World Forex: Should You Trade on This Broker?

In the fast-paced world of forex trading, choosing the right broker is essential for every trader’s success. It’s crucial to select a broker that holds a proper license. This ensures that the broker follows certain standards and regulations, providing you with a safer and more secure trading environment.

This forex trading broker review aims to provide a comprehensive understanding of World Forex’s offerings, its operational framework, and the potential impact on traders’ investments.

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World Forex: Overview

World Forex, established in 2007 and headquartered in the British Virgin Islands, has solidified its presence in the forex trading industry. With a commitment to providing a seamless trading experience, World Forex offers access to popular trading platforms MetaTrader 4 and MetaTrader 5, and supports mobile trading to ensure traders can manage their investments on the go. The broker’s flexible account types and a low minimum deposit requirement of just $1 make it accessible for beginners and appealing to seasoned traders looking for diversity in trading instruments.

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Regulation and Registration

World Forex is a member of The Financial Commission, which is an international financial organization providing a framework for resolving disputes within the financial services industry. While the Financial Commission is not a regulatory authority in the traditional sense—like the SEC in the United States or the FCA in the UK—it offers a level of oversight through its membership and dispute resolution services. 

Membership with the Financial Commission does not equate to a regulatory license; instead, it indicates World Forex’s commitment to adhering to the standards and dispute resolution processes set by this independent expert organization.

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Account Types of World Forex  

World Forex  offers a variety of account types to suit the needs of different traders:

W-CENT-fix

• Minimum Deposit: 1 USD
• Spread: Fixed from 1.8 pips
• Commission: No commission
• Maximum Leverage: 1:33 – 1:1000
• Instruments: Forex (53), CFD (42), metals (4), oil (2)

W-CENT

• Minimum Deposit: 1 USD
• Spread: Floating from 0.6 pips
• Commission: No commission
• Maximum Leverage: 1:33 – 1:1000
• Instruments: Forex (53), metals (4), oil (2)

W-PROFI-fix

• Minimum Deposit: 1 USD
• Spread: Fixed from 1.8 pips
• Commission: No commission
• Maximum Leverage: 1:33 – 1:1000
• Instruments: Forex (53), CFD (42), metals (4), oil (2)

W-PROFI

• Minimum Deposit: 1 USD
• Spread: Floating from 0.6 pips
• Commission: No commission
• Maximum Leverage: 1:33 – 1:1000
• Instruments: Forex (53), metals (4), oil (2)

W-CRYPTO

• Minimum Deposit: 1 USD
• Spread: Floating from 0 pip
• Commission: 0.5%
• Maximum Leverage: 1:1 – 1:25
• Instruments: Crypto (17)

W-DIGITAL

• Minimum Deposit: 1 USD
• Spread: Fixed from 1.8 pips (for Digital contracts)
• Commission: Not specified directly for digital contracts but mentions a 40% fee for early closing of American digital contracts.
• Maximum Leverage: Specific to digital contract conditions (0-100 only, not directly stated as leverage)
• Instruments: Forex (25 for American and European Digital contracts), metals (2 for American and European Digital contracts), Forex (10), metals (4), oil (2) for Digital contracts 0-100.

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Deposit and Withdrawal

World Forex offers a variety of deposit and withdrawal methods with conditions tailored for convenience and security. These options include bank cards (Visa, MasterCard) with instant processing and specific commissions for deposits and withdrawals, internet banking options like Sberbank Online and Tinkoff Bank, payment systems such as Payeer and Perfect Money, and cryptocurrencies like Bitcoin and Dash. 

Additionally, Apple Pay and Google Pay are supported for mobile transactions, and traditional bank wire transfers are also available. Each method has its own minimum deposit requirements, processing times, and potential commissions for withdrawals, designed to accommodate the diverse preferences of World Forex clients.

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Products in World Forex  

In the dynamic world of online trading, World Forex offers a diverse portfolio of investment opportunities designed to cater to a wide range of traders.

• Forex
• Metals
• Oil
• CFDs
• Cryptocurrencies

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Trading Platform of World Forex  

World Forex offers two of the most acclaimed trading platforms in the forex market:

• MetaTrader 4
• MetaTrader 5

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Fees of World Forex  

Trading fees at World Forex are tailored to different types of accounts, with options for both floating and fixed spreads. Floating spreads begin at 0.6 pips, while fixed spreads start from 1.8 pips. For those trading cryptocurrencies, the platform offers spreads as low as 0.0 pips but includes a 0.5% commission. Additionally, traders must account for charges associated with holding positions overnight and fees incurred during withdrawals.

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World Forex Promotions

World Forex is now offering special promotions, including 

• a 100% deposit bonus and a free VPS server for account replenishments of 100 USD or more.

For more details on these offers and their terms, please visit the World Forex special offers page directly at Wordforex. 

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Customer Support 

• Address: 3rd Floor, R.G. Hodge Plaza Road Town, Tortola BVI Business Companies Act 2004 British Virgin Islands
• Email: [email protected]
• Phone: +44 204 577 1496

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Pros & Cons 

Pros Explained

• The platform provides a lot of useful information for beginners. This feature is particularly beneficial for those new to trading, as it equips them with the necessary knowledge and tools to start their trading journey on a solid foundation.
• World Forex offers multiple account types, which cater to the diverse needs and preferences of its client base, allowing traders to choose the account that best fits their trading style and financial goals.
• The broker offers a wide range of assets. This advantage allows traders to diversify their portfolios by providing them with access to trade across different markets, including forex, metals, oil, CFDs, and cryptocurrencies.

Cons Explained

• Users experience trading problems, such as slippage, latency, or platform instability. These can affect the trading experience and outcomes.
• World Forex operates as an unregulated entity, which can inherently raise doubts about its credibility and the robustness of its security measures. Consequently, this lack of regulation might lead potential clients to question the safety of their investments.
• Negative balance protection is notably absent at World Forex, which may expose traders to significant financial risks. Specifically, without this safeguard, traders could potentially lose more money than they have deposited in their accounts.

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Is World Forex Worth Considering?

Due to concerns about trading issues, the lack of regulatory oversight, and the absence of negative balance protection at World Forex, engaging with this platform is not advisable. These significant drawbacks, especially for those prioritizing security and risk management, outweigh the benefits. Traders are advised to carefully consider these factors and study different World Forex review before deciding. Consequently, look towards other brokers with a stronger regulatory framework and comprehensive financial protections. 

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FAQs

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