Saxo Bank vs Dukascopy - Fees Review included
Which broker is better Saxo Bank or Dukascopy? Our expert assessment conducted according to TU’s own methodology showed that Saxo Bank is one of the top brokers in the financial market with the TU Overall Score of 7.04 out of 10. Dukascopy is one of the top brokers in the financial market with the TU Overall Score of 5.78 out of 10. Find out more about TU Overall Score.
| Feature | Saxo Bank | Dukascopy |
|---|---|---|
Overall |
4.5 |
4.4 |
4.8 |
4.8 |
|
4.6 |
3.5 |
|
5 |
5 |
|
Investment Instruments |
4.2 |
4.0 |
Platforms and Charting Tools |
4.6 |
5 |
Deposit and Withdrawal |
4.0 |
4.1 |
Research |
5 |
4.6 |
Education |
3.6 |
3.9 |
Support |
4.4 |
4.2 |
Bonuses |
3.6 |
4.8 |
|
|
|
Saxo Bank vs Dukascopy: Pros and Cons
The SaxoBank brokerage company was founded in 1992 under the original name Midas. In 2001, the broker was licensed by the FSA, a Danish Financial Supervisory Authority. After that, the company changed its name to SaxoBank. Today the broker provides online access to various financial markets to clients from 170 countries. The broker's divisions also have licenses from FCA (UK), ASIC (Australia), and licenses from other regulators.
Dukascopy Bank SA is a Swiss online bank that provides its clients with online and mobile trading as well as banking and financial services. According to the law, Dukascopy, like any other Swiss bank or brokerage company, is a party to a deposit protection agreement. The EU is also on the lookout for client funds.
| Saxo Bank | Dukascopy | |
|---|---|---|
| Overall Pros | favorable trading terms for professional traders with at least 1 year of experience | providing clients with up-to-the-minute quotes |
| over 71 thousand instruments for trading | permission to use algorithmic bots to automate trading; | |
| the opportunity to invest in ready-to-use long-term portfolios managed by professionals | clients’ funds are secure up to CHF 100,000 | |
| Overall Cons | Cent accounts are not available | the registration and verification processes are complicated and time-consuming |
| a ban on algorithmic trading for traders from abroad | trading terminals periodically hang up and fail to work | |
| you cannot contact support in the online chat on the company's website (The chat is available only after full registration on the broker’s website and passing KYC). | the trading commission per 1 lot is high |
Saxo Bank vs Dukascopy: Safety and Regulation
| Regulated By: | Saxo Bank | Dukascopy |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
Yes |
No |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
Yes |
No |
Other Regulators |
DFSA (Denmark) , and other European regulators |
FINMA (Switzerland) |
Saxo Bank vs Dukascopy: Trading Conditions
| Trading Conditions | Saxo Bank | Dukascopy |
|---|---|---|
Minimum Deposit |
$0 |
$100 |
Trading Platforms |
SaxoTraderGo, SaxoTraderPro |
JForex Trader, MetaTrader 4, SWFX |
Max Leverage (Futures) |
1-30 |
1-200 |
Supported Markets |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Forex, indices, cryptocurrencies, stocks, metals, binary options |
Trading assets |
71000+ |
20000+ |
Trading Accounts |
Classic, Platinum, VIP, Professional |
Demo FX, Live FX |
Base Account Currencies |
USD, EUR |
USD, CHF, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, CNH, SEK, SGD, TRY, XAU and ZAR |
Saxo Bank vs Dukascopy: Fees
Forex Trading Fees
| Fee | Saxo Bank | Dukascopy |
|---|---|---|
Standard Account EURUSD Average Spread |
0.7 pips |
2.25 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
Not supported |
$1.4-3.5 per lot |
ECN Account EUR Average Spread |
Not supported |
0.1 pips |
CFD Trading Fees
| Fee | Saxo Bank | Dukascopy |
|---|---|---|
CFD Trading Fee |
Floating spread |
$0.5-$3.5 per lot |
Non-Trading Fees
| Fee | Saxo Bank | Dukascopy |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
0-2.5% |
Withdrawal Fee |
No |
Bank Transfer $1-50, Bank Cards - 2.5% + $1.5, Neteller and Skrill - 2.5%, Crypto - $30 |
Inactivity Fee |
No |
200 CHF per mouth after 12 months of inactivity |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Saxo Bank vs Dukascopy: Trading Assets
| Asset Name | Saxo Bank | Dukascopy |
|---|---|---|
Overall |
71000+ |
20000+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
Yes |
Metals |
Yes |
Yes |
Cryptocurrencies |
Yes |
Yes |
Energy |
Yes |
Yes |
Indices |
Yes |
Yes |
ETFs |
Yes |
Yes |
Bonds |
Yes |
Yes |
Mutual funds |
Yes |
No |
Stock options |
Yes |
No |
Futures Trading |
Yes |
No |
Binary Options |
No |
Yes |
Saxo Bank or Dukascopy: Investment Programs
| Asset Name | Saxo Bank | Dukascopy |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
Yes |
Managed Accounts |
Yes |
Yes |
Other |
No |
No |
Trading Platforms: Dukascopy or Saxo Bank
| Saxo Bank | Dukascopy | |
|---|---|---|
MT4 |
No |
Yes |
MT5 |
No |
No |
cTrader |
No |
No |
Appropriate platform |
SaxoTraderGo, SaxoTrader Pro |
SWFX |
Others |
No |
JForex |
|
|
|
Saxo Bank vs Dukascopy: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Saxo Bank | Dukascopy |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
No |
Yes |
Crypto |
No |
Yes |
Saxo Bank vs Dukascopy: Research
| Research Type | Saxo Bank | Dukascopy |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
Yes |
Yes |
Saxo Bank vs Dukascopy: Education
| Education Type | Saxo Bank | Dukascopy |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
No |
No |
Videos |
No |
Yes |
Cent account |
No |
No |
Dukascopy vs Saxo Bank: Support
| Support Features | Saxo Bank | Dukascopy |
|---|---|---|
Working Days |
24/5 |
24/6 |
No |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
Callback |
Saxo Bank vs Dukascopy: Forex Bonuses and Promo
| Promo | Saxo Bank | Dukascopy |
|---|---|---|
Forex Bonus |
No |
10% deposit bonus, 20% discount on trading commission if you participate in the discount program, anniversary bonus from the company in the amount of 100% of the client's account; |
Affiliate Program |
“Member gets member” represents a remuneration accrual for attracting new clients who have replenished a trading deposit at least once. When replenishing from $10,000, the partner gets $500; from $200,000 - $1,000; from $1,000,000 - $3,000 |
A discount of 100% of the trading commission for inviting a friend to the company |
Other Promos |
Accrual of points for account replenishment and qualified transactions. Once you have collected enough points, you will be promoted to a higher account level, allowing you to improve your trading conditions. |
Contests for Traders |
|
|
|
Top 5 Reviews on Dukascopy
-
Comment
In my opinion, Dukascopy deserves attention from traders. They have been in the market for a long time and are considered a serious company. A big plus is the presence of licenses and client fund insurance, which ensures reliability and investment protection. I don't have to worry about my funds because I'm confident the broker won't deceive me. They also do not interfere with trading and provide reliable quotes with fast execution. I have encountered some issues while trading with Dukascopy. However, these problems are not critical for me.
-
Comment
I'm having trouble trading with Dukascopy. I have experience trading in financial markets. But for some reason, I can't seem to make a profit on this platform, even though I'm doing everything as before. I've lost a lot of money already and I'm trying to break even to leave the project. Nothing is working, and it's really frustrating me. I feel like money will gradually drain from my Dukascopy account, and soon I'll be bankrupt.
-
Comment
That's it, I'm ending my trading with Dukascopy. While they may be trustworthy in terms of fund withdrawals, the broker is very weak in terms of trading. Firstly, they constantly increase the broker's commission, as well as the withdrawal fee. And secondly, spread widening often triggers the stop-loss. In general, after another series of losing trades, I decided to terminate my cooperation with Dukascopy.
-
Comment
I traded with Dukascopy, but I stopped. Order execution is bad now, and approval of withdrawals takes too long. Somehow it has deteriorated greatly, I hope it won’t become a scam.
-
Comment
At Dukascopy, quotes do not match the market. Several times my trades were closed by stop loss when the chart was going up everywhere. I lost $9,000 and now they do not withdraw my balance. There has been no money for 6 weeks now. They do what they want.
Top 5 Reviews on Saxo Bank
-
Comment
Saxo Bank is well-known due to its technological solutions for online trading. So I decided to try it. Its SaxoTraderGO platform offers a wide range of features, including charts and analytical instruments, fast order execution, and access to real-time market data. However, SaxoTradePRO was too complicated for me. The broker offers a wide range of financial instruments. And you can use one platform to work on global stock exchanges and to trade CFDs and Forex. The minimum fee for trading stocks is $1.
-
Comment
Saxo Bank is well-known due to its technological solutions for online trading. So I decided to try it. Its SaxoTraderGO platform offers a wide range of features, including charts and analytical instruments, fast order execution, and access to real-time market data. However, SaxoTradePRO was too complicated for me. The broker offers a wide range of financial instruments. And you can use one platform to work on global stock exchanges and to trade CFDs and Forex. The minimum fee for trading stocks is $1.
-
Comment
Saxo Bank provides a personalized approach to client services and offers a wide range of financial services that include asset management and consulting. Moreover, it provides high-quality educational materials and market research that help me make informed investment decisions. I participated in webinars several times and also listened to podcasts with Saxo Bank experts. I use SaxoTraderGO for trading and SaxoInvestor for long-term investment.
-
Comment
Saxo Bank is a broker with favorable conditions, offering over forty thousand trading instruments, ready-made portfolios, and a professional platform. However, for novice traders, the conditions of this broker may be challenging. Saxo Bank requires a high initial deposit, floating spreads, commissions depending on trading volumes, and maximum leverage up to 1:40. I think this broker is more suitable for experienced traders.
-
Comment
Being a licensed bank and broker, Saxo Bank complies with strict security and regulation standards. These include client data protection, transaction transparency, and compliance with financial rules. Money is transferred without delays or additional expenses, except for bank fees. Support in a live chat of the trading platform is prompt, and chat operators respond within 5 minutes. Personal consultations are available. Saxo Bank provides direct access to markets, therefore orders are always executed promptly.
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FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
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.