Dowmarkets Review: Is dowmarkets.com Legit or Scam Broker? - Topedgefx.com

Dowmarkets Review: Is dowmarkets.com Legit or Scam Broker?

Welcome to Dowmarkets review. Dowmarkets operates a Forex and Crypto brokerage facility at Dowmarkets.com.

They offer up to 5 different account types with financial instruments ranging from currency pairs, Crypto, Commodities to stocks and indices.

The minimum deposit to open a live account with Dowmarkets is $250, which is significantly higher than what our recommended brokers require.

Their website was launched in September 2018 according to who.is and the brand that operates Dowmarkets is allegedly known as Prometheus Ltd.

While this broker appears to be offering just the exact thing that most traders need, we have serious issues against them and we believe that if these issues are ignored, traders are likely to lose their money.

If you already have a good Forex broker, you can take advantage of these trading tools and resources.

Otherwise, we ask you to read this Dowmarkets review to find out whether this broker can be a truly trusted or not.

We want to find out how different they are from brokers like Stockscm, Capital TradeFX Ltd, UniCapitals and many other shady ones.

Dowmarkets review

The broker is primarily advertising their Cryptocurrency trading instrument.

Traders can only find a list of other supported financial instruments after going through the various account types provided by Dowmarkets.

The following are the account types and their features:

1. Start Account

Min deposit: Minimum deposit: $250

2. Silver Account

Min Deposit: Minimum deposit: $3,000

3.Gold Account

Min Deposit: $10,000

4.Platinum Account

Min deposit: $50,000

5.VIP Account

Min deposit: $100,000

From the information highlighted above, it’s quite clear that Dowmarkets intends to lure traders to higher deposit accounts by dangling features that most traders would consider essential.

For example, MT4 trading terminal is not available in some account types and so are some trading instruments.

This means that traders will be forced to “upgrade” their accounts by depositing more money in order to access features that are otherwise considered basic.

This is a very big setback considering that other brokers don’t lure traders by denying them basic features.

Dowmarkets review: Trading platforms

By now it should be obvious that this broker offers our popular and beloved MT4 trading terminal.

This can either be downloaded or used online with any modern browser.

Dowmarkets supports MT4 web terminal. However, the disadvantage (as already discussed above) is that this platform is not available to all account holders.

They also seem to offer another trading platform which is unique to Dowmarkets (XCritical (Quant ROI Ltd).

We have never used this trading platform before and so we don’t know what features are provided and how user-friendly it is.

By the way, most traders prefer sticking to the usual MT4 trading platform because at least they’re used to it and secondly, it provides robust charting capabilities and integration with some of the best Forex robots in the planet. 

Also, most traders won’t necessarily prefer their in-house trading platform as opposed to MT4.

The major downside here is that some of the accounts will force traders to use their in-house trading software which might be against the wish of their clients.

Expensive spreads, fair leverage

Their Cryptocurrency spreads are a bit on the higher side of the market.

Bitcoin spreads are typically at $100 while the industry’s average is $25. If this is not ripoff, then we don’t know how else to call it.

The same case applies for currency pairs like EURUSD. When we tested the platform, we found them charging 1.7 pips for EURUSD spreads.

Again, this is a little bit higher than the industry’s average of 1.3 pips or lower.

Basically, trading conditions are not attractive.

In terms of leverage, their trading accounts provide up to 1:50. While some traders might regard this amount of leverage as small, we feel that this allowance is sufficient for most traders.

Too much leverage can ruin your account. You have to learn proper risk management or use professional trading tools that balance risk according to your capital. 

Dowmarkets not regulated and owned by shady company

According to the company’s marketing materials, Prometheus Ltd is the brand that runs Dowmarkets.

We have discovered that Prometheus Ltd uses the same registration information as MaxiTrade or Agricole Trade.

Other websites which have been found to use the same information include forexminister.com and tradegf.com.

We’re also concerned with the fact that Dowmarkets is not a regulated broker.

The thing with unregulated brokers running their business from an offshore location is that most of them scam investors.

With Dowmarkets broker, we even don’t know who their CEO is. The people running this operation are 100% anonymous.

This does not inspire any trust and it tells us that our money won’t be safe in the hands of a broker like Dowmarkets.

Conclusion

No matter how attractive this broker’s features seem to be, Dowmarkets is simply an illegal broker and website.

They don’t hold a valid trading license from any financial watchdog.

They don’t have a reputation yet and ownership information will never be disclosed.

We don’t know about you but for us, this is a risky broker to use. Thanks for reading our Dowmarkets review.

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