Dow Markets is a forex broker that is supposedly located in Marshall Islands . In the review below, we take an in-depth look at the features dowmarkets.com allegedly offers. This review basically answer the questions: is dow markets legit? Is Dow Markets good? The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about DowMarkets.
Table of Contents
Dow Markets Trading Platform
At first glance the broker claims that it supports the MT4 trading platform. After registration and proceeding to the software, we found that claim to be a lie.
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They claim that they offer assets such as Forex (with leverages up to 1:400) CFDs, Indices, and stocks.
DowMarkets Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea as to how a broker might work.
After thoroughly checking we discovered that this broker has five account types
Dow market Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us, because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
The payment section states that clients can fund an account are Visa, MasterCard, Zotapay and a spectrum of cryptocurrencies.
One disturbing we saw was that the Legal documents states that the broker has the ability to use a client’s account funds in any way it deems fit. This is a no for us
Another thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume in order to be eligible for withdrawal. This is purposefully done in order to stop traders from making a withdrawal.
Is DOWMarkets Licensed?
Licensing is another important part, because a regulated broker can be trusted to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it is actually regulated.
This broker claims that its parent company is Exellium Ltd and that it is located in the Marshall Islands. Aside from the fact that dowmarkets.com doesn’t give any licensing information, we cannot ignore the fact that this Broker resides in the Marshall Islands. Marshall Islands is a place that attracts shady brokers because of their lack of proper licensing laws and a regulatory body.
So, It is safe to say that this broker is not licensed, at least not in anyway that will ensure the safety of the clients.
Traders should always ascertain if a broker is licensed before investing in them. They should check regulatory bodies such as the FCA in UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy and many others.
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Conclusion
We wouldn’t recommend using this forex brokerage, we are not impressed with the vague information they have provided.
In fact-checking this broker, we found that many of its claims were either or false or unverifiable. We can’t confirm their location, and also, there is a lack of transparency in depositing funds and even a foggier and non-explained process of withdrawing. We don’t advise you to invest with this broker, any attempts to do so we certainly lead to loss of your funds.