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Dukascopy Review

Based in Switzerland, Dukascopy is a leading forex brokerage firm which gives the forex trader many innovative products. It is an ideal learning place and traders here get to enjoy a huge range of facilities to keep them adequately informed and to enable them make quick decisions.

A feature unique to Dukascopy is Dukascopy TV. Featuring three channels, the TV provides educational information to traders on various matters of forex trading. The Fx Basic Channel, for example, comes with a daily Economic Calendar, forex forecasts, market analysis and trading signals. After broadcasts, viewers are given hourly updates on market events influencing forex trading. The Fx Extended Channel integrates info from the Basic Channel with news from credible forex, business and economic sources. A third channel, Fx Cartoons, provides entertaining forex info using cartoon characters. Traders are also given the opportunity to create their own videos using info obtained from Dukascopy TV or other sources such as YouTube. In a nutshell, this TV, which is accessible to anybody with an internet connection, allows for comprehensive and interactive trader training.

Trading platforms
Dukascopy has five different trading platforms. The JForex Platform is meant for experienced and technologically suave traders. Based on Java programming, this platform specifically targets traders who are keen on automated trades. The Java Platform is aimed at manual traders and the interface is made to display all necessary trading info without the need to switch to different windows. Dukascopy also have a Web-based platform and an iPhone platform which is compatible with iPhones and iPads. The company also has a MetaTrader4 platform. Overall, the variety of platforms means that any trader, regardless of technological knowledge or level of trading expertise, has access to info that is necessary for successful trading.

Fourteen-day demo account and five different live accounts
Traders new to Dukascopy have access to a free demo account for a fortnight but they are required to open a live account after this if they wish to continue trading. The level of resources available to virtual traders is as comprehensive as that available to live traders and the two weeks should provide enough training before one considers taking the plunge.

The company has five different live accounts. The Retail account, which targets individual traders, has a minimum deposit requirement of $1000. The rest of the accounts, owing to the huge initial deposit requirements are mainly targeted at institutions. These accounts are Standard (initial deposit $50000), FIX API ($100000) Custodian ($250000) and VIP (initial deposit $500000). For FIX API, Custodian and VIP accounts, the company requires a bank guarantee. The company receives deposits via wire transfer.

All the major pairings are available at Dukascopy and the company has a leverage margin limited at 1:100. Additionally, operations here are fast and transparent as there is no dealing desk. To further encourage transparent trading among its traders, the company conducts a monthly "Trader of the month" contest. The contest, which is also christened the "Symbol of transparency", awards traders who observe best practices while achieving superior performance. The prize is a luxury watch worth CHF 15000.

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Disclaimer: Please note that forex trading can involve a significant risk of loss and is not suitable for everyone.

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