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.
Is Dollars 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 seems like a pretty solid broker, all things considered. On the plus side, they 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. So while it's not perfect, Dollars Markets seems like a pretty decent choice overall.
Market Intruments
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. With such a diverse range of instruments, traders can easily find opportunities to capitalize on market movements.
Account Types
Dollars Markets offers two types of trading accounts, Standard and Pro. The Standard account is designed for beginners or those who prefer to trade in smaller amounts. It requires a minimum deposit of $15 (recommended deposit of 200) and offers competitive spreads and access to 64 Currency Pairs, 5 Precious Metals, 12 Indicies, 5 Cryptocurrencies.
The Pro account is suited for experienced traders who require more advanced trading tools and features. It requires a minimum deposit of $50 ((recommended deposit of 500) and offers tighter spreads and lower trading commissions, making it ideal for those who trade frequently and with larger amounts. Besides, traders can access a wider range of trading instruments, including 107 Currency Pairs, 14 Precious Metals, 14 Indicies, 104 Cryptocurrencies, 158 Shares, 3 Energy, 7 ETFs.
Both accounts come with the option to use either the MetaTrader 4 or MetaTrader 5 trading platforms, which are widely recognized as some of the best in the industry.
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.
Then, you will be asked to provide your name, email address, phone number, and country of residence. You will also need to select the account type you want to open and the currency you want to use.
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.
Leverage
Leverage is a powerful tool that can magnify your trading potential, allowing you to increase your positions and potentially maximize your profits. Dollars Markets offers a competitive leverage of up to 1:2000, which is among the highest in the industry. This means that for every $1 of your own capital, you can control up to $2000 of trading power. However, it is important to note that while high leverage can increase your potential profits, it can also increase your potential losses. Therefore, it is important to use leverage wisely and to always practice responsible trading. Dollars Markets also offers negative balance protection to help ensure that you never lose more than your account balance, providing an added layer of security and peace of mind for traders.
Deposit Bonuses
Dollars Markets offers a generous 50% deposit bonus to its clients, which can be a great way to boost your trading capital and increase your potential profits. Essentially, when you make a deposit, the broker will add an additional 50% of the deposit amount to your account as a bonus.
This bonus can be a great way to start off your trading journey with a little extra capital, or to help you recover from a losing streak. However, it's important to keep in mind that there are terms and conditions associated with the bonus, such as minimum trading volume requirements before you can withdraw the bonus funds.
However, it's important to read and understand the terms and conditions of the bonus offer before accepting it, as there may be certain restrictions or limitations.
Spreads & Commissions (Trading Fees)
Dollars Markets offers competitive spreads and commissions, which can vary depending on the type of trading account and market conditions. The broker's spreads on major currency pairs start from as low as 0.0 pips, while commissions on trades are charged at a flat rate of $7 per lot for its Pro account holders. Standard account holders do not pay commissions, but their spreads may be slightly higher than those of the Pro account holders.
Non-Trading Fees
In addition to trading fees, Dollars Markets may also charge non-trading fees. These fees are typically related to services or actions that are not directly related to trading. Here are some examples of non-trading fees that may apply:
Inactivity fee: Dollars Markets may charge an inactivity fee if your account is inactive for a certain period of time. This fee is meant to encourage clients to stay active and engaged with the platform.
Withdrawal fee: There may be a fee for withdrawing funds from your account, especially if you are using a payment method that incurs additional charges, such as a wire transfer.
Conversion fee: If you deposit funds in a currency other than your account's base currency, Dollars Markets may charge a conversion fee to convert the funds into your account's currency.
Overnight financing fees: Luckily, Dollars Markets does not charge swap fees, which is good news for traders who love to hold their positions overnight.
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.
Customer Support
Dollars Markets offers customer support to its clients to ensure that they receive assistance when needed. Customers can contact the support team via several channels, including phone, email, and live chat. The customer support team is available 24/7 to provide assistance and resolve any issues that clients may face.
In addition to these channels, Dollars Markets provides a comprehensive FAQ section on its website that addresses various topics related to trading, account management, deposits and withdrawals, and more. The FAQ section contains a vast amount of information that clients can refer to when seeking answers to their questions.
Another notable feature of Dollars Markets' customer support is that it offers support in multiple languages, including English, Spanish, German, and French, among others. This ensures that clients can communicate with the support team in their preferred language, which can be especially helpful for non-English speaking clients.
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
In 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
A: Yes, Dollars Markets is a regulated broker. It is regulated by the The Financial Services Commission of Mauritius (FSC) under license number GB21026297.
A: The minimum deposit required to open an account with Dollars Markets is $15 for the Standard account and $50 for the PRO account.
A: 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.
Q: What payment methods does Dollars Markets support？
A: Dollars Markets supports Bank Transfer, Cryptocurrency, and Mastercard for deposits and withdrawals.
Q: What is the maximum leverage offered by Dollars Markets？
A: Dollars Markets offers a maximum leverage of up to 1:1000 for forex trading.
A: Yes, Dollars Markets offers a 50% deposit bonus for new clients who meet certain requirements.
A: No, Dollars Markets does not charge inactivity fees.
Q: What languages does Dollars Markets' customer support speak？
A: Dollars Markets' customer support speaks multiple languages, including English, Spanish, German, and French, among others.
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