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WorldFXM Review - is it scam or safe?

WorldFXM Review - is worldfxm.com scam or good forex broker?

RATING: 1 / 6 REVIEWS WorldFXM
WorldFXM is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Minimum deposit  Maximum leverage Spread
Silver  $250 N/A 3.3 pips, fixed
Gold  N/A N/A 2.0 pips, fixed
Platinum N/A N/A N/A

  

WorldFXM is a forex and CFD broker that offers three account types, however the information on trading conditions on its website is quite limited. It appears to provide fixed spreads, with no commission fees. Here are our impressions of this broker, after we deid a thorough research on the company and tested its platforms.

 

 

WorldFXM Advantages 

 

MT4 available, as well as Leverate’s Sirix

One of the few advantages of this broker is that it offers trading on several trading platforms. The all-in-one forex and social trading platform Sirix developed by Leverate is easy to use and offers good charting package. Its main advantage is that investors can copy the trades of other traders directly from the “Social Stream” section of the right side of the platform.

 

 

As regards the MT4, it hardly needs a presentation. This platform is the most popular in forex trading, for it provides a full range of tools and features: great charting package, numerous built-in technical indicators, Expert Advisors (EAs) and extensive back-testing environment. Besides, traders can download ready-made or create their own EAs (and Indicators) and let the program do all the work.

 

Considering that most brokers support the MT4, WorldFXM is not the best choice, as you will read below. So, take a look at other companies which offer trading on this platform.

 

 

>> Trade with a better MT4 broker <<

 

 

Many tradeable instruments

The product portfolio of WorldFXM is yet another part of its offering that seems attractive. It consists of 65 of the most popular FX pairs, as well as more than 30 CFDs on indices, commodities, and shares.

 

 

WorldFXM Disadvantages

 

Not regulated, regulatory warning against it

The broker’s website has mentioned two companies: WorldFXM ltd., which seems to be based in the UK, but is not authorized by the local FCA; and CHO DEVELOPMENT LTD., an offshore firm, registered on the Marshall Islands. This basically means that WorldFXM is not regulated. Doing business with such broker is very risky as there is no guarantee for the security of traders’ funds.

 

What is worse, WorldFXM has been blacklisted by several financial regulators – Italy’s CONSOB and the Austrian Financial Market Authority (FMA). That should be enough not to open an account with this broker.

 

Trading conditions not specified

The lack of clarity regarding a broker’s trading conditions is always a troublesome sign. When combined with lack of regulation, this is a huge red flag. In the case of WorldFXM, we could not find any information on the trading costs (spreads and commission fees), nor the leverage levels provided on the broker’s website.   

 

High spreads

We opened a Silver account with WorldFXM in order to test its spreads for the purposes of its review.

 

 

Click to zoom in.

 

And we found the spread on the EUR/USD fixed at 3.3 pips, which is way above than what most brokers offer. For example, easyMarkets offers a spread of 1 pips fixed for this pair.

 

 

>> Compare the spreads of top-tier brokers <<

 

 

 

Conclusion

 

WorldFXM is one of the many unregulated brokers out there and that is the main reason why we gave it such a low rating. Those brokers are not licensed, nor overseen by any authority, they are not required to keep clients’ funds in segregated accounts nor to abide to any customer protection rules.

 

In case you’d like to trade with the ease of mind that your broker is reliable and your money are safe, check out the link below.

 

 

>> A list of FCA-authorized brokers <<

 

 


To sum up our recap on WorldFXM:

 

Pros Cons
MT4 and Sirix available Not regulated, regulatory warning against it
Many tradeable instruments  Trading conditions not specified
  High spreads

Latest news about WorldFXM
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Traders` reviews for WorldFXM

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

How to close my account?

Stay away from them!!!
I ve lost a lot of money with them .
My account is now on 14 € but they dont let me close my account .
They even startet to threaten me.

How can I close my account?

Andreas Hofer 04/04/2019

WorldFXM 100% Scam broker

Absolutely scam broker they pretend to be in the UK but they're some where in Bulgaria, they have offshore company registered god knows where.. 100% cheat also read Trustpilot reviews not even a single good thing about this company, I hope they will get caught soon by the local authorizes & close their company.

novo 02/09/2019

WorldFXM 100% Scam broker

DO NOT COME NEAR THEM, Absolutely scam, unregulated company I've lost money as they don't take your call once you ask to withdrawal, account manager have no knowledge, it's bunch of cow boys in rented room behind screens.

Nasser A. Jeeb 02/08/2019

WorldFXM Scam big time

Another scammed broker, named above (WORLDFXM), I have been chasing them for my money since weeks, they holding over €17,300 euro which I worked really hard for it, I have tried everything with them, email's phone calls just had no response, I'm going legal now be careful guys, they give you sweet talk, they're based in Bulgaria, I will go to all broker's website to write reviews & name & shame. they pretend to be based in London,(UK) but they're not. I will report them to the FSC Bulgaria watch dog & FCA too.

Nasser 02/01/2019

Worldfxm scammed me!

I have trade with this company from February this year. When my account was 27000 Euro I told them that I want to make a withdrawal but they refused to let me do it because there was still open trades!

The broker, Charles phone me and told me to open two trades which I did, but
after two weeks the two trades going down, took all my 14000 Euro. Now my account is in a minus of 3500 euro. They told me to put in more money then they will take the -3500 away. Now they said Forex will come and take my house or something worth the 3500 euro!

Can Forex do it?
Thank you.

Gert de Bruin 12/07/2018

My Account

I had a call from them two days ago and they gave me an offer of their silver account which is to be $1500. But the person told me that this offer will include an expert from wall street which will coach me to invest and also he will add his money to mine. But the person told me that he is going to tell his manager about lowering it down. After speaking to his manager about this he told me to bring £180 minimum as for the offer. I did not have the money so I deposited £88 and they told me to add the remaining to it. I had a feeling that these people are scammers and are trying to scam me. So I want to withdraw my money from the site but I cannot withdraw my own money from the account. I can really see my money there but I can't withdraw it so I sent an email to them saying "I cannot withdraw my money" and after I called their numbers on their website, it goes through but ends the call. And later this evening, I saw an email from the same email I sent to saying that He's trying to reach me but not answering. I searched my inbox and I But I searched these brokers out and not knowing I am dealing with scammers which caught my attention. This has been a great lesson for me so beware
of these people. NOT ALL GLITTER IS GOLD
THANK YOU

Jamez 10/24/2018
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