Dukascopy Versus Saxo Bank – Which Broker is Better for Your Trading?

• Features and Platforms
• Available Markets
• Typical Spreads and Fees
• Security and Trust
• Verdict

Dukascopy and Saxo Bank are leading global Forex brokers, but which one should you trust for your Forex portfolios?

I have conducted an in-depth review of Dukascopy vs. Saxo Bank to determine which presents the better overall choice and which traders will benefit the most at either broker.

Headquarters	Denmark	Switzerland
Regulators	N/A	FINMA, JFSA
Tier 1 Regulator(s)?
Owned by Public Company?
Year Established	1996	2004
Execution Type(s)	ECN/STP	ECN/STP
Minimum Deposit	$500	$100
Negative Balance Protection	N/A
Trading Platform(s)	Proprietary platform, Web-based	MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based
Average Trading Cost EUR/USD	0.7 pips ($7.00)	0.3 pips ($3.00)
Average Trading Cost GBP/USD	1.1 pips ($11.00)	0.8 pips ($8.00)
Average Trading Cost WTI Crude Oil	$0.05	$0.05
Average Trading Cost Gold	$0.55	$0.32
Islamic Account
Signals
US Persons Accepted?
Managed Accounts
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The Main Advantages of Dukascopy and Saxo Bank

The Most Notable Advantages of Dukascopy

• In-house developed Swiss FX Marketplace (SWFX)
• Deep liquidity and fast order execution via 20+ banks
• API trading using SWFX
• STP/NDD/ECN trading environment
• Volume-based commission discounts
• Regulated capital of approximately CHF 40,000,000
• Swiss bank with its cryptocurrency coin, Dukascoin
• MT4, MT5, proprietary JForex platform, and a dedicated binary options trading platform
• Volume-based rebate program

The Most Notable Advantages of Saxo Bank

• Cutting-edge trading platforms
• Algorithmic trading and API trading
• Industry-leading asset selection of 71,000+ assets
• 260K+ daily trades
• $20B+ daily trade volume
• $90B+ of client assets
• 1.2M+ clients
• Point-based reward program on qualifying assets

Features & Platforms

MT4
MT5
cTrader
Proprietary Platform
Automated Trading
DOM?
Guaranteed Stop Loss
Scalping
Hedging
One-Click Trading
OCO Orders
Interest on Margin
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Available Markets

Commodities
Crude Oil
Gold
Metals
Equity Indices
Stocks (non-CFDs)
ETFs
Futures
Synthetics
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During my Saxo Bank review, the asset selection exceeded 71,000 trading instruments covering all sectors versus 430+ at Dukascopy.

Here is why Dukascopy is a better choice for most traders:

• The asset selection is ideal and manageable for most traders
• Deep liquidity via 20+ banks
• Lower trading fees with volume-based rebate program

Typical Spreads & Fees

Average Trading Cost EUR/USD	0.7 pips ($7.00)	0.3 pips ($3.00)
Average Trading Cost GBP/USD	1.1 pips ($11.00)	0.8 pips ($8.00)
Average Trading Cost WTI Crude Oil	$0.05	$0.05
Average Trading Cost Gold	$0.55	$0.32
Average Trading Cost Bitcoin	$90.65	$73.95
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Saxo Bank offers commission-free and commission-based accounts versus commission-based accounts at Dukascopy, but which one is cheaper?

Dukascopy fees are overall lower if volume-based rebates apply, while Saxo Bank has lower out-of-the-box trading fees.

Account Types

The Dukascopy account types incur lower costs, with net deposits and monthly trading fees versus the Saxo Bank account types, which have high minimum deposit requirements, except for the Classic account, which has none.

Are there any other noteworthy differences in the account structure between Dukascopy vs. Saxo Bank?

Here is what stands out the most:

• Dukascopy has lower trading fees
• Dukascopy has volume-based rebates
• Dukascopy offers TradingView

Minimum Deposit

How difficult is it to deposit at Dukascopy vs. Saxo Bank?

The Dukascopy minimum deposit is $200, a reasonable request but higher than the minimum deposit requirements at many competitors. A Saxo Bank minimum deposit does not exist for the Classic account. Dukascopy supports more payment processors, including cryptocurrencies, making it the better broker in this category.

Minimum Withdrawal

Which withdrawal process is better: Dukascopy or Saxo Bank?

Traders have more withdrawal methods at Dukascopy than at Saxo Bank, as the latter only processes bank wires. Neither broker lists a minimum withdrawal amount, but final processing fees are higher at Dukascopy.

However, Dukascopy supports cryptocurrency withdrawals, and overall, Dukascopy provides a more user-friendly withdrawal process than Saxo Bank.

Security & Trust

Country of the Regulator	Australia, Belgium, Switzerland, Denmark, France, Hong Kong (SAR), Netherlands, Singapore, United Kingdom	Switzerland, Japan, Latvia
Name of the Regulator	N/A	FINMA, JFSA
Regulatory License Number	1149, 551422, Undisclosed, 34357130, 483632501, Undisclosed, 200601141M, 1395901, 280372	Undisclosed but confirmed, Undisclosed, Undisclosed
Regulatory Tier	1, 1, 1, 1, 1, 1, 1, 1, 1	1, 1, 1
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Which Broker Is More Secure and Trustworthy?

At Dukascopy and Saxo Bank client deposits are held in segregated accounts, and both brokers offer negative balance protection. My Dukascopy review and my Saxo Bank review confirmed excellent client protection of up to CHF 100,000 and €100,000, respectively. Both bank-brokers have a spotless track record spanning more than 20 years. Therefore, I rank Dukascopy and Saxo Bank as equally secure and trustworthy.

Dukascopy Versus Saxo Bank Verdict

Dukascopy

Saxo Bank

Which Forex broker is better?

Both Dukascopy and Saxo Bank are top brokers, so I recommend traders test the trading environments in the Dukascopy demo account versus the Saxo Bank demo account.

My Verdict

Saxo Bank is an industry-leading bank and broker with an unmatched asset selection, but Dukascopy pulls ahead primarily based on lower trading fees once volume-based rebates apply. It is also better suited for retail traders than Saxo Bank.

FAQs

What countries are restricted by Dukascopy?

Dukascopy does not provide a detailed list of accepted countries, but the footer of its homepage lists Belgium, Israel, Russia, Turkey, Canada, and the UK as restricted countries.

Is Dukascopy a true ECN?

Dukascopy is a true ECN broker featuring its in-house developed Swiss FX Marketplace (SWFX).

Can I trust Saxo Bank?

Saxo Bank established itself among the most trusted banks and brokers over the past 30+ years, complies with eight tier-1 regulators, and offers excellent client protection.

Is Dukascopy a real bank?

Dukascopy is a real bank headquartered in Switzerland with additional entities in Latvia and Japan.

Is Dukascopy a good broker?

Dukascopy is an excellent broker with low trading fees, a balanced asset selection, and outstanding technology and trading infrastructure.

Is Dukascopy or Saxo Bank safer for Forex and CFDs trading?

Dukascopy and Saxo Bank are equally safe for Forex and CFD trading. Both are well-regulated banks and brokers with a spotless track record exceeding 20+ years and superb client protection.

Is Saxo Bank a good bank?

Saxo Bank ranks among the best banks due to its cutting-edge technology infrastructure, tier-1 regulation, and competitive banking environment.