WorldForex Review: This is a forex broker with an offshore background according to wforex.com. Is WorldForex a trusted broker or a scam?
The address gotten from the page places it at three different locations with the main one being at:
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World Forex Corp. Hodge Plaza, third Floor, Road Town, Tortola, British Virgin Islands.
Other addresses are at Saint Vincent and the Grenadines and Vanuatu, Republic of Vanuatu. All are offshore locations and it claims to be registered and licensed in all this places.
WorldForex was founded in 2007 and claims to offer up to 50 currencies pairs and CFDs on many other tradable assets.
WorldForex Trading Platform
World Forex Broker mentions that clients get to use the MetaTrader 4 platform for their trades.
This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
WorldForex claims to have a fixed spread of 1.25 pips which is encouraging as the industry average is 1.5 pips or lower. A leverage of up to 1:500 is also allowed, this is again an advantage for this broker.
Trading products are diverse and some named are 52 currency pairs, precious metals, Brent and WTI oil, CFD on American shares and cryptocurrencies.
Deposit and Withdrawal Methods on WorldForex
The broker allows payments and withdrawals via Visa, MasterCard, Bitcoin, and Dash.
Standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on. It is so for WorldForex and this is a good sign.
Minimum deposit requirements are tagged at $1 for all account types. There is also an offer of 100% deposit bonus if clients invest $100 or above. Withdrawals are said to be easy and safe and as quick as 30 minutes. 0% commissions apply for payments.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is WorldForex Licensed?
No. WorldForex is not a regulated broker. Although it claims to be licensed in the three locations mentioned above, these offshore locations do not regulate brokers.
This kind of brokerages are not under the jurisdiction of any legit commission. They are therefore under no mandate to play fair.
There is no mention of how clients are to contact the customer care agents of this broker.
WorldForex gives god spreads and a minimum requirement that is readily affordable. The information on the site seems professional except the lack of contact details. It also lacks a demo account and it is an offshore broker holding no legit license.
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