WikiFX Reviews Dollars Markets in Depth

In this article, we'll examine Dollars Markets' key features, fees, safety measures, deposit and withdrawal options, trading platform, and customer service. WikiFX aims to provide you with the information you need to make an informed decision about using this platform.

Background:

Dollars Markets, an online broker specializing in forex and CFD trading, has established itself as a prominent player in the industry, having operated for a duration of 2 to 5 years, as confirmed by WikiFX. Clients of Dollars Markets have the opportunity to engage in trading activities involving a diverse range of financial assets, including forex, metals, indices, cryptocurrencies, shares, energies, and ETFs.

Dollars Markets is a subsidiary of the Dollars Markets Group. Specifically, Dollars Markets Ltd, incorporated in Mauritius under business registration number 179703, holds a key position within this group. This entity's physical office is at St. Georges Building, Suite 215 22, St. Georges Street, Port-Louis, 11324, Mauritius. Furthermore, Dollars Markets Ltd is also registered in Saint Vincent and the Grenadines, with its office address at Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St Vincent & the Grenadines. The registration number for this branch is 25859 BC 2020.

Currently, Dollars Markets does not provide services to entities based in the United States or residents of any kind within the country. While the company welcomes clients worldwide, various factors, including governmental regulations and internal policies, restrict the opening of accounts originating from certain countries. The following list encompasses the restricted and/or OFAC-sanctioned countries, as well as high-risk and non-cooperative jurisdictions from which the company does not accept account registrations: Afghanistan, Bosnia and Herzegovina, Democratic People's Republic of Korea (DPRK), Guyana, Iran, Iraq, Lao People's Democratic Republic, Myanmar, Papua New Guinea, Syria, Uganda, Vanuatu, and Yemen.

Meanwhile, Dollars Markets also offers a rewarding IB program. This program welcomes both individuals and businesses, and the best part is there are no initial costs for participation. To become an IB, the process is straightforward. You just need to create an account with Dollars Markets and sign up for the program. After your approval, you will receive a distinctive referral link. Whenever a new client clicks on your link and opens an account with Dollars Markets, you will start earning commissions based on their trading volume.

Types of Accounts:

Dollars Markets offers 2 different types of accounts:

The Standard Account necessitates a minimal deposit of just $15, offering a minimum spread of 0.1 pips and enabling trading in 64 currency pairs, 5 precious metals, 12 global indices, and 5 cryptocurrencies.

On the other hand, the Pro Account caters to traders of varying expertise levels, with a minimum deposit requirement of $50 and a minimum spread of 0. It opens up trading opportunities in 107 currency pairs, 14 precious metals, 14 global indices, 104 cryptocurrencies, 158 shares, three energy resources, and 7 ETFs.

An Islamic Account is also available for traders adhering to Shariah Laws, free from swaps or interest charges.

Deposit and Withdrawals:

Dollars Markets offers three primary deposit and withdrawal options: instant bank transfers, cryptocurrency, and Mastercard. The company asserts that it does not levy fees or charges on deposit or withdrawal transactions. However, when measured against its competitors, Dollars Markets' offerings appear comparatively limited.

Trading Platforms:

Dollars Markets, while lacking a proprietary trading platform, offers its clients access to the well-known MetaTrader platforms. Traders can choose between the widely utilized MT4 and MT5 versions, both accessible through web browsers, desktop installations, and mobile applications. These mobile apps cater to Android and iOS users, providing traders flexibility and convenience in trading activities.

Research & Education:

The Dollars Markets website features three primary sections accessible to the public: Guides, News and Analysis, and Education.

The “Guides” section primarily deals with procedural matters, including steps to register an account, deposit funds, and the account verification process.

The “News and Analysis” section is a financial blog featuring concise articles.

In the “Education” segment of the Dollars Markets website, there are articles that cover fundamental trading topics like Fibonacci, slippage, and more.

Customer Service:

Dollars Markets offers round-the-clock online customer support, ensuring that customers can access the assistance they need at any time. Additionally, customers can reach out to Dollars Markets through phone at (+230 214 3371) or via email at support@dollarsmarkets.com. Alternatively, customers can submit their queries or messages directly on the official Dollars Markets website and await a response from the customer service team.

Conclusion:

WikiFX, a global forex broker regulatory platform, has given Dollars Markets a WikiScore of 7.69 out of 10, indicating that it is a fairly reliable broker in the forex trading industry.

WikiFX also verified the license held by Dollars Markets.

Dollars Markets is also an award-winning broker, with the repertoires as displayed below:

Although Dollars Markets is a regulated broker, some may argue that its regulatory status is not comprehensive enough to be considered safe. An offshore-regulated forex broker may exhibit shortcomings in certain aspects due to varying regulatory standards and oversight in offshore jurisdictions. These brokers might face less stringent regulatory scrutiny than their counterparts in major financial hubs. Consequently, there could be transparency, investor protection, and accountability gaps. Clients might encounter limitations in terms of recourse in case of disputes or financial issues, as offshore regulations often provide fewer safeguards. Additionally, the range of services and offerings by offshore brokers might be narrower, impacting their overall competitiveness and quality. It's crucial for traders to carefully assess the regulatory environment and weigh the potential advantages and disadvantages when considering offshore-regulated forex brokers, their reputation within the industry, years of establishment, users' experience and more. Remember, it is always better to be safe than sorry when it comes to trading and investing.