Dollars Markets Review: A Broker with a Catch
Dollars Markets may seem like a decent broker option based on its website and MT4/MT5 platforms. However, upon closer inspection, it becomes evident that the broker does not possess a proper license and has even been issued a warning. This serves as a valuable lesson to always conduct thorough research and fact-checking before making any financial investments.
Website – https://dollarsmarketsmy.com/
Address – St Georges Building , Suite 215 22, St Georges Street, Port-Louis, 11324, Mauritius
Warned By – Not Recommended By Review Website Like Report Scam
License and Fund Safety with Dollars Markets
Dollars Markets is registered in Mauritius and St. Vincent and the Grenadines (SVG), both offshore zones. While Mauritius has some regulations for forex brokers, they are relatively lenient compared to major forex hubs like the UK, Australia, or the EU. Conversely, SVG has gained notoriety for overlooking the forex industry. As a result, local financial authorities don’t pay attention to this sector, which poses a significant risk for clients.
Unfortunately, the Financial Service Commission (FSC) in Mauritius hasn’t enforced strict requirements to ensure consumer protection or exercised supervision over licensed entities. Therefore, it’s reasonable to assume that DollarsMarkets is only licensed on paper and that its clients are vulnerable to substantial risks.
Dollars Markets Trading Platform: A Closer Look
DollarsMarkets offers trading through two popular platforms – MetaTrader4 (MT4) and MetaTrader5 (MT5). However, it is important to note that the broker’s reliability is questionable. It is recommended to choose from reputable companies that also support MetaTrader.
Deposits, Withdrawals, and Fees with DollarsMarkets
DollarsMarkets states that the minimum deposit is only $15, but they recommend investing at least $200. Although this is not a significant entry point, it is worth mentioning that legitimate brokers offer micro accounts with a minimum investment of only $5 or $10.
Dollars Markets accepts payment methods such as bank wires, MasterCard, and B2BinPay. Nevertheless, the broker only accepts the latter, which is a cryptocurrency-based payment method known for its irreversible nature. If you prefer to use digital currencies, it is recommended to explore brokers that accept Bitcoin instead.
Negative Reviews and Complaints About Dollars Markets
Dollars Markets has received a significant amount of negative feedback from traders, with many raising complaints against the broker. After investigating these claims and other scam-related features, Report Scam has listed Dollars Markets as one of the scam brokers of 2023.
Recovering Lost Funds from Dollars Markets
If you have lost money through trading with Dollars Markets, Report Scam Community can help you recover it. Their team of recovery specialists has already assisted hundreds of scam victims in retrieving their lost funds. To register, simply fill out a short complaint form – they also offer free consultations. Don’t trust fraudulent scam recovery companies, as many are dishonest. The Report Scam Community, on the other hand, is a genuine group of individuals who have successfully recovered millions of dollars from fraudulent brokers.
Read about a similar scam broker – Trade Financial review
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