DominionFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this DominionFX Review.
DominionFX Review
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.
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.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
DominionFX Review Conclusion
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