In this detailed Dominion Markets Review, we will review each aspect of the Dominion Markets broker to see if this broker is a legit broker. Below is the summary of the Dominion Markets Broker.
Summary
Assets Available | 5 Asset Classes – Forex, Crypto, Stocks, Commodities and Metals. |
Regulated by | Not Regulated |
No. of Trading Platforms | 3 Trading Platforms based on cTrader – Mobile, Desktop and Web |
Leverage | 1:500 |
Spreads | Starts from 0.0 pips depends on account type |
Commission | Stars from zero commissions depending on the account type |
Min Deposit | $50 (by Crypto) otherwise $100 |
Demo Account | Yes |
Education Provided | Basic education |
Methods of Payment | Crypto, Credit Card and Debit Card |
Top Forex Brokers
Best for Low Spreads | Best for Speed | Best for High Leverage |
![]() Fusion Markets is one of the top brokers that provide traders with low spreads | ![]() BlackBull markets is a great broker that provides traders with fast executions speeds. | ![]() FBS broker is a highly regulated broker that is best for high leverage trading. |
Broker Background
Dominion Markets is an ECN brokerage provider with over 50,000 clients. Overtime, Dominion Markets have opened 3+ offices and branches. Dominion markets prides themselves in providing zero commissions and razor sharp spreads. The figure below shows the dominion markets broker.
![Dominion Markets Review in 2024 - Is it a legit broker? 5 Dominion Markets Review](https://axlestreet.com/wp-content/uploads/2024/02/Dominion-Markets-1024x576.png)
Trading Platforms
Dominion Markets provides 3 trading platforms based on cTrader. cTrader works on desktop, mobile and web. The following image (figure 2) shows the cTrader trading platform.
Dominion markets doesn’t provide a trading platform based on the MetaTrader 5 platform (MT5). MT5 is our preferred platform for trading forex. That said, cTrader is not a bad trading platform. Both of these trading platforms does provide all the necessary tools to trading in the forex market.
![Dominion Markets Review in 2024 - Is it a legit broker? 6 cTrader](https://axlestreet.com/wp-content/uploads/2024/02/cTrader-1024x394.png)
Instruments Available For Trading
Dominion Markets provides you with 5 asset classes. These include Forex, Crypto, Stocks, Commodities and Metals. There are 200+ tradable instruments among these 5 asset classes.
Forex
You can trade major currencies, crosses and exotics with Dominion markets.
Crypto
You can trade a range of cryptocurrencies with Dominion Markets including Bitcoin and Ethereum.
Stocks
There are several stocks that you can trade with Dominion Markets including Apple stock, Tesla stock and Metal Stock
Commodities & Metals
There are several commodities and metals that you can trade with Dominion Markets including oil, gold and other metals.
Regulations
Dominion Markets LLC is registered under the laws of Comoros Union, with company number HY00723020. Dominion markets is not regulated by a tier 1 regulator such as Australian Securities and Investment commission (ASIC) or Financial Markets Authority (FMA). Also, Dominion Markets is not regulated by any other regulator as well. The regulations offered by laws of Comoros Union is very limited.
Account Types
Dominion Markets provides you with 4 different account types. These are,
- Standard STP
- ECN
- ECN Pro
- Islamic
The following table shows the differences between these account types.
Standard STP | ECN | ECN Pro | Islamic |
---|---|---|---|
Spreads – from 3.0 pips | Spreads – from 0.0 pips | Spreads – from 0.0 pips | Spreads – from 1.5 pips |
Commissions – Zero | Commissions – $3.5 | Commissions – $2.5 | Commissions – $3.5 |
Minimum Deposit – $100 | Minimum Deposit – $100 | Minimum Deposit – $10,000 | Minimum Deposit – $100 |
Leverage – up to 1:500 | Leverage – up to 1:500 | Leverage – up to 1:500 | Leverage – up to 1:500 |
Currency pairs – 200+ | Currency pairs – 200+ | Currency pairs – 200+ | Currency pairs – 200+ |
Minimum trading size – 0.01 | Minimum trading size – 0.01 | Minimum trading size – 0.01 | Minimum trading size – 0.01 |
Commissions And Spreads
Commissions and spreads depends on the account types. For standard STP, there are zero commissions but the spreads starts from 3.0 pips. For more information on commissions and spreads refer to table 2.
Leverage
Dominion Markets provides up to 1:500 leverage. This is high leverage but not the highest in the market. It is beneficial to have access to high leverage if you are a profitable trader. The following table compares leverage of other brokers compared to Dominion Markets.
Dominion Markets | XM | InstaForex |
---|---|---|
Leverage – up to 1:500 | Leverage – up to 1:888 | Leverage – up to 1:1000 |
Education Provided
Dominion Market’s provides basic education. These include market analysis and blog articles about trading. The following image shows some of the blog articles provided by Dominion Market’s. If you are looking for reliable trading education make sure to check out our forex trading guide.
![Dominion Markets Review in 2024 - Is it a legit broker? 7 Dominion Markets 1](https://axlestreet.com/wp-content/uploads/2024/02/Dominion-Markets-1-1024x576.png)
Minimum Deposit
To trade with Dominion Markets, you to deposit at least $100. This is quite high compared to other brokers. Below is a comparison table between dominion markets and 2 other brokers to see the minimum deposit required.
Dominion Markets | XM | eToro |
---|---|---|
$100 | $5 | $10 |
Awards
Dominion Markets is an award winning broker. Dominion markets has won Top Trusted Broker at Middle East Financial Markets Awards.
Methods Of Payment (Deposit and Withdrawal)
Dominion markets provides few payment methods for both depositing money and withdrawing money. These payment methods are Crypto, Credit Card and Debit Cards. The crypto currencies available for deposit and withdrawal are BTC, ETH, LTC, DASH, BCH, XMR, NEO, XRP, and ADA.
Customer Service
Dominion markets provides traders with 25/5 customer support. You can contact Dominion markets customer support through phone and email or through their contact form. Dominion markets does not provide you with live chats like other brokers.
Trading Tools
Dominion markets does not provide trading tools like calculators and forex calendars.
Demo Accounts
Dominion Markets do provide a demo account that you can open to practice your trading. The demo accounts provided does not have an expiry date.
Pros & Cons
The following table (table 4) shows the pros & cons of choosing Dominion markets.
Pros | Cons |
---|---|
Zero commission Accounts | No tier 1 regulations |
ECN accounts | High minimum deposit |
No Live chat |
Is this broker legit?
It is hard to recommend Dominion Markets because it has only a offshore licence. Dominion Markets is not regulated by a tier 1 regulator such as ASIC. It is recommended that you trade with a broker who is regulated by a tier 1 regulator.
Dominion Markets Alternative Brokers
Below are some of the alternative brokers to Dominion Markets who are regulated by top tier regulators. These brokers are more trustworthy and have a good standing reputation in the industry.
- XM Broker – Regulated by ASIC and an award winning broker
- AvaTrade – Regulated by 7 different regulators
- eToro – Regulated broker, best known for copy trading
Conclusion
In this detailed Dominion Market review we reviewed each of the critical aspects of this broker. Dominion markets provides you with zero commission and low spread accounts but due to lack of regulations it cannot be trusted. It is always wise to trade with a broker who is regulated by a top tier regulator, so that you can be sure that your funds are in safe hands.