Dukascopy Updates Clients About Lower Commissions & Reduced Minimum Deposits
In a note sent to clients, Dukascopy announced that it had lowered its commission structure by 27% and average spreads
In a note sent to clients, Dukascopy announced that it had lowered its commission structure by 27% and average spreads for the EURUSD during the European session were 0.57 PIPS. They also announced that their EU Subsidiary, Dukascopy EU lowered its minimum deposit size to $100. (The EU Subsidiary offers similar trading conditions as its Swiss parent and is based in Latvia and regulated by the FCMC) With 2012 delivering across the board declines in trading activity, the decrease in minimum deposit size could be based on Dukascopy’s desire to broaden the size of its user base and target smaller accounts. Earlier this month, we reported Dukascopy’s 1st half figures for 2012 which showed the company was cutting expenses this year. Therefore, after working on streamlining their operations to improve earnings, the broker may now be applying its growth strategy.
In addition, after opening a Hong Kong office earlier this year, Dukascopy stated that it plans on opening more offices throughout the world, specifically in Moscow and Kuala Lumpur. According to Luis Sanchez, Senior Relationship Manager at Ducascopy, due to regulation restrictions in Malaysian, the planned Kuala Lumpur location “will be a representative office which will not be allowed to unfold commercial activities and will not promote locally.”
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Dear Traders,
I would like to take a moment to share with you some recent exciting news concerning the Dukascopy Group. It is my pleasure to announce that recently we have decreased the trading commissions for retail traders to 27%. Now, the combination of our decreasing commissions and very tight spreads (today, the average value of EUR/USD spread was 0.57 pips during the European trading session) provides extremely competitive trading conditions.
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During this year, we started to provide Islamic accounts, debit/credit card funding facility and became closer to our worldwide clients by opening representative offices in Hong Kong and Kiev. Kuala Lumpur, Moscow and others will follow soon. A video reception is being finalized so as you can see us and share documents while speaking with us.
Furthermore, now clients may open accounts as small as USD 100 by providing simple electronic copies of documents. This easy account opening procedure is provided by our EU subsidiary “Dukascopy Europe” for clients residing in EU, Australia, Canada, Brazil, India, Hong Kong, Korea, Mexico, Singapore, South Africa, and many other countries.
At Dukascopy Bank SA, the minimum deposit is USD 5,000. Our Swiss bank also provides an increasing scope of banking services.
Other exciting news will come soon. We keep on working at being different and offering services of the very best quality.
All the best,
Alain Broyon,
CEO, Dukascopy Bank SA
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I can’t see anything new about their trading commissions on their webpage; apparently they are still unchanged: http://www.dukascopy.com/swiss/english/about/fee-schedule/ Plus, I must say that they used to have a so called “introducing agent” program, through which clients could have received much of their commissions back. A program that I’ve never really understood: why not offering lower commissions from the very beginning? I think that in order to grow they would have to focus more on MetaTrader (so far they’ve been offering it only as a third party alternative to their in-house software). Since MT is a sort of “lingua franca” today,… Read more »
valid points thought you i do understand brokers sticking to their own proprietary platforms – without them they’ll be just ‘another MT4 broker’ with no differentiation
I agree with Michael, it’s a difficult decision for a broker whether to offer MetaTrader 4 or not. It is the benchmark for many retail traders, yet it provides few USPs to build a larger brand and customer retention for the broker. Abshire-Smith ultimately did decide to provide the MetaTrader 4 but we primarily focus on the VertexFX Trader, as we stride to be the broker of choice for that platform. To focus on “A’s” comment, being regulated and offering MetaTrader 4 does attract clients, but as the market is highly competitive without stronger USPs, these clients are likely to… Read more »
The proprietary platforms route wouldn’t be so bad if there was a programming language included. GFT recently abandoned support for Dealbook FX language, and just implemented the tried/true mt4 option instead.
Retail forex traders have been spoiled by their expectations of a free datafeed and ability to customize their own ideas on paper.