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FxMoneyWorld Review - is it scam or safe?

FxMoneyWorld Review - is fxmoneyworld.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz FxMoneyWorld
FxMoneyWorld is an offshore broker. Your money is not safe.

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Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Mini $100 0.01 lots 1:400 2 pips
Standard $1000 0.01 lots 1:200 1.5 pips
Premium $5000 0.1 lots 1:200 1.2 pips
VIP $10 000 0.1 lots 1:100 1 pips

*Commission on CFDs: $25, $20, $15, $10 per lot, respectively


FxMoneyWorld offers four types of live trading accounts, plus a free demo account with up to $5 mln. virtual money.


FxMoneyWorld’s instrument list includes currencies, CFDs on metals, indices and oil.


The Company. Security of Funds

 

Company Country Regulation
Fxmoneyworld Ltd Belize None

 

Fxmoneyworld claims to be based and registered in the offshore zone Belize and to be regulated by the International Financial Services Commission (IFSC). Our check in the regulator’s website, however, could not find the company in the licensed service providers for trading in securities, where the IFSC-regulated forex and binary options brokers are listed. This suggests FxMoneyWorld is not regulated or has been, but not any more. Either way, Belize is an offshore tax haven with lax requirements, even though the IFSC has somewhat more strict requirements and oversight than its peers in the popular Caribbean and Pacific islands.


Additionally, FxMoneyWorld says it has an office in Belarus, but is apparently not licensed by the country’s regulator, the Belarusian National Bank.


It is better to deal with reliable and well-established brokers with solid regulation provided by, for instance, UK’s FCA or the ASIC.


Trading platforms


Similarly to many other forex brokers, FxMoneyWorld offers the popular MetaTrader 4 (MT4) trading platform.


The platform has been on the market for over 10 years and is preferred by brokers and traders alike for its ease of use, multiple options, various types of orders, charting and technical analysis tools and the wide selection third-party applications compatible with it. MT4 also allows automated trading with Expert Advisors and hedging.


Promotions


FxMoneyWorld offers several types of promotions. There is an up to 50% deposit bonus, a bonus for the opening of a new account and a 24 to 60% annual bonus. All promotions are subject to special conditions and volume requirements.


Methods of payment


FxMoneyWorld provides several payments methods, in addition to the pretty much standard bank transfers and credit/debit cards. Deposits and withdrawals can be made through the Skrill and Neteller payment platforms, China UnionPay and the prepaid PaySafe Card.


Conclusion

 

Like we already said FxMoneyWorld is an offshore broker. Worse still, its regulatory status is unclear – either its Belize license has expired, or it has never had one, which does not make it a very reliable broker. Rather, we are of the opinion that dealing with it is risky. Besides, its trading conditions are not that impressive either. There are properly regulated reliable brokers with much better conditions, more trading platforms and much wider trading portfolios.


Pros Cons
MT4 Unclear regulatory status
  Offshore

 

 

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Traders` reviews for FxMoneyWorld

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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