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Dukascopy - Good or Bad

  • #1
  • First Post: Apr 27, 2009 6:12am Apr 27, 2009 6:12am
Hi guys

I'd like to know if anyone has any experience with Dukascopy?
I'm considering opening an account with them, but have some concerns.
While on paper they appear to be excellent, they're background, size and history seem shady.

I'm only interested in trading with an ECN broker, so if anyone has any experience with the following other brokers I'd appreciate any comments:
1. Currenex
2. Hotspotfx
3. Lava
4. Interactive Brokers
5. MB trading

Thanks guys

MM
  • #2
  • Apr 30, 2009 4:53pm Apr 30, 2009 4:53pm
Quoting MinuteMan
Hi guys

I'd like to know if anyone has any experience with Dukascopy?


MM
...people do; http://www.forexfactory.com/showthread.php?t=116528

Unfortunately nothing worth writing home about!

Instead of enduring difficulties with Dukascopy your choice of Brokers could be (among others, of course; ie. Fixi prime, MAREX), the following:

- Berkeley Futures Ltd (they offer a good ECN multi-bank-portal, a CX terminal; downside is, they charge high commissions)

- LCG (London Capital Group) (is a 2nd tier PB and you have access to the JP Morgan tier 1 PB liquidity)

both of the above PB's clear through CLS (Continuous Linked Settlement)

best,

Trader613
  • #3
  • Apr 30, 2009 5:23pm Apr 30, 2009 5:23pm
I used them for awhile, had no problems but did not use them for terribly long.
  • #4
  • Apr 30, 2009 5:31pm Apr 30, 2009 5:31pm
Tried them out in early '08. No slippage on the few orders of 5-10M I did. I was concerned about the inside book depth, if you search these forums, you can find details about it. Perhaps they fixed that issue by now, who knows. I might give them another test whenever their bank license gets approved.
  • #5
  • Apr 30, 2009 5:50pm Apr 30, 2009 5:50pm
Quoting Trader613
.

- Berkeley Futures Ltd (they offer a good ECN multi-bank-portal, a CX terminal; downside is, they charge high commissions)

- LCG (London Capital Group) (is a 2nd tier PB and you have access to the JP Morgan tier 1 PB liquidity)
What kind of account size do you need to get In with these?

Leon
Living the adventure in my head.
  • #6
  • Apr 30, 2009 6:56pm Apr 30, 2009 6:56pm
Quoting Leonlorenzo
What kind of account size do you need to get In with these?

Leon

Berkeley are offering 2 types of CX feeds; depending whether you go Institutional or private, on the Institutional I believe it's a $100k.

With LCG it might be less.

MAREX however, are only interested in a larger account, and also, the account opening procedure is not so easy to deal with (lots and lots of red tape), you will have to show them previous account statements for instance, so that they can see that they are dealing with someone proffesional.

You must also bare in mind that most of the PB's will want to know your average monthly turnover, as the commissions they are charging (thus also depending on your turnover) is the only revenue they earn. With that in mind, if you are a HFT or so, they might be interested in accepting smaller account sizes, it's always good to talk openly with ECN and DMA type Brokers.

Best.
  • #7
  • May 2, 2009 10:39am May 2, 2009 10:39am
Quoting Trader KGB
I might give them another test whenever their bank license gets approved.
when they will their get their bank license approved?
Vedanta - The End Of Knowledge. ~ J. Krishnamurti ~
  • #8
  • May 2, 2009 12:49pm May 2, 2009 12:49pm
Quoting Aloen
when they will their get their bank license approved?
I think they applied over a year ago, I guess it's a long process..
  • #9
  • May 5, 2009 1:45am May 5, 2009 1:45am
fxRichard :
why not continue trading with duka？ do you have a better one now？
  • #10
  • May 5, 2009 3:28am May 5, 2009 3:28am
Quoting longzhan
fxRichard :
why not continue trading with duka？ do you have a better one now？
I would only trade with brokers in Switzerland that are listed on the FINMA site. To check to see if your broker is licensed in Switzerland, go to www.finma.ch and then go to institutions and type in the company name and hit search. FINMA is the regulator in Switzerland for all financial companies such as banks, brokers, asset managers, funds, etc.

Dukascopy is not licensed in Switzerland.
  • #11
  • May 5, 2009 3:43am May 5, 2009 3:43am
Quoting MinuteMan
Hi guys

I'd like to know if anyone has any experience with Dukascopy?
I'm considering opening an account with them, but have some concerns.
While on paper they appear to be excellent, they're background, size and history seem shady.

I'm only interested in trading with an ECN broker, so if anyone has any experience with the following other brokers I'd appreciate any comments:
1. Currenex
2. Hotspotfx
3. Lava
4. Interactive Brokers
5. MB trading
Dukascopy is not licensed in Switzerland to do this business.

Regarding the others.

1. Currenex is not a broker, they are just a software provider. There are many brokers/banks that offer this platform to clients. Its a multi bank platform but each broker has a different amount of banks, so it's good to check with whichever broker offers it. It's the most popular ECN institutional platform. www.currenex.com

2. Hotspot is also a software provider plus a broker. I think there platform is garbage. Currenex is better in my opinion. One major thing I don't like about hotspot is the platform goes offline for 15-30 minutes at 5pm EST to reset itself. I'm not sure if they fixed this issue yet. Perhaps any forum members can inform the group about this issue. www.hotspotfxi.com

3. Lava. This is also a ECN software that is offered by some brokers, I don't have experience with it, but it's not as popular as Currenex. www.lavatrading.com

4. Interactive Brokers. This is a broker that has their own platform. I don't think it's as good as currenex. I couldn't find if you can see the depth of the liquidity on their platform. They state they have multiple banks, but who really knows.

5. MB trading. Same scenario as Interactive Brokers. If I was to choose between the two firms, I would go with Interactive, they are more stable and many other products and MB trading is a small company.

6. Integral. This is another ECN platform that I think offers more functionality then Currenex. There are some brokers/banks that are offering it. I think they have more banks then currenex available. This is a good one to watch out for. www.integral.com

7. Metatrader. If you prefer to trade with Metatrader, some brokers have connected connected a bridge from Metatrader to Currenex, Integral or Hotspot. This offers you in a way an ECN model but through the Metatrader platform. There are two bridge companies that have been providing this technology to Metatrader brokers. www.bostontechnologies.com and www.roustech.com
You maybe to ask them which Metatrader brokers utlize their bridges.

I hope I've been helpful.
  • #12
  • May 5, 2009 5:09am May 5, 2009 5:09am
Quoting rnettles
I would only trade with brokers in Switzerland that are listed on the FINMA site. To check to see if your broker is licensed in Switzerland, go to www.finma.ch and then go to institutions and type in the company name and hit search. FINMA is the regulator in Switzerland for all financial companies such as banks, brokers, asset managers, funds, etc.

Dukascopy is not licensed in Switzerland.
Yes, duka is appllying for banking license from the FINMA，can duka get it and when? I am really disturbing about it. But ,i do like their platform and its spreads is quite better than IB. Do you have experience with duka？thanks
  • #13
  • Edited 9:27am May 6, 2009 3:04am | Edited 9:27am
4. Interactive Brokers. This is a broker that has their own platform. I don't think it's as good as currenex. I couldn't find if you can see the depth of the liquidity on their platform. They state they have multiple banks, but who really knows.


Actually there is a way to see the opposite Banks who trades with you at IB.View-Audit-expanded.
As far as i understand you will see every trade ticket twice, first every ticket with Barclay as executing Bank and then second the actual bank ,which means that they are using Barclay's always as their back door.
IB is a very solid and reputable broker the only downside ,their platform is for quick execution not suitable.
I recommend to use Currenex, as mentioned allready above, LCG is good downside atm no seggregated acc available .
BFL good excecution,(connected with New EDGE), but high commission.
Integral atm not connected with all liquidity providers .
Fixi is with UBS and also no seggregated accounts available.

so i would say you must decide between the best liquidity(Fixi/UBS,LCG/JP)and account security(BFL/New EDGE)
  • #14
  • May 6, 2009 5:19am May 6, 2009 5:19am
Quoting longzhan
Yes, duka is appllying for banking license from the FINMA，can duka get it and when? I am really disturbing about it. But ,i do like their platform and its spreads is quite better than IB. Do you have experience with duka？thanks
I personally have never traded with duka. But I work in the industry and I do like their business model. I also hear rumors their business model isn't what it appears on the outside from people who have worked there. But, I can't say unless I was actually on the inside there. Yes, duka is applying for the bank license, but still they are not regulated at the moment and it is risky to trade with them. There is another firm called Crown Forex who was a swiss broker same as dukascopy and FINMA stopped them since Dec. 2008 and clients have not been able to withdraw since then. I didn't quit understand why they did this because they were in the same situation as dukascopy, mig and gfx meaning they had by Mar. 31 2009 to file the application for the bank license. So, bottom line, dealing with an unregulated firms in Switzerland is very risky even if they submitted their application. Always check the finma website to see if the firm is regulated before doing business.
  • #15
  • May 6, 2009 6:58am May 6, 2009 6:58am
Quoting fxRichard
I used them for awhile, had no problems but did not use them for terribly long.
why not continue trading with duka？ do you have a better one now？ I do like its demo-platform and its demo-spreads is quite better than other （IB,etc）.
  • #16
  • Edited 9:26am May 6, 2009 8:39am | Edited 9:26am
Quoting longzhan
why not continue trading with duka？ do you have a better one now？ I do like its demo-platform and its demo-spreads is quite better than other （IB,etc）.

You cant compare with a demo feed,you should ask for a live view the demo feed can be totally different than the actuall live feed
  • #17
  • May 6, 2009 9:03am May 6, 2009 9:03am
As for Duka, all swiss FX brokers need to have a bank license ready by mid of 2009, otherwise they need to cease business (change of law)

Re IB - if you don't trade nzd pairs where liquidity is poor and timely restriced, they offer very good prices, spread usually very competitive and liquidity not bad. they offer very good account protection, the best I ever found.
I am using them, but am using 3rd party order management software to handle trades (button trader, bracket trader etc) which work though API.

..my 2c

Peter
  • #18
  • May 6, 2009 1:17pm May 6, 2009 1:17pm
I am new to forex, but have traded for 3+ years. Which broker offers the tightest spread for an account of 50k or less please? This thread has been very helpful BTW.

I have been doing my homework, not just looking for a handout. I have been demoing duka vs. FXDD CX and the spread is very close. Last night though, no news, FXDD CX disconnected 3 times for about 1 minute? I thought those games were only played on MT4 platforms? At the same time I was running my futures platform and the spread was close between the three.
  • #19
  • May 30, 2009 9:37pm May 30, 2009 9:37pm
Quoting rnettles
6. Integral. This is another ECN platform that I think offers more functionality then Currenex. There are some brokers/banks that are offering it. I think they have more banks then currenex available. This is a good one to watch out for. www.integral.com
Yes, I agree Integral has some potential. The only one I've tested was through RCG. They're white labelling Saxo for retail but use Integral for institutional (depo min.= $250k). Please note their demo and live are quite different.

Would like to hear other (US) brokers offering Integral, much appreciated.

GL
  • #20
  • Jun 1, 2009 9:27pm Jun 1, 2009 9:27pm
I used Dukascopy and I can tell you there's no platform like theirs'.
I closed my account with them only because I didn't have time for trading, but everything there works like a rocket.

Good quality research, excellent indicators that you won't find anywhere.

Maybe they are not approved by Swiss bla bla, but they work like devils and the spread is one of the tightest.

That's my opinion regarding Dukascopy. And if I'll get back to trading I will sure reactivate my account with them.
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