Nothing about this broker instills much confidence. The trading application support seems great, until you install their software and it doesn’t even work. DollarsMarkets have a simple and cheap looking website that does not disclose the most important aspects of trading. Commission? Fees? The conditions for that bonus you just received? You don’t need to know that.
Nothing this broker advertises holds to any scrutiny. Their license is only Tier-3, which doesn’t say much either. See the remainder of our DollarsMarkets Review as we discuss everything wrong with this broker.
Dollars Markets LTD is a legally registered entity in the nation of Mauritius. The company also claims to be registered in St. Vincent and the Grenadines, but this claim turned out not to be true. The SVG FSA does not contain an entry with the name of DollarsMarkets.
Although DollarsMarkets is licensed in Mauritius, this license does not hold much significance. The FSC does not impose strict regulation when it comes to brokerages. Dollars Markets does not provide any client-oriented safety standards that are the norm in developed nations.
In order to get a clearer picture about who DollarsMarkets are, and what they do, we have researched the databases of other regulators as well. After searching prominent regulatory agencies like BaFIN, FCA, CySEC, NFA, ASIC and CBR, we didn’t find any information.
However, Malaysian SC has issued the following warning about predatory behavior displayed by Dollars Markets:
With all these factors taken into consideration, we do not consider DollarsMarkets a trustworthy company.
We have already mentioned that the Malaysian authorities have issued a warning about the poor conduct of DollarsMarkets. The traders’ opinions speak volumes about how their assets were blocked, and the money stolen by DollarsMarkets.
Take a look:
“ […] took my money and stopped responding to calls and emails. Support ignored me later on too. […] “
“ they kept my money. i have account real and trade profit. 28/11/2022 i withdraw but they locked withdraw. […] “
“ […] After paying the deposit, the broker blocks the possibility of withdrawing from the account, claiming that the account is being checked with me, they checked the whole month and after a month they blocked access to the account and money and the profits are forfeited “
DollarsMarkets holds a presence in the currently most popular social networks. They use these profiles to influence people into depositing with the company. Of course, the website itself, dollarsmarkets.com, hosts some very interesting advertisements, such as deposit bonuses and very high leverage.
This would not be enough to attract many clients. DollarsMarkets also employs Boiler Room Agents to sift through phone books and persuade people to invest with the company. You might remember that a fraudulent company with the name of WaysTrade uses the same marketing strategy, if you can call it that.
Dealing with a poorly regulated broker carries an extreme risk of asset loss. If you have deposited money with DollarsMarkets, seek legal help from our experts.
The main company website, dollarsmarkets.com, was first launched in 2020. Although there was no hype surrounding this platform, the people behind DollarsMarkets have started their work on attracting clients almost immediately.
Here is where they found new investors:
Although the company is not authorized to trade in the US, the citizens of this nation comprise the majority of DollarsMarkets clients.
DollarsMarkets offers the “Big 3” of trading applications, MT4, MT5 and cTrader. With this broker each of them come with a glaring defect, however.
DollarsMarkets MT5 doesn’t work, plain and simple, as it is impossible to log in to an existing account, or create a new one. While we were able to login to the cTrader, the application was empty, with no trading information whatsoever.
Although it did seem like the DollarsMarkets Login would work with their version of MT4, the program console displayed an “Invalid Account” error and effectively locked us out. One thing caught our attention immediately after accessing MT4 DollarsMarkets server – the charts and trading information were not updating at all.
The short answer is no. We believed that we could use these trading applications to login from our tablet, but we encountered the same problems.
It seems that DollarMarkets does not have any kind of working software, be it for desktop or mobile devices. It begs the question – how are you supposed to trade at all with DollarMarkets?
DollarsMarkets makes no advertisement about different Trading Instruments on their website. There is only a mention of some 400+ different CFDs options. After accessing the MT4, in its semi-working state, we noticed only 36 different Financial Instruments listed.
Here is a list of the instruments we found:
There are only two DollarsMarkets Account Types. On the plus side, both of these are fully compliant with Shariah trading.
Here are the account types and their minimum deposits:
We have noticed a significant discrepancy when it comes to account funding. Although the Standard account requires a minimum deposit of $15, the client portal does not accept deposits lower than $50. Fraudulent companies like The Traders Domain purposely create this kind of confusion to deceive traders, so beware.
A client may create a demo account through the client portal on DollarsMarkets, but these demo accounts are not accepted by any of their trading applications. You may elect to create a Demo through either of them, but you will be prevented from completing registration.
In other words, even though a DollarsMarkets Demo does exist, it is not workable. It should be noted that we’ve come across similar difficulties while reviewing the InsiderMark fraud.
The DollarsMarkets does not disclose the amounts of fees or commission for trading through their application. This is not something a legitimate broker would do, as financial transparency is one of the most important aspects of online trade.
Although the company claims to charge no fees for a deposit or withdrawal, they charge commission for funds transferred. This is a simple play on words and without a clear cost of fees, DollarsMarkets can invent any sum of money to charge their clients.
The spreads are said to start at 0.1 Pips, but we did not find a single Trading Instrument with spreads lower than 2 Pips in MT4. Some Trading Assets have spreads of 100 Pips, which is insane. The leverage DollarsMarkets offer is 1:2000, which is much higher than the 1:30 restriction imposed in Europe, or a 1:50 maximum in North America.
DollarsMarkets offer hefty bonuses on every deposit. These are up to 100% the deposited amount. The Terms & Conditions document on DollarsMarkets doesn’t include a bonus policy, just as it doesn’t disclose the amount of fees.
This might be a predatory mechanism that prevents clients from withdrawing – fraudulent companies often impose unachievable trading volume requirements before they allow a withdrawal. For this reason, many regulators have banned bonuses outright.
Don’t trust everything you see advertised on dollarsmarkets.com. Their zero-delay and instant transactions are a ruse to lure new investors. Many DollarsMarkets clients are complaining that the company has locked them out of the payout, with no reason or explanation.
If you have similar issues, you may contact your bank, regional financial regulator, or reach out to us for legal assistance. Our recovery experts are available around the clock, and you may book a free consultation through the live chat.
We found almost no positives when it comes to DollarMarkets. The company does indeed hold a license, but it is in an offshore jurisdiction that is notorious for lax regulation enforcement. We have found ample evidence on the website that inevitably led us to the conclusion that DollarMarkets is a predatory entity.
For help in resolving any issues with DollarMarkets, you may contact our legal professionals through the live chat on our website. Don’t delay, as with every passing moment your chances to recover lost assets grow slimmer. We are available 24/7, and you may book a free consultation at any time.
DollarsMarkets is an offshore brokerage of questionable reliability with only a Tier-3 license. If you have any issues with DollarsMarkets, you may book a free consultation with our legal experts through the Live Chat on our website.
DollarsMarkets is regulated in the nation of Mauritius, but this offshore broker offers their services to the international public. DollarsMarkets does not have any other licenses to cover their work in other countries.
Although the minimum deposit at DollarsMarkets is said to be $15, it is impossible to deposit less than $50 through their website.
DollarsMarkets offers a demo account which is unfortunately not usable with any of the trading programs this broker supports.
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