Updated on March 1, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding World Forex due to the issues we've identified.
Is World Forex Scam or Legit Broker? ▲
Regrettably, World Forex falls short of being deemed a trustworthy broker due to its lack of accreditation from any leading regulatory authorities. Operating under the trade name of Existrade LTD, World Forex is licensed in Saint Vincent and the Grenadines, and holds a registration in Saint Lucia. The absence of a license from a top-tier regulator is a substantial red flag, as it suggests a potential increase in the risk of fraud and misconduct for investors. The regulatory environment in offshore jurisdictions like Saint Vincent and the Grenadines is notably more lenient compared to those enforced by premier regulatory bodies, which could expose traders to various risks.
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
An offshore broker, World Forex, stationed in St. Vincent and the Grenadines, offers commission-free trading. With a mere minimum deposit of $1 and the opportunity to leverage up to 1:1000, it positions itself as an attractive option for novice traders. The broker grants access to a plethora of trading instruments including Forex, CFD Stocks, Metals, Energies, Cryptos, and Digital Contracts. Additionally, World Forex appeals to beginners by providing a chance to practice trading on a Demo account and the option to use the widely recognized MT4 and MT5 trading platforms.
Further examination into World Forex's practices reveals more about its operations, underscoring several reasons for caution.
Insufficient Regulation: The allure of World Forex's favorable conditions might initially seem enticing, but the broker's lack of stringent regulation casts a shadow over its reliability. As a trading name of Existrade LTD, World Forex's incorporation in a wellknown offshore financial zone and its registration as an International Business Company in Saint Lucia highlight the risks associated with its lax regulatory environment.
Market Manipulation: The potential for market manipulation is exacerbated in scenarios where there is a deficit in transparency and regulatory oversight, common with unregulated and offshore brokers. Although not ubiquitous, the threat of manipulation in the Forex market remains a pertinent issue that demands vigilance.
Client Feedback: Despite the initial appeal of World Forex's offerings, a significant proportion of client reviews express dissatisfaction, particularly with the withdrawal process, urging potential traders to look elsewhere.
Withdrawal Issues: An essential aspect of evaluating a broker is examining its withdrawal processes. Challenges in withdrawing funds can severely impede traders' access to their money and profits. The numerous complaints regarding World Forex's withdrawal procedures raise serious concerns.
After thorough scrutiny, significant doubts have been cast on World Forex's reliability and commitment to regulatory standards. Consequently, we are unable to endorse World Forex positively.
World Forex's Overall Ranking stands at a mere 1.0 out of 5, following our comprehensive testing and comparison with over 1000 other brokers.
World Forex offers an array of account types designed for trading digital contracts in various currencies including EUR, USD, RUR, and UAH, with the potential for returns of up to 100% of the investment. The available account types are W-CENT-fix, W-CENT, W-PROFI-fix, W-PROFI, W-CRYPTO, and W-DIGITAL, each presenting different conditions and costs.
The analysis of World Forex reveals a broker that, on the surface, provides attractive advantages and favorable trading conditions. However, the significant issues surrounding the broker's trustworthiness and credibility cannot be overlooked. The fact that World Forex is registered in an offshore jurisdiction, specifically St. Vincent and the Grenadines, amplifies concerns regarding its reliability. Moreover, numerous trader reviews lament the broker's challenging withdrawal process, highlighting its inadequacy.
Therefore, we strongly advocate for opting for brokers that are thoroughly regulated by reputable authorities such as the FCA, ASIC, or CySEC. Such brokers not only assure a higher level of reliability but also offer an exceptional range of services.
Pros:
Low minimum deposit
High leverage options
Access to popular trading platforms like MT4 and MT5
Cons:
Lack of regulation from a toptier authority
Offshore registration raises reliability concerns
Numerous complaints about the withdrawal process
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
World Forex Review 2024
