Dukascopy Beta Testing MetaTrader 4 ECN Accounts
Last week Swiss forex broker Dukascopy announced that they are reducing the minimum lot size for their ECN retail accounts. According to the news section of their website:
Dukascopy (Suisse) SA announces the reduction of minimal lot size. Starting from 8th of January 2010, traders can use mini lots from 0.001 equal to 1000 units of a primary currency amount.
Last November Dukascopy reduced their minimum deposit requirement to $5,000, but at that time this was in a potentially lethal combination with a minimum lot size of 0.1. Note that as far as Dukascopy are concerned a lot is $1 million dollars, so a lot size of 0.1 corresponds to what most other forex brokers would call a full lot (i.e. $100,000). The new minimum lot size therefore corresponds to what most other brokers call a micro-lot of $1000. This now makes opening a Dukascopy account far more attractive to the average retail forex trader, who will no longer have to risk blowing their entire account with a single bad trade! If you're used to MetaTrader then you're used to experimenting on a demo account, and if you'd like to check out Dukascopy they helpfully provide 14 day trials of their JForex ECN platform which you can apply for here.
I assume that it is no coincidence that Dukascopy are offering these attractive new terms to retail customers whilst simultaneously inviting applications for beta testing of their new MetaTrader 4 ECN accounts. If after beta testing the demo you do find yourself attracted by the idea of opening a MetaTrader 4 account offshore in Switzerland then there is one very important difference between a Dukascopy MT4 account and most others. Dukascopy charge commissions on trades placed through their MT4 platform, just as they do if you use their JForex platform. These commissions start at $50/million for a minimum $5,000 deposit, reducing in stages to $5/million if you're fortunate enough to be able to deposit $10 million or more, or if your volume exceeds $3 billion dollars in a calendar month.
Mighty oaks from little acorns grow!