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Dominion Markets Review: Pros and Cons Uncovered (2024)

Ricardo Fernandes| Updated: February 13, 2024

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.

Dominion Markets Review: Pros and Cons Uncovered (2024) 1

Fake reviews of Dominion Markets have been detected on Trustpilot (Source: Trustpilot)

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.

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Review of Dominion Markets on Trustpilot (Source: Trustpilot)

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).

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Products offered by Dominion Markets (Source: Dominion Markets)

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.

Account Types

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 Review: Pros and Cons Uncovered (2024) 4

Account types offered by Dominion Markets (Source: Dominion Markets)

Trading Platform

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.

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Trading Platforms available on Dominion Markets (Source: Dominion Markets)

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.

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CTrade Windows Platform (Source: CTrade)

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.

Dominion Markets Review: Pros and Cons Uncovered (2024) 7

MT4 and MT5 are stated on Dominion Market’s website (Source: Dominion Markets)

Fee Structure

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.

Dominion Markets Review: Pros and Cons Uncovered (2024) 8

Fee Structure on Dominion Markets (Source: Dominion Markets)

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.

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Deposit fees on Dominion Markets (Source: Dominion Markets)

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.

Account Opening

Dominion Markets is available worldwide, with exceptions including Canada, the US, and the Islamic Republic of Iran.

Account Opening
Minimum Deposit $100
Currencies Supported USD, GBP, EUR or CAD
Currency Conversion Fees
Deposit Methods Crypto1, Credit / Debit Card, Bank Transfer, Wire Transfer and Electronic Wallets 
Deposit Fees 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.

Educational Resources

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.

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Dominion Markets provides investors with access to Market Analysis, which mainly focuses on Forex pairs, as shown in the example below.

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Market Analysis Example Available on Dominion Market’s Website (Source: Dominion Markets)

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.

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Dominion Market’s blog (Source: Dominion Markets)

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.

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Best alternative overall

Min. deposit of $0
Excellent reputation (founded in 1978)
Access to real stocks and ETFs
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Interactive Brokers summary
Founded in 1978, IBKR is one of the world’s most trustworthy brokers. It offers access to CFDs across a variety of asset classes, including shares, indices, metals, and Forex. It also launched IBKR GlobalTrader, a modern mobile trading app to trade stocks, ETFs, and options, ideal for novice investors.
Supported countriesWorldwide (exceptions apply)RegulatorsFINRA, SIPC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS and MNB.
Products and MarketsStocks, ETFs, Options, Futures, Forex, Commodities, Bonds and Funds.Interest on uninvested cashEUR: 3.467%; USD: 4.83%; GBP: 4.75% (as of January 2024)
Fractional sharesYesDemo Account

Best for professional traders

Excellent Reputation (founded in 1992)
Min. deposit of €2,000 (varies between countries)
8,800+ CFDs available
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Saxo Bank summary
Saxo Bank is an investment bank specializing in online trading and investment. It is a leading global online broker offering access to most asset classes worldwide, including a wide range of CFDs, as well as Forex and Crypto ETPs.
Supported countriesWorldwide (exceptions apply - not available in the USA)RegulatorsASIC, FSA, FCA, SFC, MAS, FINMA, DFSA.
Products and MarketsStocks, ETFs, Bonds, Mutual Funds, Crypto ETPs, Options, Futures, Forex, Forex Options, Crypto FX, CFDs and CommoditiesInterest on uninvested cashUSD: Up to 4.059%; EUR: Up to 2.65%; GBP: Up to 3.93% (as of January 2024)
Fractional sharesNoDemo Account

62% of retail CFD accounts lose money.

Dominion Markets Review: Pros and Cons Uncovered (2024) 16

Best for social trading

Excellent reputation (founded in 2007)
Min. deposit of $10 (varies between countries)
Offers interest on uninvested cash balances
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eToro summary
eToro is a social trading platform with over 30 million users worldwide. It allows investors to invest in a wide range of assets, including stocks, CFDs, cryptocurrencies and CFDs on stocks, ETFs, commodities, Forex, indices and cryptocurrencies.
Supported countriesWorldwide (exceptions apply)RegulatorsFCA, CySEC and ASIC.
Products and MarketsStocks, ETFs, Cryptocurrencies and CFDs on Stocks, ETFs, Commodities, Forex, Indices and Cryptocurrencies.Interest on uninvested cashUp to 5.3% in USD
Fractional sharesYesDemo Account

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.

Ricardo Fernandes
Fintech Analyst

Ricardo Fernandes is an undergraduate management student with a passion for finance and business. He serves as the CEO of one of Portugal's most promising junior initiatives, the Minho Investment Association, and holds the role of Ambassador for the renowned BIG-4 firm, Ernst & Young (EY).