dukkascopy.com is a CFD broker, with its website domain registered on August 13, 2024. The broker primarily offers trading services in forex, precious metals, commodities, energy, stocks, indices, and other financial derivatives. It does not provide services to jurisdictions where offering such services would violate local laws or regulations.
Company Registration Information and Regulatory Status
According to information published on dukkascopy.com's official website, the platform claims to hold licenses from multiple regulatory agencies, including the U.S. Financial Crimes Enforcement Network (FinCEN) (MSB ID: 31000257135391), the U.S. National Futures Association (NFA) (NFA ID: 0559918), the Australian Securities and Investments Commission (ASIC) (Trading Point of Financial Instruments Pty Limited), the Cyprus Securities and Exchange Commission (CySEC) (Trading Point of Financial Instruments Ltd), the Belize Financial Services Commission (FSC) (Dukascopy Bank, License No. 000261309), and DFSA (Trading Point MENA Limited), and adheres to strict regulatory standards.
Upon investigation, it was found that the company, regulatory information, and website content mentioned on dukkascopy.com are plagiarized and mimic the well-known brokerage XM, while the name and brand logo are copied from the real Dukascopy Bank.
Moreover, the Belize Financial Services Commission (FSC) does not have a company with license number 000261309. The U.S. Financial Crimes Enforcement Network (FinCEN) website shows that the company with MSB number 31000257135391 is Goldmans Global. The U.S. National Futures Association (NFA) indicates that the company with NFA ID 0559918 is also Goldmans Global, and it is registered with the NFA as a non-member, not subject to NFA regulation.
Trading Instruments
dukkascopy.com offers trading services for various financial derivatives including:
- Forex: The exchange of different currencies, the largest financial market globally, primarily used for currency exchange and speculation.
- Precious metals: Such as gold and silver, used as investment hedges and tools against inflation, with prices influenced by economic uncertainties and inflation.
- Commodities: Covering raw materials and agricultural products like oil, natural gas, copper, soybeans, and wheat, with prices affected by supply-demand relationships and the global economic situation.
- Energy: Including oil, natural gas, and coal, sensitive to global economic and political events, with significant price fluctuations.
- Stocks: Representing ownership in companies, investors gain part of a company's profit (dividend) and value growth (capital appreciation) by purchasing stocks.
- Indices: Indicators reflecting overall market performance, such as the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite Index, with changes reflecting overall market trends.
Account Opening Process
The steps to open an account with dukkascopy.com are as follows:
- Visit the official website and click the "OPEN AN ACCOUNT" button on the homepage to enter the registration page.
- Enter personal email and set a password, then receive an email verification code.
- Enter the verification code and submit the application form. Once the account is registered successfully, KYC verification must be completed to make deposits and start trading.
Trading Accounts
dukkascopy.com offers four types of trading accounts: Micro Account, Standard Account, Dukascopy Bank Ultra Low Account, and Shares Account.
Micro Account:
- Base currency options: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR
- Contract size: Standard lot 1 lot = 100,000, micro lot 1 lot = 1,000
- Leverage: Up to 1:1000**
- Negative balance protection: Provided
- Major currency pair spreads: As low as 1 pip
- Commission: None
- Maximum open/pending orders: 300 orders
- Minimum trading volume: 0.01 lots (ST5)
- Max lots per order: 100 lots
- Hedging allowed: Yes
- Overnight interest (Swap): Yes
- Islamic account: Optional
- Minimum deposit: $5
Standard Account:
- Base currency options: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR
- Contract size: 1 lot = 100,000
- Leverage: Up to 1:1000**
- Negative balance protection: Provided
- Major currency pair spreads: As low as 1 pip
- Commission: None
- Maximum open/pending orders: 300 orders
- Minimum trading volume: 0.01 lots
- Max lots per order: 50 lots
- Hedging allowed: Yes
- Overnight interest (Swap): Yes
- Islamic account: Optional
- Minimum deposit: $5
Dukascopy Bank Ultra Low Account:
- Base currency options: EUR, USD, GBP, AUD, ZAR, SGD
- Contract size: Standard ultra-low spreads: 1 lot = 100,000; Micro ultra-low spreads: 1 lot = 1,000
- Leverage: Up to 1:1000**
- Negative balance protection: Provided
- Major currency pair spreads: As low as 0.6 pips
- Commission: None
- Maximum open/pending orders: 300 orders
- Minimum trading volume: Standard ultra-low spreads: 0.01 lots; Micro ultra-low spreads: 0.1 lots
- Max lots per order: Standard ultra-low spreads: 50 lots; Micro ultra-low spreads: 100 lots
- Hedging allowed: Yes
- Overnight interest (Swap): Yes
- Islamic account: Optional
- Minimum deposit: $5
Shares Account:
- Base currency options: USD
- Contract size: 1 share
- Leverage: No leverage
- Negative balance protection: Provided
- Spreads: According to exchange regulations
- Commission: Yes
- Maximum open/pending orders: 50 orders
- Minimum trading volume: 1 share
- Max lots per order: Depends on each share
- Hedging allowed: No
- Overnight interest (Swap): Yes
- Islamic account: Provided
- Minimum deposit: $10,000
Trading Platform
dukkascopy.com claims to provide users with a trading platform called ST5, available for both desktop and mobile, which includes over 50 technical indicators and intraday analysis tools. However, in reality, when users click the mobile download link on the official website, they download Vlockedxa from the App Store and EVJORERJG from Google Play, both of which are of dubious legality and pose risks.
Deposits and Withdrawals
dukkascopy.com does not clearly list the supported deposit and withdrawal methods, related fees, or minimum deposit and withdrawal amounts on its official website.
Conclusion
Traderknows reminds investors that dukkascopy.com is a scam website that fraudulently uses the information of the well-known broker XM and the name and brand logo of Dukascopy Bank. The contact information provided is limited to email only. Investors are advised to choose brokers with transparent information and strict regulation to avoid unnecessary financial losses.
Currently, this broker is labeled as "Suspected Fraud" on Traderknows.
