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

Quoting cookie971
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...
Hi Cookie,

Thanks for the info!!

zu
thanks for the info cookie971, that was very helpful.
i just become partner with them with my settings 50% comission share

and now i decided to open an account for myself too ..

who wants to exchange links with me so that we support each other ?!
So I decided, in the end, to not go with Dukascopy. After getting my passport notarized ($50), Fedexing the forms ($60), they had problems with my application. Before I had sent the forms, I had actually called and talked to one of their customer support/sales guys there. He answered all my questions, and told me that everything I would send was perfect. Then, once they ot the forms I got an email saying things were wrong or missing.

There was nothing missing, I had just used wire info. form my bank gave me, and my bank statement as proof of address (which the Dukascopy person told me was fine). I then emailed them explaining this. To which they said, "ok. everything is fine now." Then they emailed me again asking for the same damn info.!

I'm sorry, but if they say one thing on the phone and then do not abide by what they say, and this was just for opening the account, then it makes one pretty nervous about going live with them.

Anyway, in the end, I told them to piss off, and I opened an account with CMSFXpro. Using their currenex platform. Spreads are pretty decent, although haven't compared with Dukascopy. Commission rate is way better than what Dukas was offering for my account size. Customer service was pretty responsive and helpful. However, if you have more money, say 20k nd up, LCAP looks to have much tigher rates. Although this could be due to having more liquidity partners than CMS
I had certain questions as to what i should send also, so i sent exactly what they asked for in the opening account instructions (bank account statement was not an option) notarized ID $2 ...... post office sent forms $27 .... account is funded and trading, no problems and everything is going smoothly


Quoting Vengeance
So I decided, in the end, to not go with Dukascopy. After getting my passport notarized ($50), Fedexing the forms ($60), they had problems with my application. Before I had sent the forms, I had actually called and talked to one of their customer support/sales guys there. He answered all my questions, and told me that everything I would send was perfect. Then, once they ot the forms I got an email saying things were wrong or missing.

There was nothing missing, I had just used wire info. form my bank gave me, and my bank statement as proof of...
I've heard that Dukascopy has a higher trade limit than what most brokers set, 100 standard lots ($10 million) per trade. Is this true? From my research I do know that they have been known to have the highest minimum trade size of any other broken out there (although that might not be true anymore).

Are there any brokers that actually allow for a position greater than 10 million units at one time?

Hypothetically, if Dukascopy or another major broker were to allow for a much larger trade size, would the market even be able to fill those orders in a reasonable amount of time, or would there be a definite lag in execution time and major slippage?

Thanks!
I originally had intended to send all the forms per their website, but at my Apt. all the utilities are included in the rent...So the only thing, beside my lease, with my address were my driver's licence and/or bank statement. As for the wire info., it was a bit more detailed than what they wanted and when sending wires to Canada, the Dukascopy form was missing some very relevant sections for necessary information.

I would not have had a problem if I had sent the forms without checking, but as the Dukascopy rep. said all these things were fine, it truly aggravated me that after everything was sent and received, they would then find a problem.

But no worries, such is life.

Cheers that you had no issues. One last thing that made me decide against them was how they stepped their rates. Always moves in .5 pip increments, yet when you look at hotspot or currenex, prices can be .2 pip etc... Made me think Dukascopy is widening the spread a bit to pas their own coffers, even though they say they are against this...

Quoting mofuniverse
I had certain questions as to what i should send also, so i sent exactly what they asked for in the opening account instructions (bank account statement was not an option) notarized ID $2 ...... post office sent forms $27 .... account is funded and trading, no problems and everything is going smoothly
As far as I know, the minimum was 100k, and I think now or soon they are offering 10k lots. And many ECNs would allow you to open large positions and I am pretty sure 10 mil. is not that large...at all...Maybe too large for Market Makers to want to deal with, unless they passed it straight through.

If you are putting on a large position size, you would generally put it in for partial fills. With most ECNs you can also sweep the order books (think VWAP) which will fill you for x amount at a volume averaged price.

Quoting kibescorp
I've heard that Dukascopy has a higher trade limit than what most brokers set, 100 standard lots ($10 million) per trade....
interesting... for wire info all i needed was account # and routing number, bank name/address ..... for your address you could have tried cell phone bill / credit card bills or multiple sources just to cover yourself...i agree i scratched my head a few times as well. Had no issues. im not even going to comment on the half pip thing ....come on ... most likely a misunderstanding on your part or on their end, cause those people in switzerland have accents !! what? what? hu? heehee anyway, sorry to hear about your unable to open an account with them.

Quoting Vengeance
I originally had intended to send all the forms per their website, but at my Apt. all the utilities are included in the rent...So the only thing, beside my lease, with my address were my driver's licence and/or bank statement. As for the wire info., it was a bit more detailed than what they wanted and when sending wires to Canada, the Dukascopy form was missing some very relevant sections for necessary information.

I would not have had a problem if I had sent the forms without checking, but as the Dukascopy rep. said all these things were fine,...
I agree with the cell phone bill, etc. but that was the reason why I had called to ask about using my bank statement. As for the 0.5 pip issue, not a big deal, but then again, every little bit helps and adds up. If you trade 50 mil/month that's an extra 2,500/month and I'm a big believer that it's better in my pocket than another's, right?

Quoting mofuniverse
interesting... for wire info all i needed was account # and routing number, bank name/address ..... for your address you could have tried cell phone bill / credit card bills or multiple sources just to cover yourself...i agree i scratched my head a few times as well. Had no issues. im not even going to comment on the half pip thing ....come on
Quoting Vengeance
As far as I know, the minimum was 100k, and I think now or soon they are offering 10k lots. And many ECNs would allow you to open large positions and I am pretty sure 10 mil. is not that large...at all...Maybe too large for Market Makers to want to deal with, unless they passed it straight through.

If you are putting on a large position size, you would generally put it in for partial fills. With most ECNs you can also sweep the order books (think VWAP) which will fill you for x amount at a volume averaged price.
Wow thanks, that's interesting to know. I was under the impression that most major brokers set a limit at 10 million units per trade, but perhaps that is just market makers.

Just signed with MB Trading, which allows trades as small as 0.1 lots (1000 units), so anything larger than 10 million does seem like a huge jump from their minimum size.

If you could really effectively make 100 million unit trades and get filled reasonably quickly (for a swing/day trader), then perhaps it is possible to grow your account's equity to a much larger amount that I had anticipated.
Thanks for your feed back gents,

I had posted a question on Dukascopy on the rookies thread but I din't get a single reply.

http://www.forexfactory.com/showthread.php?t=213129

My fault probably for posting it there.

Your feed back here is highly appreciated.

Regards
Nectarios
That's true...but to open a 100 mil. position would require 1 mil. capital for just the margin requirement (assuming leverage of 100:1 which might not be possible if you are trading that amount...?). And then the amount you would need to not me margined out as soon as you open the position - let's say another million. For 'safe' money management, I think you would need at the very least 10 mil. capital - i.e. risk capital...

Assuming you were trading 100 mil positions, on most majors you could probably get in for about 5 bps from the actual rate. i.e. current offer is 1.0424 and you could by 100 mil for a volume weighted price of 1.0428 or around there...


Quoting kibescorp
If you could really effectively make 100 million unit trades and get filled reasonably quickly (for a swing/day trader), then perhaps it is possible to grow your account's equity to a much larger amount that I had anticipated.
Wow, that's much quicker execution than I would have anticipated for such a large trade. Personally, even a slippage of ten pips or more would be no skin off my back ... but it all depends on how you trade.
Quoting Mr-Forex
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.

I am looking for a broker how has extremely low spread for EURCHF ( 1-2pips), looks like you know your stuff, would you please recommended few names.
Thanks,
Ismail
Buy low , Sell high
The only brokers i would recommend for retail clients:

LCG Currenex,Amifx,ATC and Fxdd Currenex.
What you think about MB Trading? is not good as the one stated by you? In the list you did, how is London Capital against the other? Which one do you prefer?

Thank you!
Quoting forexboom
What you think about MB Trading? is not good as the one stated by you? In the list you did, how is London Capital against the other? Which one do you prefer?

Thank you!

With 20K you definitely should go with LCG.
One of the best spreads,feed,liquidity and acceptable pricing for scalpers.


About MBT:
for a self claimed ECN broker very expensive and one of the worst spreads/feed i've ever experienced.
Under normal market conditions slippage is also a very serious issue.
Mr. Forex, thank you for your reply. Talking about more higher deposit (250k) and financial stability (funds safety) LCG is still the best one or you may sudgest me something different?
With that amount you can contact vcap,hotspot or even prime broker like ICAP, Barclays and JP Morgan.

Normally the min. requirement is 1Mio und more.

But there are always chances that they make you a special offer.
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