Is World Forex Scam or Legit Broker?
No, World Forex cannot be considered trustworthy as it lacks a license from a top-tier regulatory authority. World Forex is a brand registered as a trade name owned by the company Existrade LTD. The broker carries a license from the Saint Vincent and the Grenadines. Also, the broker has a Saint Lucia registration.
- Brokers with only a license from an offshore entity, such as Saint Vincent and the Grenadines may raise concerns because the regulatory standards in this jurisdiction are not as stringent as those in other countries with top-tier regulatory authorities. Additionally, some brokers choose this jurisdiction due to its relatively lax regulatory requirements, which could potentially expose investors to greater risks of fraud or misconduct.
About World Forex
| 🏢 Registered in | St. Vincent and the Grenadines |
| 🗺️ Type of License | Offshore |
| 🛡️ Is World Forex safe to trade? | No |
| 🗺️ Recommended Licenses | FCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺 |
| 🖥 Alternative Broker | FP Markets - licensed by ASIC in Australia |
What is World Forex?
World Forex is an offshore broker based in St. Vincent and the Grenadines, providing commission-free trading with a minimum deposit of $1 and high leverage of up to 1:1000. The broker enables access to Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts. World Forex is favorable for beginner traders, enabling them access to a Demo account. Trades can be conducted on the market-popular MT4 and MT5 platforms.
Our further research uncovered additional insights into World Forex's operations, offering a more comprehensive understanding of the broker.
- Insufficient Regulation: While World Forex may appear appealing initially due to its favorable conditions and diverse offerings, one significant drawback is its lack of proper regulation. World Forex is a brand registered as a trading name owned by the company Existrade LTD. The broker is incorporated in St. Vincent & the Grenadines, with registration number 24441 BC 2018. Also, it is a registered International Business Company (IBC) in Saint Lucia with a registration number 2023-00137. However, due to the lax nature of the mentioned authorities, engaging with such brokers may entail significant risks.
- Market Manipulation: In trading environments characterized by a lack of transparency and regulatory oversight, especially with unregulated and offshore brokers, there is an increased risk of market manipulation, which may manifest in different ways. While Forex market manipulation may not be a frequent occurrence in every market, it remains a concern that requires ongoing attention from regulators, market participants, and investors to maintain the integrity and fairness of the Forex market.
- Client Feedback: Many clients initially find World Forex's offerings appealing and attractive. However, a majority of reviews highlight difficulties with the withdrawal process, prompting other traders to steer clear of the broker.
- Withdrawal Issues: Assessing a broker involves scrutinizing withdrawal procedures, crucial in Forex trading. Difficulties with withdrawals can obstruct traders'access to their investments and profits. The substantial volume of complaints against World Forex regarding its withdrawal process raises significant concerns.
Overall World Forex Ranking
Upon concluding our investigation, we have uncovered substantial concerns regarding World Forex's reliability and adherence to regulatory standards. As a result, we cannot provide a favorable rating for World Forex.
- World Forex Overall Ranking is 2 out of 10 based on our testingand compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.
| Ranking | World Forex | IG | Interactive Brokers |
|---|---|---|---|
| Our Ranking | ⭐ | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐⭐ |
| Is Broker safe? | No | Yes | Yes |
| Advantages | None | Trading Conditions | Platforms |
World Forex Alternative Brokers
Given the uncertainties surrounding World Forex's reliability and security, we strongly recommend traders explore alternative options offering stronger regulatory oversight and more favorable trading conditions. Below, we present a selection of reputable brokers that provide reliable choices and ensure a secure trading environment for your consideration:
- FP Markets– Powerful trading technology and ECN environment
- InteractiveBrokers– Good for Trading Real Stocks
- XM–Wide Range of Trading Opportunities
Deposits and Withdrawals
Payment methods offered by the broker typically include bank wire transfers, credit/debit cards, e-wallets, and cryptocurrencies. World Forex does not impose any deposit fees, although third-party charges may be applicable. The minimum deposit requirement for all account types is $1 or equivalent currency. However, note that certain payment methods may have their minimums.
- With a minimum amount of 100 USD (or equivalent in any currency) deposit clients receive a bonus of +100% on the deposited amount. The bonus is credited to the trader's account irrespective of the chosen trading account type.
- Clients are required to withdraw funds using the original deposit method. World Forex typically processes withdrawals within 30 minutes, which is considerably fast.
- However, when it comes to withdrawals, we advise exercising caution as numerous client reviews regarding the withdrawal process of the broker are negative.
Account Types
Trading accounts are available for real trading with standard lot sizes or cent accounts with micro-lots. Depending on the type, traders can open accounts in one of the following currencies: EUR, USD, RUR, or UAH. These accounts are suitable for professional traders looking to trade with a currency other than the US dollar.
- Accounts for trading digital contracts are available in the following currencies: EUR, USD, RUR, and UAH. Trading digital contracts offer the potential to earn up to 100% of the invested amount.
- The trading account types offered by the broker are the following: W-CENT-fix, W-CENT, W-PROFI-fix, W-PROFI, W-CRYPTO, and W-DIGITAL. Conditions and costs vary depending on the account type.
World Forex Review Conclusion
From the information we've gathered about World Forex, it's clear that this broker offers some attractive advantages with favorable features and trading conditions. However, it's important to recognize significant concerns regarding the broker's trustworthiness and credibility. The fact that World Forex is registered in an offshore jurisdiction (St. Vincent and the Grenadines) raises substantial concerns. Furthermore, there are numerous reviews from real traders who express dissatisfaction with the withdrawal process, claiming it is insufficient.
Therefore, it is highly recommended to prioritize tightly regulated brokers with established reputations and transparent trading conditions. It's always advisable to select a trustworthy broker holding licenses from reputable authorities such as FCA,ASIC, orCySEC. Many regulated brokers combine reliability with exceptional offerings, such as Go Markets, HFM, andFP Markets.
- Overall ranking and experience for World Forex is Negative
No news available.
