Dukascopy operates as an authorised Swiss bank offering ECN trading execution through its proprietary Swiss FX Marketplace (SWFX).
Spreads from
0.1 pips
Commission
$3.5 per lot per side
Min deposit
$100
Established
2004
Regulated by
FINMA · JFSA Japan
Written byLaverlane Team·Updated18 Oct 2026
Researched with AI assistance and verified by our editors
Regulation
The bank operates under Swiss banking regulations with direct FINMA supervision.
Swiss banking regulations apply directly to Dukascopy Bank SA (the bank) under FINMA authorisation. International retail clients contract with the bank in Switzerland, benefiting from Swiss deposit insurance.
The group maintains regional entities including Dukascopy Europe IBS AS in Latvia (the Latvian entity; reg. no. 40003344762), supervised by Latvijas Banka (formerly the FCMC), and Dukascopy Japan K.K. in Japan (the Japanese entity).
The Latvian entity accepts private, professional, and institutional clients and publishes that 70.39% of its retail investor accounts lose money when trading CFDs, versus 75.14% at the bank.
It states that it is regulated under the Markets in Financial Instruments Directive (MiFID II), the Financial Instrument Market Law, and the Investment Brokerage Law, and Latvijas Banka has supervised it since 1 January 2023.
The Japanese entity states in its client documents that it is registered with the Kanto Local Finance Bureau (Kinsho) under No. 2408, with registration dated 8 June 2010.
Key facts
Dukascopy delivers Swiss banking services alongside automated FX marketplace liquidity.
Client-facing entity
Dukascopy Europe IBS AS
Regulators
FINMA, JFSA Japan
Restricted countries
BE, IL, RU, TR, CA, GB, US
Negative-balance protection
jurisdiction-only
Minimum deposit
$100
Max leverage (UK/EU retail)
1:30
Max leverage (offshore entity)
1:200
Typical EUR/USD spread
0.1 pips
Platforms
Proprietary, MT4, MT5
Account currencies
USD, EUR, GBP, AUD, CAD, CHF, JPY, NZD, SGD, HKD, SEK, NOK, DKK, PLN, CZK, HUF, ILS, MXN, RON, CNH, TRY, AED, SAR, ZAR
Established in 2004 in Geneva, the group operates as a Swiss bank with group offices in Hong Kong, Riga, and Tokyo. The bank is supervised by FINMA as both a bank and a securities firm.
Best for
Pros & cons
Fund safety
Deposits are protected by Swiss deposit insurance and, for EU clients, EU rules.
If the bank fails, esisuisse covers deposits up to CHF 100,000 per client and institution. Clients of the Latvian entity may get up to EUR 20,000 under the Latvian Investor Protection Law and Directive 97/9/EC, assessed by Latvijas Banka.
The bank publishes that 0.21% of retail accounts had to deposit funds to offset a negative balance (as at our 18 October 2026 review), so losses on CFD accounts can exceed deposits in some cases.
Account terms
Terms are published, with the bank acting as counterparty and a dormant account fee for inactive accounts.
The Latvian entity states that all orders are executed automatically by straight-through processing with no dealing desk, on the SWFX Swiss FX Marketplace, an ECN it operates. It also states that the bank is the counterparty to all clients' trades and sends orders to the interbank market in its own name for hedging, and small trades may not be hedged.
The fee schedule lists a dormant account fee of at least CHF 500, not exceeding the account balance, for inactive accounts, which can wipe out small idle balances.
Costs
Trading costs combine tight spreads with a volume-tiered turnover commission.
The bank charges a volume commission on each opening and closing trade, starting at $35 per $1 million traded for currency pairs and $52.50 for commodities, indices, metals, crypto, and bonds. The rate falls with net deposit or traded volume down to $5 and $7.50 respectively.
It advertises EUR/USD spreads from 0.1 pips on its ECN accounts, which is a minimum rather than an average, and rollover rates depend on the client's trading activity over the last 30 days.
Currency conversions at the Latvian entity carry a fee from 1.00% for amounts under 10,000 down to 0.05% from 1,000,000.
| Instrument | Asset class | Typical spread | Unit |
|---|---|---|---|
| EUR/USD | Forex CFD | 0.1 | pips |
Spreads shown are typical, not guaranteed, and widen during volatile sessions or outside main market hours. Figures reflect the broker's standard retail account.
Markets
Instrument coverage spans currency pairs, major indices, energy, metals, and stock CFDs.
Forex CFD
60 pairs
Index CFD
20 indices
Commodity CFD
Metals, energies, softs
Single-Stock CFD
300 shares
Crypto CFD
Available ✓ · Weekend trading ✓
Real ownership: Stocks / ETFs
N/A for this broker, CFDs only
JForex at Dukascopy Bank SA offers over 25,000 instruments, including forex, stock index CFDs, commodities, bonds, and stock CFDs from 19 countries, while the Latvian entity lists over 1,500 instruments on JForex. MetaTrader accounts offer 108 instruments.
Crypto CFDs cover 15 coins including Bitcoin, Ether, Litecoin, and Chainlink.
Platforms
Proprietary JForex infrastructure provides algorithmic testing alongside MetaTrader 4 support.
The proprietary JForex platform offers automated strategy development, the JForex API, and web, iOS, and Android versions. The bank also offers live trading on MetaTrader 4 and MetaTrader 5 with direct access to the SWFX marketplace.
MetaTrader accounts have 108 instruments and a commission $5 per $1 million higher than JForex, and the FIX API is available for larger accounts.
Execution
Orders run through the SWFX Swiss FX Marketplace, with Dukascopy as counterparty to CFD trades.
All accounts have direct access to the SWFX Swiss FX Marketplace, and the Latvian entity states that execution is STP with no dealing desk. The bank is nonetheless the counterparty to clients' trades and hedges externally in its own name, and for CFDs it states that it is the counterparty to each transaction.
Leverage
Leverage is 1:30 for EU retail clients and up to 1:200 on request at the Swiss bank.
Dukascopy Bank SA sets initial leverage at 1:100 by default, with 1:200 available on request, and clients of the Latvian entity are limited to 1:30 under EU rules. Weekend leverage is 1:50 by default.
A margin call at 100% use of leverage blocks new exposure, and a margin cut at 200% opens hedging positions to bring use of leverage back to 100% or less.
At the Latvian entity, a margin call at 100% use of leverage blocks new exposure, and a margin cut at 200% closes positions and cancels pending orders, and accounts with equity below EUR 20 may be blocked.
Account types
ECN accounts open from $100, with commission tiers based on deposit and volume.
| Account | Min deposit | Commission | Swap | Spread | Demo | Islamic |
|---|---|---|---|---|---|---|
| JForex ECN account | $100 | $3.5 per lot per side | Rollover depends on trading activity (Premium, Advanced, Regular) | From 0.1 pips · Variable | Yes | Yes |
| MT4 / MT5 ECN account | $100 | $4 per lot per side | Rollover depends on trading activity (Premium, Advanced, Regular) | From 0.1 pips · Variable | Yes | Yes |
ECN accounts with both the bank and the Latvian entity start from a $100 minimum deposit. Larger deposits unlock services such as the JForex API (over $1,000) and the FIX API (over $100,000).
The commission starts at $35 per $1 million traded for forex, about $3.50 per standard lot per side, and falls to $5 per $1 million (about $0.50 per lot) at the highest tier. MetaTrader accounts pay $5 more per $1 million.
Funding
Bank transfers are free, while cards and e-wallets carry funding fees.
At Dukascopy Bank SA, deposits by bank transfer are free, but payment cards cost 1.5% for EEA cards and 2.5% for non-EEA cards, and Skrill costs 2.5%, so your cost depends heavily on the funding method you choose. Bitcoin, Ether, and Tether deposits are free.
Withdrawal fees vary by method and currency, for example 2.3 EUR for SEPA, 20 EUR for non-SEPA, and 19 USD (SHA, shared charges) for USD wires, with cards at 1.5 EUR plus 2.5%.
Dukascopy Bank SA accepts debit cards (Maestro, Visa Electron) and credit cards (MasterCard, Visa).
Support
Support is available 24 hours a day from Sunday evening to Friday evening.
Dukascopy Bank SA states that its representatives are available on a 24-hour basis from Sunday 9 PM GMT until Friday 9 PM GMT in summer and from Sunday 10 PM GMT until Friday 10 PM GMT in winter. It also publishes 24-hour phone lines, an emergency phone brokerage line, email, and an online help centre, and market research includes news, analysis, and webinars.
Availability
Onboarding accepts many international residents, but Dukascopy does not solicit some countries and its entities do not open accounts for residents of others, including the US.
Dukascopy states that its website is not intended to solicit residents of Belgium, Israel, the Russian Federation, Turkey, Canada, or the United Kingdom. Clients of the Swiss bank and its European, Hong Kong, and Japanese group entities are served under their respective frameworks.
Verdict
Dukascopy presents a compelling model for experienced traders who prioritise Swiss banking protection and institutional ECN-style pricing, with a $100 ECN entry point. Costs include volume-tiered commissions, funding fees on cards, and a CHF 500 minimum dormant account fee, and the bank acts as counterparty to CFD trades.
Dukascopy suits you if you want a Swiss bank with deposit insurance, a published commission schedule and access to JForex, MetaTrader and APIs. You'll also need to trade often enough to avoid the dormant account fee.
High-volume traders and automated strategy developers should trade with Dukascopy to utilise its SWFX marketplace and JForex API suite.
FAQ
Dukascopy is an authorised Swiss bank founded in 2004 in Geneva, and the Dukascopy broker service sits within that banking group. It operates under a Swiss banking licence issued by FINMA through Dukascopy Bank SA, with offices in Geneva, Hong Kong, Riga, and Tokyo. Deposits at Dukascopy Bank are covered by esisuisse up to CHF 100,000 per client, and clients of Dukascopy Europe are protected up to EUR 20,000.
Dukascopy maintains its corporate headquarters in Geneva, Switzerland. Primary regulatory oversight is maintained by FINMA in Switzerland for the parent entity. European Union clients contract with Dukascopy Europe IBS AS in Latvia, which is supervised by Latvijas Banka (formerly the FCMC).
The bank lists order sizes and limits per instrument on its account page, and the maximum net exposure per instrument is lower on MetaTrader accounts than on JForex. Over 25,000 instruments are available on JForex, while 108 instruments can be traded on MetaTrader 4 and 5 accounts.
Dukascopy Bank SA is a regulated Swiss bank rather than a standard broker, supervised by FINMA. Its assets consist of more than 90% cash at sight and bonds of the Swiss Confederation according to its client protection page, and it acts as the counterparty to CFD trades while hedging externally.
The minimum deposit for ECN accounts with both Dukascopy Bank SA and Dukascopy Europe is $100. JForex API access is available from $1,000, and FIX API from $100,000. Bank transfer deposits are free, while payment cards cost 1.5% for EEA cards and 2.5% for non-EEA cards.
Alternatives
Eightcap offers CFDs on 850+ markets through TradingView, MetaTrader 4, MetaTrader 5 and TradeLocker, with a Raw account that starts from 0.0 pips. Clients outside the regulated regions contract with Eightcap Global Limited in The Bahamas, which carries no statutory compensation scheme.
Octa offers swap-free forex and CFD trading on OctaTrader, MetaTrader 4 and MetaTrader 5, with no trading commission and a $25 minimum deposit. Accounts on octabroker.com are with Versustrategy Inc, registered in Saint Lucia, and the legal documents page lists no financial regulator.
JustMarkets offers leverage of up to 1:3000, swap-free trading and MT4, MT5 and its own app, but international clients contract with an offshore Seychelles entity without a statutory compensation scheme.
FXCM offers forex and CFD trading on Trading Station, MetaTrader 4 (MT4) and TradingView. Accounts on the international website are with Stratos Global LLC, an offshore entity in St Vincent and the Grenadines that sits outside the group’s regulated companies.
ThinkMarkets offers ThinkTrader, TradingView, MT4 and MT5 with 4,000+ instruments and leverage of up to 1:500 on Standard and ThinkZero accounts. International clients contract with a Seychelles-licensed entity.
IronFX operates as a retail CFD broker providing high leverage up to 1:1000 on MetaTrader 4, but international clients contract through an offshore entity without statutory compensation protection.
CFI Financial offers MT5, TradingView and its own app with no minimum deposit and leverage of up to 1:500. International clients trade with CFI International Ltd, licensed in Mauritius.
EC Markets offers MT4, MT5 and its own app with a $10 minimum deposit on STD and ECN accounts and leverage of up to 1:1000. International clients trade with the Mauritius-licensed entity.
General CFD risk warning
CFDs are complex leveraged products and carry a high risk of rapid losses. They do not give you ownership of the underlying asset. Depending on your jurisdiction, broker entity and client classification, protections such as leverage limits and negative-balance protection may differ or may not apply. Where negative-balance protection is not provided, losses may exceed the funds you deposit. You should consider whether you understand how CFDs work and whether you can afford the high risk of losing your money.
Disclaimer
This page is provided for general information only. Nothing on this page constitutes investment, tax or trading advice, or a recommendation to open an account or trade with a particular broker. Laverlane does not provide personalised investment advice. We are not a broker or financial institution, we do not arrange or execute trades, and we do not hold client funds.
Broker availability, spreads, fees, leverage, products and legal protections, including compensation schemes and negative-balance protection, vary by the broker’s legal entity, your country of residence and your client classification, and may change over time. Where a broker is required to publish its retail CFD loss rate, that figure is shown on its review page. Spreads shown are typical figures as at our verification date; they are not guaranteed and may widen, particularly during volatile market conditions.
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