DominionMarkets Review – What Signs To Watch For
Dominion Markets LLC is the official owner of this offshore trading brand. With their registration in 2020, they didn’t establish such a trusted environment. Especially after a warning from a trusted regulator. But even if there wasn’t a warning you could see signs of an investment scam.
|Company||Dominion Markets LLC|
|Headquarters||St. Vincent and Grenadines|
|Warning||Bank of Russia|
|Platforms||MT5, Web trader|
|Spread||2.8 pips for Majors|
|Review Rating||Average of 3.9 on Trustpilot|
DominionMarkets License and Regulation
To get back on the topic, we will talk about DominionMarkets broker regulation. St. Vincent and Grenadines has one financial institution FSA (Financial Services Authority). Luckily for traders, they don’t authorize FX and CFD brokers to provide those services. In fact, they should have a license in the countries where they provide services.
As we can see, they mainly target US, Australian, and UK citizens. However, none of those regulators ever issued a license to this company. Starting first with the most trusted Tier 1 regulators FCA (UK) and ASIC (Australia).
With this in mind, you know that broker is not obliged to comply with anything they claim. It’s just their goodwill if they will do so. Since this is a money game and everyone is there for the profit, we highly doubt it. Same as the Bank of Russia indeed. Which issued a warning against this broker.
Trading Software Overview
Another key point that traders often overlook is trading software. Not only that it represents brokers’ wish to improve, but also their transparency. However, sometimes even that is not enough. For instance, DominionMarkets scam broker offers Meta Trader 5. That’s the latest upgrade of the MT platform with all advanced trading tools. Also, the company offers MT Web terminal and designated mobile apps.
Thus, if the profits can’t be withdrawn the use of such a platform is minimized. According to DominionMarkets broker reviews that’s exactly the problem. Very few people complain about losing money. That’s a normality in the trading world. However, if someone doesn’t let you get your money that is not.
That’s why regulation plays a key role. Don’t trust the broker if they offer you trusted software. Unless they provide you with security everything is your word against theirs.
Available Account Types
Generally speaking, legitimate brokers attract traders with account types to deposit more money. With a licensed broker, it makes sense. Simply because they make profits from commissions and spread. Thus, with unregulated scam brokers like DominionMarkets reality is different.
They only have 2 account types:
- Standard STP
Both accounts have a minimum deposit requirement of $100. However, the STP account has no commission while the Pro has a $7 round turn. Which is huge. Also, they provide leverage of up to 1:500. Important to realize is that EU regulators and many others allow a 1:30 maximum. On the positive side, you can have EAs, one-click trading, and hedging.
On the negative side, you can see in any DominionMarkets review if it’s worth the trouble. Anyway, here is a comparison of some minimum requirements with regulated brokers. Another key point is that this broker neither has a micro or Islamic account. However, according to the company demo account is available.
Deposit and Withdrawal Methods
On the main page, the broker promotes card transactions besides crypto. But in the FAQ, the company claims that crypto is their main payment option. Huge red flag waving all over the place. Cryptos are very anonymous transactions and hardly traceable. Therefore, very risky. Especially if you don’t know where you are sending money.
But to be honest, the broker claims that you can use a debit/credit card or any other third-party payment processor available. Still suspicious, so we advise you to use a debit/credit card. In this case, you can get a chargeback if you get scammed.
The minimum withdrawal amount is $50 and the processing time is 24 hours. But that’s only the FAQ section. The broker doesn’t have a transparent withdrawal policy. So, you can expect the unexpected.
How Does Offshore Brokers’ Scam Implement?
Brokers will lure traders online. Whether through ad campaigns or social media. Mainly they promote quick money schemes. We are sure that you have seen automated trading as the promo offer. Once you deposit your first money everything becomes magical.
You are making profits and you are depositing more. Because why not if it works? Even the first small withdrawal can come into your pocket. But hold on for a second, that might be a tactic. With offshore scam brokers, it often is. As soon as you request a bigger withdrawal you will face problems.
A bunch of nonsense stories will come from their agents to prolong the process. Until you realize that you can forget about your money. Unless you are working with our team. Specially organized fund recovery team. Even crypto transfers are now traceable with CipherTrace software. Get in touch with us today if this or any other broker scammed you. The first consultation is free of charge!
- Offshore broker with a warning from Bank of Russia.
- DominionMarkets is a confirmed scam.
- Numerous negative reviews against the company.
- The company offers MT5 trading software.
- Leverage is higher than allowed by regulations.
- The main funding method is crypto.
FAQs About DominionMarkets Broker
Is My Money Safe with DominionMarkets?
No. Numerous reviews confirm that funds are not protected with this broker anyhow.
How Long Do DominionMarkets Withdrawals Take?
The broker claims to process withdrawals within 24 hours. But don’t raise hope that you will see the money.
Does DominionMarkets offer a Demo Account?
According to the FAQ section, DominionMarkets broker offers a demo account to its traders.