Dukascopy Review 2026: Dukascopy Europe Commissions, JForex, MT4/MT5 and Fees

Dukascopy is a Swiss group founded in Geneva in 2004, with Dukascopy Bank SA (FINMA banking licence since 2010) and its own ECN marketplace, SWFX. EU clients are served by Dukascopy Europe IBS AS in Riga — a Latvian investment brokerage wholly owned by the Swiss bank.

In short: Dukascopy suits demanding traders — SWFX liquidity via JForex or MT4/MT5, EUR/USD spreads from 0.1 pips and a commission of $35 per $1 million traded (falling with net deposit and equity). Drawbacks: a fairly complex fee schedule, partner-bank fees on card deposits (1.2–2.3%) and up to €50 for every 180 days without trading. We checked dukascopy.com/europe on 25 October 2026.

1. Is Dukascopy safe?

Yes. Dukascopy Europe IBS AS is an EU-licensed investment firm supervised by Latvijas Banka, the Latvian central bank (which took over the former Financial and Capital Market Commission, FCMC, in 2023). It is wholly owned by Dukascopy Bank SA, a FINMA-regulated Swiss bank. Investors may be entitled to compensation of up to €20,000 under the Latvian investor protection scheme, and since 10 August 2017 clients are not liable for negative balances.

2. Commissions and spreads

Dukascopy runs an ECN model: spreads come from SWFX quotes (EUR/USD from 0.1 pips) and a commission is charged on the trade value at opening and closing. The rate depends on net deposit and equity (the lower resulting rate applies):

Example: a $100,000 trade (e.g. one lot of USD/JPY) with a net deposit under $5,000 costs $3.50 commission to open and the same to close, plus the spread. MT4 adds $0.50 per lot. Single-stock and ETF CFDs have separate rates.

3. Platforms: JForex, MT4 and MT5

• JForex — the in-house platform (web, desktop, app) with SWFX market depth, Java strategies and a max-slippage setting.
• MetaTrader 4 and 5 — separate accounts with different conditions; MT4 adds $0.50 per lot.
• JForex API and FIX API for automated trading.
• Instruments: forex, metals, energy, indices, bonds, stock and ETF CFDs and crypto CFDs (no spot crypto).

4. Deposits, withdrawals and account fees

• Bank transfer — free (ask your bank for OUR charges); usually 1–2 business days; must come from an account in your name.
• Card (Visa, Mastercard, Maestro) — no Dukascopy fee, but the partner bank charges 1.2% (EUR, GBP, CHF), 1.5% (PLN, SEK, NOK, CZK), 2% (USD), 2.3% (JPY, CAD); max $18,000 per payment.
• Withdrawals — fees depend on currency, e.g. €7.50, $50 or £15 per wire.
• Inactivity — none for the first 180 days; then up to €50 per 180 days without a trade or currency exchange (max €100 a year). Accounts unfunded for 360 days may be closed.
• Minimum initial deposit: $100.

5. Pros, cons and verdict

6. Alternatives

• Tickmill — Raw account from 0.0 pips with a simple commission.
• FxPro — cTrader and MT4/MT5.
• XTB — CFDs plus real stocks and ETFs.

7. How to open a Dukascopy account — step by step

1. Register on the Dukascopy website — EU clients should be served by an EU company: Dukascopy Europe IBS AS (Riga, Latvia) — supervised by Latvijas Banka. Check the company name in your client agreement before depositing.
2. Enter your personal details and complete the questionnaire. Before offering CFDs, an EU broker must assess your knowledge and experience (the MiFID II appropriateness test) and warn you if CFDs are not appropriate.
3. Verify your identity with a passport or ID card and a proof of address (e.g. a utility bill or bank statement), as required by anti-money-laundering rules.
4. Choose the account type and base currency. An account in the currency you deposit in saves conversion costs.
5. Fund the account — minimum deposit according to the broker: $100. Deposits are accepted only from accounts or cards in your own name; available methods: bank transfer free.
6. Install the platform (JForex (web, desktop, mobile), MetaTrader 4, MetaTrader 5, JForex API and FIX API) or log in via your browser. Practise on a demo account first, if the broker offers one.

8. What trading with Dukascopy really costs

Below are the costs from the summary table above — taken from Dukascopy’s website and documents when we updated this review:

• EUR/USD spread: from 0.1 pips (ECN, variable)
• FX commission: $35 per $1m traded (about $3.50 per lot per side); lower from $5,000 net deposit; MT4: +$0.50 per lot
• Withdrawals: e.g. €7.50, $50 per wire (PLN to Polish banks free)

How to work it out: on EUR/USD one pip on a 1-lot position (€100,000) is worth about $10, so a 1-pip spread costs about $10 when you open the trade. A commission quoted “per lot per side” is charged twice — on opening and on closing. Add overnight swaps for every night the position stays open and any currency conversion if your account currency differs from the instrument’s. On 0.1 lot all these amounts are ten times smaller.

Inactivity fee: up to €50 per 180 days without trading (after the first 180 days). If you plan a long break from trading, withdraw your funds or close the account so the fee does not eat into your balance.

9. Withdrawing money from Dukascopy — how it works

You request a withdrawal in the client area. Under anti-money-laundering rules, funds usually go back via the method used to deposit (e.g. to the card up to the amount deposited by card) and only to an account or card in your own name. The first withdrawal may require full account verification, so upload your documents right after registering. Only free funds that are not used as margin can be withdrawn.

10. Dukascopy compared with other brokers

For comparison, here is Dukascopy next to other brokers whose reviews we updated in October 2026. Figures come from their summary tables — see the full reviews for details.

11. Leverage and client protection in the EU (ESMA)

As an EU investment firm, Dukascopy applies the restrictions introduced by ESMA and adopted permanently by national regulators to retail clients:

• leverage up to 1:30 on major currency pairs, 1:20 on other pairs, gold and major indices, 1:10 on other commodities and indices, 1:5 on shares and 1:2 on crypto;
• margin close-out at 50% of required margin;
• negative balance protection — retail clients cannot lose more than they deposited;
• a ban on bonuses and trading incentives for retail CFD clients;
• a mandatory risk warning with the share of losing retail accounts — for Dukascopy: 70.39% of retail investor accounts lose money when trading CFDs with this provider.

Higher leverage is only available to professional clients who meet the MiFID II criteria — at the cost of some protections, including negative balance protection.

12. Tax on profits from Dukascopy

Tax treatment depends on your country of residence. Dukascopy generally does not file tax returns for you, so keep the annual statement of trades from the client area. For Polish residents: profits from a foreign broker are reported in the PIT-38 return (19% tax), with foreign-currency amounts converted at the National Bank of Poland average rate from the business day before each trade.

13. Glossary: terms to know before opening a Dukascopy account

• Spread — the difference between the buy and sell price, paid on every trade.
• Pip — the smallest typical price move of a currency pair (0.0001 for EUR/USD).
• Lot — the standard position size: 1 forex lot is 100,000 units of the base currency; 0.01 lot (micro lot) is 1,000.
• Commission — a fixed fee per trade, usually on raw-spread (ECN/Raw) accounts.
• Swap — the daily cost or credit for holding a position overnight, based on the interest-rate differential.
• Margin — the part of the position value set aside as collateral; at 1:30 leverage about 3.33% of the position.
• Margin call and stop out — a warning and automatic closing of positions when equity falls relative to required margin.
• Slippage — execution at a different price than requested, common around news releases and price gaps.

14. FAQ

Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.39% of retail investor accounts lose money when trading CFDs with this provider. This review is for information only and is not investment advice.