Neither broker is universally better. Dukascopy is usually the stronger fit for active foreign-exchange and CFD traders, while Swissquote is the more complete choice for investors who want to own stocks, ETFs, bonds and other securities alongside banking and crypto services.
The most important distinction is not the brand name or headline spread. It is what you intend to hold and trade: leveraged derivatives, or actual investments in a securities account. Your country of residence also matters because Dukascopy Bank SA, Swissquote Bank Ltd and their European entities have different rules, fees and protections.
Quick comparison
| Category | Dukascopy Bank SA | Swissquote Bank Ltd — Switzerland |
|---|---|---|
| Best known for | Active FX and CFD trading | Multi-asset investing and banking |
| Regulator | FINMA-regulated Swiss bank and securities firm | FINMA-regulated Swiss bank and securities dealer |
| Minimum advertised FX deposit | USD 100 | USD 1,000 Standard; USD 10,000 Premium; USD 50,000 Prime |
| FX pricing | Variable spread plus volume commission | All-in spread with no separate FX commission |
| Maximum advertised leverage | Up to 1:200 | 1:100 on the listed Swiss FX account types |
| Proprietary platform | JForex 4 | CFXD for FX/CFDs; Swissquote App for securities and crypto |
| MetaTrader | MT4 and MT5 | MT4 and MT5 |
| Stocks and ETFs | Published schedule covers stock and ETF CFDs | Cash stocks and ETFs across more than 60 markets |
| Deposit protection | Eligible Swiss-bank deposits protected up to CHF 100,000 per client and institution | Swiss deposit protection applies to eligible cash deposits; securities are not bank deposits |
| U.S. residents | Does not open accounts for U.S. residents | Swissquote’s legal information excludes U.S. residents |
These figures describe the Swiss entities and published terms available as of August 7, 2026. They are not interchangeable with rates for Dukascopy Europe, Swissquote Bank Europe SA or Swissquote Ltd in the UK.
Regulation and protection of client money
Both Swiss entities are supervised by the Swiss Financial Market Supervisory Authority, or FINMA. Dukascopy Bank SA says it is regulated as both a bank and a securities firm. Swissquote Bank Ltd says it has held a banking and securities-trading licence since 2001 and is also supervised by FINMA.
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Dukascopy states that qualifying deposits are covered by Switzerland’s deposit-insurance scheme up to CHF 100,000 per client and institution. Accounts belonging to the same client are aggregated when applying the limit.
This protection applies to eligible bank deposits. It does not protect you from a losing FX or CFD position, poor trade execution or a fall in the value of an investment. A leveraged trading account can lose money even when the institution itself remains financially sound.
There is also a material difference between Dukascopy entities. Dukascopy says deposits with Dukascopy Europe are protected under applicable EU rules up to EUR 20,000, while deposits with the Swiss bank have the CHF 100,000 limit. Check the contracting entity shown in your account documents rather than relying on the logo on the website.
Swissquote has the same entity issue. Swissquote Bank Ltd Switzerland, Swissquote Bank Europe SA in Luxembourg and Swissquote Ltd in the UK have separate agreements, regulators, fee schedules and protection regimes. The legal entity accepting your application determines which terms apply.
Minimum deposits and account size
Dukascopy: lower entry point
Dukascopy lists a USD 100 minimum deposit for a Forex/CFD account, or the equivalent in another supported currency. Supported account currencies include USD, CHF, EUR, GBP, AUD, CAD, JPY, SGD, SEK, PLN, TRY and ZAR, among others.
That low minimum is useful for testing the platform or trading very small positions, but it is not a recommendation to trade with only USD 100. Margin depends on the instrument, leverage setting and market price. A small account can be vulnerable to ordinary spread costs, slippage and a single losing trade.
Dukascopy also states that a self-trading account can be blocked if equity falls below CHF 20. Positions may be closed when the applicable minimum-equity requirement is reached.
Swissquote: higher FX tiers
Swissquote’s Swiss FX/CFD account page lists three tiers:
| Account | Minimum deposit | Advertised spreads from | Minimum trade size |
|---|---|---|---|
| Standard | USD 1,000 | 1.7 pips | 0.01 lot |
| Premium | USD 10,000 | 1.4 pips | 0.1 lot |
| Prime | USD 50,000 | 1.1 pips | 1 lot |
These are the listed Swiss FX/CFD tiers, not a universal minimum for every Swissquote service. Swissquote separately says Swiss residents opening a Swissquote Bank Ltd account have no minimum initial deposit requirement. The requirement for an FX account should therefore not be confused with the requirements for a securities or banking account.
FX costs: commission versus all-in spread
How Dukascopy charges
Dukascopy’s JForex fee schedule starts at USD 35 per USD 1 million traded for currency pairs when the relevant net-deposit, equity or 30-day-volume tier is below USD 5,000 or USD 5 million. The charge applies to each opening and closing trade.
At that entry tier, the commission is effectively USD 70 per USD 1 million for a complete open-and-close transaction, before adding the spread. The lowest listed JForex currency-pair commission is USD 5 per USD 1 million at the highest published tier.
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Dukascopy converts commissions into the account’s base currency using its spot rate plus a 0.5% currency-conversion fee. This matters if, for example, the trade and commission are denominated in a different currency from the account.
MT4 accounts use a different published charge: USD 0.50 per MT4 lot, stated as USD 5 per USD 1 million. The MT4 commission is calculated for a round turn and charged when the trade opens.
How Swissquote charges
Swissquote advertises all-in spreads with no separate FX commission on more than 130 currency pairs, metals and CFDs. The listed minimum spreads are 1.7 pips for Standard, 1.4 pips for Premium and 1.1 pips for Prime.
“From” is the key qualification. These are minimum advertised spreads, not guaranteed average spreads. Your actual cost depends on the currency pair, market liquidity, time of day, volatility and execution conditions. Overnight financing or rollover charges can also become significant for positions held beyond the trading day.
How to make a fair comparison
Do not compare Dukascopy’s “from 0.1 pips” style of headline with Swissquote’s “from 1.1 pips” and assume the first broker is automatically cheaper. The pricing models are different.
- Choose the same currency pair and trade size.
- Use the same account currency.
- Compare the spread at the same time and under similar market conditions.
- Add Dukascopy’s opening and closing commissions, including any currency-conversion cost.
- Add overnight financing if the position will be held.
- Compare the result with Swissquote’s all-in spread and financing charge.
Dukascopy may be attractive for high-volume traders who qualify for lower commission tiers. Swissquote may be easier to budget because the FX charge is incorporated into the spread, although a wider spread can still produce a higher total cost.
Platforms, automation and trading tools
Dukascopy JForex 4
Dukascopy’s main proprietary platform is JForex 4, available for Windows, Mac and Linux, as well as through a web interface and iOS and Android apps.
JForex includes automated trading, historical tick data, strategy testing, charting, an economic calendar, event alerts, trailing stops, stop-limit orders, equity stop-loss controls and margin monitoring. The platform has no separate usage fee, but normal spreads, commissions and overnight charges still apply.
Dukascopy also offers direct MT4 and MT5 accounts. Its current information says a third-party bridge is no longer required for the direct connection to the SWFX Swiss Marketplace. That may appeal to traders who already use Expert Advisors or MetaTrader-based workflows.
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Swissquote’s current Swiss FX/CFD comparison calls its proprietary platform CFXD. Older reviews often call it Advanced Trader; that name appears in legacy documents and screenshots, but CFXD is the current terminology.
Swissquote’s platform lineup includes:
- CFXD: web and mobile trading, complex order types, TradingView integration and FIX API access.
- MT4: Expert Advisors and copy trading.
- MT5: Expert Advisors, copy trading and a broader indicator/timeframe set.
- TradingView: available through CFXD integration.
The published comparison lists 15 timeframes and 27 technical indicators for CFXD, nine timeframes and 30 indicators for MT4, and 21 timeframes and 80 indicators for MT5. Algorithmic trading and copy trading are listed for MT4 and MT5, but not CFXD.
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For a trader choosing purely on automation, Dukascopy has the stronger proprietary strategy-development identity through JForex. Swissquote is more flexible for users who prefer MetaTrader, TradingView or FIX API.
Stocks and ETFs: ownership is the decisive difference
Dukascopy’s published fee schedule contains tables for single-stock CFDs and ETF CFDs. For example, the listed U.S. stock-CFD commission is USD 0.02 per share, subject to a USD 10 minimum commission.
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Swissquote offers actual stocks and ETFs through its securities service, with access to more than 60 markets. Its published Swiss stock pricing starts at CHF 3 for qualifying trades. Swissquote also advertises more than 9,000 ETFs, with ETF Leader pricing on SIX Swiss Exchange from CHF 3 to CHF 9, excluding applicable third-party fees, stamp duty and real-time-data charges.
This produces a straightforward choice:
- For leveraged exposure to a share or index, compare CFD costs, financing and margin requirements.
- For long-term ownership, dividends, portfolio construction and buy-and-hold investing, Swissquote has the relevant securities product.
Calling both platforms stock brokers without making this distinction can lead to the wrong account choice.
Inactivity and custody fees
Dukascopy inactivity rule
Dukascopy charges no maintenance fee during the first 180 calendar days after account opening. After that, a fee can apply if there has been no trade, open position or online currency exchange on any client account for a consecutive 180-day period.
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The charge is capped at CHF 100 per client for each six-month period. Dukascopy says it may, on request, refund the charge as cashback against future fees or binary-option premiums rather than necessarily returning it as cash. Fees can be taken from any current or trading account, and accounts without enough funds to cover fees may be closed.
Swissquote Swiss custody fee
Swissquote Bank Ltd Switzerland lists quarterly custody fees for securities and crypto-assets:
| Assets in the account | Quarterly fee |
|---|---|
| CHF 0 to CHF 50,000 | CHF 20 |
| CHF 50,000.01 to CHF 100,000 | CHF 25 |
| CHF 100,000.01 to CHF 150,000 | CHF 37.50 |
| Above CHF 150,000 | Maximum CHF 50 |
| Assets above CHF 1 million | Additional 0.0075% per quarter |
The fee is charged per account and applies when securities or crypto-assets were present during the quarter. Swissquote says cash-only trading-account holding is free, but custody fees apply to securities, funds, bonds and crypto-assets.
That is why the common statement that Swissquote has “no custody fees” is too broad. The applicable entity and account type must be checked.
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Dukascopy accepts bank wires, cards and certain electronic-wallet methods. Funds must come from an account or card in the client’s own name; Skrill and Neteller accounts must also belong to the trading-account holder. Wire transfers usually arrive within one to two business days, although intermediary banks can add delays.
Dukascopy’s published currency-conversion fee is tiered:
| Amount converted | Conversion fee |
|---|---|
| Below 10,000 units | 1.00% |
| 10,000 or more | 0.75% |
| 50,000 or more | 0.50% |
The fee can apply to online currency exchange and to deposits, withdrawals or transfers that require conversion. For a small account, that cost can outweigh a modest difference in the quoted FX spread.
Swissquote Bank Ltd’s current fee page lists incoming wire transfers as free, although third-party charges may apply. SEPA credit transfers cost EUR 2. Online outgoing-payment charges vary by currency and payment method. Card deposits are listed as free for clients outside SEPA countries and subject to a 1.9% third-party fee for residents of SEPA countries. Card deposits are processed instantly, with the stated service window allowing up to two hours.
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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteSwissquote says its stock and ETF pricing uses the interbank mid-rate without an FX markup under the revised pricing structure. That does not mean every product or transaction is free of currency-related costs; taxes, third-party fees and product-specific charges can still apply.
Execution and leverage details that can affect results
Stops and slippage
Dukascopy says it guarantees execution of stop-loss orders, but not execution at the requested price. In a fast market or price gap, the fill can be substantially worse than the stop level.
Conditional orders
A conditional order can execute immediately if its condition is already satisfied when submitted. For example, a buy order set to trigger at a price below the current market can be activated as soon as it reaches the platform if the condition is written as “greater than or equal to.” Check the direction and trigger price before submitting.
Equity stop loss
Dukascopy’s equity stop-loss control is located at Client reports → Trading Settings → Equity Stop Loss. When triggered:
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- All open positions are liquidated.
- The account balance can finish below the configured equity-stop level.
- Pending orders remain in place but are rejected if subsequently triggered.
- New positions cannot be opened until the stop is lowered or a new deposit is made.
Weekend leverage
Leverage is not necessarily static. Dukascopy states that weekend and other off-market-day leverage is 1:50 by default and may be increased to 1:100 when account equity is below USD 50,000. A lower leverage setting remains in force even if the client requests a higher one.
Swissquote lists standard leverage of 1:100 for the Swiss FX accounts, but requirements vary by instrument and account conditions. Neither broker’s maximum advertised leverage should be treated as a suitable risk level.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Swissquote market-data charges
Swissquote includes some quotes or delayed data, but its Swiss fee page lists separate monthly charges for certain real-time feeds:
- Eurex: EUR 5 per month
- STOXX Indices: EUR 5 per month
- ISE: USD 3 per month
- CME, CBOT, COMEX and NYMEX: USD 5 per month each
- CME package: USD 15 per month
The subscription path is My account (profile icon) → Services → Subscriptions. The service becomes active once the account is charged. Therefore, “all Swissquote market data is free” is not an accurate blanket description.
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Which broker is better for you?
Choose Dukascopy if you:
- Trade FX frequently and understand spread-plus-commission pricing.
- Want to start with a published USD 100 FX/CFD minimum.
- Need JForex strategy testing, automated trading or historical tick data.
- Already use MT4 or MT5 and want a direct connection.
- Trade small position sizes, scalp or hedge, and can monitor margin closely.
Dukascopy’s trade-offs are a more complicated total-cost calculation, currency-conversion charges, an inactivity rule and a less direct proposition for someone seeking physical stocks and ETFs.
Choose Swissquote if you:
- Want to own actual stocks and ETFs rather than only trade stock CFDs.
- Want securities, crypto, banking and trading services in one relationship.
- Prefer CFXD, MT4, MT5 or TradingView.
- Need access to a wide selection of securities markets.
- Are comfortable with the higher FX-account deposits or Swiss securities custody fees.
Swissquote’s trade-offs include higher advertised FX-account entry requirements, potentially wider all-in spreads for smaller accounts, custody charges on Swiss securities accounts and paid real-time feeds for some exchanges.
How to decide before opening an account
- Identify the product: FX/CFD trading and securities investing are different activities with different costs and risks.
- Confirm the legal entity: Look at the account agreement, regulator and deposit-protection scheme.
- Calculate a realistic total cost: Include spread, commission, financing, conversion, custody, data and withdrawal fees.
- Test the platform: Verify that order types, automation, charting and mobile access fit your workflow.
- Check your country: Product availability, leverage, taxes and protections depend on residence.
- Use conservative leverage: A low minimum deposit does not make leveraged trading low-risk.
FAQ
Is Dukascopy cheaper than Swissquote for forex?
Not automatically. Dukascopy combines a variable spread with opening and closing commissions, and currency conversion may add another charge. Swissquote uses an all-in spread with no separate FX commission. Compare the same pair, trade size, account currency, holding period and execution time rather than headline minimum spreads.
Can I buy real stocks through Dukascopy?
Dukascopy’s published schedule covers stock and ETF CFDs. Those are leveraged derivatives, not direct ownership of shares or ETFs. Swissquote offers cash stocks and ETFs through its securities service.
Does Swissquote charge custody fees?
Swissquote Bank Ltd Switzerland lists quarterly custody fees when securities or crypto-assets are held. The fee starts at CHF 20 for assets up to CHF 50,000 and is capped at CHF 50 for assets above CHF 150,000, with an additional charge above CHF 1 million. Other Swissquote entities and account types may use different schedules.
What is the minimum deposit at Dukascopy?
Dukascopy lists USD 100, or the equivalent in another supported currency, for a Forex/CFD account. This is only an entry requirement; margin, trading costs and the risk of loss still depend on the positions you open.
What is the minimum deposit at Swissquote?
For the listed Swiss FX/CFD accounts, Swissquote shows USD 1,000 for Standard, USD 10,000 for Premium and USD 50,000 for Prime. Swiss residents opening a Swissquote Bank Ltd account are separately told that no minimum initial deposit applies, so the relevant service and entity must be confirmed.
Can U.S. residents open accounts with these brokers?
The supplied legal information says no. Swissquote’s legal notice says its services are not intended for U.S. residents, and Dukascopy Bank SA explicitly lists the USA among countries for which it does not open accounts.
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Dukascopy is especially strong for traders using JForex, automated strategies, historical tick data and strategy testing. Swissquote supports algorithmic trading through MT4 and MT5 and offers FIX API access through CFXD, but its published comparison does not list algorithmic trading for CFXD itself.
The Bottom Line
Choose Dukascopy for specialized FX and CFD trading. Its USD 100 advertised minimum, JForex automation tools, direct MT4/MT5 access and volume-based commission schedule are attractive to active traders who understand leverage and execution risk.
Choose Swissquote for multi-asset investing. It is the more natural fit if you want actual stocks and ETFs, broader securities access, crypto and banking services in one account.
Before applying, verify the legal entity, current fee schedule and country restrictions. Comparing only headline spreads—or assuming that stock CFDs are equivalent to owning shares—can produce a seriously misleading answer.
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