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Dukas

  #1 (permalink)
fxefendi
turkiye
 
Posts: 6 since Jan 2011
Thanks Given: 1
Thanks Received: 0

hello all..
i am planning to open a retail account in Dukas..
i like to ask please ? any body hase a live account in Dukas ?
in your opinion and trading experiences ,
is Dukas reliable and safe , in trading and withdraw ?
safety is more important thing for me actually..

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  #2 (permalink)
Slack
California
 
Posts: 61 since Apr 2010
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Sorry, I cannot speak about trading live with them, but as far a safety goes, I believe they are as safe as any other well established FX broker. I was following / corresponding with them for close to a year waiting for them to receive their banking license.

Also, if you open an account, I would definitely take advantage of going thru a commission rebate IB. I only know of one; Molecule 6, but I think there are others.

Good luck!

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  #3 (permalink)
 
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 Big Mike 
Manta, Ecuador
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  #4 (permalink)
 kingich 
Zagreb, Croatia, Europe
 
Experience: Beginner
Platform: Dukascopy
Broker: Dukascopy SA
Trading: forex
Posts: 110 since Jan 2011
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Thanks Received: 71


fxefendi View Post
hello all..
i am planning to open a retail account in Dukas..
i like to ask please ? any body hase a live account in Dukas ?
in your opinion and trading experiences ,
is Dukas reliable and safe , in trading and withdraw ?
safety is more important thing for me actually..


I'm trading with them .... I'm loosing, but cannot say a word against them. Trading platform and support are great, prices are fair, spread is fair, orders are executed fairly also ... For bad trading I can only blame my own stupidity, but I guess there are people who blame their broker for loosing ....

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  #5 (permalink)
 
kashbg's Avatar
 kashbg 
London
 
Experience: Intermediate
Platform: LMAX
Trading: GBP/USD EUR/USD
Posts: 46 since Feb 2011
Thanks Given: 33
Thanks Received: 28

I have used Duka for 6 or 7 months now and they have not had a downtime on their servers just yet. However I feel their platform JForex is not too suitable for traders who are very active within short time frame. It is very slow to change the price if conditions have changed. It often cost me money as the market has gone away from me.

Willing to try NinjaTrader DOM but it is not available to Dukascopy without the third party DNT bridge, which cost $499. Other brokers have developed their data feeds to work with NT free.

Also on the question of liquidity. I find the Dukas spreads OK, but no one is trading them that actively. For example if the market in GBP/USD goes to 1.6110 quoted on Esignal, and I am on the bid 1.6120 to get out of my shorts, Dukas can quote 1.6120/1.61201 slimming the spread but not letting you out unless another trader just hits your 20 bid.

Maybe this is the case with all other brokers, I do not know, but I only compare it to Futures with good liquidity like BUND where there is allways someone lifting the bid or offer to get you out or in.

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  #6 (permalink)
 
kashbg's Avatar
 kashbg 
London
 
Experience: Intermediate
Platform: LMAX
Trading: GBP/USD EUR/USD
Posts: 46 since Feb 2011
Thanks Given: 33
Thanks Received: 28

Another thing I can add about Dukascopy, and I can not speak of other Forex brokers, is what I found out recently. If you deside to drop you size below 100k and or scale in the market gradually, your bid or offer would not be visible to others. Recently I decided to build in a positon of multiple 50k orders, I could be one the bid of lets say 1.6143 and the spread is 1.61401/1.61432, the order would not be executed untill my bid becomes the same as the offer. This would also be the case if you have a positiono of 250k broken up into 5x50k. I think this is wrong, if you have a bid in the market that should be advertised to the other participants who might want to lift the bid if it was 43 but not if it is what they see 401. It works sometimes to your disadvantage for getting in the market or if you want to get out.
When I phoned them up, they explained that smaller than 100k orders, they do not route to their mainframe but it stays somehow with them internally. This is what I understood, but either way, I think it is wrong.

"The only thing to do when a man is wrong is to be right by ceasing to be wrong." - Edwin Lefevre -
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Last Updated on February 12, 2011


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