Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

BrokerDNA

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

Dukascopy
9.2 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT DUKASCOPY
CMS Forex
0 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT CMS FOREX
XTB
10 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT XTB
About

Dukascopy is regulated by The Swiss Bank and MIFID. Dukascopy has provided Forex, CFD, commodities, indices and stock trading services since 2004.

CMS Forex website is not operational.

XTB is regulated by the Financial Conduct Authority. XTB have provided Forex, CFD, and social trading services since 2002.

Why choose them?
  • Yes Over 20 years in business
  • Yes
  • Yes
  • Yes Over 19 years in business
  • Yes
  • Yes
  • Yes Over 16 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority, KNF, and CMB.
Headquarters Geneva, Switzerland Level 34, One Canada Square, Canary Wharf, E14 5AA, London, UK

TRADING SERVICES OFFERED

Spot Forex Yes No Yes
Forex (CFD) No No Yes
CFD No No Yes
Spread Betting No No No
Social Trading Yes No No
MARKETS & INSTRUMENTS
Forex (currency pairs) 48
Commodities Offered 21
Stocks Offered 1606
Bitcoin No No Yes
Majors Yes No Yes
Indices Yes No Yes
US Stocks Yes No Yes
Penny stocks No No Yes
Energies Yes No Yes
Metals Yes No Yes
Agriculturals Yes No Yes
FTSE Yes No Yes
Dow Jones Yes No Yes
Dax Yes No Yes
Nikkei Yes No Yes
ETFs Yes No Yes
IPO No No Yes
See all instruments

Losses can exceed deposits

See all instruments

Losses can exceed deposits

See all instruments

77% of retail investor accounts lose money when trading CFDs with this provider.

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 Yes No Yes
MT5 No No No
MT4 Mac No No Yes
WebTrader Yes No Yes
Mirror Trader Yes No Yes
ZuluTrade Yes No No
Sirix No No No
cTrader No No No
PAMM No No No
Custom Platforms SWFX Trader VT Trader Xstation5

APPS

iOS image Yes No Yes
Android image Yes No Yes
Windows image Yes No Yes
Available Languages

Chinese, English, French, German, Italian, Japanese, Polish, Portuguese, Russian, and Spanish

English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian.

See platform & features

Losses can exceed deposits

See platform & features

Losses can exceed deposits

See platform & features

77% of retail investor accounts lose money when trading CFDs with this provider.

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by Dukascopy and CMS Forex

Demo account Yes No Yes
Mini account Yes Yes Yes
Micro account Yes No Yes
Standard account Yes Yes Yes
ECN Account Yes Yes No
Islamic account Yes Yes Yes
Zero spread account No No No
VIP account No No Yes
Fixed spreads No No Yes
Variable spreads Yes Yes Yes
See account options

Losses can exceed deposits

See account options

Losses can exceed deposits

See account options

77% of retail investor accounts lose money when trading CFDs with this provider.

TRADING CONDITIONS

Scalping Yes Yes Yes
Hedging Yes No Yes
Expert advisors (EAs) Yes No Yes
Virtual private server Yes No No
Direct market access Yes No Yes
STP broker Yes No Yes
Market maker Yes Yes Yes
Min trade 0.01 Lot Varies 0.01 Lot
Max trade None Varies 100 Lot
Min deposit $5000 $1 $1

RISK MANAGEMENT

Stop losses Yes No Yes
Limit orders Yes Yes Yes
One-click trading Yes Yes Yes
Trailing stops Yes No Yes
Price alerts Yes No Yes
Signal trading Yes No Yes

FUNDING METHODS

Credit card Yes No Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal No No Yes
Neteller No No Yes
Skrill No No Yes
Payment processing time Varies Varies Same day if requested before 1PM
Withdrawal processing time Varies Varies Same day if requested before 1PM
See all funding options

Losses can exceed deposits

See all funding options

Losses can exceed deposits

See all funding options

77% of retail investor accounts lose money when trading CFDs with this provider.

DETAILED INFO

Excluded countries US,IN,PK,BD,IQ,IR,IL,AF,AU,CA
Contact email Send Email Send Email Send Email
Phone number 41 227994848 No 44 2036953085
Live Chat Yes No Yes
Website https://www.dukascopy.com/ cmsforex.com www.xtb.com
Spreads:
EUR/USD (Average: 0.7 pips) 1.8 pips + $10.00 Not offered 0.1 pips
GBP/USD (Average: 1.1 pips) 2.3 pips + $10.00 Not offered 0.1 pips
USD/JPY (Average: 1.1 pips) 1.7 pips + $10.00 Not offered 0.1 pips
AUD/USD (Average: 0.8 pips) 1.7 pips + $10.00 Not offered 0.2 pips
USD/CHF (Average: 2.3 pips) 1.7 pips + $10.00 Not offered 0.2 pips
USD/CAD (Average: 2.9 pips) 2.3 pips + $10.00 Not offered 0.3 pips
NZD/USD (Average: 3.6 pips) 2.5 pips + $10.00 Not offered 0.3 pips
EUR/GBP (Average: 2.4 pips) 1.4 pips + $10.00 Not offered 0.1 pips
View all spreads

Losses can exceed deposits

View all spreads

Losses can exceed deposits

View all spreads

77% of retail investor accounts lose money when trading CFDs with this provider.

FEES

Inactivity Fee Yes No
Commission Yes Yes
Deposit Fee No Varies No
Withdrawal Fee No No No
View All Fees

Losses can exceed deposits

View All Fees

Losses can exceed deposits

View All Fees

77% of retail investor accounts lose money when trading CFDs with this provider.

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Last update

All information collected from https://www.dukascopy.com/. Last updated on 01/10/2019.

All information collected from cmsforex.com. Last updated on 01/10/2019.

All information collected from www.xtb.com. Last updated on 01/10/2019.

Company

Dukascopy is the broker designed for active traders, hedge funds, banks and professionals. Dukascopy allow you to trade both Forex and metals through the same platform. Dukascopy have focused on providing an attractive pricing model with spreads for popular forex pairs starting as low as 0.2 pips.

They provide instant execution on orders and offer a wide range of trading orders including stop-loss along with their 24 hour support 6 days a week. They provide a large variety of free financial information through their website, Dukascopy TV online, and an active online community. Dukascopy is a great choice for traders looking for a broker that provides binaries, CFD's and forex services.

For more information about trading with Dukascopy, we have put together an indepth Dukascopy review with some of the pros and cons about this broker.

CMS Forex website is not operational.

XTB provides hyper fast execution and facilitates seminars with external professional traders, providing personalised education depending on your individual circumstances.

XTB operates with two factors in mind; to provide traders with the fastest execution speeds and to be the most transparent broker on the market, which is reflected by the services and products they provide.

XTB also have a dedicated education area - the Trading Academy - which contains material to help you become a better trader, including video tutorials, trading courses, articles and much more to improve your skills at every step of your trading journey.

If you are looking for a broker that is regulated by the Financial Conduct Authority and focuses on transparency, fast execution speeds and customer service, XTB is a great option.

For more information about trading with XTB, we have put together an in-depth XTB review covering the pros and cons of this broker.

Popular comparisons

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Popular comparisons feat. CMS Forex

CMS Forex Alternatives

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Popular comparisons feat. XTB

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Dukascopy or CMS Forex?

Access to MT4 or low spreads?

If you’re a trader looking for a broker that offers the popular MT4 trading platform, Dukascopy is likely a better fit. However, if you want a broker with lower spreads on currency pairs like EUR/USD, CMS Forex may be more appropriate.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider Dukascopy and CMS Forex to be equally reliable. We’ve broken down why below:

Who are they regulated by?

Dukascopy is regulated by FINMA & FSA, while CMS Forex is regulated by Closed.

XTB are also regulated by the Financial Conduct Authority.

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

Dukascopy has been around for 21 years, while CMS Forex have been around for 20 years. Our third alternative broker, XTB, have been around for 17 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

Dukascopy uses tier one banks as their banking partner.CMS Forex does not use tier one banks as their banking partner.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

Both Dukascopy and CMS Forex are privately owned companies.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

Dukascopy are based in Geneva, Switzerland, while CMS Forex are based in .

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs, Also, if you’re looking to trade cryptocurrencies,

neither Dukascopy nor Dukascopy offer commodity trading.

Dukascopy also offer social trading, which allows you to follow the trading activity, engage in discussion, and even copy the trades of other traders.

Platforms & Account Types

Dukascopy also offer social trading, which allows you to follow the trading activity, engage in discussion, and even copy the trades of other traders.

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. XTB, for example, offer a mini account, standard account and VIP account.

For Muslim traders, Dukascopy offers an Islamic account, which doesn’t accrue interest or incur/receive rollover swap points, as this is prohibited in Shariah law. You can learn more & compare Islamic trading accounts head-to-head here.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

Dukascopy does allow scalping and hedging. While CMS Forex also allows scalping but doesn't allow hedging. You can trade with EAs (expert advisors) on Dukascopy but you can't trade EAs (expert advisors) with CMS Forex.

In terms of risk management tools, neither Dukascopy or CMS Forex offers negative balance protection. Negative balance protection prevents you owing your broker more than you’ve deposited.

Dukascopy also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, Dukascopy charges 0.10 points, while CMS Forex charges points. Therefore, CMS Forex is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: Dukascopy or CMS Forex?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, CMS Forex is more reliable based on our criteria above. CMS Forex has a wider range of instruments to trade. CMS Forex offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.