STUDY RECORD · last re-checked 2026-09
Dukascopy Bank (institutional / white-label liquidity) — institutional liquidity provider
Founded in 2004, Dukascopy Bank SA is a Swiss bank regulated by FINMA. It provides institutional liquidity services primarily to banks and financial institutions via its white-label program. The firm is self-measured as one of the largest liquidity aggregators, but its age and tier 1 license should be noted when assessing its offerings.
Dukascopy Bank SA · Geneva, Switzerland · evidence score 76/100
Licence, read on the register
| Regulator | Licence number | Jurisdiction | Tier | Source |
|---|---|---|---|---|
| FINMA | not verified | Switzerland | tier-1 | open source ↗ |
Tier classification follows the same scale as the retail register: tier-2 means real supervision and client-money segregation, without an investor compensation scheme — never misread it as tier-1 protection.
What this record teaches
Four reading skills, each anchored to something the firm actually published.
- 01 — Teaching pointDukascopy Bank operates as a tier 1 Swiss bank under FINMA regulation.
- 02 — Teaching pointThe bank provides white-label FX liquidity to banks and regulated financial institutions.
- 03 — Teaching pointConnectivity options include FIX API, JForex, and MT4/MT5 bridge platforms.
Claims ledger
Claims specific enough to be falsified — and the ones that remain the venue's own measurement.
Testable claims
- Founded on 2 November 2004 in Geneva by Andre and Veronika Duka, who still own 99% of the company (own company page)
- Regulated by FINMA both as a bank and as a securities firm; statutory auditor KPMG (own pages)
- Under the Swiss Financial Market Infrastructure Act Dukascopy Bank is qualified as a bilateral Organised Trading Facility (OTF) (own transparency page)
- White Label programme targets banks and regulated financial institutions; spot margin trading in G10 pairs incl. spot gold; minimum turnover requirement of USD 2 billion within the first two years
Claims we cannot verify from outside
- SWFX 'connected through FIX API to over 20 major banks' — the LP count is the firm's own measurement
- 'One of the world's largest liquidity aggregators' is the firm's own characterisation
- One transparent price feed / true historical tick data claims are the firm's own service descriptions
Perimeter and coverage
| Asset classes | Venues | Connectivity | Clients accepted | Explicitly refused |
|---|---|---|---|---|
| FX spot (G10 + spot gold), Bullion, CFDs, Binaries, Crypto exchange & fiduciary custody (FINMA-authorised) | FIX API, JForex, MT4/MT5 bridge, Web/Java platforms | Banks and regulated financial institutions (white label), Brokerage firms, Hedge funds and other institutions, Corporate/institutional accounts: regulated brokers, e-money companies, other PSPs |
A firm that publishes its own negative space — who it refuses, where it is not licensed — is materially easier to diligence than one that doesn't. The refusal list is treated here as a disclosure, not a defect.
Self-check
Answer these before you consider the record read. If you cannot, re-read the licence and the claims ledger — the answers are all in what the firm published.
- What type of clients does Dukascopy Bank primarily serve?
- Which asset classes are offered by Dukascopy Bank?