2026 · Evidence audit

Dukascopy Bank (institutional / white-label liquidity) — institutional liquidity provider

Dukascopy Bank SA is a Swiss bank founded in 2004, regulated by FINMA. It serves banks, brokerage firms, hedge funds, and corporate accounts. Claims regarding liquidity aggregation and trading volume should be independently verified due to self-measurement.

Dukascopy Bank SA · Geneva, Switzerland · last re-checked 2026-09 · 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-1 = FCA/ASIC/CFTC-class supervision, tier-2 = CySEC/FSC-Mauritius/MFSA-class, tier-3 = offshore registration. A tier-2 licence is genuine supervision without an investor compensation scheme — never misread it as tier-1 protection.

What the firm commits to

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.