Archives: Brokers

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Amega

Is Amega Scam or Legit Broker?

No, Amega should not be considered a reliable option because it lacks robust regulatory oversight. The broker is governed by the Financial Services Commission of Mauritius. It is widely acknowledged that entrusting investments to offshore brokers carries significant risks and may result in financial losses.

  • Signing in with offshore brokers is considered risky because they typically lack the stringent regulations and oversight provided by top-tier authorities such as CySEC, ASIC, and FCA. These strict regulatory bodies ensure that traders operate within a highly secure environment, thereby minimizing the chances of financial losses or other potential issues that could arise.

About Amega
🏢 Registered inthe Financial Services Commission of Mauritius
🗺️ Type of LicenseOffshore
🛡️ Is Amega safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is Amega?

According to the website, Amega has been operating for about a decade offering a range of services. The broker enables access across various markets: Forex, Shares, Indices, Commodities, Metals, and Energy. Amega offers commission-free trading. With the broker clients conduct trading on the MT5 platform. Besides, traders have access to technical analysis and an economic calendar. Amega also provides educational material for beginner traders.

Nevertheless, after conducting a more in-depth investigation of the broker, we uncovered certain facts and issues that should be carefully considered before deciding to sign up with the broker.

  • Regulation issues: Amega is an offshore broker registered by the Financial Services Commission of Mauritius with the GB22200548 license number. However, it's important to note that the broker lacks substantial licenses, making its services appear risky and less dependable. When selecting a broker, regulatory status is of paramount importance, as ensuring the safety of funds remains the top priority in Forex trading.
  • Feedback from fellow traders: A reliable method for gaining insights into a broker is to examine reviews from actual traders. In this regard, Amega is not in the best position, as its reviews are either highly positive or exceedingly negative. The noteworthy aspect is that it lacks consistency in feedback, resulting in an overall low trust score within the market. Consequently, it may not be the most favorable choice for potential investors.
  • Withdrawal issues: Among other complaints, one of the main issues is the lack of the withdrawal process. Many clients indicate either a problem in the withdrawal, which often causes loss of funds or other issues that block profitable trading. 

Overall Amega Ranking

Based on our research, we have identified significant reservations regarding Amega's reliability and its compliance with regulatory standards. Therefore, we are unable to provide a favorable rating for Amega.

  • Amega Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.

RankingAmegaTrading 212Go Markets
Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading ConditionsTrading Environment

Amega Alternative Brokers

Given the concerns regarding the reliability and security of Amega, we strongly advise traders to explore alternative options that offer more robust regulations and improved trading conditions. Below is a list of reputable brokers that provide trustworthy choices and a secure trading environment for your consideration:

Deposits and Withdrawals

Amega offers a range of funding methods: Visa/MasterCard, Qiwi, Epay, B-pay, Sticpay, FastPay, Skrill, Payeer, Bank Transfer, etc. The broker does not specify a certain minimum deposit amount. Depending on the payment method, the funds appear on the account almost instantly. 

  • The broker claims about straightforward withdrawal process. During working hours, withdrawal requests are approved almost instantly.
  • To enable withdrawals, the withdrawal method must be the same as the deposit method.
  • In light of the numerous complaints concerning the inadequacy of the withdrawal process, we strongly encourage traders to carefully assess the potential risks associated with investing with this broker.

Account Types 

Amega offers only one account type. This means, the broker limits trading opportunities and features into a single account type. The minimum deposit seems to be $20, although the broker also mentions there is no deposit amount specification, and the minimum amount depends on the payment methods. Amega offers a high leverage of 1:1000. Spreads start from 0.1 p.

Amega Review Conclusion

Based on the data we have gathered about Amega, there are significant reservations regarding the broker's credibility. Amega's lack of serious registration (it has Mauriutus registration only) raises substantial concerns. Additionally, the numerous negative client reviews are serious grounds for concern.  Further, the services and trading conditions are average, thus it is certainly advisable to give preference to tightly regulated brokers with good standing in the market and transparent trading conditions. 

To avoid risks typical in trading with unregulated or offshore brokers, we always recommend choosing a reliable broker that holds licenses from reputable authorities like FCA, ASIC, or CySEC. Many regulated brokers are both reliable and have exceptional offerings, such as BlackBull Markets, Go Markets, and HFM.

  • Overall ranking and experience for Amega is Negative

Athens Markets

Is Athens Markets Scam or Legit Broker?

No, Athens Markets cannot be considered a trustworthy broker due to its lack of regulation. The broker does not provide any information about its regulations and licenses, making it a risky trading option. 

  • The primary lack of unregulated or offshore brokers lies in their lack of proper regulation, which creates a significant safety gap. Engaging with offshore and unlicensed brokers, might pose a high risk of exposing traders to potential forex scam.

About Athens Markets
🏢 Registered inNo regulation
🗺️ Type of LicenseNo license
🛡️ Is Athens Markets safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is Athens Markets?

Athens Markets' website highlights its offerings, including access to a wide range of major currency pairs, CFDs, and commodities, all with competitive spreads. The platform also boasts a comprehensive set of real-time charting tools and trading indicators, enabling clients to analyze markets and make well-informed investment decisions. Additionally, Athens Markets provides access to the popular MT4 and MT5 trading platforms, boasts low fees, offers free educational resources, and ensures round-the-clock customer support.

However, there are some important facts we were able to reveal that will make traders second-guess their decision to sign up with the broker:

  • Lack of regulation: Regulation is one of the most important aspects in Forex trading to consider. Upon research, we revealed that Athens Markets is an unregulated broker. This means that the broker operates without adhering to any regulatory rules or guidelines, and can operate its business however it wants. This makes Athens Markets a risky choice for financial investments. 
  • Feedback from clients: When traders have doubts about a broker and its level of trust, it's a wise decision to consider reviews from real traders. Of course, even in this case it is important to be very careful, as there are many fabricated reviews that might put an unregulated and untrustworthy broker in a good light. With mixed reviews of very good and an abundance of very poor reviews, Athens Markets gives space for consideration. In fact, there are many reviews pointing out problems with the withdrawal process, and insufficient customer support. 
  • Withdrawal problems: It seems like one of the main problems is the insufficient withdrawal process. Clients complain about the lack of withdrawals. They claim that in many cases their investments are either impossible to withdraw or they are simply not shown on the account. 

Overall Athens Markets Ranking

Through research, we have identified significant concerns regarding the trustworthiness of Athens Markets and its adherence to regulatory standards. Consequently, we cannot issue a favorable rating for Athens Markets.

  • Athens Markets Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.

RankingAthens MarketsEightcapAdmiral Markets
Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading InstrumentsTrading Conditions

Athens Markets Alternative Brokers

Considering the concerns surrounding Athens Markets reliability and security, we highly recommend traders to explore alternative options that provide more stringent regulations and enhanced trading conditions. Below is a list of reputable brokers offering trustworthy choices and a secure trading environment for your consideration:

  • Eightcap– Low Pricing
  • HFM– Competitive Trading Conditions
  • FP Markets – Wide Range of Trading Instruments

Deposits and Withdrawals

Athens Markets supports deposits using BTC, ETH, USDT ERC20, and UDSC ERC20. Logging into the client area, traders should click on the “deposit funds” and then select the currency they wish to deposit with.

  • The only available option for deposits seems to be Bitcoin.
  • Unfortunately, there is not much information on deposits and withdrawals on the broker's website.
  • Many clients complain about problems with withdrawal. Traders get scammed through crypto wallets.

Account Types

Athens Markets offers two account types to its clients: Athens Pro and Athens Standard. Each account type offers different trading conditions. The broker states low spreads and commissions, however, traders point out that the spreads are higher than the market average, and commissions are exceedingly high. 

  • The broker does not mention the available leverage for the accounts.
  • There is limited information on the account conditions and features, which is a problem, as traders do not know what to expect from the broker. 

Athens Markets Review Conclusion

Based on the data we have gathered about Athens Markets, there are considerable reservations concerning the broker's trustworthiness and credibility. The broker's lack of registration raises substantial concerns. Additionally, the numerous negative client reviews should not be disregarded. It is always advisable to give preference to tightly regulated brokers with good standing in the market and good and transparent trading conditions. 

To avoid risks typical in trading with unregulated or offshore brokers, we always  recommend choosing a reliable broker that holds licenses from reputable authorities like FCA, ASIC, or CySEC. There are many regulated brokers that are both reliable and have exceptional offerings, such as BlackBull Markets, Go Markets, and HYCM.

  • Overall ranking and experience for Athens Markets is Negative

Dominion Markets

Is Dominion Markets Scam or Legit Broker?

No, Dominion Markets cannot be considered a trustworthy broker due to its lack of serious regulation. Dominion Markets LLC is a limited liability company incorporated and registered under the laws of Comoros Union, with company number HY00723020. However, the regulatory oversight and protection offered by the jurisdiction are limited.

  • Dominion Markets, like many other offshore or unregulated brokers, presents quite attractive offers and trading conditions. However, it lacks proper regulatory oversight, making investments with it potentially risky. To steer clear of financial scams and avoid unpleasant surprises, it is always advisable to choose a regulated broker with top-tier regulations and a strong reputation in the market.

About Dominion Markets
🏢 Registered inComoros Union
🗺️ Type of LicenseOffshore
🛡️ Is Dominion Markets safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is Dominion Markets?

Dominion Markets is an internet-based ECN Forex broker. The broker was founded by a team of professional traders in 2020. It boasts of its favorable offerings, such as low spreads, flexible leverage, low forex commissions, segregated clients' accounts, etc. 

Upon further research, we assess the reliability and trustworthiness of the broker by analyzing it from various critical aspects. Here is what we discovered:

  • Lack of regulation: This is one of the critical aspects of Forex trading. The lack of proper regulation is a red flag that traders need to take seriously. Licenses from top-tier and respected authorities provide an essential guarantee that your investments are secure, and trading won't result in significant financial losses. In the case of unregulated or offshore brokers, such guarantees are absent. Regarding Dominion Markets, the broker does not hold a substantial license. Instead, it is incorporated and registered under the laws of the Comoros Union, with company number HY00723020.
  • Withdrawal issues: Withdrawal issues are quite common for unregulated or offshore brokers. This is serious, as withdrawal problems mean the inability to withdraw your investments and profits. The broker seems to have issues in this respect, which means to be very cautious while signing with the broker. 
  • Traders' feedback: Considering feedback from real traders is essential. Clients share their own experiences with different brokers, enabling others to avoid the same mistakes. In fact, many traders have issued warnings about Dominion Markets, sharing their negative experiences with the broker, particularly regarding aspects such as withdrawals and customer support.

Overall Dominion Markets Ranking

After conducting extensive research, we have uncovered substantial concerns regarding the reliability of Dominion Markets and its compliance with regulatory standards. Therefore, we are unable to provide a favorable ranking for Dominion Markets.

  • Dominion Markets Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.

RankingDominion MarketsFXGTEightcap
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading InstrumentsTrading Platforms

Dominion Markets Alternative Brokers

Considering the concerns surrounding Dominion Markets' reliability and security, we highly recommend traders to explore alternative options that provide more stringent regulations and enhanced trading conditions. Below is a list of reputable brokers offering trustworthy choices and a secure trading environment for your consideration:

  • Eightcap– Competitive Trading Conditions
  • FXGT– Low Pricing
  • CMC Markets – Wide Range of Trading Instruments

Deposits and Withdrawals

With Dominion Markets crypto is the main option for deposits. It offers a wide range of crypto options such as BTC, ETH, LTC, DASH, BCH, XMR, NEO, XRP, and ADA. Also, clients can deposit funds using a credit or debit card through a third-party payment processor. Dominion Markets minimum deposit using Crypto Payments is $50. The minimum deposit for other payment methods is $100.

  • There is a  same-day Crypto withdrawal for all clients. The withdrawal request will be fulfilled within 24 hours of submission, and the funds will then be sent directly to the client's Crypto wallet. 
  • The minimum amount for withdrawals is $50. It is possible to cancel a withdrawal request while it is still pending, by contacting the broker's Support Team.
  • We strongly recommend exercising extra caution, as many clients share their negative experiences regarding the withdrawal process with Dominion Markets. 

Account Types

Dominion Markets Login to account offers several account types: ECN, Standard STP, ECN Plus, and Islamic. Each account offers different features and conditions that will suit traders with different trading expectations.

  • ECN account is designed for professional traders, with tight spreads and deep liquidity.
  • On the other hand, Standard STP account is suitable for beginner traders, who are looking for simple and direct market access with no commissions along with DOminion Markets leverage offers highest rates, which is typical practice of unregulated and offshore brokers. 

Dominion Markets Review Conclusion

Based on the information we have compiled regarding Dominion Markets Forex Trading, there are notable concerns regarding the broker's reliability and trustworthiness. While the broker offers attractive features and services, its registration in an offshore jurisdiction is a significant ground for concerns. Besides, there are many negative reviews from clients that shouldn't be overlooked.

This is why we recommend choosing a reliable broker that holds licenses from reputable authorities like FCA, ASIC, or CySEC. There are many regulated brokers that are both reliable and have exceptional offerings. Some of them are but not limited to BlackBull Markets, HFM, and Eightcap.

  • Overall ranking and experience for Dominion Markets is Negative