Dukascopy Live Account - Don't Post if you haven't traded live with them!

So I am pretty close to funding an account at Dukascopy. Just need to get a few forms signed...

I know there are some threads out there discussing Dukascopy, but to be honest, they were fairly unfocused and often degenerated into other topics.

So for conciseness, and accuracy only post if you have actually used them.

Some of the things I have read have related to, seems recently, slippage on not just market orders, but on limits, etc. Also, that their liquidity, especially on the inside is quite low. Commissions seem pretty decent, especially if you use an IB to get rebates.

Anyway, let us all know your experiences: good and bad.

If you happen to work for Dukas., don't be a douche and post under false pretenses. Your English and slant on the company will give you away and you'll do more harm than good.

Look forward to reading your responses!

Cheers,

Veng.

I have been with them for over a year. I also have some friends who have accounts with them. I haven't noticed and issues with liquidity or order fills whether market or limit orders. I have seen orders get filled immediately up to about 100 standard lots on EU.

I have heard that there is better execution with VIP accounts than with standard retail accounts but I do not have any evidence to support this statement. This is just what I have heard.

Withdrawals are pretty quick and are usually completed with about 48 hours.

Overall, I have no problem recommending them.

They are very good. Or are better than they used to be.

Once upon a time they had alot of fill trouble (when the ecn network was smaller). They do have big liquidity, as far as I know their deutchebank liquidity isn't printed on lvl 2. There was some issue recently that caused this, but from what I know deutche still provides liquidity so thats fine.

They are one of the biggest 'networks'. They act more as a hub for liquidity than a broker itself. Slippage can be controlled most of the time, partial fills irritate me, but at least you get filled. Withdrawal is quick, sign up process is a bit of a prick.

I found support can be quite rude, but nevertheless.... useful.

I would recommend them, but I would also recommend others on similar platforms. Can't really go wrong with many in the same category.

haha Yeah I got a call from one of their guys regarding questions I had about opening an account. Seemed like a nice guy and wanted to help, but I could hear/feel a bit of an abrasive...tone...Nonetheless, got the info. I needed from him.

Well what I am hearing so far is making me feel like I am making a good decision to try them.

I read some posts that said they were a market maker a while back and some people were wondering if all they did was dress up the front end and keep the same back end (i.e. market maker mentality and tricks).

I am a bit curious about this in the sense that not too long ago it was 50k to open an account with them, and now they are getting MT4, and allowing mini lots (in Dec. is what I heard) and minimums are now 5k...

Seems kind of market makerish, don't you think?

Love to here some thoughts on this!

Thanks for your feedback thus far,

Veng.

Their MT4 = Fxopen ECN. They will refer you there if you request ECN. Same as fxopen will refer you to dukas if you want their platform.

I have never had delay in quotes or trades with them. And the one touch on the platform to get a trade open works for my scalping. But lets put it this way.

Most of the people who make abusive claims about a broker online tend to either be 1) doing the wrong thing i.e cheating the system or 2) a losing trader. Maybe 1% of online scam calls or bitching is found to be viable. Its up to people to do their own investigation to decide what they do.

These days ECN is the 'niche' in the mmarket and a huge selling point, we've seen bucket after bucket try to claim ECN but not charge commission, its impossible. No one works for free *cough instaforex cough*. Its pretty easy to find the truth. In 3 yrs I have never seen dukas act as a market maker with market maker tendency, and have never really had a slippage problem over 0.5 pip.

http://www.dukascopy.com/swiss/engli...usiness_model/

I don't see them as an real ECN.

Duka makes quotes in 0,5pip steps and their "algorithm" is very strange.

For example: they offer EUR/USD 1.50710-1.50715 even when the current price is on Hotspot,Currenex,Lava or other LP 1.50712-1.50714

For a professional scalper Duka is not a option.

BTW: their spreads are average and by far not the best in this business.

In your opinion who would you suggest could be a better option to look into?

All ideas/opinios, and such are more the welcome and warmly received.

Veng.

Vengeance,

I have not gone live with them yet. i am in the same boat as you; however, I am waiting for them to complete their banking license approval process.

Just a point on timing if you have not already considered it.

LCG,Amifx,ATC,Fxdd and (IB) come close to good spreads.But i don't like the IB structure how the quotes are priced.

For smaller pockets 10-30k futures would be better choice for scalping.

I thought about that, and although it is important to some degree, I don't think it will make a huge difference in the grand scheme of things... Look at all the shady bucketshops that are members of the NFA, etc. Regardless of their being regulated, it still doesn't instill faith in them.

Thanks for the bringing up a good point, though!

Cheers,

Veng.

Thanks!

Not to be a bother but do you have info. on things like their account minimums, commissions etc.? LCG seems similar to VCap...

Last information i had about LCG minimum account size was $20,000
Trading 1 standard lot USD/JPY would cost $1.7 or $17 per million.

Pretty decent comm. Much better than Dukascopy.

Thanks again!

Sorry, i guess my point was if they do NOT get approved then i would have to close my account as they could no longer do business there.

I havent tried Dukascopy....

but I have to praise their free resources website. Im with GFT mini account... the one where they deny mini account holder access to a volume indicator... Dukascopy has volume (on the free resources) with about 5/10mins delay.... so I use that.

Ahh... Yes, I see what you mean! I agree. If they do not get their bank licence then it would definitely be a blow to them! Actually, from this hread I checked into some other brokers and thier rates are better. Just waiting to hear back on their comm. scheme. Will keep you posted!

I apologizefor the misspellings...I am fucking drunk! hahahahaha

In the application forms where it says signature, place and date... what do they mean by "place" ?? i never seen that before on any forms is it a swiss thing?

That's a common thing in written agreements. Place is simply the place you are at when signing the documents, usually your hometown etc.

i'm live with dukascopy and i have wandered around aimlessly in search of a good broker with whom I can deal without any hassle. i don't really care for spreads and comission because from the hell hole I come from it's far more securing to work with dukascopy. points below concerns my own account and experience, i apologise in advance if it doesn't correspond :

1. As a money manager, I get 50% rebate of the comission charges so if it's 35$ a mil I get it at 17,5$ a mil if I trade below a certain level which I'm not. In total my volume accounts to 10mil a month (100 lots) on a slow month which is supposed to give me 35$ a mil without rebate but my account balance is within the range of 18$ a mil without rebate which accounts to 8$ a mil.

2. I can get 7$ or less a mil with a liquidity provider such as hotspot or currenex via my prime broker but I lose the JForex plateform. I am linux geek due to my past career in systems engineering for the telecom industry. I know the flexibility of JForex and it's capability to go further in coding than MQL. I have nothing against MT4, it's just that I have went from broker to broker, ECN, NDDs and MMs and ALL OF THEM gave me a "common error" return during news events and high market activity. I did try to setup a good liquidity relationship with a Tier-1 liquidity provider through my PB relationship but I had to purchase a trading plateforme or/and recode my entire system for FIX and that was just too time consuming. It costed me 90$ per mql file to port my indicators to JForex. Plus I could finally stream digitized market news and grow my system even further.

3. I found that dukascopy is not the best on the market, of course ! Duh ! but in terms of flexibility, professionalism and service I was well served.

4. My clients have the possibility to setup an overall equity stop-loss on their account on server-side and that is a big seller for me as my clients have the liberty of choosing the degree of risk they are most comfortable with. I'm also at peace just in case shit falls and hell breaks loose on me, I can sleep well even if my position has taken me to the streets, at least my client's funds and sometimes (they don't tell me straight up) hard earn savings of theirs.

5. Leverage is kinda of important for me as I'm pretty sure how to use it witout killing my client's account, unfortunately with Hotspot or Currenex Leverage decreases, with Dukascopy I have to possibility to open sub-accounts and allocate a portion of my client's funds to finance higher risks.

At the end, if you have money you can build your own trading desk and if your good at negociation (not like me) you can buy yourself a good credit line from ur PB. Since lehman crashed PBs aren't so friendly risky traders like myself that's why I turn to middle path and that was Dukascopy.

Anyway, the bad side to Dukascopy is that if you come from a MT4 world like I have you will definately get lossed with JForex the first time, it's not easy to switch when your used to MT4.

But I found a solution to that, I didn't choose it but ProTrader from PfSoft licenses protrader to individual traders for 99$ a month and it allows u to use MQL, EasyLanguage EAs and Indicators under one roof, and they work with Dukascopy as 3rd party technology partner. This could work for you guys that want to connect with REAL ECNs wether it be Dukascopy, Currenex, Lava, Fxall or Hotspot, they have the bridge.

Maybe someone could give the forum some feedback, I know I can't I'm kinda happy and got used to JForex. Hope my humble reply finds members of this forum in the best of health.

Cheers Mates