WikiFX Review: Is Dollars Markets a trustworthy broker or just another scam?

About Dollars Markets

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 Grenadines

Market Instruments

Investors can trade Forex currency pairs, commodities, indices, and cryptocurrencies on the Dollar Markets platform.

Trading Platforms

Dollar Markets offers MT4 and MT5 as its main trading platforms.

Account Types & Minimum Deposit

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.

Deposits and Withdrawals

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Regulatory Status

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.

The feedback from Twitter

To figure out whether Dollars Markets is a scam or not, we did a survey about this broker on Twitter.

Reviews on Twitter:

Dollars Markets has two accounts on Twitter. But they do not have much difference. Both accounts are established in 2020.

The exposure related to Dollars Markets on WikiFX

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.

Another trader who is also from Indonesia claimed that his account was disabled and he cannot withdraw his funds. The explanation from the broker is that this trader violated Dollars Markets rule—“Abusive Trading”. Below are the details.

Based on what shows below, a trader from Malaysia complained that Dollar Markets disabled his account and did not allow this trader to withdraw.

WikiFX Alerts

(source: WikiFX)

Conclusion

Due to too many complaints, WikiFX warns you to be careful if you plan to trade with this broker. WikiFX does not advise traders to invest in Dollar Markets since Dollar Markets has been given a very low score by WikiFX. WikiFX contains details of more than 36,000 global forex brokers, which gives you a huge advantage while seeking the best forex brokers. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link below (https://www.wikifx.com/en/download.html). Running well in both the Android system and the IOS system, the WikiFX APP offers you the easiest and most convenient way to seek the brokers you are curious about.