Beware! DollarsMarket 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.
DollarsMarket might trick you with its fresh look and style, and it even might get you hipped up for giving it a chance, for its visuals and website are very inviting. However, we have said so many times before that traders should always check the broker more deeply and then judge it for what it really is. The following review is our take on it. Read on.
To sign up, the user is asked to complete a very basic form, and in a matter of second the dashboard is revealed to him or her. A pretty standard user area, even if underwhelming at best.
The leverage is maxed at 1:1000. Such a leverage can be incredibly lucrative, but in equal terms be extremely dangerous, and with just one mistake you can lose everything! The EUR/USD spread was surprisingly 0.7 pips. Clients are able to trade with forex pairs, commodities, cryptocurrencies, stocks, and indices.
The website comes in English only.
DOLLARSMARKETS REGULATION AND SAFETY OF FUNDS
The broker is registered in the Caribbean nation of Saint Vincent and the Grenadines. This nation is very popular amongst the illicit broker community, as it offers a loose environment for shady brokerage firms. Furthermore, the nation does not have a FX regulator in place. Simply, being registered in a country does not mean that the firm is regulated there.
And what’s more is that the info pool never says that the broker is actually licensed there.
There is no other information that the user is located and/or regulated anywhere else. Thus we have to end this section with the verdict that DollarsMarket is UNLICENSED, and therefore a risk to any and all investments!
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
DOLLARSMARKETS TRADING SOFTWARE
The MT4 is available as the only trading platform. We confirm this to be accurate.
The MT4 is always a superb additions, no matter what type of broker has adapted it. Users must be aware by now that this is the number one trading platform, even its successor cannot gather as much popularity as the MT4.
During the last hour of trading, before the enclosure of the market for the day or weekend, the broker will refuse the user to execute a trade if the entire volume of all the open positions is 100 times more than the user’s account equity.
During that last hour of trading before a weekend or holiday, the broker can reduce the leverage to users who have more than the 1:100 leverage.
Furthermore, the broker may change the margin requirement for certain financial instruments at any time. What’s more is the the company might not even tell you of this! This has the ability to lead to some very unpleasant financial losses.
DOLLARSMARKETS DEPOSIT/WITHDRAW METHODS AND FEES
Withdrawals are achieved by bank wire, Skrill, and Neteller. There are no processing times revealed. There are withdrawal fees, as explained in the following clause. Yet, these fees where not given any value, and so they can take any different numerical form. A clear reason why you should distrust the broker.
Furthermore, there might even be deposit fees, and not the ones issued by the payment systems themselves. However, the clause is rather mixed, so we are not entirely true that there are depositing fees.
All withdrawal amounts must first pass a trading volume requirement first, otherwise DollarsMarket may deduct an undisclosed amount from the account of the user as commission. The issue here is that the trade volume is decided at the brokers own discretion.
User will have their accounts closed if there has been no transactions in 60 days! This will put pressure on users to deposit and trade, and thus participate even more in the, what we assume to be, a scam by DollarsMarket.
The next clause may be a reference to DollarsMarket’s lack of a Negative Balance Protection plan. It says that the if the user has no money in her account, her due date for the charges are increased by 2 days. It doe snot discuss whether the broker will just put her account in the negative, although we believe that DollarsMarket will do just so.
However, if the user has another account, or is in some way connected to another user’s account, DollarsMarket has the right to transfer money form these account to the account currently on the negative. This is some shady stuff though.
There are far worse clauses than the ones we mentioned, yet even having the simpler version of them, just like in DollarsMarket, is cause for abandoning all trust.
With all said and done, we see absolutely no reason why anyone would ever deposit and expect results from DollarsMarket? This is an unregulated firm, and thus we do not advice you deposit in it. Keep away.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.