Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
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..
Can you help answer these questions from other members on NexusFi?
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.
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 ....
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.
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 -