Dollars Markets Review 2023: Is It Legit Or A Scam?

Dollars Markets

3.6

Expert Score

Product is rated as #45 in category Forex Brokers

VISIT BROKER

VS

ZFX

7.9

Expert Score

Product is rated as #1 in category Forex Brokers

VISIT BROKER

Dollars Markets Overviews

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.

Is Dollars Markets Safe? Broker Regulations

As a critical part of any diligent trader’s research, perusing a Dollars Markets review or multiple reviews can shed light on the reliability and trustworthiness of this broker. Evaluating whether a financial authority regulates a broker is a vital factor to consider. Such regulation indicates that the broker’s operations are overseen, decreasing the likelihood of fraudulent or deceptive activities – a concern often raised when you hear terms like “Dollars Market scammer.”. 

Dollars Markets is purportedly owned and operated by Dollars Markets Group, which consists of Dollars Markets Ltd Incorporated, a company reportedly registered in Mauritius with the registration number 179703. They claim to be regulated by the Financial Services Commission of Mauritius (FSC), holding the license number GB21026297. However, not everything appears to be straightforward, as evidenced by differing information across various platforms. 

Investigations and reviews, such as those conducted by WikiFX, have suggested that Dollars Markets may not be regulated, contrary to what they claim. This review unveils some less-than-flattering experiences from supposed clients of Dollars Markets. These negative reviews contribute to the speculation around the query, “Is Dollars Market a legit broker?”. 

One popular method to assess a broker’s reliability is through their TrustPilot score. This score is derived from reviews provided by the broker’s clients and encapsulates their experiences. The Dollars Markets TrustPilot score, at the time of writing, stands at a meager 2.8 out of 5, based on only six reviews. Typically, a large broker would garner reviews in the hundreds or even thousands, enhancing the validity of the TrustPilot score. 

Given these circumstances, you may want to consider other options, such as reading our reviews on ZFX, XM, Traze, and Exness which are acknowledged as a trusted brokers. 

Adding fuel to the fire of credibility issues surrounding Dollars Markets, an investigation by ForexBrokerz found that the Securities Commission of Malaysia (SCM) had blacklisted them. This finding is of particular interest to those specifically searching for a “Dollars Market broker review Malaysia.”. 

With the lingering question “is Dollars Market, a legit broker?” and the inconsistencies surrounding regulatory licenses, a cautious approach is advised when considering Dollars Markets as your broker. It’s always prudent to do thorough research and read multiple “Dollars Markets broker review” articles before committing to a trading platform. This will ensure you’re well-equipped with ample information to make an informed decision about your trading journey. 

What Can I Trade with Dollars Markets?

Navigating the complex realm of online trading can often be overwhelming, hence the importance of reading a comprehensive “Dollars Markets review” when considering this platform as your broker of choice. 

A preliminary glance at the Dollars Markets website might perplex prospective traders. Despite a detailed search through the platform’s menus, information about the specific trading instruments available to account holders is notably absent. The only indication of the offered tradeable assets appears within a section on the main page promoting both live and demo account registrations. 

This section mentions Commodities, Contracts for Differences (CFDs), Stocks, Indices, and Metals. However, those familiar with trading will quickly recognize an ambiguity here. Most brokers, including Dollars Markets, trade these assets in the form of CFDs, which is not a separate asset category but rather a trading method. 

CFD, or Contract for Differences, essentially allows traders to speculate on the price movements of the various assets without owning the underlying asset itself. So, it means that when a broker like Dollars Market advertises trading forex, commodities, indices, stocks, etc., it’s generally in the form of CFDs. 

Interestingly, despite boasting a “most trusted forex broker” call-to-action (CTA) in their menu, Dollars Markets doesn’t explicitly mention forex trading as one of their offerings. This can create some confusion for prospective traders specifically interested in forex trading, leading to searches such as “Is Dollars Market a legit broker?” or even casting them in a light of being a potential “Dollars Market scammer.”. 

Dollars Markets also boldly claims that traders will have access to over 400 instruments on their platform. While this could indeed be the case, we were unable to find any concrete evidence on their website to support this statement. 

This Dollars Market broker review reveals that the platform’s lack of clarity about available trading instruments and seeming inconsistencies in its promotional material may warrant caution. Traders, especially those in Malaysia conducting a “Dollars Market broker review Malaysia” search, are advised to thoroughly research and perhaps even contact customer support for more information. Conducting such due diligence can help traders make an informed decision about their broker of choice, whether that’s Dollars Market or another platform. 

How to Trade with Dollars Markets?

Embarking on your trading journey with a broker such as Dollars Markets, you will find that a comprehensive Dollars Markets review is paramount to understanding what they offer and how they operate. An aspect that significantly impacts a trader’s experience is the platform offered by the broker for trading. 

Most brokers in the industry lean towards utilizing well-established platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5). MetaQuotes, the company that developed these platforms, licenses them out to brokers to ensure legitimate use. While Apple has removed MetaTrader from its app store (but has since reinstated it), many brokers still provide the option to download and use it on Mac, Windows, and Android Mobile devices. 

Navigating through the “trading” menu on the Dollars Markets website, one can find a dropdown menu featuring their MT4 and MT5 platforms. However, their offering seems limited compared to industry standards. When you land on either the MT4 or MT5 page, the option to download the platform appears only for Windows. There are links for Android and Mac, but clicking them leads to a domain error stating the “site can’t be reached.” This inconsistency might raise concerns and prompt questions like “Is Dollars Market a legit broker?” or even tag them as a potential “Dollars Market scammer.”. 

Here at PipPenguin, we endeavor to provide the most thorough and reliable reviews. We typically sign up with the broker under review, download their software, and use it to trade. This helps us gain a first-hand experience of their service and better evaluate aspects like their MT4 offering, often discussed in a “Dollars Markets MT4” review. However, due to safety concerns and the unclear standing of this broker, we refrained from following this process for Dollars Markets.

Thus this Dollars Market broker review so far indicates potential platform availability and functionality issues. Potential clients, particularly those conducting a “Dollars Market broker review Malaysia” search, are encouraged to do extensive research before selecting their broker. Looking into other searches related to the broker, like “minimum deposit Dollars Market” or “Dollars Market deposit bonus,” can provide additional valuable insights. 

How Can I Open Dollars Markets Account? A Simple Tutorial

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 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

When choosing a broker, many prospective traders take into consideration the amount and quality of educational resources available. They serve as valuable aids for both beginner and experienced traders, helping them navigate the market more confidently. This section of our Dollars Markets review is dedicated to evaluating the educational content and trading resources they offer. 

Upon examining the Dollars Markets website, it’s apparent they have three main resource sections available for public access: “Guides,” “News and Analysis,” and “Education.” 

Looking into the “Guides” section, one might wonder, “Is Dollars Market a legit broker?” This is because, contrary to what one might expect, it doesn’t contain guides to improve trading skills or familiarize oneself with trading platforms, which is the norm with many brokers. Instead, it focuses on procedural aspects such as registering an account, depositing funds, and verifying your account. Next, the “News and Analysis” section can be seen as a financial blog featuring three to six short articles monthly. However, these articles appear to be authored by an “admin” with no clear identity, which could raise concerns for some traders looking for more credible and detailed insights. Finally, we arrive at the “Education” section. This part of the Dollars Markets website covers basic trading concepts, offering around 20 articles on Fibonacci, slippage, MT5, leverage, and more. This may seem promising at a glance, but when asking, “Is Dollars Market a legit broker?” it’s essential to consider that other brokers often provide more comprehensive educational material. For beginners, these resources might provide a glimpse into the basic concepts of trading, but other sources may offer more extensive learning opportunities. This Dollars Markets broker review (so far) illustrates that while they provide some educational resources, their quality and depth seem limited compared to industry standards. As always, potential clients conducting a “Dollars Market broker review in Malaysia” or elsewhere are advised to research and consider their broker’s offerings and reputability thoroughly. Topics like “minimum deposit Dollars Market” or “Dollars Market deposit bonus” can provide further insights into the broker’s operations. 

Dollars Markets Account Types

In the process of scrutinizing a broker, it’s crucial to consider the variety of trading accounts they offer. In the case of Dollars Markets, our dollars market review reveals that they offer two account types for live trading, namely the Standard Account and the Pro Account, in addition to a demo account for practice trading. 

While seemingly similar, the two live trading accounts carry a few differences worth noting in any Dollars Markets broker review. The initial deposit for the Standard Account is a relatively low $15, while the Pro Account requires a minimum deposit of $50. However, Dollars Markets recommends a $200 deposit for the Standard Account and $500 for the Pro Account, presumably to provide traders with more trading flexibility. 

Interestingly, the website mentions a leverage of up to 2000:1, though it carries an asterisk, indicating some conditions may apply. High leverage can be a double-edged sword in forex trading, offering the potential for significant profits but equally considerable losses. The risk of account liquidation increases with leverage, a factor potential clients should bear in mind when asking, “Is Dollars Market a legit broker?” 

In the realm of spreads, the Standard Account promises a floating spread as low as 0.1 pips, while the Pro Account boasts zero spread. This appears enticing, but it’s worth noting that many brokers typically require a more substantial initial deposit for such accounts, often exceeding $1,000. 

According to the Dollars Markets website, both accounts feature no commissions. The trading options are plentiful, with the Standard Account offering 64 currency pairs, 5 metals, 12 indices, and 5 cryptocurrencies. The Pro Account goes even further, providing access to a broader selection of 107 currency pairs, 14 precious metals, 14 indices, 104 cryptocurrencies, 158 shares, 3 energies, and 7 ETFs. 

The minimum and maximum trading volume on both accounts is 0.01 lots and unlimited, respectively. The unlimited volume raises another red flag in our Dollars Market broker review as most brokers impose some limits to manage risk. 

Both account types claim a margin call of 50% and a stop-out level of 30%, with options for hedging, scalping, and expert advisors. Furthermore, they purport to carry no swap fees or overnight commissions. In conclusion, while these accounts may seem attractive on the surface, it’s essential to proceed with caution, given the mixed reviews and potential red flags associated with Dollars Markets. 

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?

In the process of performing a thorough Dollars Markets review, one factor that can’t be overlooked is the presence or absence of negative balance protection. A common policy amongst many brokers, negative balance protection safeguards traders from severe financial loss. If a trader’s account dips below zero due to losses on open positions, this policy ensures that the broker closes the position, effectively returning the account balance to zero. It’s a safety net that can reassure those who wonder, “Is Dollars Market a legit broker?” 

However, our in-depth Dollars Market broker review reveals that their stance on negative balance protection is not readily available on their website, including in the FAQ section. This absence of transparent information raises a query in the minds of potential clients, leading some to ask, “Is Dollars Markets a scammer?” 

Upon reaching out to a support agent for clarification, their response was slightly concerning. They stated that their system aims to close out accounts at exactly $0.00. However, the account might plunge into the negative due to potentially volatile market conditions combined with full margin usage. The solution to reset the account balance, according to the support agent, is to open a new account. 

This response seems to indicate a loophole in the Dollars Market’s policies, a scenario that could lead to a trader having to open new accounts in times of negative balance repeatedly. A comprehensive Dollars Market broker review would urge traders to take this into consideration, especially when looking at the broader picture of the broker’s operations. 

The question of whether Dollars Markets is a scammer or a legitimate platform is one that traders must weigh for themselves. This review merely points out some potential issues within the platform’s policies, emphasizing the importance of doing due diligence before committing to any particular broker. 

Dollars Markets Deposits and Withdrawals

In the quest to offer an in-depth Dollars Markets review, we explored the various options for deposits and withdrawals offered by this broker. The process is straightforward. On the Dollars Markets website, navigate to the ‘trading’ dropdown menu, and select ‘deposits and withdrawals’. This leads to a comprehensive breakdown of all the monetary transaction methods at your disposal. On examining the broker, Dollars Market, one aspect that may seem unusual to seasoned traders is the limited number of options available for both depositing and withdrawing funds. The broker restricts its clients to just three methods: 

• Instant bank transfers 

• B2BinPAY 
• Mastercard 

Compared to the broader financial transaction landscape, where brokers typically offer multiple methods such as Visa, and e-wallets (Skrill, PayPal, Neteller), the options provided by Dollars Markets seem limited. Notably absent are e-wallet options, which are commonly used in the industry. 

Instead, this Dollars Market broker review found that the broker incorporates a cryptocurrency method, B2BinPAY. This system, more typically found in crypto exchanges rather than forex brokers, may make one question, “Is Dollars Market a legit broker or a Dollars Market scammer?” 

For a trader performing a Dollars Market review, this unusual choice of transaction methods could raise red flags. The inclusion of a cryptocurrency system for deposits and withdrawals is atypical for forex brokers and is not something one usually finds outside of crypto exchanges. 

A comprehensive Dollars Market broker review in Malaysia would stress the importance of traders understanding these unusual transaction methods and their implications. As a potential trader, you might consider these considerations when deciding whether or not to engage with Dollars Markets. 

Support Service for Customer

In a thorough Dollars Markets review, one essential component to examine is customer support. Reliable customer service is just as vital as a broker’s regulation credentials, acting as the backbone of a safe and trustworthy trading environment. On assessing Dollars Markets, we discovered two primary means for clients to reach out to customer support. 

While conducting this Dollars Markets review, we’ve come across other brokers with virtually no customer support, leading to suspicions about them being potential Dollars Markets scammers. However, this does not appear to be the case with Dollars Markets, as they provide two ways for their clients to connect with customer support. 

To learn more about reaching out to customer support, you can navigate to the FAQ page on the Dollars Markets website. The two means of communication detailed there are: 

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

Among these, the live chat feature is, without a doubt, the most efficient way to resolve any issues you might encounter promptly. Through this quick and convenient communication channel, we managed to answer many of our questions while creating this Dollars Market broker review, especially given the somewhat sparse information on the site. 

Despite the limited means of reaching out, the provision of a live chat feature is a positive aspect of this Dollars Market review. So, if you’re pondering, “Is Dollars Market a legit broker?” the existence of customer support, although minimal, leans more towards a positive response. However, potential traders in Malaysia and elsewhere should perform a thorough Dollars Market broker review Malaysia to better understand the broker’s operations before deciding to engage. 

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

In the landscape of financial trading, it’s crucial to understand that brokers like Dollars Markets have limitations on where they can operate due to various factors. Such restrictions could be based on jurisdictional laws, governing bodies, and licensing constraints, among other considerations. Therefore, some brokers may operate within certain regions while being barred from others. 

Take, for instance, the scenario with numerous global brokers and the United States. Due to prohibitions imposed by the Securities Exchange Commission (SEC), many worldwide brokers aren’t permitted to provide trading accounts to US citizens. As a result, finding a global broker that caters to the United States is rare. 

In the majority of instances, brokers openly disclose the regions they operate within, as it’s necessary for prospective clients to ascertain whether they can open an account. However, during our Dollars Markets review, an examination of the Dollars Markets website and a conversation with their live chat service yielded no definitive information regarding the regions where Dollars Markets is prohibited from operating. 

Given this lack of information, one can only conjecture that Dollars Markets might not operate within the United States, in alignment with the usual restrictions for many international brokers. There might also be limitations in countries that are blacklisted by the Financial Action Task Force (FATF). 

This lack of transparency can understandably spark questions like “Is Dollars Market a legit broker?” or concerns about a potential Dollars Market scammer. This is why conducting an in-depth Dollars Market broker review or a Dollars Market broker review Malaysia before deciding to open an account is crucial to ensure your chosen broker complies with your region’s regulations. 

This Dollars Markets review shows that potential traders must exercise due diligence when choosing a broker, examining the fine print, and verifying their operational jurisdictions. This helps ensure a safe and reliable trading experience. 

If you’re considering opening an account with Dollars Markets, be sure to understand the minimum deposit Dollars Market requires, and be wary of any Dollars Market deposit bonus offered, as bonuses often come with specific conditions that might not be immediately apparent. 

Special Offers for Customers

Brokers in the financial market often implement unique marketing strategies, such as exclusive offers, bonuses, competitions, and other enticing incentives to attract new clients or persuade existing ones to switch services. In our Dollars Markets review context, this broker also embraces such strategies. 

One of the attractive promotions that Dollars Markets offer is their welcome bonus, applicable for clients who opt to utilize their MT4 or MT5 platforms. The bonus sums up to 30 USD but is only granted if you initially fund your account with 50 USD. Given the nature of such incentives, there are terms and conditions attached to the bonus, which we’ll outline below for your convenience: 

• An MT4 Welcome Bonus Account must be created by the client (restricted to ONE per client).  
• A 30 USD credit is awarded upon the FIRST deposit of a minimum of 50 USD.  
• The bonus expires in 30 days from the first deposit into the MT4 Welcome Bonus Account.  

• To withdraw the USD 30 bonus, a minimum of 10 lots must be traded.  
• The minimum required time a trading position must be opened is at least five (5) minutes.  
• The maximum lot trade size is 0.1 USD.  
• If your account’s equity falls below the bonus, the MT4 Welcome Bonus will be forfeited.  

The MT4 Welcome Bonus will be forfeited upon early withdrawal or internal transfer out (before completing 10 lots traded).  

The company reserves the right to alter the terms of the promotion without prior notice. 

It’s important to note that these terms and conditions are accessible on the MT4 signup page. However, during our Dollars Market broker review, their customer support also confirmed that these rules apply to MT5 accounts as well. 

Besides the welcome bonus, Dollars Markets also runs a referral program, a common marketing strategy among many brokers. You must refer three friends to qualify for the 15 USD prize at Dollars Markets. Comparatively, some other brokers offer a more generous incentive, often providing a 50 USD referral program for just a single referral. 

Moreover, in their “promotions” section, Dollars Markets highlight features such as zero swaps, zero deposit, and withdrawal fees as part of their special offers. While these might seem attractive, it’s worth noting that the majority of brokers (approximately 80% that we’ve reviewed) have these policies as standard business practices. Therefore, they are not generally regarded as special promotions. For instance, ZFX waives deposit and withdrawal fees alongside offering additional promotions, including competitions to win cash prizes, gifts, and even holiday packages. 

When considering the minimum deposit Dollars Market requires or the possible Dollars Market deposit bonus, always remember to read and understand the terms and conditions thoroughly. While conducting your Dollars Market broker review or a Dollars Market broker review in Malaysia, be mindful of the terms of any promotional offers to ensure you’re making the most informed decision. Furthermore, always ask the question, “Is Dollars Market a legit broker?” and don’t hesitate to seek answers. 

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

As we delve deeper into the Dollars Markets broker review, we find some glaring concerns that question the credibility and safety of choosing this broker. 

PIPPENGUIN

In an industry where the safety of one’s investments is paramount, thorough broker evaluations such as a comprehensive Dollars Markets review are essential for prospective clients. As we delve deeper into the Dollars Markets broker review, we find some glaring concerns that question the credibility and safety of choosing this broker. 

The first stumbling block arises from the lack of basic yet critical, information on the broker’s website. Vital data that would help a potential client make an informed decision about the broker’s safety is glaringly absent, significantly hindering our Dollars Market review. 

Further red flags surface from external assessments. WikiFX, a renowned financial service provider, has raised concerns about the validity of the broker’s license, a crucial aspect of any credible brokerage. Furthermore, during our Dollars Market broker review in Malaysia, we discovered that the Securities Commission of Malaysia (SCM) had blacklisted the broker. This information should not be taken lightly as it directly undermines the credibility of Dollars Markets as a legitimate broker. 

Adding these factors together, the evidence strongly suggests that Dollars Markets might not be a legitimate broker, or if it is, its business practices leave much to be desired. In the world of finance, trust, and credibility should never be compromised, and unfortunately, our review seems to indicate that these aspects are lacking with this broker. 

This brings us to the inevitable conclusion that we cannot confidently recommend Dollars Markets to potential clients. For those wondering, “Is Dollars Market a legit broker?” or “What’s the minimum deposit Dollars Market requires?” we recommend reviewing our previous sections and conducting further research or consulting with a financial advisor to find a safer and more reliable broker. 

Remember, your choice of broker can significantly impact your financial journey, so it’s always worth taking the time to ensure you’re making the right decision. 

Summary and Key Takeaways

In the course of conducting an extensive Dollars Markets review, it has become apparent that the brokerage service, while globally known, leaves much to be desired. PipPenguin, along with many other brokerage experts and review platforms, have expressed concerns about the trustworthiness of Dollars Markets, thus raising the question, “Is Dollars Market a legit broker?” This broker’s reliability and safety have been questioned, backed by several customer reviews which report fraudulent activities, such as loss of deposited funds with no means of retrieval. 

The legitimacy of the broker’s license, reportedly issued by the Financial Services Commission (FSC), has also been under scrutiny, with many industry professionals considering it to be inauthentic. This fact contributes significantly to the “Dollars Market scammer” narrative that is becoming increasingly prevalent among disgruntled clients and skeptical reviewers alike. 

Summarizing key points from our research for the Dollars Market broker review, we have discerned the following: 

Dollars Markets provides two distinct account types, the Standard and Pro, each tailored to different levels of trading expertise. However, as part of this Dollars Market broker review, it is essential to mention the broker’s lack of extensive educational material to support less experienced traders, which is typically a standard offering by reputable brokers. 

The broker does boast a signup bonus of 30 USD, as well as a referral program as part of its promotional strategy. Nevertheless, the minimum deposit the Dollars Markets requires for these incentives to take effect remains unclear. Moreover, its policies around the Dollars Markets deposit bonus warrant a more detailed examination to ensure they align with clients’ best interests. 

When it comes to customer support, Dollars Markets provides assistance via live chat and email, an aspect that is indeed reassuring. However, the effectiveness of this support, given the broker’s controversial reputation, is a topic worth exploring further. 

After thorough scrutiny, we have to echo the sentiment that the company does not seem safe and reliable. In terms of the overall evaluation, this Dollars Market broker review of Malaysia and in general does not inspire confidence in potential investors. Caution is strongly advised when dealing with this broker. 

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