You’re at the right place if you’re having doubts about whether you should invest to trade with Dominion Markets. We’ll tell you straight away that it may not be such a good idea.
We owe you an explanation and we’ll deliver it In the unbiased Dominion Markets Review. Legal and trading aspects such as regulation, license, platform, leverage, costs and funding methods will be analyzed.
Dominion Markets LLC is the name of the company that runs this brokerage. In the Terms and Conditions section on the website, we discovered that this company operates from Saint Vincent and the Grenadines (SVG).
Therefore, it’s an offshore entity since SVG is an offshore domain. There’s one big issue here – SVG’s Financial Services Authority does not regulate Forex trading, which the regulator explicitly mentioned on its website.
Hence, the Dominion Markets regulation is fake and there’s no “governing law” that this broker abides by, meaning that your funds aren’t safe at all.
Our advice is that you find a licensed broker, preferably regulated by top authorities such as the FCA, ASIC, CySEC, BaFin, CNMV, FINMA, etc. The domain under the European Securities and Markets Authority (ESMA) jurisdiction is a safe bet.
Dominion Markets is an SVG-based offshore broker without a trading license. The broker has received negative reviews for scamming traders from the United States, United Kingdom, India, Pakistan, and Canada.
It seems that Dominion Markets was sneaking around areas it wasn’t supposed to enter. Offshore brokers usually don’t have the permits necessary to offer services onshore.
From what we gathered, Dominion Markets tried to persuade clients from all over the world to invest. The shady broker even succeeded in defrauding some of them.
Notice a pattern here? The UK and all of its former colonies, including the broker’s home island of SVG. To make matters worse, the broker has “dominion” in its name. Maybe that was Dominion Markets’ roadmap.
Dominion Markets’ website was pretty visited over the past three months. On similarweb.com, we found out that there were around 75k visits in December 2022 and January 2023, and 58k in February 2023.
The financial swindler is probably active on social media such as Facebook, Instagram, Twitter, LinkedIn, etc. Or, maybe Dominion Markets used private Telegram channels or WhatsApp chats to attract victims.
If not, then it’s got to be those persistent phone calls and emails or even fraudulent online marketing campaigns.
Several trader reviews have pointed out that Dominion Markets is a scammer. We found numerous complaints against the broker. The most common problem we read about was withdrawal issues. Have a read for yourself:
Deposit 480dollars and withdraw 300 dollars after making profit. The account still has 456 dollars, but it cannot be withdrawn…
I’ve been waiting quite a while for my withdrawal to be processed, but it’s still pending; they are untrustworthy scammers…
Dominion Markets offers MetaTrader 5 and WebTrader. The latter is an oversimplified browser-based terminal with very limited features.
MT5 is an outstanding trading platform, arguably the best in the game. It offers an array of cutting-edge tools such as algorithmic trading, live market reports, API integration, multiple timeframes, a user-friendly interface, etc.
To our surprise, the MT5 platform was actually legit but that still didn’t make up for the broker’s missing regulation.
WebTrader is web-based so it doesn’t require a mobile app. On the other hand, Dominion Markets included an Android and iOS version of MT5.
Mobile trading is great on the go for making quick adjustments. But still, we wouldn’t recommend you download Dominion Markets’ app due to the broker’s unlicensed status.
In terms of trading assets, Dominion Markets offers the following:
According to Dominion Markets’ website, spreads and commissions differ for each account type.
The Standard account’s spread is fixed at 1 pip with no commissions whereas the PRO account offers 0 pips but charges 7 $ per round lot.
However, on the trading platform, the spread stays fixed at around 2.8 pips, which is not what Dominion Markets promised. Such a wide spread is not profitable for traders, only for the broker.
As mentioned, Dominion Markets offers two different account types:
The only difference between them is in the spreads & commissions, which we already covered. Both account types require a minimum deposit of 100 $ and offer leverage up to 1:500.
Bear in mind that such high leverage is extremely risky and will surely lead to losses. That’s why ESMA imposed a limit of 1:30 for retail clients.
Sadly, no. Dominion Markets didn’t include a free demo account, which is typical of offshore brokers without a license.
They purposefully don’t offer a free demo account to force traders to invest straight away in a live account. Traders risk losing their money to the financial swindler that way.
BYOB, or Be Your Own Broker, is Dominion Markets’ partnership program. Namely, the broker provided instructions on its website for becoming a partner and earning from commissions.
Dominion Markets claims it rewards its partners with 1.5 $ per lot, saying that most of the broker’s partners earn 3,500-7,800 $ per month passively.
This BYOB concept smells like a Ponzi scheme where the one on top, in this case, Dominion Markets will profit from the efforts of those below, i.e. the ones that bring in new clients. Of course, those lower in the pyramid won’t get anything.
The minimum deposit is 100 $ (50 $ for crypto). For funding methods, Dominion Markets included the following:
The shady thing about this broker is that all card payments are processed by a third-party payment processor, the name of which wasn’t disclosed. A Dominion Markets withdrawal allegedly takes up to 24 hours but traders said they had withdrawal issues.
Dominion Markets is not trustworthy due to the broker’s lack of a trading license. Many traders even wrote complaints about the broker’s services.
If you find that Dominion Markets violated any terms and conditions, please let us know. Lost money to this scheme? Global Fraud Protection can help you get it back.
Our team of experts specializes in bank chargebacks, recalls and advanced crypto-tracing solutions such as CipherTrace.
If this broker steals your money, contact us for help. The easiest way to book your free consultation with us and find out what to do is via Online Chat.
We do not recommend you trade with Dominion Markets. After all, the offshore broker is unregulated and therefore dangerous.
No. Dominion Markets doesn’t offer a free demo account, which is a red flag.
Yes. Dominion Markets included an Android and iOS version of MT5.
Yes. MT5 is a phenomenal trading platform so it’s a shame that Dominion Markets is unlicensed. WebTrader isn’t that great.
We do not recommend you trade with Dominion Markets. After all, the offshore broker is unregulated and therefore dangerous.
No. Dominion Markets doesn’t offer a free demo account, which is a red flag.
Yes. Dominion Markets included an Android and iOS version of MT5.
Yes. MT5 is a phenomenal trading platform so it’s a shame that Dominion Markets is unlicensed. WebTrader isn’t that great.
The post Dominion Markets Review – An Unlicensed Offshore Brokerage With Negative Reviews appeared first on Global Fraud Protection.
