Dollars Markets Review: Is It Legit Or A Scam?

Dollars Markets Overviews

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Dollars Markets is an online forex and CFD broker that, according to WikiFX, has been in operation between 2 and 5 years. Dollars Markets offers trading in the form of CFDs, and clients can trade financial assets such as forex, metals, indices, cryptocurrencies, shares, energies, and ETFs. WikiFX also claims that this broker is unregulated, but they apparently have a license with the FSC that was acquired on 2021-05-24. The address of the license is 33 Edith Cavell Street, C/o IQ EQ Fund Services (Mauritius) Ltd, Port-Louis, 11324. Here is our detailed review.

Facts About Dollars Markets

Is Dollars Markets Safe? Broker Regulations

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One way to determine whether a broker is truly safe is to understand if a financial authority regulates them. When a financial authority regulates a broker (or its entities), it means that their operation is overseen, and they are more likely to not be deceptive or conduct fraudulent behavior.

Dollars Markets is said to be owned and operated by the Dollars Markets Group of companies, and this consists of Dollars Markets Ltd Incorporated. This company is also said to be registered in Mauritius with a registration number that is;

• 179703

Moreover, they claim to be regulated by the Financial Services Commission of Mauritius (FSC) and hold the license number;

• GB21026297

They also show it on their website as you can see by the image below.

 

 

However, a WikiFX review and investigation into this broker concluded that they are not regulated and do not have a regulatory license. If you head to the WikiFX review, you will find a number of Dollars Markets “clients” that have given their experience with the broker, and all the experiences (at least listed in this review) are bad.

One way we also conduct research to see whether or not a broker is reliable is to take a look at their TrustPilot score, which the broker’s clients usually give, and also detail their experience with the broker.

Dollars Markets TrustPilot score is a low 2.8 out of a possible 5 starts, but this is only from 6 reviews. Typically a large broker will have reviews that number in the hundreds and even thousands.

If you are looking for a safe and reliable broker that is, in fact, regulated, then you should consider reading our review on ZFX, which is a trusted broker.

Adding to the issue of Dollars Markets regulatory licenses, ForexBrokerz found that they were blacklisted by the Securities Commission of Malaysia (SCM).

What Can I Trade with Dollars Markets?

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If you head to the Dollars Markets website and browse the menus, you won’t be able to find what instruments are available to trade if you intend to open up an account. The only inclination that this broker gives you on what is available is if you scroll down on the main page and get to a section where you are prompted in being able to open an account (both live and demo).

 

 

This section states that you will be able to trade Commodities, CFDs, Stocks, Indices, and Metals. If you know anything about trading, you should know that most brokers trade in CFDs, which is not separate from commodities, stocks, indices, and metals. This is the method by which you trade these instruments.

CFD stands for Contract for Differences and implies that you will enter into an agreement with the broker and trade on the speculative movement of the asset in question. Essentially, this means that brokers let you trade forex, commodities, indices, stocks, etc., in the form of CFDs.

Moreover, Dollars Markets don’t specifically state that you will be able to trade forex even though they have a “most trusted forex broker” CTA in their menu.

Dollars Markets also go so far as to say that you will be able to trade over 400 instruments. Perhaps this is true, but we could not find anything on their website that reiterates this.

How to Trade with Dollars Markets?

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Many brokers have multiple ways to let you trade once you have opened an account. Typically, most brokers choose to use the platforms that have been the industry standard for decades, and those platforms are namely;

• MetaTrader 4
• MateTrader 5

Heading to the “trading” menu and selecting “platform” from the dropdown menu, you are given the option to learn more about Dollars Market’s MetaTrader 4 and MT5 platforms as you can see from the image below

 

 

At this point, we should point out that MetaQuotes (the company that developed MT4 and MT5) gives brokers licenses to utilize the software legitimately. Also, even though Apple removed MetaTrader from their app store, most brokers have the option for you still to download it and use it on your Mac if you so happen to have one. This means it is typically available on;

• Windows
• Mac
• Android Mobile

Moving to either the MetaTrader 4 or MT5 page on the Dollars Markets website will give you the option only to download it for Windows. There are options located on the right of the screen giving you a link for Android and Mac; however, if you click the links to any of these, you are greeted with a domain error that says “site can’t be reached.”.

 

 

To give you the best possible reviews here at PipPenguin, we usually signup to any broker that we review, download, and install their software and use it to trade to get the full experience. In this instance, we do not know how safe this broker is, so we did not do this.

How Can I Open Dollars Markets Account? A Simple Tutorial

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Here at PipPenguin, we typically like to open an account for the broker we are reviewing and go through all the possible steps you will encounter. We advise you on how user-friendly and easy it is to register, open an account, deposit, and start trading.

In the case of Dollars Markets, we don’t know how safe they are, so we are only able to guide you through the initial steps. If you feel that this is a broker you would like to signup to (which we do not recommend), then you will need to follow any and all instructions that are given to you from when our tutorial ends.

The first thing you will need to do is to head to the Dollars Markets website and click on the “register” button on the right side of the screen, as the image below shows.

 

 

Once you have done that then, you will be taken to a registration details screen where you will need to fill in some of your personal information, such as;

• Your title
• First Name
• Last Name
• Date of Birth
• Country
• Phone number
• Email

 

 

After you have filled in all this information, you will need to tick the check box where it says you have read the Dollars Markets client agreement. We were not willing to do this, so this is as far as we can guide you on how to open an account with this broker.

Suppose you are adamant about signing up with this broker after this step. In that case, you will need to continue to the next section and fill in and provide any further and necessary information, personal details, and documents for verification.

We do not suggest from all the research that we have done that you signup with this broker but rather look at one of our other top brokers like ZFX.

If you would like to know more about registering an account, then you should watch this tutorial video on how to do it here.

Dollars Markets Charts and Analysis

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Our reviews’ charts and analysis section is dedicated to any trading resources and educational material the broker may provide to the public and their clients. Depending on the broker, the amount and quality of resources they offer will vary, which can be for many reasons.

When looking at Dollars Markets, it seems that they have three resource sections available from their website that anybody can access. These resources are namely;

• Guides
• News and Analysis
• Education

Heading to the guides section, we find that the only guides which are available are those to help you to register an account, and then how to deposit funds and how to verify your account. From our experience with many other brokers, this is typically not the normal guides that brokers offer. Usually, they will be in the form of how to use specific software or to learn how to trade better.

 

 

Next, we have their news and analysis section, which can be classified as a financial blog. Researching the blog, we found that there is usually three to six article that is written on a monthly basis. The articles are usually quite short, and there is no way to tell who wrote them as the author is displayed as “admin.”.

 

 

The last section is their education section, and this section is actually not that bad, considering this site is potentially a scam broker. There are roughly 20 articles going over some basic concepts of trading that include Fibonacci, slippage, how to use MT5, leverage, and more. If you have the time and are new to trading, then reading over these should give you a little insight into the very basic concepts of trading, but some other brokers and sources can and do provide better trading educational material.

 

 

Dollars Markets Account Types

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Dollars Markets only offer two trading accounts (besides) a demo account, and these are namely;

• Standard Account
• Pro Account

There are minimal differences between the two accounts, with the first being the initial deposit for each. For the standard account, the minimum deposit is 15 USD, while the Pro account will have you deposit a minimum of 50 USD.

However, Dollars Markets recommend that you deposit 200 USD for the standard account and 500 USD for the Pro account.

We searched the entire website and found on the home page that leverage can go up to 2000:1 but this has an asterix next to it. This is an important factor to consider because the higher the leverage, the higher the risk you will take for each position you open. Some brokers have low, high, or even multiple leverage that you can change or that are different depending on what instrument you trade.

Remember that you could have a position open, and the leverage could be so high that your entire account gets liquidated as your position goes into the red. This is something to be careful of.

The floating spread for the standard account is as low as 0.1 pips, with the pro account having no spread at all. Usually, for pro accounts like this, brokers usually make an initial deposit of 1,000 USD or more.

No commission is said to be for both accounts, with the standard account having 64 currency pairs, 5 metals, 12 indices, and 5 cryptocurrencies to trade. The pro account then has 107 currency pairs, 14 precious metals, 14 indices, 104 cryptocurrencies, 158 shares, 3 energies, and 7 ETFs to trade.

The minimum volume that can be traded on both accounts is 0.01 lots, while the maximum volume is unlimited. This is another red flag because most brokers limit the number of lots you are allowed to trade and the number of positions you can open at any one time.

The margin call for both accounts is 50%, while the stop-out level (for both) is 30%. Both accounts also claim to have hedging, scalping, and expert advisors available. Also, both accounts claim to have no swap fees or overnight commissions.

Lastly, they also allow you to open up an Islamic account, which you can do from here.

Do I Have Negative Balance Protection with This Broker?

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Negative balance protection is something that many brokers have as a policy to protect their clients. This means that if your account should go into the red (you are losing on a position and your account goes below 0), then the broker will close the position and bring your account back to zero. This is what is known as negative balance protection.

Nowhere on the Dollars Markets website (not even in their FAQ) section do they go over details on negative balance protection. However, we did speak to a support agent when we asked about this policy; this was their response, “Our system tries to close out your accounts exactly at 0.00. However, due to volatile market conditions in tandem with full margin usage, as prices may spike, this has caused a negative balance to appear on your account. Kindly open up a new account to reset your negative balance.”.

So, according to support, there is a chance that your account will close in the negative, but apparently, all you need to do is to open a new account, and your account will be reset.

Dollars Markets Deposits and Withdrawals

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If you head to the Dollars Markets website and browse the “trading” dropdown menu, you will see a “deposits and withdrawals” page. Going to that page will give you a breakdown of all the deposit and withdrawal methods that Dollars Markets offers its clients.

 

 

It should be noted that only three methods are available to clients, whether they want to deposit or withdraw funds from their accounts. The three ways in which you can do this are;

• Instant bank transfers
• B2BinPAY
• Mastercard

Typically brokers will have many methods to deposit funds that include what is considered normal methods like Visa or even e-wallets like Skrill, PayPal, Neteller, etc. Dollars markets do not have any e-wallet method of deposit or withdrawal but rather have a cryptocurrency method.

You would typically only see cryptocurrency systems when dealing with crypto exchanges. This is one of the only “forex” brokers we have come across that deal in crypto for deposits and withdrawals.

Support Service for Customer

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Customer support is an intricate part of any broker, and besides being regulated, good customer support is the backbone to ensuring and presenting a safe and reliable space that clients can trade-in. We have reviewed a few other brokers that, for all intent and purposes, had no customer support, and we determined that they might be a scam broker (this is not uncommon), but on the part of Dollars Markets, there are two ways to get hold of customer support.

Heading to their FAQ page, you will find a FAQ on how to contact customer support. The two ways by which you can do this is by;

• Live chat via their website
• Email: support@dollarsmarkets.com

The live chat is by far the best and quickest way to get support if you have a problem, and this is how we asked questions to many of the answers because of the lack of information on the site.

Prohibited Countries: Where Can I Not Trade with this Broker?

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It is important to understand that brokers can only operate in specific regions due to various factors. These include jurisdictional laws, regulatory authorities, operating licenses, and many more. Thus some brokers will operate in specific regions while they will not be allowed to operate in other areas and vice versa.

For example, many global brokers are not allowed to operate within the United States because the SEC (Securities Exchange Commission) prohibits them from doing so. Hence, more often than not, you will not find global brokers offering trading accounts to anybody from the United States.

Most brokers make this information public knowledge because clients will need to know if they are allowed to open up an account with that particular broker. Searching the Dollars Markets website and speaking to their live chat, there was no specific information that we obtained that allowed us to say with certainty which countries Dollars Markets were not allowed to operate in.

We can only assume that they do not operate in the United States and perhaps countries that are blacklisted by the Financial Action Task Force (FATF).

Special Offers for Customers

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Brokers sometimes offer clients special offers, bonuses, competitions, and other incentives to get them to signup and, in some cases, to swap with the broker.

In the case of Dollars Markets, they offer multiple special promotions. The first is the welcome bonus that applies to clients who opt to use either MT4 or MT5. Both bonuses are equivalent to 30 USD, but this is only given if you fund your account with 50 USD when it is opened. There are some terms and conditions that you will need to consider, and we have outlined them here for you for ease of use;

• The client is required to create an MT4 Welcome Bonus Account (limited to ONE per client).
• 30 USD credit given upon FIRST deposit of a minimum of 50 USD.
• Expires in 30 days from First Deposit in  MT4 Welcome Bonus Account.
• Trade a minimum of 10 lots to withdraw USD 30 bonus.
• The minimum required time in trading position must be opened at least five (5) minutes.
• The maximum lot trade size is 0.1 USD.
• MT4 Welcome Bonus will be forfeited if your account’s equity is less than the bonus.
• MT4 Welcome Bonus will be forfeited upon early withdrawal or internal transfer out (before completion of 10 lots traded).
• The company reserves the right to change the terms of promotion without prior notification.

These terms and conditions can be found on the MT4 signup page, but when speaking to support, they also informed us that these terms and conditions apply to the MT5 accounts.

The next promotional offer the Dollars Markets have is that of a referral program where you can refer a friend. This is not uncommon with many brokers, as it is usually a staple when it comes to promotions. However, Dollars Markets requires you to refer 3 friends in order to stand a chance of winning 15 USD. When it comes to this promotion and other brokers, they give clients much more incentive, usually with a 50 USD referral program for only 1 referral.

Then Dollars Markets (in their “promotions” menu) lists zero swap and zero deposit and withdrawal fees as a special offer. We can’t really classify this as a promotion because many other brokers (at least 80% that we have come across) have these “policies” as standard business practices, and they do not regard them in any way as a special promotion.

For instance, ZFX has zero deposit and withdrawal fees, and they offer other promotions and special offers by way of competitions where you can win cash prizes, gifts, and even weekends away.

Dollars Markets Review Conclusion: Reputable Broker with Easy-to-use Platform

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Gathering as much information as possible, we can assertively say that Dollars Markets may not be the best or one of the safest brokers available to you. Their site does not contain the most basic and necessary information about the broker for you to make an informed decision on whether they are safe.

PIPPENGUIN

Gathering as much information as possible, we can assertively say that Dollars Markets may not be the best or one of the safest brokers available to you. Their site does not contain the most basic and necessary information about the broker for you to make an informed decision on whether they are safe.

This is compounded by the fact that WikiFX states that their license is not valid, and ForexBrokerz found that they were blacklisted by the Securities Commission of Malaysia (SCM).

Due to these reasons and all the factors that add up, it points to a scenario where this broker may not be legitimate, and if they are, then their business practices are not the greatest. When you are dealing with the world finance, this should be a priority. This means we cannot, in good faith, recommend this broker to anyone.

Summary and Key Takeaways

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Dollars Markets is considered by PipPenguin and many other brokers, professionals, and review sites to be untrustworthy while being unsafe and unreliable. There are many reviews from customers stating that they were defrauded of the funds they deposited in their accounts, and there was no way to retrieve them.

Dollars Markets only holds (apparently) one license with the FSC, and this by some is considered to be fake.

FAQs

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Does dollar markets have a support team?

Dollars markets does have a support team. You can contact support via live chat which can be accessed straight from their website. You can also head to their “contact us” section and submit a question you may have via a form. Otherwise you can call or email Dollars Markets support via;

• +275 70040034
• support@dollarsmarkets.com

Is Dollars Markets legit?

According to our research, Dollars Markets seem to be an operating online forex broker, but we would not consider them the safest or the most reliable. Moreover, WikiFX has determined that although they say the FSC regulates them, they perhaps might not be.

How do I deposit and withdraw funds from Dollars Markets?

You can deposit and withdraw funds from your Dollars Markets account in three ways. These are namely by instant bank transfers, B2BinPay, and via Master card. Take note that Visa and other e-wallet payment methods are unavailable.

Does Dollars Markets have any promotions?

Dollars Markets have a signup bonus of 30 USD when you use either MT4 or MT5. They also have a referral program where you can win up to 15 USD if you refer three friends.