When you want to become a trader, you have to make sure that you start understanding the trading world right from day one. You cannot step blindly in this industry like many YouTubers like to tell you. There are many celebrities and so-called tycoons who tell you that trading is nothing difficult and that you can make money through trading with ease. In the world of trading, you face all sorts of challenges, and there is nothing more intimidating than a loss on your trade. However, you can keep a steady foot in this world if you choose the right broker. And that’s where a broker like Dukascopy comes into the picture.
This particular broker provides you with a range of trading services and facilitates you in every possible way. So, if you want to start trading with it, read this complete broker review to know more about Dukascopy.
Range of Markets (Rating 5/5)
The first thing that you have to know about an online broker is the range of markets that you will be able to trade in. Why do you have to pay attention to this particular piece of information? Well, the world is talking about the comfort of trading from the comfort of home. It would not be that fancy and attractive if you can’t even access all the markets from the comfort of your home. So, there are many online brokers that give you access to multiple markets right from your bedroom. You sign up with them, use their trading platform, and be in many different financial markets at the same time.
First of all, you should be glad that you can trade forex currency pairs with this broker. You can trade a variety of pairs and you can always choose the one that suits your trading style. If you are new and do not want your risks to be too high, you should go with the safe currency pairs like the ones that include the USD, AUD, GBP, EUR, etc. On the other hand, you have a variety of other exotic currency pairs available as well. They are usually quite volatile, but that’s good for you if you are not scared of risks and believe that bigger risks bring you bigger rewards.
In addition to the forex currency pairs, you also have cryptocurrencies available for trading. Now, that’s a market that you can’t get access to with many old brokers online. They talk about this market but provide you with no access to it because of the risks involved. Only a bold broker can give you access the cryptocurrency market and you can count Dukascopy among them. You can trade cryptocurrencies of your choice and make money off their trading with this broker. Additionally, you can trade indices, stocks and commodities as well if you are really interested in diversifying your portfolio.
Range of Trading Instruments (Rating 5/5)
This is yet another area where you have to admire this broker. In this broker review, we will talk about things that matter to the traders when they join a broker. So, why does the number of instruments that you can trade with the broker matter? Well, the first thing you have to know is the difference between a trading asset and a trading instrument. The asset is the class of asset. For example, oil, gas, silver, and gold are commodities. On the other hand, Bitcoin, Ethereum, Stellar, Monero, Ripple, etc. are crypto assets. Jointly, they are all called assets or tradable assets.
When you talk about trading instruments, you are referring to the tools that you can use to trade the assets mentioned above. For example, you can trade cryptocurrencies without owning them. At the same time, you can trade commodities, stocks, and forex currency pairs without owning them. You can do that through CFD trading. Furthermore, you can trade binary options as well. In this type of trading, you just have to predict whether the price of an asset will move up or down. You make money when you make the right prediction.
So, in these particular cases, you are trading the same assets, but you are using different instruments. With most online brokers, you are only allowed to trade a particular type of instrument, such as CFDs. On the other hand, when you sign up with this broker, you can trade a variety of instruments, including but not limited to CFDs, binary options, etc.
Trading Conditions (Rating 4/5)
That might not be the most important thing to see in an online broker, but it is definitely among the most important ones. So, you have to see how easy or difficult the broker is making your life as a trader. When you join a broker and reject one, you have to have strong reasons for accepting the offer or one and rejecting the other one. In many cases, trading conditions help you decide the right broker for yourself. For example, if you want to make huge profits right from the beginning, you want to have huge leverages. With this broker, you are getting leverages of up to 1:100 on many assets.
In some cases, traders are not interested in making huge profits. They are only interested in saving as much money as they can while trading. They want to take small steps, and that’s done by picking assets that do not have loose spreads. When you sign up with this broker, you will love the fact that it provides you with some of the tightest available from any online brokers. You will be surprised to know that on certain assets, you can enjoy spreads of 0.1 pips. That’s something you will not get from any other online broker.
In addition to that, you will also have to admire the fact that you can use many loss-minimizing strategies when you join this broker. Did you know that many online brokers stop you from using the hedging technique? In this technique, you can minimize your losses by investing in two correlated assets. However, this broker is not going to stop you from minimizing your losses. If you want to take advantage of stop-loss and any other similar strategy to keep your losses low, you can do that with this broker. You do not get this luxury from many online brokers today. They lure you into their trading accounts with gimmicks like bonuses on your first deposits.
The Trading Platform (Rating 4/5)
Again, you are given a choice here by this broker. You do not really get a choice when it comes to other brokers. You join the platform and then you use the platform which the broker gives you access to. You use that trading platform for all your trades and to the day you leave the broker and join a different one. With Dukascopy, you will be able to pick the trading platform that suits you the most. If you like to trade with as on an interface that’s intuitive, you should go with the MT4 trading accounts. There are several options available for you on the broker’s website based on your choice.
At the same time, you have the JForex trading platform as well. This is an amazing trading platform hat you can use if you do not want to take charge of your trades. If you like the idea of automated trading, you will love this trading platform. It is fast, and it can make you money on your trades even when you are sleeping. So, all of these trading platforms have been made available to you by Dukascopy.
You have to admire the efforts that Dukascopy has put in to create its existing system. When you sign up with this broker, you have peace of mind that your money is being kept in safe and secure bank accounts. Furthermore, you are signing up with a broker that has won not one or two, but many different awards for its trading services over the course of many years. So, pick your trading instrument and asset, and start trading with this broker if you think it makes sense to you.