Overview of Dollars Markets
Founded in 2020, Dollars Markets is an online forex broker registered in St. Vincent and the Grenadines. Dollars Markets offers a wide range of trading assets, which includes over 60 currency pairs, as well as popular CFDs on commodities, indices, and cryptocurrencies, Energy, ETFs. Dollars Markets offers two types of accounts - Standard and Pro - each with their own unique features and benefits. The Standard account is perfect for beginners and those who are new to forex trading, with a minimum deposit of $15, while the Pro account is more suitable for experienced traders who require advanced trading tools and features.
Besides, Dollars Markets is its high leverage, which can go up to 1:2000. This allows traders to maximize their profits by using a small amount of their own capital to control larger positions.
When it comes to trading platforms offered, Dollars Markets offers both the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, which are known for their powerful tools and intuitive interfaces. These platforms also support a wide range of technical indicators and charting tools, making it easy for traders to perform detailed analysis and make informed trading decisions.
Dollars Markets is known for its 24/7 customer support, which ensures that traders can get help whenever they need it. The broker's support team is available via phone, email, and live chat.
Is Dollars Markets legit or a scam？
Based on the information provided on Dollars Markets' website, the broker claims to be regulated by the The Financial Services Commission of Mauritius (FSC) under license number GB21026297. However, it is important to note that regulatory information provided by offshore brokers should be carefully verified, as some offshore jurisdictions may have looser regulations compared to other well-known jurisdictions like the UK, US, or Australia.
Therefore, it is recommended to conduct thorough research and due diligence before choosing a broker to trade with, especially when it comes to offshore brokers. You may want to consider checking with the regulatory body that issued the license, as well as reading reviews and feedback from other traders who have traded with Dollars Markets.
Pros and Cons
Dollars Markets seems like a pretty solid broker, all things considered. On the plus side, they offer a ton of different trading assets and have two account types to choose from - standard and pro. Plus, they've got some seriously crazy leverage, with up to 1:2000 available if you're feeling ballsy. And with minimum deposit starting at just $15, it's pretty accessible for anyone looking to get started. Their trading platforms are top-notch too, with both MT4 and MT5 available.
However, there are some downsides to consider as well. The spreads can be a bit high, which can eat into your profits if you're not careful. And while their customer support is available 24/7, it's not always the most helpful. Lastly, there's the question of regulation - while they claim to be regulated, it's not entirely clear by whom. So while it's not perfect, Dollars Markets seems like a pretty decent choice overall.
Market Intruments
Dollars Markets offers a wide range of financial instruments for trading, including currency pairs, precious metals, indices, cryptocurrencies, shares, energy, and ETFs. With over 100 currency pairs available (Pro account), traders can access popular forex pairs such as EUR/USD, GBP/USD, and USD/JPY. Precious metals like gold, silver, and platinum are also available for those looking to diversify their portfolio. In addition, Dollars Markets provides access to popular indices like the S&P 500, NASDAQ 100, and FTSE 100, as well as a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Traders can also invest in individual shares of companies such as Amazon, Apple, and Facebook. With such a diverse range of instruments, traders can easily find opportunities to capitalize on market movements.
Account Types
Dollars Markets offers two types of trading accounts, Standard and Pro. The Standard account is designed for beginners or those who prefer to trade in smaller amounts. It requires a minimum deposit of $15 (recommended deposit of 200) and offers competitive spreads and access to 64 Currency Pairs, 5 Precious Metals, 12 Indicies, 5 Cryptocurrencies.
The Pro account is suited for experienced traders who require more advanced trading tools and features. It requires a minimum deposit of $50 ((recommended deposit of 500) and offers tighter spreads and lower trading commissions, making it ideal for those who trade frequently and with larger amounts. Besides, traders can access a wider range of trading instruments, including 107 Currency Pairs, 14 Precious Metals, 14 Indicies, 104 Cryptocurrencies, 158 Shares, 3 Energy, 7 ETFs.
Both accounts come with the option to use either the MetaTrader 4 or MetaTrader 5 trading platforms, which are widely recognized as some of the best in the industry.
How to open an account？
To open an account with Dollars Markets, you need to follow a few simple steps.
First, you need to visit their website and click on the “Open an Account” button. This will take you to a page where you will need to fill in some personal and financial information.
Then, you will be asked to provide your name, email address, phone number, and country of residence. You will also need to select the account type you want to open and the currency you want to use.
After providing your personal information, you will need to verify your identity by providing some documents. This usually involves providing a copy of your passport or national ID card and a proof of address, such as a utility bill or bank statement. Once your account is verified, you can make your first deposit and start trading.
Please note before you can withdraw funds from your account, you will need to verify your bank account by providing a copy of a bank statement or voided check. This is to prevent fraud and ensure that the funds are being transferred to the correct account.
Leverage
Leverage is a powerful tool that can magnify your trading potential, allowing you to increase your positions and potentially maximize your profits. Dollars Markets offers a competitive leverage of up to 1:2000, which is among the highest in the industry. This means that for every $1 of your own capital, you can control up to $2000 of trading power. However, it is important to note that while high leverage can increase your potential profits, it can also increase your potential losses. Therefore, it is important to use leverage wisely and to always practice responsible trading. Dollars Markets also offers negative balance protection to help ensure that you never lose more than your account balance, providing an added layer of security and peace of mind for traders.
Deposit Bonuses
Dollars Markets offers a generous 50% deposit bonus to its clients, which can be a great way to boost your trading capital and increase your potential profits. Essentially, when you make a deposit, the broker will add an additional 50% of the deposit amount to your account as a bonus.
This bonus can be a great way to start off your trading journey with a little extra capital, or to help you recover from a losing streak. However, it's important to keep in mind that there are terms and conditions associated with the bonus, such as minimum trading volume requirements before you can withdraw the bonus funds.
However, it's important to read and understand the terms and conditions of the bonus offer before accepting it, as there may be certain restrictions or limitations.
Spreads & Commissions (Trading Fees)
Dollars Markets offers competitive spreads and commissions, which can vary depending on the type of trading account and market conditions. The broker's spreads on major currency pairs start from as low as 0.0 pips, while commissions on trades are charged at a flat rate of $7 per lot for its Pro account holders. Standard account holders do not pay commissions, but their spreads may be slightly higher than those of the Pro account holders.
Non-Trading Fees
In addition to trading fees, Dollars Markets may also charge non-trading fees. These fees are typically related to services or actions that are not directly related to trading. Here are some examples of non-trading fees that may apply:
Inactivity fee: Dollars Markets may charge an inactivity fee if your account is inactive for a certain period of time. This fee is meant to encourage clients to stay active and engaged with the platform.
Withdrawal fee: There may be a fee for withdrawing funds from your account, especially if you are using a payment method that incurs additional charges, such as a wire transfer.
Conversion fee: If you deposit funds in a currency other than your account's base currency, Dollars Markets may charge a conversion fee to convert the funds into your account's currency.
Overnight financing fees: Luckily, Dollars Markets does not charge swap fees, which is good news for traders who love to hold their positions overnight.
Trading Platform
Dollars Markets offers the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms to its clients. These platforms are widely used in the industry and are known for their user-friendly interface and advanced charting capabilities. MT4 and MT5 are available for desktop, web, and mobile devices, providing traders with the flexibility to access their accounts and trade from anywhere at any time.
The MT4 platform is a well-established trading platform that offers advanced charting tools, indicators, and automated trading features. The MT5 platform, on the other hand, is an upgraded version of MT4 that offers additional features such as a more advanced order management system and an economic calendar. Both platforms support multiple languages and can be customized to suit individual trading needs.
Deposit & Withdrawal
When it comes to deposit and withdrawal options, Dollars Markets offers a few limited methods for their clients. The available deposit methods include bank transfers, cryptocurrency, and Mastercard. The broker only allows deposits in USD, which could be a disadvantage for traders who prefer using other currencies. Additionally, they do not accept deposits from third parties and require that the name on the trading account matches the name on the deposit account.
For withdrawals, clients can use bank transfers or cryptocurrency. Withdrawals via bank transfer may take up to five business days to process, while cryptocurrency withdrawals are typically faster. Keep in mind that a withdrawal fee of 1% applies to both bank transfer and cryptocurrency withdrawals. It's also worth noting that Dollars Markets only processes withdrawal requests during business hours from Monday to Friday.
Customer Support
Dollars Markets offers customer support to its clients to ensure that they receive assistance when needed. Customers can contact the support team via several channels, including phone, email, and live chat. The customer support team is available 24/7 to provide assistance and resolve any issues that clients may face.
In addition to these channels, Dollars Markets provides a comprehensive FAQ section on its website that addresses various topics related to trading, account management, deposits and withdrawals, and more. The FAQ section contains a vast amount of information that clients can refer to when seeking answers to their questions.
Another notable feature of Dollars Markets' customer support is that it offers support in multiple languages, including English, Spanish, German, and French, among others. This ensures that clients can communicate with the support team in their preferred language, which can be especially helpful for non-English speaking clients.
Educational Resources
When it comes to educational content, it appears that Dollars Markets does provide some basic educational resources, including news and analysis, posts, and some guides, with video tutorials, and webinars unavailable. However, educational materials may be limited compared to other brokers in the industry.
Conclusion
In conclusion, Dollars Markets is an online trading broker offering a range of market instruments and account types for traders to choose from, with low minimum deposit required. While the broker's trading fees and non-trading fees are relatively competitive, its limited deposit and withdrawal options may be a drawback for some traders. However, its customer support team is available 24/7 and offers assistance in multiple languages, making it a viable option for traders seeking support in their preferred language.
FAQs
A: Yes, Dollars Markets is a regulated broker. It is regulated by the The Financial Services Commission of Mauritius (FSC) under license number GB21026297.
A: The minimum deposit required to open an account with Dollars Markets is $15 for the Standard account and $50 for the PRO account.
A: Dollars Markets offers the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, as well as a WebTrader platform for those who prefer to trade on their browser.
Q: What payment methods does Dollars Markets support？
A: Dollars Markets supports Bank Transfer, Cryptocurrency, and Mastercard for deposits and withdrawals.
Q: What is the maximum leverage offered by Dollars Markets？
A: Dollars Markets offers a maximum leverage of up to 1:1000 for forex trading.
A: Yes, Dollars Markets offers a 50% deposit bonus for new clients who meet certain requirements.
A: No, Dollars Markets does not charge inactivity fees.
Q: What languages does Dollars Markets' customer support speak？
A: Dollars Markets' customer support speaks multiple languages, including English, Spanish, German, and French, among others.
FX1404335932
Malaysia
1. Unable to Withdraw for more than 3 weeks due to system maintenance（as their reason） 2. Every deposit appear different company accounts (only gambling company will use many bank account to evading Bank Negara’s detection) 3. A huge flaw occurred few week ago -During that time they offered digital wallet payments -When make a deposit, a QR code will appear. But the words "for casino" appeared in the upper right corner of the QR code. After I asked the customer service, they cancelled the digital wallet service within 5 minutes. From that day on, my trading account had problems. （deduction of funds， delay of severe). When I make a trade there is a delay of more than 10 seconds， this is a serious mistake in today's XAUUSD market. 4. This may be their warning and threat to me, making me 100% believe that this is an illegal online gambling company. There is no legal online gambling company in Malaysia. I have submitted the relevant evidence to Country hope to save other investor
Exposure
In a week
sansa-6
Turkey
This company wiped out all my internal profits with various excuses, do not invest in this company, they only gave me my principal and it took 1.5 months
Exposure
04-13
FX2341972464
Turkey
They confiscated my account under the name of Under Review and confiscated it, including my principal, I don't think they are an ethical company. If that was the case, why did they make such a decision after such a long time? It is unethical to treat the customer in this way.
Exposure
2024-11-04
FX1801768555
United States
Withdrawal is approved but the balance does not enter the account, is this broker a scam?
Exposure
2024-10-17
fx18754931231
Malaysia
DollarsMarkets refused my withdrawal and blocked my account without reason.
Exposure
2024-10-11
FX3353613870
Malaysia
I already did cut loss of my trading platform using MT5 but somehow it got freezes and then i cannot cutloss again and the trades keep running. I already did withdraw my profit of 100$ before taking another trade. And now my loss floating that running are over -50$ and keep going while i only left with 15$ capital to start with. Lets see if they turn with a trick to freeze my withdrawals due to this floating losses that aren’t my fault.
Exposure
2024-04-19
alvein
Malaysia
I signed up with a friend, deposited 250u, and made a profit of 1000u. I clicked to withdraw and the platform wouldn't give it out, saying that there was a problem with our account that needed to be reviewed for 3 to 4 weeks. The final result says we arbitrage. I asked for proof of arbitrage and they were unable to provide it. I have to wait 3-4 weeks for a manual refund of my principal. The principal has not been returned yet.
Exposure
2024-03-09
shaheer 8539
Malaysia
Last day I trade.. I want close all at mt5 DM but hanging around 1 hour I have prove I have screen video I have screenshot all anything.. Then I text the customer servis DM he side say thare it will check the system but not take responsibility.. Now my I lose my money then no refund?? Not my mistake all about your mistake fucking system.. Then how??? Always hanging mt5 DM... Hope it doesn't happen to anyone else... Very disappointed for this broker.. Last I use this DM..
Exposure
2024-01-25
FX1705471388
India
i was trying to make withdrawal my money but they were asking the transaction ID of crypto that i make deposit but its been long time and how can i get that and they don’t have any deposit history option and i use different brokers but till now they never asked this type of question. so, i think like they don’t want to release our fund and most of people never keep that and they should put option history transaction
Exposure
2023-09-06
Naveed56
Pakistan
clearly dont open acc and dont depsoit
Exposure
2023-03-29
bearb
Malaysia
The stop loss is not working. Fortunately I just have a small position so it does not liquidate. At that time, I reach customer service, and I was laughed at by TA, saying that if I can’t afford to lose, I shouldn’t play foreign exchange, and then I directly withdraw money that night and don’t play with TA’s house.
Exposure
2022-12-11
Bravo1992
Malaysia
I have made a deposit on 29 September 2022. As per today, my account already grow 300% from 500 USD to 2000 USD. And on 4 October 2022 I’ve make withdrawal request. But the broker reject my withdrawal request. They said they want investigate my account. What a rubbish broker. I know this scam broker scare with trader who can gain profit alot.
Exposure
2022-10-21
Bravo1992
Malaysia
I have made a deposit on 29 September 2022. As per today, my account already grow 300% from 500 USD to 2000 USD. And on 4 October 2022 I’ve make withdrawal request. But the broker reject my withdrawal request. They said they want investigate my account. What a rubbish broker. I know this scam broker scare with trader who can gain profit alot. When you have made a profit and want to withdraw funds greater than the deposit you have made, then Dollars Market locks your account, arguing "your account is currently under review as part of a larger investigation involving multiple accounts conducting market abuse." Rubbish. This is scammer not broker.
Exposure
2022-10-18
Bravo1992
Malaysia
I have made a deposit on 29 September 2022. As per today, my account already grow 300% from 500 USD to 2000 USD. And on 4 October 2022 I’ve make withdrawal request. But the broker reject my withdrawal request. They said they want investigate my account. What a rubbish broker. I know this scam broker scare with trader who can gain profit alot.
Exposure
2022-10-18
Hussein Sobhy
Egypt
This broker is scam first i asked them about debosit and withdraw and they answer withdraw take 48H muximum via crypto!!then i made debosit via crypto and i trade and wonbut i can not found any options to withdraw in the website !!!!i start to chat and ask them to withdraw mor than 4 times and nothing happendevery time they said there is a delay on the provider's side!!!more than 1 month waiting and finaly no answeri have wrote 4 massages to the help desk but pending mode for more than 1 month!!!and suddnly they change my leverage and no answer for my message..very bad experinse now i open possitions to loss all fundsbecarful everybudy dont put your mony or trade with them
Exposure
2022-09-07
FX2639514649
Malaysia
i already contact the support for a week now, last two weeks i lost my success trade around $4955 out of nowhere, and then i withdraw $1542 in my account and it already receive it but after a few hours it vanish from my account bank!!!! Crazy right, and then last week on Wednesday, ive lost $11k because thats my fault because im mapping the wrong part but thats not the problem, the problem is on the next day, i tried to open up my account they said my account actually disabled out of nowhere and now i cant trade for 3 days now, and in that account still got $11k usd, i already contact my IB they said still in the investigation! Investigation of what ? I dont do anything wrong they disabled me from the trade!
Exposure
2021-11-08
FX2815232580
Malaysia
Not hit TP and SL. More loss than expected
Exposure
2020-09-18
A0 Rock
Netherlands
I love Dollar Markets's low trading entry and rich currency pair choices. However, its educational content should be richer. I sometimes need more instructions. However, it only provides some basic blogs.
Neutral
2024-08-02
FX1QQKW
Mexico
So far so good. The whole service (welcoming / introduction / registration / answer speed to questions / website interface, especially FAQ segment) is totally satisfying for now and i hope it's goes like this. Only reason I'm not giving 5 stars is because I haven't made a profit withdrawal yet, but everything is fine.
Neutral
2024-05-29
FX1485679371
United Kingdom
Low spreads at Dollars Markets? Loved it! But, those issues with getting my money out and my account getting blocked? Not cool. Kinda confusing, ya know?
Neutral
2024-04-26