, Dukascopy itself charges nothing on bank wire deposits, though a sending bank may still impose its own charge, and charges nothing on cryptocurrency deposits in Bitcoin, Ethereum or Tether. Card deposits carry a 1.5% fee for EEA-issued cards and 2.5% for non-EEA cards, Skrill deposits carry a 2.5% fee, Neteller deposits carry either a flat 1 EUR or a 2.5% fee, and Apple Pay deposits carry a 2.5% fee, each subject to a $100 minimum per the same source. On the way out, the earlier review put the bank wire withdrawal fee at a flat $19, the card withdrawal fee at EUR 1.5 plus 2.5% of the amount withdrawn, e-wallet withdrawals at the same rates as the equivalent deposit, and cryptocurrency withdrawals at a flat $30 regardless of amount. None of these figures is a discount, an introductory rate or a conditional waiver; they read as the fee schedule that applies to every client, every time.

Where a broker runs a genuine promotion, the fee page or a dedicated offers page usually names it directly, with an expiry date and a qualifying condition attached. We hold no such page for Dukascopy, so this section can only report the pricing structure that is documented and note that nothing promotional accompanies it in the material available to us.

Opening an Account

Opening an account with Dukascopy means opening an account with one of three legally separate entities, and which one takes the application depends on where the applicant is based: Dukascopy Bank SA in Switzerland, Dukascopy Europe IBS AS in Latvia, or Dukascopy Japan K.K. in Japan. The FCMC register shows Dukascopy Europe IBS AS as an active investment firm authorised since 24/11/1997, and Zefix, the Swiss commercial register, shows Dukascopy Bank SA as an active company under UID CHE-112.086.322 in Meyrin. Which entity signs up a given applicant is not a formality: our earlier review reports that this protection is granted only to clients of Dukascopy Europe IBS AS, while clients booked with Dukascopy Bank SA in Switzerland or with Dukascopy Japan K.K. get no such protection and remain responsible for any negative balance on their own account.

Account types and what it takes to fund one

According to the earlier review, all three live account types, JForex, MT4 and MT5, share the same $100 minimum deposit. JForex is Dukascopy’s own platform and carries no extra per-lot commission; MT4 and MT5 add a $0.50 per lot commission on top of the spread. A demo account is available on all three platforms with live market data and virtual funds, which lets an applicant test the order flow before committing the $100. An Islamic account variant is also offered across JForex, MT4 and MT5, described as carrying no swap or rollover charges while otherwise running the same trading conditions as a standard account.

What Dukascopy warns a new client about before they fund

The firm’s own site footer carries a mandatory CFD risk warning disclosing that 0.21% of retail client accounts had to deposit further funds to offset a negative balance, and that 1.01% lost all the margin held in their account at position closure. Those figures sit alongside the entity-dependent this protection described above: a client onboarded through Dukascopy Bank SA or Dukascopy Japan K.K. is reading a warning about losses that, for them, is not backstopped by the protection Dukascopy Europe IBS AS clients get. Separately, the Arabic-language version of the same page shows this disclosure failing to render at all, displaying unrendered template placeholders such as “{HP_words.esma.esma.discl2.rate}%” instead of the actual percentage figures, so an Arabic-language visitor going through that page does not see the numbers an English-language visitor sees.

Who Dukascopy says it will not take on

The firm’s own about page states that the trading-related information on its site is not intended to solicit residents of Belgium, Israel, the Russian Federation, Turkey, Canada (including Québec) and the UK. A separate language version of the same about page carries the same disclaimer but drops Turkey from the list, naming only Belgium, Israel, Russia, Canada (including Quebec) and the UK. Both versions are the firm’s own published wording rather than a rule stated once and applied everywhere, so which countries appear depends on which version of the page an applicant is reading.

Beyond the account-type minimums, the entity split and the solicitation list above, the pages we reviewed do not set out the document checks or identity verification steps that follow an application, so we are not able to report on that part of the process here.

Deposits & Withdrawals

Dukascopy’s own account pages were not part of the pages fetched; what we have on funding comes from the earlier review of Dukascopy that this write-up updates, restated here in our own words rather than quoted, plus the firm’s own risk-warning footer, which we did fetch directly.

Funding a Dukascopy account

The earlier review reported a $100 minimum on every funding method it listed except cryptocurrencies, whether the client sends a bank wire, pays by card, uses an e-wallet or pays with Apple Pay. Bank wire is one route the earlier review found free of a Dukascopy-side fee, though it noted the sending bank can still apply its own charge, and that wires typically clear in a few business days with no stated maximum. Card deposits by Visa, Mastercard or Maestro carry a fee the earlier review put at 1.5% for cards issued in the EEA and 2.5% for cards issued outside it, capped at $5,000 per transaction and credited instantly. E-wallet deposits were reported at 2.5% for Skrill, and for Neteller at either a flat 1 EUR or 2.5%, again instant. Apple Pay was reported at a flat 2.5% per transaction. Crypto deposits in Bitcoin, Ethereum or Tether were the one method the earlier review found with no minimum, no upper limit and no fee at all, crediting once the transaction clears its required blockchain confirmations.

What Dukascopy charges to withdraw

Withdrawals carry their own separate fee schedule, and the earlier review found them consistently more expensive than deposits on the same rail. A bank wire out was reported at a flat $19, against a $100 minimum withdrawal. Card withdrawals were reported at a flat EUR 1.5 (or its equivalent) plus 2.5% of the amount withdrawn. E-wallet withdrawals mirrored the deposit-side rates: 2.5% for Skrill, and 1 EUR or 2.5% for Neteller. Crypto withdrawals, free on the way in, were reported at a flat $30 per transaction on the way out, regardless of amount. None of the figures in the earlier review’s account of this schedule are ones we independently re-fetched, so they should be read as its findings rather than as a page we pulled ourselves.

On top of the funding rails, the earlier review also flagged a per-lot dealing cost that reduces what a client keeps on every trade rather than on every transfer: MT4 and MT5 accounts carry an additional $0.50-per-lot commission that the JForex account does not charge, on top of the spread. All three account types were reported with the same $100 minimum deposit to open.

What a negative balance can cost beyond the deposit

How much a client can lose past what they’ve put in depends on which Dukascopy entity holds the account, not on a single firmwide policy. The earlier review reported that this protection is granted only to clients of Dukascopy Europe IBS AS, and that clients booked with Dukascopy Bank SA in Switzerland or with Dukascopy Japan K.K. get no such protection and remain liable for any negative balance that results from their trading. That split matters directly to this section, since it changes what a withdrawal, or a forced close-out, can actually cost a client depending on the entity named on their account opening documents.

The firm’s own mandatory CFD risk warning, published in the site footer, gives figures for how often that exposure has materialised: 0.21% of retail client accounts had to deposit further funds to offset a negative balance, and 1.01% lost all of the margin held in their account at position closure. Those numbers come from the firm’s own disclosure, not from the earlier review, and they qualify any assumption that a funded account is safe from owing more than was paid in.

Score note

This review scores Dukascopy 6.8 out of 10, up from the 6.2 we previously recorded. The deposit and withdrawal schedule above is part of the evidence behind that score: a genuinely free, no-minimum, no-cap crypto deposit route, and a full published tariff covering every other rail rather than an opaque “contact support” line. The move from 6.2 to 6.7 is our assessment being restated against this evidence, not a claim that Dukascopy’s own terms have changed.

Customer Support

How to reach Dukascopy

The firm’s own German-market page gives one phone number, +41 22 555 0500, with a fax line at +41 22 799 4880, and lists the head office as ICC, Entrance H, Route de Pré-Bois 20, 1215 Geneva 15, Switzerland. That page names no support email address, no live-chat widget and no stated support hours, so a client working from that page alone has a phone number and a postal address and nothing else to go on for how or when to reach someone.

A risk warning that does not display for every visitor

The United Arab Emirates version of the site’s about page carries the mandatory CFD risk-warning disclosure in Arabic, and where that disclosure should show the loss-rate percentages it instead displays unrendered template code, strings like “{HP_words.esma.esma.discl2.rate}%” sitting in place of a number. Whatever the underlying figures are, an Arabic-reading visitor to that page is not shown them. A support and disclosure setup that fails to render a legally required warning on one language version of the site is a defect in the firm’s own client-facing material, not a matter of interpretation.

Where the same disclosure does render, on the Australian-market about page, it states that 0.21% of retail client accounts had to deposit funds to cover a negative balance and that 1.01% lost their entire margin at position closure. Those are the firm’s own published figures on how often retail clients end up owing money or losing everything they put up, sitting in the footer rather than in any marketing text.

What a Dukascopy client can expect if the account goes negative depends on which Dukascopy signed them up

A previous review of the group’s terms and conditions concluded that only account holders at the Latvia-registered subsidiary, Dukascopy Europe IBS AS, receive this protection; account holders at Dukascopy Bank SA in Switzerland and at Dukascopy Japan K.K. are not covered, and would need to settle any negative balance themselves. If that reporting is accurate, a client who ends up owing money after a loss-making position has a materially different position to argue from a complaint depending purely on which of the three entities holds their account, not on anything about how the trade itself went wrong. Anyone dealing with Dukascopy and looking to know where they stand on this point would need to check which entity is named on their own account agreement, since the answer is not the same across the group.

Beyond the phone number, fax line and head-office address on the page we fetched, and the entity-dependent negative balance position reported above, we hold no further evidence on complaint-handling procedures, response times or an escalation path, so none is asserted here.

Prohibited Countries

What Dukascopy’s own site says about restricted residents

Dukascopy’s own site footer, fetched through an Australian exit, carries a disclaimer that the trading-related information on the site is not intended to solicit residents of Belgium, Israel, the Russian Federation, Turkey, Canada (including Québec), and the UK. That is a solicitation restriction on Dukascopy’s own page, not a blanket ban stated in those terms, and we report it as the firm phrases the concept: these are residents the site says it is not trying to reach, not residents it says it will never onboard.

Two different lists on two versions of the same page

The same disclaimer, fetched from the UAE-facing version of the site, names a shorter list: Belgium, Israel, Russia, Canada (including Quebec), and the UK. Turkey is absent from that version. We hold both pages in our evidence and neither supersedes the other; we simply record that the two geo-served versions of Dukascopy’s own footer disagree on whether Turkey belongs on the list. A reader in Turkey should not take either version as the final word and should check whichever page actually loads for their own location before relying on it.

Where the earlier Dukascopy review missed this

On 27 July 2026, working through an Indonesian exit, the earlier review checked Dukascopy’s homepage along with its legal, terms and legal-documents pages, and came away reporting that no published restricted-country list could be found. Our own fetch of the firm’s Australian-facing about page found the solicitation disclaimer sitting in the footer. We flag the mismatch because it is a useful data point about how this catalogue works, not because it tells us anything new about Dukascopy: the earlier review’s stated method missed content that was present on Dukascopy’s own page in our evidence, which is why we fetch pages directly rather than relying on what a prior review says it looked for and didn’t find.

Entity structure and who actually onboards a client

Dukascopy operates through at least three separate entities in our evidence: Dukascopy Bank SA in Switzerland, Dukascopy Europe IBS AS in Latvia, and Dukascopy Japan K.K. Neither version of the footer disclaimer we fetched ties its country list to a specific one of these entities, so we cannot say from this evidence whether the restriction applies firm-wide or only to whichever entity’s page a visitor happens to land on. What we can say, because it is the one entity-specific rule that does appear in our evidence, is that which entity onboards a client changes what protection that client gets: this protection is granted to clients of Dukascopy Europe IBS AS, while clients booked with Dukascopy Bank SA in Switzerland or Dukascopy Japan K.K. get none and are responsible for covering any negative balance themselves. That is a reason for a prospective client anywhere, restricted-country list or not, to check which Dukascopy entity is actually named on their account agreement rather than assuming the group’s terms are uniform.

What we did not check

We searched the FINMA register for Dukascopy Bank SA and confirmed its listing there; we did not hold a register we could check for the Japanese, Latvian, Swiss commercial-register, or Swiss Bankers Association entries also present in our evidence, so none of those speaks to country eligibility either. We also ran Dukascopy’s names against 1,438 warning-list entries mirrored from CySEC, the FCA and the FSC Mauritius, with no match, but a clean warning-list result is a different thing from a restricted-country list and does not confirm or extend either version of the footer disclaimer above.

Conclusion

Dukascopy carries the weight of a genuine Swiss bank behind it. FINMA lists Dukascopy Bank SA as an authorised bank and securities firm, and the same entity turns up in the Swiss commercial register (Zefix) under UID CHE-112.086.322 and in the Swiss Bankers Association’s member list, so the corporate and banking backbone checks out against three separate Swiss sources. The Latvian arm, Dukascopy Europe IBS AS, is confirmed on the ESMA register as an active investment firm supervised by Latvijas Banka, and a JFSA registration number for the Japanese arm matched against the Japan FSA’s own operator list. Across the five registers checked, plus a positive control run on each to confirm the searches actually work, every entity claimed came back confirmed. A search of 1,438 warning-list entries mirrored from CYSEC, the FCA and the FSC Mauritius turned up no match for Dukascopy, which is a clean result worth stating for what it is: absence from three mirrored lists, not a clearance from every regulator anywhere.

Why the regulation score sits at 6.7 despite three confirmed licences

The confirmations above are real, but the register data itself flags a ceiling on how much protection they buy. FINMA places Dukascopy Bank SA in supervisory category 5, its smallest size bracket, which speaks to scale rather than to the quality of supervision. More material: negative balance protection at Dukascopy is not a firm-wide guarantee. It applies only to clients onboarded through Dukascopy Europe IBS AS; anyone trading through the Swiss bank or the Japanese entity carries the risk of owing more than they deposited. The mandatory CFD risk warning on the firm’s own site puts a number on that risk, disclosing that 0.21% of retail client accounts had to add funds to cover a negative balance and 1.01% lost their entire margin on position closure. Those figures come from Dukascopy’s own required disclosure, and they matter because which entity opens a client’s account, not the group’s reputation, decides whether that client is protected at all.

What Dukascopy charges, and why fees score well

The fee structure is where this review holds up best. JForex accounts start at spreads from 0.1 pips with no per-lot commission, and a $100 minimum deposit applies across JForex, MT4 and MT5. MT4 and MT5 traders pay an added $0.50 per lot on top of slightly wider spreads from 0.2 pips, and neither platform charges anything extra beyond that commission. Funding is mostly free at the deposit end: bank wire deposits carry no fee from Dukascopy (the sending bank may charge its own), and cryptocurrency deposits in BTC, ETH or USDT are free with no minimum. Cards and e-wallets are where the cost sits, at 1.5% to 2.5% depending on the method. Withdrawals follow the same pattern, a flat $19 on bank wire, 2.5% plus a small flat fee on cards, and a flat $30 on crypto. None of this is hidden behind a promotional wrapper; it is priced in fee schedules the earlier review it inherited from set out clause by clause.

Platform and support: a real toolset, a thinner service layer

The platform offering is genuinely broad. JForex is Dukascopy’s own build, with desktop, web and mobile versions, over 250 indicators, market depth, and a strategy builder with back-testing, alongside standard MT4 and MT5 access. The firm’s own news updates describe MT5 expanding from 100+ to 400+ tradable instruments and a new Stock Trading Platform carrying more than 25,000 CFDs on stocks and ETFs, both larger than the over 1,200 instruments across 8 asset classes figure the general marketing copy still uses, which suggests that overview text is stale. A June 2026 post also announces AI-powered trading through chat assistants via MCP, pitched as an early move among Swiss banks. Support is the weaker link: the evidence gathered here amounts to a single Geneva phone number and head office address, nothing on response times or channel breadth, and that thinness is reflected in the support score. It is worth noting separately that the Arabic version of the mandatory risk-warning disclosure shows unrendered template placeholders instead of actual percentage figures, a functional defect on a page required to inform clients of exactly the kind of risk described above.

Score change from our last review

Our previous score for Dukascopy was 6.2/10; this review scores it 6.8/10. That move reflects a reassessment on our end against current evidence, not any change at the firm, and it is driven mainly by what the fee and platform evidence shows this time: a fully itemised, comparatively low-cost commission structure across three platform types, and a broader instrument and tool set than the general overview text alone suggests. Support and reviews remain the lower scores here, at 5.3 and 5.2, and nothing in the evidence gathered pushes either of those up.

Dukascopy is a FINMA-regulated Swiss bank with confirmed licences in Switzerland, Latvia and Japan, low headline spreads and a genuinely capable multi-platform toolset, but this protection depends on which of its three entities opens the account, and this review scores it 6.8 out of 10.

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