Financial Fraud Recovery

Dollars Markets Review: An Overview of the Forex and CFD Broker

Summary

Dollars Markets is an online brokerage that offers Forex and CFD trading solutions. Although the company claims to be regulated by the Financial Services Commission (FSC) of Mauritius, many users have questioned its legitimacy. Founded in 2020 and registered in St. Vincent and the Grenadines, Dollars Markets has a low reputation across the web, and particularly on Trustpilot, where it has a rating of 1.8 out of 5. Many traders have noted complaints about withdrawals and support that does not respond. Below is a full review of Dollars Markets, its background, claims, and customer issues.

About Dollars Markets

Dollars Markets, which began its operation in 2020, describes itself as an international trading broker that allows access to global financial markets. The site provides trading in several instruments, including:

• Forex (Currency Pairs)
• Commodities
• Indices
• Contracts for Difference (CFDs)

The broker claims it is a regulated company under the FSC of Mauritius, with a license number GB21026297. While we would like to think this claim is legitimate, offshore jurisdictions often have lower levels of supervision than regulators like the FCA (UK), ASIC (Australia), or CySEC (Cyprus).

Regulation and Registration Concerns

While the company is based in St. Vincent and Grenadines, it is known as a legitimate offshore jurisdiction because its financial regulations for brokers are very lenient.

• Lack of Investor Protection: Offshore brokers are not held to strict financial security rules.
• Restrictions on Transparency: There is no existing publicly available information confirming their regulation as a broker.
• Misleading Regulator: The broker should never be relied upon to confirm that they are regulated; this should be confirmed through the regulator.

User Reviews and Complaints

Dollars Markets has an unattractive 1.8 stars on Trustpilot, and a number of users share their experience.

The complaints seem to follow the same concern:

• Withdrawal Problems: Traders say their withdrawal was denied or delayed.
• No Customer Support: People would avoid customer service after trying to initiate a withdrawal.
• False Sense of Security: Attractive low spreads and the ease of depositing contributed to a false sense of security.
• Manipulated Trades: Some traders reported slippages on their trades and manipulation of quotes.

Here are some example user comments:

• “THIS website is definitely a SCAM!! DO NOT GO ANYWHERE NEAR THIS!”
• “They stole my life savings.”
• “Depositing is easy, but trying to get your money back is almost impossible.”

Frequently Asked Questions (FAQ)

Q1. Is Dollars Markets a regulated broker?

Dollars Markets claims they are regulated by the FSC Mauritius, but this should be verified independently, as some offshore brokers are known to misuse regulatory information.

Q2. Is it safe to trade on Dollars Markets?

We advise extreme caution when working with this broker, based on user reviews and comments.

Q3. Why are there so many negative reviews?

Most users cite issues with withdrawals, either delaying funds or stopping them completely. Therefore, the issues raised with this broker are concerning.

Q4. What should I do if I have lost money to Dollars Markets?

You may want to reach out to a funds recovery service or report it to your local financial authorities.

Conclusion

Although Dollars Markets claims to be a reputable Forex and CFD broker, numerous red flags indicate that it isn’t exactly what it portrays itself to be. That it is registered offshore, is likely poorly regulated, and has a high number of complaints against it suggests serious issues of trustworthiness. Traders are advised to be very careful, check the details for themselves, and never risk a potentially large amount of money with an unverified broker.

If you have had issues with Dollars Markets or have had trouble withdrawing your funds, consider reaching out to TRU CLAIMS for guidance and assistance in recovering your funds.