Beware! Dominion Markets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Dominion Markets is hard to pin down, at first, but then we have reviewed thousands of brokers. This one should not pose a risk. Of course, it didn’t. It’s a shady brokerage that has finely concealed its wrongful intentions behind a wall of lies. It’s the same old story told for the thousandth time. And we will say to our readers the old saying: do not invest here before reading the review, for you will regret it in the end.
We registered pretty easily, and everything went surprisingly smoothly. Another surprise was the cool user area, that we did not expect to see. We even proceeded to open a live MT5 trading account. Here, we get a glimpse of the scammer nature of the broker. It is considered very suspicious to allow users to open a live trading account without the need to first provide legit ID confirmation docs. Just about anyone can open an account with Dominion Markets, and this is not good news.
Anyway, we opened a live account and were welcomed by a EUR/USD spread of 2.6 pips. No, Dominion Markets’ cost of trade for this popular asset is not worth it. It’s too high, making it rather unlucrative. The leverage was capped at 1:500. Traders can trade with forex currency pairs, metals, commodities, shares, and cryptocurrencies.
The website of the broker is available in English and nothing else.
DOMINION MARKETS REGULATION AND SAFETY OF FUNDS
All legal things are governed by the laws of Saint Vincent and the Grenadines. This is what we find in the terms and conditions.
Some time ago, Saint Vincent and the Grenadines released an official statement in which the nation’s official revealed that the country has no FX regulator. Out of the thousands of brokers registered in the country, none are regulated to operate their FX services there. In other words, Dominion Markets is not regulated in the country. This is what matters. The claim that the governing laws are of SVG nature is irrelevant.
Other than that, we got acquainted with the common claim that users can trade with Dominion Markets only if their local jurisdiction allows them to do so. This is misleading at best. Local jurisdictions do not allow or disallow users from trading. Local regulators do that, but even then they prohibit the broker from operating in the country, and not the user from accessing the broker.
What we have on our hands is nothing more than another UNLICENSED broker. Dominion Markets is a risk to all investments.
We find it completely useless to invest in an unregulated broker. All investments will be lost! Always rely on regulated brokers, either from the FCA or CySEC, or the CFTC/NFA, or any other trustworthy license issuer. All these overseers keep record of the brokers’ activities, demand from them reports, require to keep the market integrity stable, and above all, call for the safety and security of all users, their funds and personal details. The FCA and CySEC are special in that they offer client compensation schemes which are applied to users whose brokers cannot pay them back due to financial predicaments. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000.
DOMINION MARKETS TRADING SOFTWARE
As we mentioned we access a fully functioning MT5. This was of course a surprise to us.
The MT5 is the best platform in the industry, allowing users to expand their trading knowledge with each hour of usage. However, it is not enough to redeem the broker.
There is a $3.5 commission per side for pro account users. This adds up to a $7 commission, which increases the spread (to whatever asset the commission applies to) for pro users with 0.7 pips.
DOMINION MARKETS DEPOSIT/WITHDRAW METHODS AND FEES
The user area reveals the three payment categories: credit and debit cards, wire transfer, and crypto wallets. The minimum deposit is $100.
Withdrawals are said to be processed within 48 hours tops. From the client portal, we learn that users cannot withdraw funds using a wire transfer. All other methods are open.
We found no information on any withdrawal fees. Keep in mind that the broker is unregulated, and thus can easily afford to launch fees, any fees.
In conclusion, Dominion Markets is not worth the risk. You will lose your money if you invest in it, and all your ID details will be used against you.
How does the scam work?
A fair number of fake online ads lead to scammer brokers, or to intermediary websites that introduce the scheme and its fake benefits.
From these ads users get fooled into entering the broker site, which means that the ads themselves are very tempting, but over-the-top nevertheless.
The next thing that the scammer wants you to do it to give away your phone number or an email address. The idea behind this is for the broker to bridge the distance between itself and the user, in order to keep a closer eye on the user.
Through these contact mediums the scammer broker can easily harass the user and compel him or her to invest. It’s as simple as that.
These reps that keep contacting users are trained to shape the user’s choice and to manipulate. Their one and only goal is to initiate deposits, and to keep the make-believe scheme relevant. This is easily done by revealing profit gains (but never allowing for the user to withdraw it), by promising higher gains, or by simply being too charming to say no to.
We assure our readers that the broker will never allow a withdrawal to process. The client will be left to fend for her own.
What to do if scammed?
The user must rely on the payment systems to eventually get her stolen money back.
The safest bet is a chargeback procedure with the client’s credit/debit card provider. MasterCard and VISA have a chargeback period of 540 days.
If the money was lost through one or multiple bank transfers, users should, first and foremost, change the wire account user name and password. Next, the trader should contact the bank and create a plan of action.
All investments using a crypto wallet are lost. They cannot be traced and are thus the riskiest of all investments!
Users might come across recovery agents, who are nothing more than another brand of scammers. They ask a payment in exchange for returning all of your lost investments! If you pay them, you ill never see your money again!