Have you come across Dominion Markets online? Dominion Markets presents itself as a forex broker, but what it offers are CFDs (contracts for difference) on forex, indices, commodities, stocks and cryptocurrencies. The broker was founded in 2020 by forex trader Raja Zahoor, known online as “Raja Banks”, and is managed from Dubai.
Dominion Markets does not accept clients from the United States, as well as several other countries such as Russia, Iran and North Korea.
Want to know more about Dominion Markets, how it operates and what protection its licences really offer? This Dominion Markets review covers its regulation, products, fees and user reviews.
Is Dominion Markets safe?
We don’t consider Dominion Markets safe. According to the legal information on its website, the broker operates through several companies, none of which is supervised by a top-tier regulator such as the FCA or the SEC, or by a mid-tier regulator such as CySEC:
- Dominion Markets Ltd (Mauritius): licensed by the Financial Services Commission (FSC) of Mauritius as an Investment Dealer (licence no. GB24203525). Mauritius is an offshore jurisdiction with lighter supervision and weaker investor protection than the EU or the UK.
- Dominion Markets LLC (Comoros Union): registered on the island of Mohéli, with an international brokerage licence (no. T2023340) issued under the island’s IBC regulation. Licences from Comoros offer very limited oversight.
- Dominion Financial Services L.L.C. (UAE): licensed by the UAE’s Capital Market Authority (CMA) with a Category 5 licence (Ranking and Advice). It is not authorised to hold client assets or client money, and it only facilitates account opening for the Dominion Markets trading entity.
- Dominion Markets LTD (Cyprus): a company registered in Cyprus (HE460499). A company registration is not the same as a CySEC licence.
This doesn’t prove that the company runs a scheme, but it means that your money has much weaker protection than with a well-regulated broker. For example, offshore entities are not covered by investor compensation schemes like those in the EU or the UK.
What about the Comoros and Mauritius licences?
The Comoros Union has several islands with their own offshore licensing authorities, such as Anjouan (which licensed Dominion Markets in the past) and Mohéli. These authorities have a record of light supervision, and a US government report on Anjouan noted that its anti-money laundering rules did not apply to the offshore companies it licensed.
The Mauritius FSC is a more established regulator, but it is still considered an offshore regulator, with less strict rules on leverage, client money and investor compensation than top-tier regulators.
Trustpilot reviews
Dominion Markets has a Trustpilot page with several hundred reviews. According to third-party reports from June 2026, Trustpilot has removed fake reviews from the profile and hides its rating for breaching its guidelines, which is a red flag in itself.
Many negative reviews mention problems withdrawing funds. Some clients say the broker accused them of arbitrage or forbidden trading practices to block withdrawals of their profits, while others report withdrawals split into small amounts or delayed for weeks.
Other complaints focus on poor customer support. When we previously contacted the support team, our query went unanswered for over 48 hours.
Products and markets
Dominion Markets says it offers more than 200 tradable instruments, including forex pairs, indices, commodities, metals, stocks and cryptocurrencies. All of them are traded as CFDs, which the website doesn’t make clear.
CFDs are high-risk, leveraged products that don’t give you ownership of the asset. For example, when you buy a stock CFD at Dominion Markets, you don’t own a piece of the company, but a contract that pays you (or makes you pay) the difference in price.
- Forex: major, minor and exotic currency pairs.
- Commodities and metals: crude oil, natural gas, gold, silver and other metals.
- Stock CFDs: large US and European companies, such as Apple, Amazon, Alphabet and BMW.
- Crypto CFDs: pairs such as BTC/USD, as well as crypto-to-crypto pairs.
Account types
According to its website, Dominion Markets offers four account types, with leverage of up to 500:1:
- Standard STP: for beginners, with no commission and spreads from 2.0 pips. Minimum deposit of $50.
- ECN: for experienced traders, with raw spreads from 0.0 pips and a commission of $3.50 per side. The website shows both $100 and $1,000 as the minimum deposit.
- ECN Institutional: for professional traders, with raw spreads and a commission of $3.00 per side. Minimum deposit of $20,000, MetaTrader 5 only.
- Islamic: a swap-free account for traders who follow Sharia law, with a commission of $3.50 per side and spreads from 1.0 or 1.5 pips (the website shows both).
Leverage of 500:1 is far above the 30:1 cap on major forex pairs for retail clients in the EU and the UK. It magnifies losses as well as gains.
Trading platforms
Dominion Markets offers cTrader and MetaTrader 5 (MT5). Both are available on desktop, web and mobile (iOS and Android). The ECN Institutional account is only available on MT5.
Fees
Dominion Markets doesn’t publish a clear, complete fee schedule. Based on its account pages:
- The Standard STP account has no commission, with spreads from 2.0 pips
- The ECN account has spreads from 0.0 pips and a $3.50 commission per side ($7 per round trip)
- The ECN Institutional account has a $3.00 commission per side
- The Islamic account has no swap fees, but a $3.50 commission per side
The website gives little information about deposit, withdrawal and currency conversion fees, apart from a 1% markup on crypto deposits. This lack of transparency on fees, combined with the offshore regulation, is another red flag.
Account opening
Dominion Markets accepts clients from many countries, but not from the US, Russia, Iran, North Korea, Cuba, Syria and several other restricted countries. UAE residents are directed to the UAE entity, Dominion Financial Services L.L.C.
| Account opening | Details |
| Minimum deposit | $50 (Standard STP) |
| Account currencies | USD, EUR, GBP |
| Currency conversion fee | Not disclosed |
| Deposit methods | Crypto, credit/debit card, bank transfer, e-wallets |
| Deposit fees | 1% markup on crypto deposits |
Cryptocurrency is one of the main deposit methods. When we previously tried to deposit, we could only fund the account in USD, and a EUR deposit still had to go through cryptocurrency. Withdrawals usually have to go back through the same method used to deposit.
Dominion Markets alternatives
55% of retail CFD accounts lose money.
62% of retail CFD accounts lose money.
Bottom line
After reviewing Dominion Markets, we believe there are better alternatives for investors. Our main concern is its regulation: its trading entities are licensed in offshore jurisdictions (Mauritius and Comoros), and its UAE entity is not allowed to hold client money. Without a strong regulator, you can’t be sure that the broker follows industry standards or that your money is well protected.
We also found issues with the transparency of its products (CFDs), its fees and its deposit methods, as well as many user complaints about withdrawals.
For these reasons, we can’t recommend Dominion Markets. Instead, we suggest well-regulated alternatives such as Interactive Brokers, Saxo and eToro.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
