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Dukascopy

  • #1,401
  • Nov 15, 2011 5:47am Nov 15, 2011 5:47am
Quoting roughtrader
I hope they will fix the backfill in the future,
when they do I wouldn't wait to get Multicharts
You can leave your comment to Multicharts and vote for this feature request here http://www.multicharts.com/pm/viewis...issue_no=MC-38
  • #1,402
  • Edited 2:27am Nov 16, 2011 2:10am | Edited 2:27am
Quoting pa18
How safe is Dukascopy and keeping your funds there now with all the mess in Europe and the recent death of MF Global?

A lively honest discussion needed.
Dukascopy's capital then at the subscription in 2004 was only CHF22million. How much has its equity grown into?

With public companies like MFG or IB, retail customers can easily follow their stocks which are under scrutiny by many people. Dukascopy being a privately held company, its financials are only known to its shareholders or counterparties which can run away in a matter of seconds.

After MFG, no one should rely anymore on segregated account arrangement.

Does anyone share the same concern?
  • #1,403
  • Nov 16, 2011 3:09am Nov 16, 2011 3:09am
Quoting newbie168
Dukascopy's capital then at the subscription in 2004 was only CHF22million. How much has its equity grown into?

Is CHF 22 million of share capital sufficient? That depends on the balance sheet structure. You surely cannot say that CHF 22 million is ''only'' without looking at the whole balance sheet.

For sure Duka's data for FYE Dec 2011 will need to be reported to FINMA (the Swiss regulator), somewhere in April or May 2012.

It is common that european bank's financial statements are then published by financial newspapers. When Duka's balance sheet for FYE Dec 2011 surfaces you will know by how much their equity increased or decreased.

Quoting newbie168
Does anyone share the same concern?
Not even slightest concern on my end. I simply wait till Duka's financial statement are available, then I will decide whether to stay with this broker or withdraw my funds.
  • #1,404
  • Nov 16, 2011 8:04pm Nov 16, 2011 8:04pm
Quoting Karl_Vosp
Is CHF 22 million of share capital sufficient? That depends on the balance sheet structure. You surely cannot say that CHF 22 million is ''only'' without looking at the whole balance sheet.

For sure Duka's data for FYE Dec 2011 will need to be reported to FINMA (the Swiss regulator), somewhere in April or May 2012.

It is common that european bank's financial statements are then published by financial newspapers. When Duka's balance sheet for FYE Dec 2011 surfaces you will know by how much their equity increased or decreased.



Not even slightest...

Firm is registered in Latvia, does that give you some reason for concern? (And yes, you have to look had to find this on their site)
  • #1,405
  • Nov 17, 2011 1:33am Nov 17, 2011 1:33am
Quoting fxterrapin
Firm is registered in Latvia, does that give you some reason for concern? (And yes, you have to look had to find this on their site)

the money is kept in Switzerland (I think they have account at UBS), does that give you some reason for concern? you still can keep your money under pillow.. btw. Latvia is much safer than PIIGS..
gonnwall
  • #1,406
  • Nov 17, 2011 3:00am Nov 17, 2011 3:00am
Dukascopy is imho the best broker on the market. Commision is good, platform is allright, but hardly-ever it doesn't work. I've got there account from two months.
  • #1,407
  • Nov 17, 2011 10:45pm Nov 17, 2011 10:45pm
Quoting fxterrapin
Firm is registered in Latvia, does that give you some reason for concern? (And yes, you have to look had to find this on their site)
From where is comming this information ?

As far as I know, the Dukascopy bank is registered in Switzerland.
  • #1,408
  • Nov 18, 2011 1:39pm Nov 18, 2011 1:39pm
Read this article http://forexmagnates.com/forex-clear...rise-cls-bank/

CLS Bank clears over 70% of FX volumes in the world.

Here is the list of the bank's shareholders http://www.cls-group.com/About/Commu...reholders.aspx

Here is a list of third party participants (including 519 banks) as of 7 October 2011 who clear through CLS Bank http://www.cls-group.com/SiteCollect.../TP%20List.pdf

There are a number of banks, ECN brokers on the list like Marex, Newedge, ODL and even production companies like Hewlett Packard or Volvo, but Dukascopy isn't on the list.

1. Dukascopy, why aren't you on the list while there are tens of other Swiss banks on the list?

2. Is it an oversight by CLS Bank?

3.In case CLS is not your clearer, then who is?
  • #1,409
  • Nov 19, 2011 4:41pm Nov 19, 2011 4:41pm
Quoting fxterrapin
Firm is registered in Latvia, does that give you some reason for concern? (And yes, you have to look had to find this on their site)
Hi! I just wonder why is Latvia a concern?
Bulls are stupid Animals!especially when Im short!
  • #1,410
  • Nov 19, 2011 8:11pm Nov 19, 2011 8:11pm
Quoting roughtrader
Hi! I just wonder why is Latvia a concern?
It's for EU citizen who opens using a Credit/Debit Card with max $1,000.
The account would be opened with Dukascopy Europe IBS AS, a broker incorporated in Latvia.
http://www.dukascopy.com/europe/english/about/company/
http://www.dukascopy.com/europe/english/home/
  • #1,411
  • Nov 21, 2011 4:19am Nov 21, 2011 4:19am
Afternoon everyone,

I have a question on Dukascopy slippage.

I use 3,4,6,8 hour charts so minimum stoploss tends to be around 20 and maximum around 100.

Obviously on 100 slippage becomes less important, however on 20 it can be important.


I'm trying to get a decent cross between non-rejection and a large difference in position upon which my trade opens.

Dukascopy have a slippage mechanism the user can alter, so my question is... Excluding major news times NFP etc, what tends to be a decent size slippage to use that would allow the large majority of my trades to not be rejected?

As mentioned its a question more geared towards the lower stoploss of 20, than the higher of 100...

thanks in advance
  • #1,412
  • Nov 22, 2011 12:52am Nov 22, 2011 12:52am
Quoting Fresh1
Afternoon everyone,

Dukascopy have a slippage mechanism the user can alter, so my question is... Excluding major news times NFP etc, what tends to be a decent size slippage to use that would allow the large majority of my trades to not be rejected?
I do not have a big sample - ca. 100 orders, and the mean slippage is half a pip. If I reject the extreme 5 cases it falls to 0.3 pip.

I also noticed that the slippage is bigger when closing a position and you cannot control it. When you hit a stop loss the most important thing is being filled, but the taking profit would be better with taking the opposite side and merging orders. I was once hit closing during a spike in my favor and the slippage was 7.5 pip. The filling of the order took 4.5 seconds and when it was filled the difference between signal price and the current price was 20 pips! The slippage seems to never go to your favor... I complained and got a compensation though.

Regards,
Qooyend
  • #1,413
  • Nov 22, 2011 1:14am Nov 22, 2011 1:14am
Thanks for the response qooyend,

The reason I ask is because I was using their Jforex demo (in process of setting up a real account atm..) and on the Eur/Usd, i got filled 40 pips below my stoploss. Pretty crazy.
My account manager said it was due to counterparties not trading at that time. My slippage control was set to 0.1...

I do not want such a thing to happen again....

That really helps, so just to clarify then - in the Dukascopy settings you have slippage control set to 0.5 pips? And it works fine?
  • #1,414
  • Nov 22, 2011 12:33pm Nov 22, 2011 12:33pm
Quoting qooyend
The slippage seems to never go to your favor...
Quoting Fresh1
i got filled 40 pips below my stoploss. Pretty crazy.
My account manager said it was due to counterparties not trading at that time. My slippage control was set to 0.1...
This is worrying...
  • #1,415
  • Nov 22, 2011 2:43pm Nov 22, 2011 2:43pm
Quoting Marv
This is worrying...
I agree. Perhaps Fresh1 would post a little more explanation, like time of day, which day, how big was the position?
Minesweeper target: 284
  • #1,416
  • Nov 22, 2011 5:49pm Nov 22, 2011 5:49pm
Quoting Fresh1
i got filled 40 pips below my stoploss. Pretty crazy.
My account manager said it was due to counterparties not trading at that time.
This I think raises questions about SWFX Swiss Marketplace quality and transparency.

While Duka clearly states on its website http://www.dukascopy.com/swiss/engli...usiness_model/ that Duka has a unique technology to hedge instantly any clients' trades directly with liquidity providers like Bank Of America, Commerzbank, Nomura, Barclays, Currenex, SEB, Deutsche Bank, JP Morgan, Societe Generale and others (which is good for Duka because this way Duka can hedge cheaply), its website remains silent about who is the liquidity provider for clients' trades (not Duka's hedging trades).

I suspect that a 40 pip slippage can occur when the counterparties are not Bank Of America, Commerzbank, Nomura, Barclays, Currenex, SEB, Deutsche Bank, JP Morgan, Societe Generale and others.
  • #1,417
  • Nov 23, 2011 12:39am Nov 23, 2011 12:39am
Quoting Fresh1

That really helps, so just to clarify then - in the Dukascopy settings you have slippage control set to 0.5 pips? And it works fine?
I trade from within a standalone application through JForex API, and currently use the default 5 pips slippage control on opening positions. I experienced it working once when I got ORDER_FILL_REJECTED message with another message within: "rejected by counter-party" or similar during a spike. So it seems to work, but I watch it carefully.

But it works only on opening positions. Stop loss orders and manual close are excluded as far as I know. You could examine your 40 pips slippage on a tick chart and see what your fill was related to the current ticks at the time - bid and ask. And file a complaint if fill price is far away from bid/ask to [email protected] with explanation and a screenshot of tick chart. It worked with me, they offered me a compensation "as a sign of goodwill".

Hope it helps.
  • #1,418
  • Nov 23, 2011 1:00am Nov 23, 2011 1:00am
Quoting Primate
I agree. Perhaps Fresh1 would post a little more explanation, like time of day, which day, how big was the position?
I have not experienced 40 pips slippage, but 7.5 or 20 - depends on how you look at it. I attach the chart of USD/JPY, the position was smallest possible - long 1000 units. The first vertical line is closing position, second - fill. The fill price was 20 pips below bid at the moment, the fill time - 4.5 seconds.

It still worries me. The explanation to the official complaint was: "Once the order had been sent, the system instantly executed the order at the current market price of 77.255. However, due to the large amount of orders sent at that time, the confirmation of the order was delayed." Even if it is true, it slipped 7.5 pip when the market was moving in my favor. Why?

I have no record of the order book at the moment of sending trade - I have started to collect them now - might be handy for complaints.
Attached Image (click to enlarge)
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  • #1,419
  • Nov 23, 2011 1:25am Nov 23, 2011 1:25am
Quoting Primate
I agree. Perhaps Fresh1 would post a little more explanation, like time of day, which day, how big was the position?
I cannot give that much detail I'm afraid, as I just looked at my emails and having done a clear out a week back, its no longer there or in my deleted.

But from memory, it was a position about a 3 weeks ago locked into B/E, it had been open for over a day (position was about 40 pips up prior to news), the slippage occured around an 'important' (Red) USD newsflow. But it was not NFP/GDP release nor a Bernanke speech, which are the largest...

It was on a 6hr TF trade, so the size of the position would have been around 100-150k contracts a pip (I only risk 1-2% capital per trade).

Hence my question on what others set their slippage control too, I'm loath to set mine to 5 pips as I use PA, I am looking for a reasonably accurate entry point
  • #1,420
  • Nov 23, 2011 1:30am Nov 23, 2011 1:30am
As per what Karl Vosp states - see

http://www.dukascopy.com/wiki/index....uidity_Sources

Pretty good liquidity providers really...
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