Recent opinions about Dukascopy

Broker Discussion Forex Brokers
1

Hello,

I need some recent opinions about Dukascopy please, concerning their execution for orders of 5/10 lots or more, about their clients service.

And also, are they real ECN broker? Do they have that much liquidity as they claim it in their website? (“The integration of the world’s major banks allows Dukascopy Bank to execute large orders, which can instantly be hedged within the Liquidity Providers’ network. For example, clients could trade in one click up to 200 million USD”)

Many thanks

2

Have you checked this one?
Dukascopy | Forex Brokers Reviews | Forex Peace Army

3

In my opinion, you should not have any trouble opening 5 or 10 lots. More than 30 lots may result in hiccups (requotes).

Again, in my opinion, they provide near True ECN capability.

So yes, if you are talking from the perspective of retail traders, yes their ECN (or may I say, almost ECN) offer substantial liquidity (as is the case with most Europe based large brokers). SWFX Swiss FX Marketplace is one of the largest liquidity markets in the world (I forgot how big - their ranking).

Now true ECN doesn’t mean that everything will be perfect. Operating on ECN model does have the disadvantage that you may experience slippage when there are no matching orders etc (because very broker has its own market). Sometimes, even other models like STP/MM may prove more beneficial for some traders. Still, if you are looking for ECN type execution, dukascopy is good to go.

4

Ok thanks for your reply. My fear is that all quotes and volumes displayed in their platform are fictionnal, that they are simply a kind of CFD market maker with not so many participants and as a result large orders are not accepted …

5

Hello:

Theoretically, ECN is the most closest form of direct execution to stock markest (better in market access terms than STP, NDD etc). If you’re concerned about participants then Swiss Marketplace is one of the largest so I don’t see any problems for getting a good price. I think, if you are trying to execute orders larger than 30 lots then there is no market that I know, which can guarantee these larger orders executing at reasonable price. Even some market-makers do a better job at executing larger orders …lol. Still , if you are interested in ECN broker, try LMAX, FxOpen, IC Markets and GlobalPrime that I know offer one of the best all-round ECN execution (this is just my personal opinion based on experience). Good Luck

6

When comparing brokers, you need to compare “oranges to oranges” :slight_smile: In the case of Dukascopy, its execution precision is the best, including consistency. But, in choosing a brokerage, many factors are important. For Dukascopy, the trading environment and ability to easily automate strategies is a big plus. Of course, if you want to do that, and use MetaTrader, although they do have an interface, it isn’t the greatest. For micro-scalping, which is my specialty, you can issue many dozens of orders to acquire positions incrementally, and then merge those into more significant positions. Whether that’s of interest to you would depend upon your trading style and goals. In our trading operation, we’ve found only one weak point at Dukascopy and that is that it is a Retail Brokerage, and we happen to be seeking Wholesale pricing in some situations. So for our retail operations, Dukascopy is the best, considering our usage of their automatic trading infrastructure. However, even though you can place an ECN Order at Best Bid, you’ll find there’s no liquidity there. For Retail Liquidity, which is the basis of your query, they are fabulous. Ain’t no “requotes” and execution is both precise and fast. So, for our Wholesale needs, I have migrated the manual trading platform to LMAX, seeking literally Wholesale pricing opportunities, and we’re currently testing the liquidity available in their Forex offerings. So far, things are looking good. But LMAX offers no advantage to any strictly “normal” retail trader. Hope these thoughts help a bit. In otherwords, consider the “big picture” when choosing a broker, but also look at “niche” functions which Dukascopy, for example, may offer, not available at other brokerages. Also, consider whether strictly Forex is all you need. In the case of Dukas, I think they’re offering CFD’s (whatever that is…) but for strictly Forex, they are one of the top choices, if you can get an account. U.S. clients can’t have a Dukascopy account anymore, not for personal usage anyway… HyperScalper