Every CFD broker wants to be the top choice for their clients. To do so, they have to provide better services than their competition. Dukascopy and FxPro are two competitors with excellent services, but which one is the better one? Find out today.
Dukascopy CFD broker is a subsidiary of Dukascopy Bank SA that is based in Geneva, Switzerland since 2004. In Switzerland, the company is licensed by the Swiss Financial Markets Supervisory Authority (FINMA) as Swiss FX Marketplace (SWFX). Another subsidiary of the same CFD broker is Dukascopy Europe that is regulated by the Financial and Capital Market Commission (FCMC) in Latvia. Yet another subsidiary is licensed in Japan after Dukascopy acquired Alpari Japan. Other than these licensed subsidiaries, Dukascopy have offices in Moscow, Riga, Kiev, Hong Kong, Kuala Lumpur, Dubai and Shanghai.
Meanwhile, FxPro was founded in 2006 and they quickly got a license from CySEC in 2007. Later on in 2010, they would get a license from the FCA and from FSCA of South Africa in 2015. Other licenses held by FxPro are DFSA in Dubai and SCB of Bahamas. These licenses enable this CFD broker to operate in over 170 countries and grow a massive client base of over 1.3 million accounts.
Winner is FxPro who have more licenses.
Deposit and withdrawal methods
There are just 5 ways to deposit money into your Dukascopy trading account. The most common ones are bank cards and wire transfer, while the rest are Bitcoin, bank guarantees and Dukascoins. These methods can also be used for withdrawal, except for bank guarantee of course. In most cases, the minimum amount to deposit is $100 except for bank guarantee that has a $100,000 minimum and Dukascoins at a 100 DUK minimum.
FxPro has a few more options for deposit and withdrawal starting from wire transfer and debit/credit cards. This CFD broker has also partnered with a few electronic wallets to allow for funding such as PayPal, Skrill, Neteller and China Union Pay. For traders wishing to switch brokers, broker to broker transfer is also offered. Their minimum deposit amount is set at $500, a bit higher than that of Dukascopy.
The better CFD broker is FxPro.
There are 7 asset classes to be traded through Dukascopy, enough for any trader to diversify their portfolio and make money. These are Forex pairs and CFDs for stocks, indices, commodities, ETFs, bonds and cryptocurrencies. FxPro does not have as many assets for trade because they lack ETFs provided by Dukascopy.
Winner in this category is Dukascopy.
Most CFD brokers charge spreads for their trades but these two rely mainly on commissions. The commissions are charged depending on the volume of trades. With Dukascopy, the commission is $35 for every $1 million in trade volume while FxPro charges $45 for the same volume.
Winner is Dukascopy for lower trading fees.
Trading on Dukascopy is made possible through MetaTrader 4 and JForex. The former is more popular for someone who is more comfortable and familiar with it coming from another broker. JForex may be a good option for a new trader willing to try the features of the platform. FxPro has more trading platforms, though, with MetaTrader 4, MetaTrader 5, cTrader and FxPro Edge.
Winner is FxPro with more trading platforms.
Which is the top CFD broker?
FxPro seems to have more advantages over Dukascopy, making it the better CFD broker.