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WorldWideMarkets Review - Is it scam or safe?

WorldWideMarkets Review - Is its scam or safe?

RATING: 3 / 3 REVIEWS WorldWideMarkets
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Trading Accounts

 

Account type  Minimum deposit  Minimum trade size  Maximum leverage Spread 
Standard $250 0.1  1:400  Fixed, 3 pips on EUR/USD
Variable, 0.4 pips on EUR/USD

 

Despite using a variety of trading platforms, WorldWideMarkets provide just one account type, offering both fixed and variable spread forex and CFD trading.


The Company

 

Company

Country

Regulation

WorldWideMarkets Online Trading Ltd.

UK

FCA

WorldWideMarkets Ltd.

BVI

FSC 

 

Established by the founders of FX Solutions, WorldWideMarkets is the trading name of WorldWideMarkets Ltd., is licensed with and regulated by the British Virgin Islands Financial Services Commission, and its UK subsidiary WorldWideMarkets Online Trading Ltd., which is FCA-regulated.


The broker provides retail traders with the opportunity to trade forex, gold, oil, global stock market indices and other CFD instruments, as well as US stocks and options. It also provides institutional level trading via Currenex and a range of Managed account products for qualified customers.


Security of Funds


As we have already mentioned, WorldWideMarkets (WWM) is operated by BVI-based WorldWideMarkets Ltd. and its UK arm, WorldWideMarkets Online Trading Ltd.


WorldWideMarkets Ltd.is licensed and regulated by the BVI Financial Services Commission, which is the financial services regulator within this jurisdiction. Although offering regulated status, the British Virgin Islands currently still allows companies to be entirely based overseas. What is more, BVI-registered financial services providers do not face many of the requirements that brokers based in the US or UK do. For example, BVI-registered brokers are not required to contribute to a compensation scheme and are not subject to any minimum capital requirements.


On the other hand, UK-based brokerages like WorldWideMarkets Online Trading Ltd. are required to hold net tangible assets amounting to at least 730 000 EUR and are obliged to adhere to a number of standards and procedures, for instance, to hold clients` money in segregated accounts, to send regular reports on trades to the commission, etc. What is more, FCA-regulated companies fall under Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person. Here you may look up more FCA regulated forex brokers.


Trading Conditions


Minimum Initial Deposit
The minimum initial deposit, required by WorldWideMarkets is $250, which is average for the forex market. As regards UK clients, the required amount is considerably higher - $10,000. https://worldwidemarkets.co.uk/accounts/deposit-funds/
In comparison, HY Markets (also FCA-regulated) requires $50 for its Mini account, and FxPro - $500.


Average spreads & Commissions
Initially, WorldWideMarkets offered fixed spreads only, amounting to 3 pips on majors, which is considered high. Recently it also added variable ones, amounting to 0.4 pips on EUR/USD, which is deemed comparatively low.
WWM does not charge commissions, instead, it earns its income through the spread revenue.
In comparison, Trading212 (also FCA-regulated) provides fixed spreads of 1.9 pips on EUR/USD and variable ones amounting to 0,9 pips on EUR/USD. You may look up real-time spreads of 15 leading brokers here.


Maximum Leverage
This broker offers a maximum leverage ratio of 1:400 on forex and as regards CFDs, it is up to 1:200, which is considered comparatively high. In comparison, HY Markets provides leverage levels of up to 1:300. If you need higher leverage levels, there are plenty of brokers, offering such – FxPro and FxOpen provide leverage up to 1:500, and XM 1:888. Traders, however, should be mindful of higher leverage, for it may both multiply their profits and lead to heavy losses. That is why limitations on leverage rates are set in several jurisdictions, like in USA (1:50) and Japan (1:25).


Trading Platform


WWM offers 2 retail trading platforms: Alpha/ FlashTrader and MetaTrader 4.

 

The Alpha Trader is the broker`s in-house desktop platform, and the FlashTrader is its web-based version and they both are fully compatible and interchangeable. Mobile application is also available.

 

FlashTrader and 

WWM`s AlphaTrader desktop platform

WWM`s FlashTrader web platform


These platforms are suitable for both beginners and advanced traders, offering customizable workspace, Innovations such as a Trading Command Bar and professional, yet easy to use charting, with the full array of chart types, indicators and drawing tools.

 

Like most forex brokers, WWM also offers the powerful MetaTrader 4, a professional, fully-featured software providing traders with everything they need: fast order execution, a variety of technical indicators, advanced charting package, extensive back-testing environment and the opportunity to use a wide range of Expert Advisors (EA). MT4 is available as desktop, web and mobile versions.


Here is a list of more forex brokers offering MT4 platform.


Deposit bonus
Clients of WWM are offered a welcome bonus, which is a common practice. The bonus amounts to 10% on the amount deposited.


Methods of Payment


The payment methods available to WWM`s clients are credit/debit card, bank wire and e-wallets Skrill and Neteller.


As regards UK registrants, only bank wire is available.


Conclusion


Far from being the best, WorldWideMarkets is a dependable broker, offering trading services on a variety of platforms. In a nutshell, here are the advantages and disadvantages with regard to WWM:

 

Pros Cons
Choice of trading platforms High fixed spreads
MT4 available  High initial deposit for UK registrants
Well-regulated  

 

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

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

 

 

WWM - Scammers

I have been with WWM for a long time and I am an affiliate. I decided to call it a day and requested to return my funds. I received no response. If they had replied to me I may have been more lenient. I now consider them to be fraudsters. They should be put into prison.

Ian Copsey 08/24/2018

World Wide Markets a Fraud

I made an attempt to withdraw my deposit since April and Still have not received the Funds and its now August. They claim they are having bank issues and once clear they will make the transfer. Is this a red flag right away? Please beware of this broker, I warned you. In the meantime i will update you if i ever get my wire. In the process of creating a class action lawsuit with other clients that are experiencing the same.

Joe Smith 08/12/2017

WorldWideMarkets is Scam

WorldWideMarkets is scam broker. Many complaints about its price feeds, it removes the profit for its bad price feed, but NOT removing the loss in this. How come !?

The customer support is so bad. Delaying the clients just to loss their money.

They stopped the withdrawal request for many clients in May !

It is scam broker. Be careful !

WWM Scam 05/29/2017
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