Does anyone have any experience with Dukascopy? | Forex Factory

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Does anyone have any experience with Dukascopy?

  • #1
  • First Post: May 31, 2014 7:04am May 31, 2014 7:04am
Hi I am considering to open a live account with Dukascopy. If anyone have any experience with dukascopy please share.
s
  • #2
  • May 31, 2014 9:44am May 31, 2014 9:44am
I have traded via Dukascopy for about 2 years, now about 2 years ago.
IMO the best thing about Dukascopy is their vast and free (Java) API, that can also be used stand-alone (meaning no need to run Duka's JForex).
All else is average.
I had no problems withdrawing my money in the end.
And I have used an IB (introducing agent) for cash-back on commissions which are otherwise high - however, the rebate is always credited at the end of month only.
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  • #3
  • May 31, 2014 11:53pm May 31, 2014 11:53pm
Quoting rockit
I have traded via Dukascopy for about 2 years, now about 2 years ago. IMO the best thing about Dukascopy is their vast and free (Java) API, that can also be used stand-alone (meaning no need to run Duka's JForex). All else is average. I had no problems withdrawing my money in the end. And I have used an IB (introducing agent) for cash-back on commissions which are otherwise high - however, the rebate is always credited at the end of month only.
What about their spreads and execution time? And how much time does it take to withdrawn money to arrive in bank?
s
  • #4
  • Jun 1, 2014 1:53am Jun 1, 2014 1:53am
Dukascopy a swiss bank, good broker, no problem whatsoever, trading fees are average that does not give it an advantage on other brokers that have very low spreads and commissions, that's all.
  • #5
  • Jun 1, 2014 5:30am Jun 1, 2014 5:30am
Quoting shahidfx
What about their spreads and execution time? And how much time does it take to withdrawn money to arrive in bank?
Back then they had quite large spread on E/U i.e. >0.5, and this has been the main reason I left them (hunting for few pips this is an issue).
Now I have seen they have somewhat more competitive spread on E/U i.e. 0.2-0.3 on average.
Back then exec times were ~500ms.
I have had an account at the swiss branch, now they have also an eu branch that accepts credit cards and such, do not know how is withdrawal there, but back then at the swiss branch it took a few days i.e. 3-4 (bank wire) requiring a signed form i.e. via fax.
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  • #6
  • Jun 2, 2014 4:28am Jun 2, 2014 4:28am
Quoting rockit
{quote} Back then they had quite large spread on E/U i.e. >0.5, and this has been the main reason I left them (hunting for few pips this is an issue). Now I have seen they have somewhat more competitive spread on E/U i.e. 0.2-0.3 on average. Back then exec times were ~500ms. I have had an account at the swiss branch, now they have also an eu branch that accepts credit cards and such, do not know how is withdrawal there, but back then at the swiss branch it took a few days i.e. 3-4 (bank wire) requiring a signed form i.e. via fax.
Dukascopy is considered one of the better brokers. Would you mind telling who you changed to instead that you consider to be better?

Thank you
  • #7
  • Jun 2, 2014 1:17pm Jun 2, 2014 1:17pm
Quoting mitch77
{quote} Dukascopy is considered one of the better brokers. Would you mind telling who you changed to instead that you consider to be better? Thank you
Exactly, I am asking myself the same question !

Rockit:
If Dukascopy commissions are "high", who offers better ones ?
If Dukascopy spread is "large", where do you get a better one ?
If all else is "average", where do you get overall better conditions ?

What a joke
  • #8
  • Jun 3, 2014 4:35am Jun 3, 2014 4:35am
@mitch77
Unfortunately this is not a neutral forum, so, talking about brokers that do not pay FF may be regarded ads and your account may soon end up in the bin.
But I can say that in the mean time I would not recommend the broker I have changed to if you're a scalper, as it clearly turned to the worse.

@Mevo
I was talking about the situation from two years ago. So Dukas may have managed to lower their spread but commission is still too high if you do not deposit huge money or trade big volume. In my opinion average spread in E/U need be 0.1 pips, and overall trading cost around 0.5 pips.
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  • #9
  • Jun 3, 2014 4:48am Jun 3, 2014 4:48am
I'm not asking you what you are dreaming of, but where you can get better conditions than Dukascopy ?
  • #10
  • Jun 3, 2014 6:00am Jun 3, 2014 6:00am
I already wrote that this is not the right place to make recommandations about brokers.
And what conditions are you talking about, obviously they would vary, so, on average?
While Duka's commissions start from 35/1m. There are brokers that will do it for 20-25/1m, similar spread.
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  • #11
  • Jun 3, 2014 6:51am Jun 3, 2014 6:51am
This is just 100% BS. The "broker discussion" section of this forum IS the right place to talk about brokers...
And if you really didn't want to post a name publicly here, you could have sent a private message to the guy who asked and to me.

Dukascopy commisson START at $10 per million and goes up to $35 per million for really small accounts with very low volume ($35 is the highest you can possibly get)

Unless you have a VERY big account, I doubt you can find better conditions than what Dukascopy offers, but I may be wrong. If someone who knows what he's talking about has a name (or several), I would like to hear them...
  • #12
  • Jun 3, 2014 7:46am Jun 3, 2014 7:46am
No, this is not the place. I have seen many accounts here die because of recommendations - and they did not lie, just recommended the "wrong" brokers.

Well, it is up to definition if commissions at Dukas start at 10 and go up to 35, or if they start at 35 and go down to 10.
You can almost always get better conditions at brokers if you deposit a lot of money or trade very high volume; so, only small fish is of interest here.
And I should message someone? Excuse me, if you are interested YOU have to message, not I.
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  • #13
  • Jun 3, 2014 7:56am Jun 3, 2014 7:56am
Fine, I sent you a private message then, please answer it.
  • #14
  • Jun 3, 2014 8:33am Jun 3, 2014 8:33am
Ok, so Rockit, you're talking of LMAX or Armada markets...
I had an account with Armada, but stoped using them when they didn't pass all the orders to LMAX anymore, but stated that they were "adding liquidity providers". To me, it seemed that they became more a market maker, so I went with LMAX directly. And LMAX is a great concept, which you can't take full advantage with MT4, and unfortunately, they don't provide any good platform if you want for example to provide liquidity. You have to pay Multicharts, but why not.

What I really dislike with LMAX is that they have the worst swaps I ever saw ! And the fixed price is 28 per mil with LMAX which is not that easy to negociate if you don't have a very big trading volume.

I agree that LMAX has some pretty good conditions. But to me, they aren't better than Dukascopy, and with bad swaps (Dukascopy's swaps are pretty good), and no correct platform provided, and no automatic rebates on commissions with volume or account size.

For Armada, I don't trust them after a chat I had with them when they made their changes from LMAX to multi-LP. My policy is since I lost money by being scammed by a broker: Leave immediately when something doesn't please you, so I left. They were pretty new at that time and from an Eastern Europe country, but I never had a problem with them, and have nothing bad to tell about them. In fact I complained about a swap raise during christmas/new year period on a big position I had with them, and they compensated me, so it was pretty nice.
  • #15
  • Edited 8:55am Jun 3, 2014 8:42am | Edited 8:55am
Nice, Mevo, how you tricked me. lol
Fine. I too am not pleased with the move AM did, and there are already other issues (like delayed feed, slow execution 500-600ms) - so, in fact I am looking for alternatives. Possibly I go back to Dukas (Europe), I miss their API (MT4 for me is a pest). I had programmed my own trading shell, so I was not reliant on JForex.

Unfortunately molecule6 have departed from Dukascopy Europe, does anybody know a good rebate system for Dukas Europe?
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  • #16
  • Jun 3, 2014 8:59am Jun 3, 2014 8:59am
In my opinion there is no good reason to pay more than $20/million. Interactive Brokers is $20, and lmax with an ib too (although i think a bit more with MT4 if thats your cup of tea).
  • #17
  • Jun 3, 2014 9:13am Jun 3, 2014 9:13am
Quoting shrike
In my opinion there is no good reason to pay more than $20/million. Interactive Brokers is $20, and lmax with an ib too (although i think a bit more with MT4 if thats your cup of tea).
IB is great ! But not for everybody, especially if you're mainly trading forex.
20 per mil, but with 2 minimum, so you have to trade 100K mini each time or it will be more expensive.
And IB way to calculate interest may make swap quite expensive too (sometimes more interesting, if you have the cash of the currency you are selling and buying a low yield currency)

But for example, shorting EUR/AUD will cost you money to keep open with IB.

For pure forex trading, I can't see better than Dukascopy. (Only my opinion. For information, I'm not related to Dukascopy, or any other broker, in any way)
  • #18
  • Jun 3, 2014 9:49am Jun 3, 2014 9:49am
Quoting rockit
Unfortunately molecule6 have departed from Dukascopy Europe, does anybody know a good rebate system for Dukas Europe?
Whatever IB you choose for Dukas EU is indifferent, they all provide a 40% rebate on commission (regularly credited to your account every month)
Some of them are programmer/EA developer, and most of them offer to you free license for their product if you register an account with them.
Try to look http://smartfx.eu/, or search in the jstore if there's any strategies/indicator are you interest to, then check if the developer is an IB
  • #19
  • Jun 3, 2014 10:08am Jun 3, 2014 10:08am
By the way, there is also Atom8. A UK based Dukas whitelabel. As far as i can see, they provide the exact same platform/pricing as Dukas but with UK regulation. I emailed them because they don't state their commissions on the website. They asked where i am now, told them and that i dont want to pay more. They replied they can do $18/mil. Might be an option for people who are interested in the Dukas platform. I'm sticking with lmax for now tho.
  • #20
  • Jun 3, 2014 10:13am Jun 3, 2014 10:13am
@Redbullish
Thank you. I think I have expressed myself a bit misleading, I meant of course "credible". That is, if anyone has good experience with, or would recommend, a (particular) IA. So, you would recommend smartfx? I may consider.

@shrike
Thank you. Sounds interesting.
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