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WorldForex Review - Is it scam or safe?

WorldForex Review - is wforex.com scam or good forex broker?

RATING: 1.5 / 1 REVIEWS ForexBrokerz WorldForex
WorldForex is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads
W-Cent $1 0.1 1:500 Fixed at 2.0 pips 
W-Profi $1 0.01 1:500 Fixed at 2.0 pips 
W-ECN $1 0.01 1:100 From 0.2 pips

 

WorldForex offers several forex trading account types, for which there is no minimum initial deposit set and besides, no commission fees apply. The W-Cent and W-Profi accounts provide fixed spreads, while floating spread is available on W-ECN accounts. Besides, there is a special binary options trading account.

 

In fact, the fixed spreads offered by this broker are average, amounting to 2.0 on EUR/USD. Unfortunately, we cannot tell what are the typical variable spreads of WorldForex, as it actually does not offer free demo accounts. For further information, look up the real-time spreads of 15 leading brokers here.

 

The Company. Security of Funds

 

Company

Country

Regulation

Existrade Limited

Vanuatu

VFSC

 

WorldForex was founded in 2007 and the company behind the brand was registered on the British Virgin Islands. It offers trading in more than 50 currency pairs, as well as various CFDs on the MT4 platform. In 2016 the WORLD FOREX trade mark was transferred to Existrade Limited, which is registered within the jurisdiction of Vanuatu, licensed by Vanuatu Financial Services Commission (VFSC).

 

Although this sounds like WorldForex is a regulated broker, this is not exactly the case. Licenses issued by offshore bodies and organizations are basically just shiny pieces of paper. These brokers are not required to meet high capital adequacy requirements, to report transactions, nor to apply strict client protection rules. That is why investing with offshore companies is risky and you’d rather select a broker licensed by some trustworthy financial authority, such as UK’s FCA or Australia’s ASIC, for example.

 

Another fact worth mentioning about this broker is that it maintains another domain, existrade.com, which is less informative and redirects to wforex.com.

 

Trading Platforms

 

Like most brokers, WorldForex supports the robust MetaTrader 4 (MT4), available as desktop, web and mobile versions. This platform is easy to use and offers a number of technical analysis indicators, advanced charting tools, extensive back-testing options, and wide range of Expert Advisors (EAs).

 

Promotions

WorldForex offers 100% on-deposit bonus and free VPS server for those clients who invest at least $100.

 

Methods of Payment

               

WorldForex offers its clients wide range of payment methods: credit/debit card (Visa, MasterCard, Maestro), bank wire transfer, and e-wallets Яндекс Деньги, WebMoney, Qiwi, OKPAY, BPAY moneta.ru and Bitcoin.

 

Conclusion

 

WorldForex is a forex and binary options broker whose trading conditions appear quite reasonable. In spite of this, it is not recommended because it is registered offshore. To sum up the above:

 

Pros Cons
MT4 available, bonuses offered Offshore broker
Competitive spreads No demo functioning accounts
No initial deposit required, no commission fees charged No choice of trading platforms

 

Latest news about WorldForex
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Traders` reviews for WorldForex

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Price feed

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