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Dukascopy

  • #281
  • Aug 20, 2010 10:23pm Aug 20, 2010 10:23pm
Might want to call them see if they received them. Took me like 4 days if I remember correctly.
Well unless you mailed it the slowest method possible

Quoting pippin4me
dukascopy or anyone else

How long does it take to open an account?

I sent over documents two weeks ago and I still have no reply as yet

....annoyingly slow to open an account since we live in this digital age
  • #282
  • Aug 20, 2010 11:09pm Aug 20, 2010 11:09pm
Quoting Fudomyo
Unless you have 10 years professional experience, with a proven track record of managing large accounts and over 20M liquidity to play with, you can't open an account to trade direct to market anyway. They are very strict about this for good reason.
Sorry this is off topic, who are 'they'? And why good reason?

Quoting Fudomyo
If traders are getting good fills on their orders and minimal slippage or re-quotes, imho that's all that really matters.
I agree, don't care who the counterparty is, as long as there's no funny business with small accounts then that's all that matters ... seems like dukas, in my mind has a good rep rather than the opposite.
  • #283
  • Aug 20, 2010 11:12pm Aug 20, 2010 11:12pm
I did send it registered post snail mail I've contacted my local post office, checking now ....

Quoting mofuniverse
Might want to call them see if they received them. Took me like 4 days if I remember correctly.
Well unless you mailed it the slowest method possible
  • #284
  • Aug 21, 2010 7:23am Aug 21, 2010 7:23am
When I was opening my account it took 7 or 8 days for a full processing the account registration including getting the PIN No. Funding the account took longest as far as I remember. But I read storries where people were waiting around a month and this was caused by really strict aproach to validating the docements sent by people. Everything has to be like a swiss watch, otherwise they are gonna tell you have to send it all again. So be careful and go through all of them twice, or even three times... ;-)
Generally I'm quite happy with them. Just wouldn't reccomend them to those who want to scalp having small account size - volume commissions are gonna be a killer for you. There is an option to go with one of the IAs (Introducing Agents) and get back 45% of the commisions back on your account.
Good luck
- Bart.
Quoting pippin4me
I did send it registered post snail mail I've contacted my local post office, checking now ....
  • #285
  • Aug 21, 2010 8:39am Aug 21, 2010 8:39am
i got to know that i can get 45% rebate if i refer to a IB, so i found one for myself, but the service lady said : there is no need for me to refer to a IB,because i have already been trading .

can i refer to a IB to get my commission back ,even i have been trading for a few weeks in dukascopy ?
  • #286
  • Aug 21, 2010 8:52am Aug 21, 2010 8:52am
Quoting emacsen
i got to know that i can get 45% rebate if i refer to a IB, so i found one for myself, but the service lady said : there is no need for me to refer to a IB,because i have already been trading .

can i refer to a IB to get my commission back ,even i have been trading for a few weeks in dukascopy ?
The real question is: will dukascopy willingly give away it's commission for someone who is already on board? I think this contradict the IA purpose, no? Then they could reduce it altogether for all.
  • #287
  • Aug 21, 2010 8:58am Aug 21, 2010 8:58am
Quoting emacsen
i got to know that i can get 45% rebate if i refer to a IB, so i found one for myself, but the service lady said : there is no need for me to refer to a IB,because i have already been trading .

can i refer to a IB to get my commission back ,even i have been trading for a few weeks in dukascopy ?
If you've already completed the application process and are trading a live account with them, you can't use an IA.
It needs to be prior to the application process.
  • #288
  • Edited 12:25pm Aug 21, 2010 12:13pm | Edited 12:25pm
Quoting pippin4me
Sorry this is off topic, who are 'they'? And why good reason?

"they" are the interbanks.

The closest you can get to direct access as an individual trader are top tier ECNs, like Currenex and Hot Spot FX.

Most of their accounts are institutional. They do accept sophisticated traders, but the criteria for having an account approved is quite high.

Money laundering, terrorism, and market manipulation are good reason to restrict access.
  • #289
  • Aug 21, 2010 7:10pm Aug 21, 2010 7:10pm
Quoting Primate
Look away for a minute and the thread really fills-up!



I think the rep answered this one as best they could:
- when you open an account you form a contract with the provider to accept your instructions for trades, you do not form a contract that says all your trading will be performed with Nomura or Citibank. Some of the liquidity comes from other traders on the provider's system, some comes from a.n.other money shuffler - maybe Barclays Capital, maybe Temasek.

Who really cares? The platform gives you level-2 pricing and you can see...

I've had 20K orders at market being rejected by counterparty several times --- MARKET ORDERS !!!

You can't tell me that there wasn't liquidity to soak up a 20K order when the minimum liquidity I've *****ever***** seen for a currency pair was 100K (1 standard lot)

How do you explain that ??
  • #290
  • Aug 21, 2010 10:59pm Aug 21, 2010 10:59pm
Quoting Fudomyo
"they" are the interbanks.

The closest you can get to direct access as an individual trader are top tier ECNs, like Currenex and Hot Spot FX.

Most of their accounts are institutional. They do accept sophisticated traders, but the criteria for having an account approved is quite high.

Money laundering, terrorism, and market manipulation are good reason to restrict access.
Sorry to be off-topic a little bit but didn't HotSpot FX sold their retail Forex broker business? I can't remember to whom but I was under the impression that HotSpot FX is no longer offering ECN Forex brokerage services to individual Retail Forex traders and neither is Currenex. Correct me if I am wrong.
Make your losses in demo. Earn your profits live.
  • #291
  • Aug 22, 2010 1:11am Aug 22, 2010 1:11am
Quoting Gcapman
I've had 20K orders at market being rejected by counterparty several times --- MARKET ORDERS !!!

You can't tell me that there wasn't liquidity to soak up a 20K order when the minimum liquidity I've *****ever***** seen for a currency pair was 100K (1 standard lot)

How do you explain that ??
it could of been the order was to small, banks have the right to reject such small order they prefer 100k or much bigger trades.
  • #292
  • Aug 22, 2010 2:46am Aug 22, 2010 2:46am
Quoting Fudomyo
If you've already completed the application process and are trading a live account with them, you can't use an IA.
It needs to be prior to the application process.
are you sure ,fudomyo ?
  • #293
  • Aug 22, 2010 4:28am Aug 22, 2010 4:28am
Quoting emacsen
are you sure ,fudomyo ?
I am sure from my personal experience.

I have submitted papers for a externally managed account with dukascopy as a broker and got approved.

Then after some time I decided to open a self trading account with them using an IB or IA as they are calling it.

I had to send all my paperwork again, except notarized ID, got approved, but my IB did not have me on theirs client list.

They have already considered me as their old client so I could not open an account using an IB which makes sense.
  • #294
  • Aug 22, 2010 5:45am Aug 22, 2010 5:45am
Quoting dma
I am sure from my personal experience.

I have submitted papers for a externally managed account with dukascopy as a broker and got approved.

Then after some time I decided to open a self trading account with them using an IB or IA as they are calling it.

I had to send all my paperwork again, except notarized ID, got approved, but my IB did not have me on theirs client list.

They have already considered me as their old client so I could not open an account using an IB which makes sense.
well ,pity
  • #295
  • Aug 22, 2010 8:39am Aug 22, 2010 8:39am
Quoting emacsen
are you sure ,fudomyo ?
Unfortuantely, yes. There's no work around.

Quoting Forexia
Sorry to be off-topic a little bit but didn't HotSpot FX sold their retail Forex broker business? I can't remember to whom but I was under the impression that HotSpot FX is no longer offering ECN Forex brokerage services to individual Retail Forex traders and neither is Currenex. Correct me if I am wrong.
HotSpot still offers accounts to "sophisticated traders" (as they put it). Currenex doesn't advertise this option. The majority of people inquiring would not meet their criteria, so it puts an unnecessary drain on resources for them to field queries.

All of this is a moot point anyway, most people on these boards aren't trading at that level (including myself) so it isn't something to waste too much time thinking about.
  • #296
  • Aug 22, 2010 9:09am Aug 22, 2010 9:09am
Quoting Gcapman
I've had 20K orders at market being rejected by counterparty several times --- MARKET ORDERS !!!

You can't tell me that there wasn't liquidity to soak up a 20K order when the minimum liquidity I've *****ever***** seen for a currency pair was 100K (1 standard lot)

How do you explain that ??
When you watch the Matrix or Market Profile, there are plenty of areas where there are single prints. A 20K order doesn't get preferential treatment because it's smaller. Brokers cater to larger client fills first, which is perfectly logical.

Unless you're willing to be slipped, when liquidity is low occassional counterparty rejections are a normal part of doing business.
  • #297
  • Aug 22, 2010 11:40am Aug 22, 2010 11:40am
Quoting Fudomyo

HotSpot still offers accounts to "sophisticated traders" (as they put it). Currenex doesn't advertise this option. The majority of people inquiring would not meet their criteria, so it puts an unnecessary drain on resources for them to field queries.
Ok. Good to know because HotSpot FX used to be a retail Forex broker to traders like you and me. I know because I applied to them and got accepted once. They had a really good trading platform complete with sophisticated order entering system and good charting package. Not sure if it's still the same now.

Thanks for the info, Fudomyo.
Make your losses in demo. Earn your profits live.
  • #298
  • Aug 23, 2010 1:10am Aug 23, 2010 1:10am
Quoting Forexia
Has anyone here actually traded with Dukascopy? Would be interested to know what's your experience truly like? They are supposed to be an ECN broker. Are they really ECN? Are they really regulated?

Read post #24 & #25.


JD
It's Easy To Get In;.. It's Hard To Get Out
  • #299
  • Aug 23, 2010 1:14am Aug 23, 2010 1:14am
Quoting emacsen
i got to know that i can get 45% rebate if i refer to a IB, so i found one for myself, but the service lady said : there is no need for me to refer to a IB,because i have already been trading .

can i refer to a IB to get my commission back ,even i have been trading for a few weeks in dukascopy ?

Nope. Once you've funded your account you are bascically locked in as that paperwork dictates. No changing IA's or assigning one after the fact.

JD
It's Easy To Get In;.. It's Hard To Get Out
  • #300
  • Aug 23, 2010 8:55am Aug 23, 2010 8:55am
Quoting John D
Nope. Once you've funded your account you are bascically locked in as that paperwork dictates. No changing IA's or assigning one after the fact.

JD
yep, I heard the same thing. I don't understand the logic of that ...
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