Abstract：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.
Company Summary
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.
Are Dollar 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 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.
Market Instruments
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.
Account Types
Dollars Markets offers 3 types of trading accounts: Standard, Pro and Ultra. The Standard account is designed for beginners or those who like to trade small amounts. It requires a minimum deposit of $10 ($200 recommended), offers competitive spreads, and can trade 64 currency pairs, 5 precious metals, 12 indices, and 5 cryptocurrencies.
The Pro account is for experienced traders who require more advanced trading tools and features. It requires a minimum deposit of $10 ($500 recommended) and offers tighter spreads and lower trading commissions.
The Ultra account has a minimum deposit of $50 and offers the lowest spreads. Ideal for traders who trade frequently and with larger amounts.
The 3 accounts have the option of using either the MetaTrader 4 or MetaTrader 5 trading platforms.
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.
You will then need to provide your name, date of birth, email address, phone number, password and country of residence. You will also need to select the type of account to be opened and the currency to be used.
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.
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.
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
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
Is Dollars Markets a regulated broker?
Yes, Dollars Markets is a regulated broker. It is regulated by the Financial Services Commission of Mauritius (FSC) under license number GB21026297.
What is the minimum deposit required to open an account with Dollars Markets?
The minimum deposit required to open an account with Dollars Markets is $15 for the Standard account and $50 for the PRO account.
What trading platforms are available at Dollars Markets?
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.
What payment methods does Dollars Markets support?
Dollars Markets supports Bank Transfer, Cryptocurrency, and Mastercard for deposits and withdrawals.
What is the maximum leverage offered by Dollars Markets?
Dollars Markets offers a maximum leverage of up to 1:1000 for forex trading.
