The static and dynamic characteristics of degenerate four-wave mixing in a quantum dot semiconductor optical amplifier are investigated. A high chip conversion efficiency of 1.5 dB at 0.3 nm detuning, a low (< 5 dB) asymmetry of up and down conversion and a spectral conversion range of 15 nm with an optical signal-to-noise ratio above 20 dB is observed. The comparison of pumping near the gain peak and at the edge of the gain spectrum reveals the optical signal-to-noise ratio as the crucial parameter for error-free wavelength conversion. Small-signal bandwidths well beyond 40 GHz and 40 Gb/s error-free 5 nm wavelength down conversion with penalties below 1 dB are presented. Due to the optical signal-to-noise ratio limitation, wavelength up conversion is error-free at a pump wavelength of 1311 nm with a penalty of 2.5 dB, whereas an error floor is observed for pumping at 1291 nm. A dual pump configuration is demonstrated, to extend the wavelength conversion range enabling 15.4 nm error-free wavelength up conversion with 3.5 dB penalty caused by the additional saturation of the second pump. This is the first time that 40 Gb/s error-free wavelength conversion via four-wave mixing in quantum-dot semiconductor optical amplifiers is presented.