Looking for non-shady alternatives to Dukascopy

iloveyouguys

Active Member
I looked into their key people and Linkedin presence of their employees. They don't seem very trustworthy. Two founders own 99% of the bank. Bank's chairman has a very low profile.

Do you know any alternatives? CIM Bank would be great if their fees weren't like $500 per year even if you keep $10k there.
 

Nicholas Van Orton

Active Member
By the looks of it, I guess you're referring to alternatives in Switzerland. Bear in mind that there is a depositors compensation scheme that covers your first 100K CHF in case anything goes wrong with a bank. Dukascopy is part of the scheme, therefore, shady or not, your money as a (retail) depositor is protected (whether you believe these schemes are reliable is not relevant, in theory "you are protected").
Other similar names that keep popping up here are: CIM Banque, Swissquote and Saxo Bank. All mostly trading-related banks, but so far so good as far as I know.
BTW, if the CHF360 (it's CHF90 per quarter...) CIM Banque will charge you to hold your $10K looks 'abusive' in your eyes, ie, a mere 3.6% (a bit less taking currency rates into account), then I think you should start looking in another planet... Swissquote will charge you between 100/200CHF per year for the credit card maintenance alone, so I don't feel like you're in the right spot here, maybe I'm wrong...just think it over.
 

John Dee

Active Member
Hands away from DucasCopy, after you send your money IN, you will figure out, that only way how you can use it is to buy theirs s*itcoin "DucasCoin", you can not even transfer funds to another IBAN (transfer them out), you can only transfer to another account of DucasCopy
 

iloveyouguys

Active Member
Hands away from DucasCopy, after you send your money IN, you will figure out, that only way how you can use it is to buy theirs s*itcoin "DucasCoin", you can not even transfer funds to another IBAN (transfer them out), you can only transfer to another account of DucasCopy
Can you show me the screenshot of that? That sounds hard to believe.
 

iloveyouguys

Active Member
By the looks of it, I guess you're referring to alternatives in Switzerland. Bear in mind that there is a depositors compensation scheme that covers your first 100K CHF in case anything goes wrong with a bank. Dukascopy is part of the scheme, therefore, shady or not, your money as a (retail) depositor is protected (whether you believe these schemes are reliable is not relevant, in theory "you are protected").
Other similar names that keep popping up here are: CIM Banque, Swissquote and Saxo Bank. All mostly trading-related banks, but so far so good as far as I know.
BTW, if the CHF360 (it's CHF90 per quarter...) CIM Banque will charge you to hold your $10K looks 'abusive' in your eyes, ie, a mere 3.6% (a bit less taking currency rates into account), then I think you should start looking in another planet... Swissquote will charge you between 100/200CHF per year for the credit card maintenance alone, so I don't feel like you're in the right spot here, maybe I'm wrong...just think it over.
So if I don't want to waste $500/yr, I should go to another planet? Okay buddy.
 

Admin

Forum Moderator
Staff member
Hands away from DucasCopy, after you send your money IN, you will figure out, that only way how you can use it is to buy theirs s*itcoin "DucasCoin", you can not even transfer funds to another IBAN (transfer them out), you can only transfer to another account of DucasCopy
So it makes it more or less useless for anyone to use it!
 

John Dee

Active Member
No, you can not send SWIFT wires, only thing what you can do, is to buy worthless DucasCoin as I said before, and as admin says : It's useless.
 

Marie Manila

Building Trust
Entrepreneur
I think you used the wrong form.
They have 2 different forms. One for making SEPA and SWIFT transfers and another one for making internal transfers to other Dukas users.

For me it was not a problem to make any transfers in or out. And also using the credit card is working fine.
 

John Dee

Active Member
Where do you see this ? If you go to Send money, there is only 2 options "Phone number" and "Account number" , when you click on "Account number" there is field where to fill IBAN and amount of money to send + currency and that's it. Are we talking about same "Bank" here ? Are you sure ?
 

xzars

Trusted Member
Business Angel
It's not like there's much free action to be had in that negative interest rate climate. Go for CIM.

If the prices are a little much for your business at this stage, you can also consider becoming an on-shore resident in the high tax 1st world, and manage your business from there, to get access to better and cheaper banking options.
 
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