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DominionFX Review – is it scam or safe?

DominionFX Review  – is dominionfx.com scam or safe forex broker?

RATING: 1.5 / 1 REVIEWS ForexBrokerz DominionFX
DominionFX is an offshore broker. Your money is not safe.

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 Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Standard None* 0.01 lot 1:500 4 pips

 

*In its Q&A section the broker notes that even though it does not have a set minimum deposit requirement, it recommends a deposit of at least $500 in order to start trading.


DominionFX has only one type of trading account, which we call “standard” for convenience. There is also a free demo account.


The broker offers trading in forex, spot metals and CFDs on stocks, indices, agricultural products, energies and metals.



The Company. Security of Funds


Company Country Regulation
DominionFX Russia None

 

DominionFX is a relatively new forex broker based in Russia and targeting Russian clients. There is not much information about it, but obviously it is not regulated. The opinions about the broker in the social media are divided, as is the case with most forex brokers.


There are numerous forex brokers operating on the Russian market and some of them are properly regulated by the Bank of Russia, others have some type of offshore regulation and others, like DominionFX, have none.


We are not tired to repeat time and again that it is much safer to deal with a properly regulated broker and we are saying it again. Of course, not all regulators have very strict requirements, but UK's FCA and the Australian Securities and Investment Commission (ASIC) have the reputation of providing robust oversight and client risk protection.



Trading platform


Like most forex brokers, DominionFX has chosen the popular MetaTrader 4 (MT4) as trading platform. It offers the desktop version and the mobile applications, but not the browser version.


The MT4 is known for its ease of use, large number of options, charting and technical analysis tools. It is stable and reliable and platform offers API connectivity, supports PAMM and MAMM functionality, multiple types of orders, Expert Advisors and automated trading.



Payment methods


DominionFX has a rather limited list of payment methods. There are only the bank transfer and credit/debit card options – both for deposit and withdrawal.



Conclusion


DominionFX does not strike us as an exceptional broker. Its trading conditions, are not very impressive – the spreads are rather wide and the $500 deposit requirement does not appear very attractive. Besides there is the lack of regulation, which always suggests more risk.

 

Pros Cons
MT4 Unregulated
  Wide spreads

 

 

 

 

 

 

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Traders` reviews for DominionFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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