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WM Forex Review - Is it scam or safe?

WM Forex Review - is wmforex.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz WM Forex
WM Forex is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Trading Account  Minimum deposit  Min. trade size Maximum leverage Average Spreads  Execution Type
Fix-Standard  $1 0.01 1:1000 2.0 pips, fixed Instant
Market-Standard  $1 0.01 1:1000 1.53 pips, variable Market

 

WM Forex offers its clients two account types. Both of them provide leverage up to 1:1000 and the opportunity to trade micro lots on the MetaTrader 4 platform with no minimum initial deposit requirement.  The main difference between the two accounts is the spread (and execution) type – fixed/floating.

 

Besides, the broker offers Cent accounts, as well as Islamic (swap-free) services. Islamic accounts involve a commission fee of $5.

 

The offerings of WM Forex seem reasonable: you can start trading with a couple of bucks, and the spreads (both fixed and variable ones) offered are average for the market. However, the leverage levels offered are dangerously high. Nonetheless, what bothers us most with this broker is the fact that it is registered offshore.

 

The Company. Security of Funds

 

Company

Country

Regulation

WM Group Ltd.

SVG

N/A

 

WM Forex is a Russian broker (as it website is available in Russian only) offering more than 30 currency pairs and precious metals for trade on the good old MT4. This may be a bit of a downside for traders who are into indices and shares CFDS.

 

The company behind the brand, WM Group Ltd., is registered in Saint Vincent and the Grenadines - a popular offshore forex destination famous for its liberal financial and tax regime.

 

Trading with an offshore broker is a risky business and therefore we advise traders to invest their money elsewhere.  For example, you may select among brokerages licensed in UK, Cyprus, or Australia for instance, where traders have certain level of security.

 

Trading Platform

 

WM Forex offers its clients the MetaTrader 4 (MT4), desktop, and mobile versions available.

 

MT4 holds the title of most popular forex trading platform for more than 10 years now. It is easy to use and offers wide range of technical analysis indicators, extensive back-testing options, advanced charting package, and wide range of Expert Advisors (EA), allowing clients to automate their trades.

 

Promotion

Currently, WM Forex runs $30 non-deposit welcome bonus.

 

Methods of Payment

 

Payment methods with WM Forex are the following: credit/debit cards, bank wire transfer, and e-wallets Yandex, MonetaRu, Qiwi, and Factura.Ru.

 

Conclusion

 

WM Forex is a young Russian MT4 broker registered offshore that provides online trading in forex and precious metals. Although its offerings seem reasonable, we would not recommend doing business with WM Forex, because it is not regulated.

 

Pros Cons
MT4 available Not regulated
No minimum initial deposit set  No indices and shares CFDS
  Dangerously high leverage levels available

 

Latest news about WM Forex
No news about WM Forex . Check back later.
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Traders` reviews for WM Forex

Spread

Pros

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Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

WM close my account

Trade, this is a good notification. when any trader or bloger review any broker that you stay away please stay away. any unregulated broker are scammer. my account is close by WMFOREX due to they are not a regulated broker.

harman 05/28/2018
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