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Head to head
Dukascopy Bank or IC Markets? Fees, regulation, platform and product range compared side by side — with a verdict drawn from the data.
Risk warning: CFDs and leveraged products are complex instruments and come with a high risk of losing money rapidly. Investments can fall in value. Past performance is not an indicator of future results.
A real Swiss bank running a real ECN — with a tariff sheet that punishes anyone who moves money often.
One of the cheapest routes to raw institutional FX pricing - as long as you check which entity you are signing with.
Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.
Four decision axes, each derived from the recorded data.
Overall IC Markets takes it, 4.2 against 4.0 out of 5. The two pricing models cannot be converted like for like; the fee rows in the table carry the detail. Dukascopy Bank scores 82 against 70 out of 100 on the group index. Your account's protection depends on its legal entity. IC Markets covers more ground with 9 of 14 asset classes against 8. On platform and app Dukascopy Bank is ahead, 4.2 against 4.1 out of 5. Which one is right depends on which of these axes matters for your trading profile.
Dukascopy BankDukascopy BankDukascopy BankDukascopy BankDukascopy BankUp to four brokers at once — every row a decision point.
Data as of: 30 Aug 2026
| Criterion | ||
|---|---|---|
| Overall score | 4.0 | 4.2 — Better |
| Group index | 82 of 100 | 70 of 100 |
| Best for | Experienced ECN and algorithmic FX tradersClients who want a bank, not a brokerSwiss and cross-border investorsJava strategy developers and API usersHigher-volume, low-withdrawal-frequency traders | Algorithmic and EA tradersScalping and high-frequency FXcTrader usersHigh-volume tradersCopy trading |
| Regulation | FINMAJFSALatvijas Banka | ASICCySECFSCAFSASCBCMA |
| Top-tier licences | 2 — Better | 1 |
| Investor protection | CHF 100,000 — Better | €20,000 |
| Listed group | No | No |
| Banking licence | Yes | No |
| Segregated client accounts | Yes | Yes |
| Negative balance protection | No | Yes |
| Audited financials | Yes | Yes |
| Disclosed regulatory actions | None | 1 |
| Founded | 2004 | 2007 |
| Headquarters | Geneva, CH | Sydney, AU |
| Fees | 3.4 | 4.7 — Better |
| Safety & regulation | 4.8 — Better | 3.9 |
| Trading platform | 4.6 — Better | 4.5 |
| Product range | 4.2 — Better | 3.7 |
| Mobile app | 3.8 — Better | 3.6 |
| Research | 4.0 — Better | 3.6 |
| Customer support | 3.9 | 4.5 — Better |
| Deposit & withdrawal | 2.8 | 4.4 — Better |
| Account opening | 3.2 | 4.3 — Better |
| Education | 3.2 | 3.3 — Better |
| Reference order EUR 5,000 | 0.06 % (CFD) | 0.1 % (CFD) |
| Minimum deposit | US$100 — Better | €200 |
| Stocks (per order) | 0.06 % (CFD) | 0.1 % (CFD) |
| US stocks | US$0.02/share (CFD) | US$0.02/share (CFD) |
| ETFs | n/a | Not offered |
| Options | Not offered | Not offered |
| Futures | Not offered | in the spread |
| Crypto | tiered | in the spread |
| Bonds (order) | n/a | in the spread |
| Funds (order) | n/a | n/a |
| EUR/USD spread | 0.1 pips — Better | 0.8 pips |
| Index CFD spread | n/a | n/a |
| FX conversion | n/a | n/a |
| Inactivity fee | CHF 100 · after 6 months | €10 · after 6 months — Better |
| Custody fee | None | None |
| Withdrawal fee | US$35 | free — Better |
| Deposit fee | 2.5 % | free — Better |
| Overnight financing | n/a | n/a |
| Other fees |
|
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| Asset classes (of 14) | 8 | 9 — Better |
| Exchanges | n/a | n/a |
| Stocks | Yes | Yes |
| ETFs | Yes | No |
| Options | No | No |
| Futures | No | Yes |
| Forex | Yes | Yes |
| CFDs | Yes | Yes |
| Crypto | Yes | Yes |
| Bonds | Yes | Yes |
| Funds | No | No |
| Commodities | Yes | Yes |
| Indices | Yes | Yes |
| Warrants | No | No |
| Spread betting | No | No |
| Social trading | No | Yes |
| Platforms | JForex 4JForex Web 3Visual JForexJForex mobileMetaTrader 4MetaTrader 5JForex API and FIX API | MetaTrader 4MetaTrader 5cTraderTradingViewIC Markets appFIX API |
| Demo account | Yes | Yes |
| Fractional shares | No | No |
| Maximum leverage | 1:200 · Pro 1:200 | 1:30 · Pro 1:500 |
| Account opening | Fully online with video identification, but Swiss bank onboarding asks for more documentation and takes longer than a CFD-only broker — typically 1–3 business days | Digital application, usually approved within one business day |
| Account types | JForex ECNMT4 / MT5Swiss bank accountIslamic (swap-free)PAMM and managed accounts | Raw Spread (MT4/MT5)cTrader RawStandardRaw ProRaw Pro+Swap-free |
| Payment methods | Bank transferSEPACredit cardDebit cardSkrillNetellerCrypto | Bank transferSEPACredit cardDebit cardPayPalSkrillNetellerApple PayGoogle PayCrypto |
| Account currencies | USDEURCHFGBPAUDCADJPYNZDCZKAED | EURUSDGBP |
| Deposit time | Bank transfer 1–3 business days; card and e-wallet deposits typically same day; crypto on network confirmation | Instant to 12 hours on cards and e-wallets, 1-3 business days by bank transfer |
| Withdrawal time | 1–3 business days for bank transfers once approved | Same day to 1 business day on e-wallets and crypto, 2-5 business days by bank wire |
| Free withdrawals | n/a | n/a |
| Languages | EnglishGermanFrenchItalianSpanishRussianChineseJapaneseArabicPolish+4 | EnglishGermanSpanishFrenchItalianPortugueseChineseVietnameseThaiArabic |
| Channels | PhoneEmailLive chatTicket system | PhoneEmailLive chat |
| Availability | 24/7 during the trading week, with live chat, phone and a ticket queue | 24/7 |
Editorial assessment based on the recorded data.
Dukascopy Bank
A real Swiss bank running a real ECN — with a tariff sheet that punishes anyone who moves money often.
Pros
Cons
Best for
IC Markets
One of the cheapest routes to raw institutional FX pricing - as long as you check which entity you are signing with.
Pros
Cons
Best for
Open an account with either
A demo account costs nothing and answers the platform question in ten minutes.
Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.
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