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Is Forex Broker DowMarkets scam or not?

Is Forex Broker DowMarkets scam or not?

Relatively young in the trading industry, DowMarkets is a company specializing in CFD and Forex trading. This online brokerage firm can meet all criteria relevant to its trade as it aims at offering premium service to its patrons. What this means is that its clients can experience superb comfort as they rake in the profits from their online endeavor.

Poetically echoing its character, DowMarkets was founded by Prometheus Ltd. Prometheus was a Greek titan who challenged the gods by giving man fire. And much like its progenitor, DowMarkets has defied the norms set by the trading industry. DowMarkets had done well despite its youthful reputation. 

DowMarkets has one clear mission: that through high volatility, the firm promises to give traders an outstanding chance to gather amazing returns from Forex. It aims at becoming THE only go-to online broker with great adaptability to cater to the changes that the fast-paced industry keeps churning out. 

Is Forex Broker DowMarkets scam or not?

The DowMarkets Broker

But what exactly makes DowMarkets different? Let us count the ways:

  1. The trading platforms that it employs are not only of good repute but are wholly functional and highly-intuitive.
  2. Its operations bear no monthly fees or any extraneous undeclared commissions.
  3. The firm boasts of a highly competent team composed of traders tenured in the industry willing to answer questions round-the-clock.
  4. Its servers continuously operate without a second’s interruption.
  5. The firm’s technical specialist is highly skilled and provides its clients with top tier data protection.
  6. It offers 5 different account types:
Is Forex Broker DowMarkets scam or not?

The DowMarkets Broker: Types of Accounts

1. Start Account:

  • Deposit amount: $250 – $3,000
  • With a Welcome Bonus of up to 50%
  • Adheres to Standard Rules with withdrawals
  • Comes with comprehensive analytical and educational materials
  • An introduction to the platform

2. Silver

  • Deposit amount: $3,001 – $10,000
  • With a Welcome Bonus of up to 100%
  • Adheres to Standard Rules with withdrawals
  • Comes with comprehensive analytical and educational materials
  • An introduction to the platform
  • A personal financial analyst is provided to see the client through

3. Gold

  • Deposit amount: $10,000 – $50,000
  • With a Welcome Bonus of up to 120%
  • Adheres to Standard Rules with withdrawals
  • Comes with comprehensive analytical and educational materials
  • An introduction to the platform
  • A personal financial analyst is provided to see the client through
  • The trading account will be reviewed individually alongside the financial analyst, 30 minutes, once a week.

4. Platinum

  • Deposit amount: $50,001 – $100,000
  • With a Welcome Bonus of up to 120%
  • Adheres to Standard Rules with withdrawals
  • Comes with comprehensive analytical and educational materials
  • An introduction to the platform
  • A personal financial analyst is provided to see the client through
  • The trading account will be reviewed individually alongside the financial analyst, for 2 hours, once a week.
  • A trading plan is given quarterly
  • The platform and the financial analyst will assist the trader in coming up with an efficient personal trading strategy

5. VIP

  • Deposit amount: $100,001 up
  • With a Welcome Bonus of up to 120%
  • Adheres to Standard Rules with withdrawals
  • Comes with comprehensive analytical and educational materials
  • An introduction to the platform
  • A personal financial analyst is provided to see the client through
  • The trading account may be reviewed individually alongside the financial analyst, upon request without limit.
  • A trading plan is given quarterly, annually.
  • The platform and the financial analyst will assist the trader in coming up with an efficient personal trading strategy.
  • Real-time trading is demonstrated through a screen.
  • Through this account, the trader is given the highest priority
  • Top tier hedging tools are made available for holders of this account.

DowMarkets Scam

But of course, this declaration of what Dowmarkets offers is mere lip service. What would really give assurance is reading through personal customer reviews.

However, when one is to look into the reviews available through the online community, DowMarkets had earned the chagrin of many traders.

One site deconstructs why DowMarkets is a mere scam due to the following counts:

1. No License

DowMarkets is said to have no license—that it goes about its business without undergoing proper regulation.

2. Territory With Weak Regulations

DowMarkets operates in a country where the laws against unlicensed brokerage firms are not strong. Countries such as Bermuda, Bulgaria, the Marshall Islands, the Grenadines, Saint Vincent, Seychelles, and Vanuatu have ineffective rules and regulations.

3. Always the Maximum Amount

DowMarkets is said to always ask for the maximum account. On the get-go, this is already seen as something shady. What better way to scam someone but to ask for everything, right?

With this triumvirate of reasons, people all over the World Wide Web are quick to assume that DowMarkets is indeed a scam, a fraudulent entity. That DowMarkets cheat.

But we gotta ask ourselves, is reasoning out through the mere absence of a declared license and regulator qualify as an objective review? It is just as good as a DowMarkets lie.

Of course, we could reason out better if we try out the trading platform. What this tells us is that we would be able to assess the broker properly should there be an actual effort to trade through their platform. This would do the firm justice, therefore rendering greater ethics for both the reviewer and DowMarkets themselves.

Is Forex Broker DowMarkets scam or not?

DowMarkets Customer Reviews

Here are two DowMarkets customer reviews that we found across the net that attempts at dispelling the accusation of Dowmarkets being a fraud.

Alejandro del Castillo:

So I tried the platform DowMarkets for myself. Going in, I was actually apprehensive, availing of a Gold account. Entrusting my hard-earned $10,000 in a trading platform had had received bad reviews initially is a dive. Things could get bad. They could even get worse.

But through navigation of the platform, I was thrilled to see that everything has been laid out, trading is just as easy as clicking a button–literally given that there is a function called one-click trading that you can find through the settings section of the platform.

The chart is complete with everything that a trader needs to know, from the selling price of leading altcoins to their buying price. One can also see buying signals and open various charts for the likes of Brent Crude, known currency pairs, and more. This kind of user-friendliness of the platform is not only enticing, but ultimately makes it easy for a user to track his or her trades. This being said, I don’t see why one should worry, or why it should be called a scam.

Joshua Scott: 

The only thing that seems to need improvement is the withdrawal system; I would have to agree with a friend that DowMarkets need to improve the process. Maybe they should work on establishing connections with more intermediary banks. I think this is what has other calling it a scam. But of course, everything is a work in progress. I believe this could still be improved. I think that DowMarkets and its online platform, XCritical can be trusted.

The Verdict

All in all, DowMarkets is a broker that you could take a chance on. With its comprehensive platform and promising offerings, a trader only needs to delve into trading through the firm. All negative reviews could either be affirmed or dispelled, provided the platform could be tried out.