Have you come across Dominion Markets online? Dominion Markets presents itself as an investment firm, operating as a CFD broker.
While Dominion Markets operates as a CFD broker, this information is not clearly stated on their website. Additionally, it’s crucial to highlight that CFDs are forbidden in the US, meaning that Dominion Markets is not an option for you if you’re from the US.
Furthermore, Dominion Markets holds a single non-reputable license. According to their website, they are licensed and authorized by the International Brokerage and Clearing House (T2023340), issued by the Offshore Finance Authority of Anjouan, Comoros Union.
Want to know if Dominion Markets is safe and how it operates? Do you also want to know if the company’s license provides investors with some protection? Look no further – this Dominion Markets review is your ultimate guide to discover more about the company.
Dominion Markets Review
Is Dominion Markets Safe?
Unfortunately, Dominion Markets doesn’t seem to be safe! This investment firm operates under a non-reputable license issued by the Offshore Finance Authority of Anjouan, Comoros Union. Although this fact does not guarantee that the company runs a scheme, it alerts the investors to potential frauds, since the company is not overseen by any top-tier (FCA/SEC) or even mid-tier regulators (CySEC).
It’s crucial to note that this warning sign may expose investors to potential fraud risks. Legitimate brokers hold licenses from reputable financial regulatory bodies, providing investors with higher security due to strict standards and regulations.
Offshore Finance Authority of Anjouan: Is it Reliable?
Anjouan is an island that is part of the Union of the Comoros (Comoros). Based on a document published by the U.S governement, the Offshore Finance Authority of Anjouan operates independently from the Union’s Central Bank. Union had established AML laws, which established them to reduce corruption in the region.
However, it seems there is limited ability to implement AML laws (the Anti-Money Laundering Act of 2002) in Anjouan by the Union, for example, there is no absolute requirement to report large cash transactions.
Moreover, the document from the U.S. Government states that it appears Anjouan does have an AML law. However, it applies to Anjouan but not to the offshore entities it licenses. This shows that the regulation that Dominion Markets holds does not provide safety for its investors.
Dominion Markets Review
Trustpilot: Dominion Markets Reviews
Dominion Markets boasts over 90 reviews on Trustpilot. However, it’s important to note the warning displayed by the platform, indicating that they have detected fake reviews for the company.
Furthermore, our team would like to highlight several highly negative reviews that indicate a lack of security for investors. While these negative reviews are addressed by the company, there appear to be numerous complaints regarding the withdrawal of funds from clients’ accounts. Clients have reported instances where the company accused them of engaging in arbitrage practices, thereby preventing them from withdrawing their funds.
Additionally, other criticisms focus on the inadequate support provided. Indeed, our team submitted a query to the support team, which went unanswered for over 48 hours. This lack of timely response suggests that the negative reviews are likely legitimate and well-founded.
Dominion Markets Review
Dominion Markets Review
Products and Markets
Dominion Markets offers trading in over 100 currency pairs, 13 indices, 3 commodities (+ 13 metals pairs), 63 stocks, and over 100 crypto pairs. However, these investment products are offered through CFDs. which is not clearly mentioned on their website.
CFDs are high-risk, leveraged products, with no asset ownership. This means that when you buy a stock CFD through Dominion Markets, you don’t own a piece of the company, but a contract that promises to pay you in case the price goes up (with additional fees).
Forex trading is offered in over 100 pairs, each consisting of main pairs and more exotic ones.
Commodity trading is offered through two main categories: “commodities,” which include Crude (Brent and US) and Natural Gas, and “metals,” which encompass metals such as gold, platinum, and more.
Stocks CFDs are offered on large-cap US stocks such as Apple, Amazon, Google (Alphabet), and some European Stocks, such as SHEL, and BMW.
Crypto trading is offered in over 100 pairs, much like Forex, with main pairs such as BTCUSD, as well as more exotic pairs. Additionally, pairs with currencies and crypto-crypto pairs are also available.
Dominion Markets provides clients with a range of 4 account options: Standard STP, ECN, ECN Plus, and Islamic. Each account type offers unique features such as spreads, commissions, leverage, and minimum deposits.
Standard STP Account: Ideal for beginners desiring straightforward market access. The Standard STP account necessitates a minimum deposit of $100 and provides leverage up to 500:1.
ECN Account: Tailored for seasoned traders seeking deep liquidity and narrow spreads. The ECN account requires a minimum deposit of $1000 and offers leverage up to 500:1.
ECN Plus Account: Ideal for professional traders. The ECN Plus account offers institutional-grade liquidity with reduced commissions compared to the ECN account. It entails a minimum deposit of $10000 and provides leverage up to 500:1.
Islamic Account: Catering to traders adhering to Sharia law. The Islamic account permits holding trades over days without swap fees. With a minimum deposit of $1000, it offers leverage up to 500:1.
Dominion Markets allows investors to utilize CTrader as a trading platform, which is accessible in versions for both laptops and the web, with a very similar interface. Additionally, CTrader can be downloaded for various platforms, including Mac, Windows, Android, and iOS.
In our opinion, the platform boasts a simple interface and is beginner-friendly. However, compared with MetaTrader 5 (MT5), CTrader has a smaller community, which can be a downside if you encounter issues and attempt to troubleshoot them on your own or prefer to learn independently.
The platforms available for Dominion Markets investors are not clear and concerns about transparency. When we began our review, the MT5 and MT4 platforms were available, but during the review process, they disappeared from the website. Despite this, MT5/MT4 are still mentioned in the FAQs.
When it comes to the fee structure, Dominion Markets does not provide clear information. However, we are aware that it depends on the account type. We highlight the standard account, STP, with a minimum spread of 1.0 pip in comparison with ECN and ECN Plus, which have a minimum spread of 0 pips but with a flat rate fee per trade.
On the other hand, we have the Islamic account, which has a minimum spread of 1.0 pip, just like STP, with the addition of a flat rate of $5 per trade.
When it comes to deposit and withdrawal fees, Dominion Market, once again, does not provide clear information. However, a fee for crypto deposits is mentioned.
The fact that Dominion Markets does not provide a clear fee structure for its investors is a significant downside related to transparency, which, combined with dubious regulation, raises numerous red flags.
Dominion Markets is available worldwide, with exceptions including Canada, the US, and the Islamic Republic of Iran.
|USD, GBP, EUR or CAD
|Currency Conversion Fees
|Crypto1, Credit / Debit Card, Bank Transfer, Wire Transfer and Electronic Wallets
|1% on crypto deposits
The primary deposit option for Dominion Markets investors is cryptocurrency. However, the company states in its FAQs that the platform supports USD, GBP, EUR, and CAD. When we attempted to deposit, we did not find the option to fund the account in any currency other than USD. The option for EUR still appears, but it must be converted to cryptocurrency.
Dominion Markets provides some educational resources on its website, including an article that explains the difference between MT5 and cTrader, likely aiming to elucidate the introduction of cTrader instead of MetaTrader.
Dominion Markets provides investors with access to Market Analysis, which mainly focuses on Forex pairs, as shown in the example below.
Dominion Markets also offers an article explaining “the best time to trade,” which mentions the hours when the Forex Market has the highest volume. An article also explains some of the available Forex pairs, focusing mainly on the major pairs.
Lastly, Dominion Markets has a blog where articles are published to help investors make more informed decisions. Still, the articles are too simplistic and do not address the real questions that may arise for investors with a deeper understanding of the market.
To conclude, our team has found that almost all educational resources provided by Dominion Markets focus on Forex, completely overlooking another major product of the platform, which is CFD trading.
Additionally, there is clear negligence on the website in promoting CFDs, as it is not even clear, as mentioned above, that the available stocks are not real, but rather CFDs on stocks. This, combined with the fact that CFDs are a high-risk product, especially for beginner investors, makes the company not investor-friendly, nor does it assume a role of social responsibility in promoting its products and educational resources targeting them.
Dominion Markets Review
Dominion Markets Alternatives
Are you unhappy with what you have read on Dominion Markets? There’s no need to worry! Our team has put together a list of alternatives that we believe are safer and better suited for you. In this collection, we picked alternatives that offer investment products similar to those of Dominion Markets and are regulated by top-tier authorities.
62% of retail CFD accounts lose money.
76% of retail CFD accounts lose money.
1Dominion Markets allows investors to fund their accounts with BTC, ETH, LTC, DASH, BCH, XMR, NEO, XRP and ADA.