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Is Dollars Markets a trustworthy broker or just another scam?
Dollar Markets is a St. Vincent and the Grenadines registered online Forex and CFD broker. It is owned and operated within the Dollars Markets Group of companies.The physical address for this broker is Suite 305, Grifth Corporate Center P.O. Box 1510, Beachmont, Kingstown St. Vincent and the GrenadinesTo get more news about dollars markets review, you can visit wikifx.com official website.
This broker offers clients two different types of accounts. They are the Standard account and PRO account. The minimum deposit for the Standard account is $15, while the minimum deposit for the PRO account is $50.
Spreads & Commissions
Dollar Markets' official website only shows the spreads for some cryptocurrencies, such as Bitcoin USD with a minimum spread of -17.53 pips, Ether USD with a minimum spread of -673.972 pips, and Litecoin USD with a minimum spread of -6.39 pips. Additionally, the spreads for other financial instruments are not provided.
Leverage
The maximum leverage level offered by Dollar Markets reaches up to 1:1000. Since leverage can amplify both profits as well as losses, inexperienced traders and newbies, are not advised to use high trading leverage.
What is a Legitimate License？
l The legitimate license is the business license issued by the financial regulatory institution of each country/region.
l Holding a license means that the broker is recognized and regulated by the regulatory authority, therefore your money is under the protection to some extent.
l Whether a forex brokerage firm holds a legitimate license or not is one of the important factors to evaluate the reliability of forex brokers.
l The content of the regulation and the difficulty of obtaining a license vary with the country and agency issuing the license.
The legitimate license of Dollars Markets
On its website, Dollar Markets claimed to be regulated by the Financial Services Commission of Mauritius (FSC) GB21026297. However, according to WikiFX‘s investigation, Dollars Markets is not a regulated broker, it doesn’t hold a regulatory license, which means that your money is very likely to be out of your control if something goes wrong. Thus WikiFX has given this broker a low rating of 1.88/10.
On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts. The number of the complaints received by WikiFX has reached 5 for this broker in the past 3 months
Below is the evidence from a victim. this trader from Indonesia claimed that his withdrawal request has been rejected by Dollars Markets after he made profits. His account was deactivated by Dollars Markets, and he did not receive any explanation from this broker. Moreover, Dollars Markets asked the trader to make another deposit. The trader is upset and believes that Dollar Markets is a scam.
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