Dukascopy Nigeria Review 2024 - TU expert opinion
Is the Forex market legit in Nigeria?
Performance of foreign currency buy/sell transactions in the Forex market is fully legal. Specialists of the Central Bank of Nigeria regulate the transactions and the income from trading must be declared and taxed. Forex trading industry is actively developing in the country, without foreign brokers entering the market, although the sector is weakly regulated at the moment.
Under the law of Nigeria, traders need to pay taxes and declare income. The financial regulator of Nigeria does not impose restrictions on trading any assets. Trading in the financial markets with licensed brokers in Nigeria is carried out 24/5.
How to Trade Forex in Nigeria
In order to start trading in the Forex market in Nigeria, you need to choose a reliable brokerage company and register a trading account. Next, you need to pass verification and deposit money to your account. You can use a demo account for testing strategy or gaining experience, before you start real trading.
Our Evaluation of Dukascopy
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Dukascopy is a reliable broker with the TU Overall Score of 7.33 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Dukascopy clients on our website, Traders Union expert Anton Kharitonov believes he can recommend this company as the majority of reviews showed that the broker’s clients are mostly satisfied with the company.
Dukascopy Bank is a Swiss innovative online bank based in Geneva, Switzerland, providing Internet based and mobile trading services (with focus on foreign exchange, bullion, CFD and binaries), banking and other financial services through proprietary technological solutions.
Detailed Review of Dukascopy in Nigeria
Dukascopy is a good choice for traders from Nigeria. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
The company has provided its services as a broker since 2004. During that period, the broker was awarded more than 22 nominations, including "The Best Liquidity Provider", "The Best Forex Bank" and "The Broker of the Year", among many others. The company works every day to improve the quality of customer service and to provide the best trading conditions in the European market.
The broker's activity as a bank and a securities dealer is regulated by the Swiss financial market regulator FINMA. The company is also periodically audited, both externally and internally, for compliance with Swiss laws and regulations.
Dukascopy by the numbers:
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the minimum spread is 0.1 pip;
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there are several representative offices around the world including in Japan, Hong Kong, Latvia, and Switzerland;
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There are 6 days of round-the-clock support service;
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It has more than 15 years of providing traders with brokerage services;
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It has 22 awards in the following categories, including: Broker of the Year, Best Liquidity Provider, Best Forex Bank, etc;
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There are 24 currencies that have been accepted for deposit;
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100 thousand Swiss francs is the maximum amount of insurance for clients' funds.
Advantages of Dukascopy for trading in Nigeria
Traders Union analysts conducted a detailed analysis of Dukascopy for traders from Nigeria. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
Narrow spreads — from 0.1 pip;
A large number of orders of different types, including stop-loss and limit;
ECN liquidity: Forex, Metals, CFDs on indices, stocks, cryptocurrencies, raw materials, and binary options;
Lightning-fast order execution;
Automated trading: this includes scalping, and hedging, which are allowed;
Credit or debit cards are available for deposits;
Prices and liquidity are the same for all clients;
24 currencies are available for deposit;
Telephone support service is available 24 hours a day, 6 days a week, from Sunday to Friday;
Training materials for novices who want to improve their skills;
Top-tier level of protection of clients' funds because each deposit is insured up to CHF 100 thousand.
Analysis of the Main Features of Dukascopy in Nigeria
Traders Union analysts analyzed the key features of Dukascopy for traders from Nigeria. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for Dukascopy traders from Nigeria
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of Dukascopy trading conditions for traders from Nigeria. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
JForex Trader, MetaTrader 4, SWFX
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📊 Accounts: |
Demo FX, Live FX
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💰 Account currency: |
USD, CHF, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, CNH, SEK, SGD, TRY, XAU and ZAR
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💵 Replenishment / Withdrawal: |
Wire transfer, MasterCard, Visa, Maestro, Visa Electron, Skrill, Neteller
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🚀 Minimum deposit: |
USD 100 for Dukascopy Europe and USD 1000 for Dukascopy Bank
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⚖️ Leverage: |
From 1:1 to 1:200 on weekdays/ from 1:1 to 1:20 on weekends
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💼 PAMM-accounts: |
No
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📈️ Min Order: |
0.01
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💱 Spread: |
From 0.1 pips for EUR/USD
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🔧 Instruments: |
Over 1200 trading instruments on CFD, currency pair, commodities, stocks and cryptocurrency
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💹 Margin Call / Stop Out: |
100%/200%
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🏛 Liquidity provider: |
Dukascopy Bank SA
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Market execution
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⭐ Trading features: |
Automated trading; Top-tier level of protection of clients; Lightning-fast order execution; Telephone support service is available 24/6.
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🎁 Contests and bonuses: |
Yes
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Dukascopy Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by Dukascopy for traders from Nigeria. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
The experts at the Traders Union inspected Dukascopy to check for both trading and non-trading commissions. Trading commissions mean spreads set by the broker, non-trading commissions mean account funding or withdrawal fees.
Account type | Spread (minimum value) | Withdrawal commission |
Live FX | $22.5 | No |
Also, the values of Dukascopy's fees were compared with the commissions of its competitors. Based on the results of the analysis, all commissions were divided into three levels: high, medium, and low.
FAQs
Is Dukascopy legal in Nigeria?
Yes. Dukascopy operates legally in Nigeria. The broker holds the necessary licenses.
Can you learn trading with Dukascopy? Does the broker offer courses for traders from Nigeria?
Yes, Dukascopy offers good trading courses and a lot of educational information for clients from Nigeria.
Can Dukascopy be trusted? Has the broker been operating in Nigeria long?
Dukascopy has been operating in Nigeria quite long and has a good reputation. Therefore, traders can work with Dukascopy.
Is Dukascopy suitable for novice traders from Nigeria?
Yes. Dukascopy offers optimal trading conditions and good education for beginners from Nigeria.
How efficient is Dukascopy customer support in Nigeria?
Dukascopy offers a sufficient number of ways to contact customer support in Nigeria, and also provides support in the state language.
Has Dukascopy had any incidents involving theft of funds of clients from Nigeria?
No. Dukascopy provides reliable security of funds of clients from Nigeria.
Will I be able to file a lawsuit in Nigeria if Dukascopy violates my rights?
Yes. If Dukascopy violates your rights, you can file a complaint with the regulator of Nigeria, and then with a court.
Can Dukascopy clients from Nigeria use the broker’s mobile app?
Yes. The mobile app of Dukascopy is available for the clients from Nigeria.
Does Dukascopy provide Nigeria market analysis?
Analysis of Nigeria is featured in the information provided by Dukascopy.
How can I withdraw funds from my account at Dukascopy in Nigeria?
Dukascopy supports bank transfers and debit/credit cards of the banks operating in Nigeria.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.