Is Forex Broker DowMarkets scam or not?

By An Khmurenko on in Learn to trade
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Dowmarkets is an emerging brokerage site that traders old and new have to watch out for. If you haven’t heard from Dowmarkets broker, this Dowmarkets review can serve as your primer to making an impression with the broker that will help you decide whether trying their brokerage services or not. 

This forex review will also help you get to know more about Dowmarkets and what it has to offer, believe or bust circulating rumors about Dowmarkets scam or Dowmarkets fraud, and dispel accusing Dowmarkets customer reviews telling us why forex is a scam.

dowmarkets

dowmarkets

Dowmarkets Background

Dowmarkets claims to be an innovative forex brokerage site as it boasts of its modern trading platform as its main offering for both beginning and experienced traders. On the Dowmarkets official site, it was stipulated that it was founded by Prometheus Ltd, an international financial holding company. However, the Dowmarktets site did stipulate neither the date when it was established nor its headquarters’ location.

Moreover, Dowmarkets envisions itself to be a reliable and modern forex service provider to each and every trader by making the best opportunities during high volatile market conditions available for its users. The broker also expressed its attempt to provide top-notch service by laying down its unique features for users to experience and capitalize on as they choose Dowmarkets as their forex broker. 

Security and Regulatory Status

Dowmarkets has yet to prove its regulatory status as its official site does not show any proof of authorization by any regulation body where it should be registered with. It did not show any certification from a financial institution as a legitimate broker. With this, online rumors tagging Dowmarkets lie or Dowmarkets cheat are still thriving, although nothing has been proven so far.

For now, it is safe to say that Dowmarkets needs to be transparent about its regulatory standing to gain the trust of the public traders. 

dowmarkets1

dowmarkets1

Account Types and Trading Conditions

After probing on Dowmarket’s background and legitimacy as a broker, let’s now look into its offerings and account types they have along with the trading conditions they come with.

Dowmarkets offers the following account types and their corresponding features.

  • Start account – the minimum deposit ranges from $250 – $3000 to avail of this account type. A Dowmarkets login offers up to 50% welcome bonus upon signing in for an account and access to the trading tools and instruments, educational facility, and trading platform. 
  • Silver account – this account type requires a minimum deposit ranging from $3001 – $10,000. The same features are accessible through this account type plus a trading friend in the personal financial analyst. You are having an analyst on your side while trading gives you the confidence to make more sound trading decisions knowing that you’ve got a trading partner always at your service. You are also treated with up to 100% welcome bonus.
  • Gold account – if you have the luxury to invest $10001 – $50,000, you can opt for this account type. What’s special with the Gold account is the golden opportunity to have a weekly 30-minute review of your trading account. You also get to enjoy all the perks included in the Silver account plus a 120% welcome bonus. Your withdrawal procedure is beyond the standard procedure.
  • Platinum account – This account type offered by Dowmarkets is a high-end account as users deposit within the range of $50,001 – $100,000.  This account gives you all the privileges the Gold account features with an additional premium service of creating your trading plan for the next three months and the opportunity to help you develop a personal trading strategy. You are also treated with a welcome bonus of up to 120%.
  • VIP account – If you can afford to deposit more than $100,000, sign in for the VIP account. This is Dowmarkets’ best offering as users are given all the perks imaginable for a trading account – a 150% welcome bonus, highly prioritized for withdrawal requests, access to all the tools and platforms available, review of trading account anytime, a trading plan for the whole year, personal trading strategy development, screen demo for real-time trading, and VIP hedging tools. 

Trading Platforms

In this Dowmarkets review, it’s trading platforms narrative is the most salient aspect and probably makes the strongest case why traders must try the Dowmarkets.com site. Dowmarkets sports two major trading platforms; one is among the most popular in the trading world in MetaTrader 4, while the other is its unique platform offering in Xcritical solution. Both these platforms exhibit advanced trading executions and are armed with up-to-date trading tools. Traders of different assets and markets can trade with ease by using any device such as a PC, laptop, tablet, and mobile phone. The programs are readily available for downloads using iOS and Android devices. 

One of the most notable things, when you try its platform via Dowmarkets.com login, is the flexible settings in the web platform. It also enables traders to experience 1-click trade execution. Also, the platforms feature an excellent trading interface that works well in any browser type. 

dowmarkets3

dowmarkets3

Summary of Advantages and Considerations

Let us now take into consideration the highlights of this review to give a summary of Dowmarkets’ overall performance as a broker.

Advantages:

  • Powerful trading platforms (MT4 and Xcritical solution)
  • Multiple access points for customer care
  • A good set of trading tools 
  • Competitive account types and trading conditions

Considerations:

  • The tedious withdrawal request process
  • Certification of regulation issues

DowMarkets Customer Reviews

But let us take a look first at what the online community has to say:

“Is trading easy? No. But the XCritical platform for DowMarkets make it like a walk in a park. I know it’s an exaggeration, but then, XCritical lays out all the functionalities that a trader like me needs to survive the trading game. And so far, because the platform has been easy to navigate, giving you what commodities are up, which trade signals to follow, and what trading time is most sound to buy which asset, I am finding every trading day exciting.” – Anna

“At first I thought DowMarkets was too good to be true. All those offerings and a platform that seems to give a trader everything, sure. But then, really going into trading I found out that there was no need to fret about placing your trust with this broker.” – Golden Gate

Bottom Line

Despite the many claims that Dowmarkets users are having a hard time withdrawing funds from their trading accounts, the SSL encryption being used by this broker is a good safety protocol that assures others that trading in Dowmarkets is safe and profitable.

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An KhmurenkoView all posts by An Khmurenko