Domino Forex Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this DominoForex Review.
Domino Forex Review
Domino Forex offers three types of live trading accounts. The main difference among them are the spreads.
There is also a free demo account.
Domino Forex’s tradable instruments portfolio consists of around 50 forex pairs – major, minor and exotics, gold and silver, plus CFDs on metals, energies, agricultural products and currency futures.
Other brokers, like FxPro for example, also have a rather extensive portfolio that includes over 70 forex pairs. Similarly, Windsor Brokers has a forex portfolio of around 50 forex pairs.
The company. Security of funds
Company Country Regulation
Domino Europe Ltd Malta MFSA
Domino Forex is owned by the company Domino Europe Ltd, which is based in Malta and is regulated by the Malta Financial Services Authority (MFSA), holding a Category 3 financial license. License Holders of such type of license are authorized to provide any Investment Service, to hold and control Clients’ Money or Customers’ Assets, and to deal for their own account or underwrite. Like most other regulators, the MFSA has a number of requirements regarding company capital, staff competence and activities that have to be carried out in Malta.
The broker is also a member of an investor compensation scheme and says it keeps client funds in segregate accounts, which is a normal practice of the reputable brokers.
Furthermore, the company says it is fully complaint with MiFID and operates under the authority of the CNB in the Czech Republic, the FSA in Denmark, the AMF in France, the BaFin in Germany, the PSzÁF in Hungary, CONSOB in Italy, the AFM in Netherlands, CNMV in Spain, FI in Sweden, the NBS in Slovakia, and the FCA in the UK.
Minimum initial deposit
For its Standard account Domino Forex requires an initial deposit of $50, which is a relatively small sum. Of course, there are brokers like FXTM who have a minimum deposit requirement of $5 and IG who want just $1 and there are other brokers like TryMarkets who have a requirement of $500.
Spreads and commissions
Domino Forex offers floating and fixed spreads on all types of live accounts. Whereas the average spread for the EURUSD pair is 2.4 pips, the VIP and Pro accounts offer “lowered spreads”, but we could not find more detailed information on them.
The spread of 2.4 pips is relatively high for the industry. Other brokers like FXCM, for example, have an average spread of 1.4 pips, while IG offers even lower: 0.8 pips for their standard account.
Domino Forex’s leverage on all types of accounts can go up to 1:500. This is a relatively high leverage, with an industry standard of 1:200, like the one offered by IG.
Others, like HYCM and easyMarkets offer a leverage more similar to Domino Forex’s: 1:400. There are other brokers like Grand Capital who offer a leverage of up to 1:2000 on some types of accounts.
Domino Forex offers several types of promotions, mostly aimed at new clients. There are the Domino Deposit Bonus, 100% Deposit Bonus and Fidelity Bonus. There is also an iPhone 6. The sums of the bonuses can be up to $2000, but are mostly of much lower sums.
Domino Forex is among the hundreds of brokers offering the popular platform MetaTrader 4 (MT4) – for desktop and mobile devices, but not the web version.
The platform was developed and released by MetaQuotes Software back in 2005, but to this day is used by many brokers like FXChoice, FXPro, FXCM, etc. One of the main reasons for its popularity is that it is stable and reliable, has many functions, offers API connectivity, supports PAMM and MAMM functionality and has a wide selection of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors and automated trading.
Other major brokers offering MT4 are FXCM, XM and IG.
Methods of payment
Domino Forex has a limited number of options, consisting only of bank transfer and credit/debit cards.
Usually the brokers provide many more payment options that include electronic payment systems and sometimes even wire services like Western Union. FxChoice for example offers the option to pay even with Bitcoin.
Domino Forex is by no means a major broker, but has robust regulation and can operate throughout Europe, which is always a bonus. From the language versions of the site, it is mostly targeting Italian and Chinese speaking clients, which is a somewhat odd language combination. Even though we could not find the detailed differences between the various account types, but the Standard type looks attractive enough for retail traders.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Domino Forex Review Conclusion
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