Dowmarkets Review: Uncover the Broker behind the Scam
Dowmarkets caught our eye some time ago, so we decided to give them a close look. It did not take long to discover a scam behind this broker’s actions, and we wanted to share everything with you.
This is our Dowmarkets Review, where we put all the information we gathered in our research. You will see all the red flags, a breakdown of their trading conditions, trader reviews, and much more. So stick around and let’s go!
|Broker name||Reliable Broker Must Have|
|Legal name:||Update Ltd.||Transparently displayed in the disclaimer or legal documents|
|Regulation:||Offshore Broker||Within your legal jurisdiction – local regulator|
|Registered in:||Marshall Islands||Your country or the country whose license applies in your legal jurisdiction|
|Established:||2020||The older the domain – the higher the possibility the company is trustworthy|
|Website:||dowmarkets.com||Domain should be from local or international zones, no .xyz, etc.|
|Financial Authorities Warnings:||CONSOB, KNF||None|
|Contacts:||Email: [email protected]
|Phone, email, social media, web form|
|Is withdrawal possible:||Highly unlikely||Yes|
|Fees:||5% fees for account inactivity and withdrawing before executing more than five trades||Transparent fees – list of spread and commissions|
|If Active on Social Media:||No||Often present on social media|
|Investor Protection:||No||Compensation fund|
Formerly owned by Prometheus Ltd. and now under Update Ltd., Dowmarkets operates in a shady area. It comes from the Marshall Islands, but the broker fails to provide anything about their regulation status. We checked everything and found nothing in the official registers, strongly indicating Dowmarkets is a scam. And we are not the only ones who think so.
The Italian CONSOB and the Polish KNF both issued public warnings against Dowmarkets and although a new ownership group is at the helm of this broker, the warnings still have merit. Here, you can take a look for yourself.
None of these have licenses from any respectable regulators like those from Germany, Poland, or Ukraine, and you cannot trust them because of it.
Found on dowmarkets.com, this broker has a suspicious offer in all aspects. Firstly, we have the dowmarkets account types. You have five options:
- Start – $250
- Silver – $3,000
- Gold – $10,000
- Platinum – $50,000
- VIP – $100,000
The minimum deposit for the base account is high, but it is nothing compared to the others. This is almost always a sign of a scam and the one you should listen to.
Next is the dowmarkets xcritical app. This dowmarkets platform is XCritical, which is not a reliable platform, especially with MT4 and MT5 out there. You can access the app on the web, download it on your PC, and there is also the dowmarkets mobile version. But even with all that, we still recommend you stay away from this shady broker.
The broker also has a decent instrument offer. You can be part of dowmarkets crypto and dowmarkets forex trading or trade in commodities, shares, and indices.
Dowmarkets has elaborate bonuses, the amount of which varies depending on the account you open. There is also a downmarkets partner program that grants the clients special trading conditions, including revenue share and commission from each client who deposits with Dowmarkets.
|Account types:||Start – $250
Silver – $3,000
Gold – $10,000
Platinum – $50,000
VIP – $100,000
|Financial Instruments On Offer:||Forex
|Education or Extra tools:||Yes|
Is This Broker Safe?
No, Dowmarkets is not safe! They are not regulated, which is the most important thing guaranteeing safety. If a broker operates without any regulatory oversight, they can do whatever they want, including illegal things.
This is why you should only trade with brokers that have legitimate licenses. There are plenty of them out there, and you can contact us if you have trouble finding the right one for you.
Trader Reviews – Sharing Experiences
An ever-popular segment of our articles, trader reviews serve as a glimpse into reality. They show you what real clients think about their brokers and give us valuable insight into brokers’ practices.
Dowmarkets has an average rating of 2.8 stars on Trustpilot, with 17 reviews in total. While there were positive reviews, we believe these clients just have not met the real side of Dowmarkets yet.
More than half of people gave the broker 1 star, each saying it was all a scam. Sadly, most reviews were not in English, so it would not mean much if we wrote here what they said, but you can trust we did our due diligence in translating the comments for your sake.
How Does the Dowmarkets Platform Reach Clients and Who Are They?
We saw from the online reviews that most clients come from German-speaking regions. Most were German, but there were also people from Poland and Austria. Therefore, if you live in these countries, beware of any contact from this broker.
However, Germany has a top-tier regulator and many reliable brokers as a result. Reach out, and we will help you find the one that best fits your needs and skill level.
Deposits and Withdrawal Methods
The deposit and withdrawal situation at Dowmarkets is somewhat confusing. You can see on their website that they accept various payment methods, including cryptocurrencies, but their Terms and Conditions document says that only cash payments are possible.
We assume you can use credit/debit cards, wire transfers, and e-wallets for cash payments. There are no fees for deposits, while withdrawals are subject to some.
If you make less than five independent trades and want to withdraw money, the broker will charge you a 5% fee of the withdrawal amount. The least you can take out is $50. The broker also charges an inactivity fee if there are no changes to your account for 90 consecutive days.
Reasons To Avoid This Company
It would take all day to detail why you should avoid Dowmarkets. But since we do not have that much time, we would say the biggest reason is their lack of license. No license means no safety, and the market is already risky enough for you to be wary of your broker as well.
Dowmarkets is into shady business, and all of their promises mean nothing. They do not have a trustworthy trading platform and have exorbitant minimum deposits, all of which stink of a scam.
Long Story Short – Dowmarkets
Having read our Dowmarkets Review, we hope you learned not to engage with this broker. We have uncovered the dowmarkets.com scam and saw nothing good or enticing about this company.
But this should not be the end of your trading journey. Contact us today for free consultations and we will work together to find you a reliable broker that can help you achieve your trading goals!
Is Dowmarkets Legit?
No, dowmarkets is a scam. They do not operate with a license, and many traders lost their money.
Is It Safe To Trade With Dowmarkets?
No, it is not. The broker cannot guarantee you any safety since they are not regulated.
What Are The Dowmarkets Platforms?
Dowmarkets has only one platform available, and it is XCritical. This is not a reliable platform, especially with MT4 and MT5 around.