Dukascopy Bank is a Swiss virtual bank and online trading platform founded in 2004 that provides multicurrency account, Swiss IBAN, SEPA transfers, crypto services, crypto backed loans, and forex trading through Swiss FX Marketplace. It allows people from all over the world to open a non resident account in Europe.
Benefits of Using Dukascopy Bank
- The bank is very secure since a Swiss Bank regulates funds
- Every client gets insurance of up to CHF 100,000 for deposits
- You can transfer money from your account to another account instantly
- The bank supports multi-language 24/7. You can reach the support team through a video chat live chat, email or website.
- The bank offers a wide range of products ranging multicurrency account (MCA) to crypto trading.
Apart from a multi-currency account (Dukascopy MCA), Dukascopy provides trading services including [forex trading](https://fififinance.com/us/forex), stock, CFDs, metals, cryptocurrencies and commodities.
Contents
Dukascopy Features
The bank offers the following features:
Dukascopy Multicurrency Account/Dukascopy MCA
The bank is providing a multi-currency account available all over the world with a few states excluded. You can access the Dukascopy multicurrency account through the website or Dukascopy app. You can open an MCA Account remotely at any time from anywhere around the world except in non-serviced countries. You will need to make a short video call with a bank representative.
The MCA Account comes with an IBAN number that is cheap, secure and you can use it to make free instant payments and purchases both online and offline. With an IBAN number, you can make free instant payments and hold money in different currencies; EUR, USD, GBP and CHF. The account also offers PayWave and PayPass. Besides, you can withdraw cash from the ATMs using either a MasterCard or Visa in various currencies.
The MCA Account is integrated to the Dukascopy Connect 911 messenger app which you can use to transact or for other social activities. The app is competing with social apps such as WhatsApp, Viber and Telegram. You can use the app to make instant payments, make bank transfers and currency exchange. The account does not have a minimum deposit requirement or regular fees while it can be opened online.
Dukascopy Private Banking (Savings)
Dukascopy offers a private Swiss bank account. It is a savings account targeting clients with savings over $100′000. While the Multi-currency Account is for everyday retail transactions, Private Banking account is for storage and accumulation of wealth.
Dukascopy Private Banking Account comes with following benefits:
- Safe custody of wealth in a Swiss bank
- Possibility to deposit and store $100′000 and more
- Personal account manager
- Investing wealth in gold, silver, oil, gas, stocks, many indexes and cryptocurrencies
- Accessing funds with premium Visa, Mastercard or American Express credit cards
Dukascopy Crypto Account
Dukascopy crypto services makes it one of the growing number of number of banks that offer crypto bank accounts. It offers a variety of cryptocurrency services, including buying and selling cryptocurrencies, transferring cryptocurrencies between your accounts with the bank and your wallets, exchanging cryptocurrencies between each other directly (Peer-to-peer), using the money held on your account to trade on crypto exchanges, and storing cryptocurrencies on your multi-currency accounts with the bank.
Dukascopy Crypto Backed Loans
Dukascopy offers a crypto-backed loan that allows you to borrow money against your cryptocurrency holdings without having to sell them. You can receive up to 50% of the value of your cryptocurrency in fiat currency, and you can use the money for any purpose. There are no repayment commitments, so you can keep the money as long as you need it. The interest rate on a Dukascopy crypto-backed loan is at 12% per annum.
To qualify for a Dukascopy crypto-backed loan, you must have a multi-currency account with the bank. You will also need to transfer your cryptocurrency from your blockchain wallet to your MCA. Once your crypto has been deposited, you can select the “Crypto lending/borrowing” option in your MCA account and sign the proposed “Trading Agreement.” You will then receive an email with login credentials for your trading sub-account.
Dukascopy Trading Account and Platform
Dukascopy offers a variety of trading accounts to suit the needs of different traders. Traders can engage in forex, stock, CFDs, metals, cryptocurrencies, and commodities trading using Dukascopy’s trading platforms.
Dukascopy’s trading platform is highly advanced and offers a wide range of features, including sophisticated charting tools, technical indicators, and trading automation tools. However, Dukascopy’s trading platforms may also be complex and difficult to navigate for those who are new to forex trading.
The Standard account requires a minimum deposit of $1,000 and offers commission-based pricing. The ECN account requires a minimum deposit of $100 and offers spreads-only pricing.
Dukascopy Card
Dukascopy MasterCard and Dukascopy VISA cards can be used around the world or online where Visa/MasterCard are accepted. You are able to apply for Dukascopy card or manage your cards using Dukascopy bank’s mobile and web applications. Dukascopy bank cards are compatible with Samsung Pay and Apple Pay.
Dukascopy current accounts and Dukascopy card accounts are separate. To use your card, you must transfer money to your card accounts from Dukascopy current account free of charge using Dukascopy app or on the web.
Dukascopy Fees
| Trading account (incl. binaries) | Private banking (savings) | Multicurrency account (Dukascopy MCA fees) | |
|---|---|---|---|
| Opening account | no fee | no fee | no fee |
| Closing | no fee | no fee | no fee |
| Maintenance | No fees first year after opening | 0.8% | no fee |
| Custody fee of gold | 1% per year of average gold balance | 1% per year of average gold balance | 1% per year of average gold balance |
| Account information update | no fee | no fee | no fee |
Without notice, Dukascopy Bank closes accounts with insufficient balance to pay due fees.
Currency Exchange Fee
| Amount to be converted (in base currency of the currency pair) | Fee |
|---|---|
| < 10’000 | 1.00% |
| ≥ 10’000 | 0.75% |
| ≥ 50’000 | 0.50% |
| ≥ 100’000 | 0.20% |
| ≥ 500’000 | 0.10% |
| ≥ 1’000’000 | 0.05% |
Here is a list of all Dukascopy bank fees.
Is Dukascopy Safe and Legit?
Dukascopy is safe and legit. It is regulated by the Swiss Financial Market Supervisory Authority (FINMA) as a bank and securities firm. It is also a member of the Swiss Bankers Association, which further reinforces its credibility. Each customer also gets up to CHF 100,000 insurance for their deposits.
Dukascopy has been in business for over 20 years and has a good reputation among traders. It offers a wide range of trading products and services, including forex, CFDs, and cryptocurrencies. Dukascopy also has a proprietary trading platform, JForex, which is popular among experienced traders.
Shortly after Putin invaded Ukraine, all Dukascopy cards stopped were blocked by their issuer, Cornér Bank Ltd. The money was frozen for almost two weeks. Eventually, the money was returned and the cards were reactivated.
Dukascopy Supported Countries
The Dukascopy Multi-Currency Account can be opened worldwide except for residents of the following countries / regions: Abkhazia, Afghanistan, Belarus, Crimea, Cuba, Comoros, Donetsk People’s Republic, Iran, Japan, Luhansk People’s Republic, Myanmar, Nagorny Karobakh, North Korea, Somalia, South Osetia, South Sudan, Sudan, Syria, Russian Federation, Transnistria, United States of America, Venezuela, Yemen.
Here are countries and territories qualified for the acceptance of scanned copies or readable pictures of uncertified documents for the investment level up to 2 000 EUR.
