WorldForex broker review

Is WorldForex a scam?

WorldForex is a regulated forex and CFD broker that is authorized and licensed by the International Financial Services Commission (IFSC) in Belize. The IFSC is a regulatory body that oversees and regulates financial services providers operating in Belize.

As a licensed broker, WorldForex is required to comply with various regulatory requirements, including maintaining adequate financial resources, implementing robust risk management systems, and following strict client money segregation rules. The broker is also required to adhere to strict standards of business conduct, including providing fair and transparent trading conditions and protecting the interests of its clients.

By choosing a regulated broker like WorldForex, traders can have confidence that the broker operates in a transparent and fair manner and that their funds are held in segregated accounts and protected by regulatory safeguards.

WorldForex Trading Platforms

WorldForex offers its clients a choice of trading platforms, including:

1. MetaTrader 4 (MT4) – MT4 is a popular trading platform that is widely used in the forex and CFD industry. It offers advanced charting tools, technical analysis indicators, and a wide range of customization options.
2. WorldForex WebTrader – WebTrader is a browser-based trading platform that allows traders to access their trading accounts from any device with an internet connection. It offers a user-friendly interface, real-time quotes, and advanced trading tools.
3. WorldForex Mobile Trader – Mobile Trader is a trading app that allows traders to access their accounts from their mobile devices. It offers all the features of the WebTrader platform, including real-time quotes, advanced charting tools, and technical analysis indicators.

All of these platforms are available for free to WorldForex clients and can be accessed using a single login. The platforms are designed to be user-friendly and provide traders with the tools and features they need to make informed trading decisions.

Products WorldForex provides

WorldForex provides its clients with access to a wide range of financial instruments, including:

1. Forex: WorldForex offers trading in a range of major, minor, and exotic currency pairs. Clients can trade these pairs using leverage of up to 1:1000.
2. Indices: WorldForex provides access to a range of global stock indices, including the S&P 500, Dow Jones, Nasdaq, FTSE 100, DAX 30, and more.
3. Commodities: WorldForex offers trading in a range of popular commodities, including gold, silver, oil, and natural gas.
4. Cryptocurrencies: WorldForex provides access to trading in a range of popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more.

Clients can trade these instruments using the platforms and tools provided by WorldForex. The broker offers competitive spreads, low trading commissions, and fast execution speeds to ensure that clients can trade efficiently and profitably.

WorldForex account types

WorldForex offers its clients a choice of three account types:

1. Standard Account: The Standard Account is designed for traders who want to start trading with a lower initial deposit. It offers fixed spreads, leverage of up to 1:500, and no commissions. This account type is suitable for new traders who are looking to gain experience in trading forex and CFDs.
2. ECN Account: The ECN Account is designed for traders who want to take advantage of tight spreads and fast execution speeds. It offers variable spreads, leverage of up to 1:200, and a commission-based fee structure. This account type is suitable for experienced traders who require low latency execution and high-speed connectivity.
3. VIP Account: The VIP Account is designed for high-volume traders who require personalized service and special trading conditions. It offers the tightest spreads, leverage of up to 1:1000, and personalized support from a dedicated account manager. This account type is suitable for professional traders who require customized trading solutions and prefer individualized attention.

All account types provide access to the same range of financial instruments and trading platforms offered by WorldForex. Clients can choose the account type that best suits their trading needs and preferences.

WorldForex trading fees

WorldForex charges its clients fees for trading forex and CFDs, including spreads and commissions. The fees charged by WorldForex vary depending on the account type and the financial instrument being traded. Here is a breakdown of the fees charged by WorldForex:

1. Spreads: WorldForex charges variable spreads on its ECN account type and fixed spreads on its Standard account type. Spreads start as low as 0.0 pips on some forex pairs and can vary depending on market conditions and liquidity.
2. Commissions: WorldForex charges commissions on its ECN account type for each trade executed. The commission charged varies depending on the financial instrument being traded and can be as low as $3 per lot.
3. Swap Rates: WorldForex charges swap rates on positions held overnight. The swap rate varies depending on the financial instrument being traded and whether the position is long or short.
4. Inactivity Fees: WorldForex charges an inactivity fee of $25 per month for accounts that have been inactive for more than 180 days.

It’s important to note that trading fees are just one aspect of the overall cost of trading. Traders should also consider other factors such as the quality of customer support, trading platforms, and the overall trading experience when choosing a broker.

WorldForex Deposit and Withdrawal Options

WorldForex offers a variety of deposit and withdrawal options for its clients. Here is a breakdown of the deposit and withdrawal options, fees, and processing times:

Deposit Options:

• Bank Wire Transfer: Deposits can be made via bank wire transfer. There is no deposit fee for this option, but banks may charge their own fees for wire transfers.
• Visa/MasterCard: Deposits can be made using Visa or MasterCard credit/debit cards. There is no deposit fee for this option.
• Neteller: Deposits can be made using Neteller e-wallet. There is no deposit fee for this option.
• Skrill: Deposits can be made using Skrill e-wallet. There is no deposit fee for this option.
• Bitcoin: Deposits can be made using Bitcoin. There is no deposit fee for this option.

Withdrawal Options:

• Bank Wire Transfer: Withdrawals can be made via bank wire transfer. There is no withdrawal fee for this option, but banks may charge their own fees for wire transfers.
• Visa/MasterCard: Withdrawals can be made to Visa or MasterCard credit/debit cards. There is a withdrawal fee of $10 for this option.
• Neteller: Withdrawals can be made using Neteller e-wallet. There is no withdrawal fee for this option.
• Skrill: Withdrawals can be made using Skrill e-wallet. There is no withdrawal fee for this option.
• Bitcoin: Withdrawals can be made using Bitcoin. There is no withdrawal fee for this option.

Processing Time:

• Bank Wire Transfer: Deposits and withdrawals via bank wire transfer can take up to 5 business days to process.
• Visa/MasterCard: Deposits via credit/debit cards are processed instantly, while withdrawals can take up to 3 business days to process.
• Neteller and Skrill: Deposits and withdrawals via e-wallets are processed instantly.
• Bitcoin: Deposits and withdrawals via Bitcoin are processed instantly.

It’s important to note that some deposit and withdrawal options may only be available to clients from certain countries. Clients should also be aware that some payment providers may charge their own fees for deposits and withdrawals.

WorldForex’ Promotions

WorldForex offers various promotions to its clients, including deposit bonuses, cashback rewards, and referral bonuses. Here are some examples of the promotions offered by WorldForex:

1. Welcome Bonus: WorldForex offers a 100% deposit bonus to new clients who open a Standard or ECN account and make a deposit of at least $100. The maximum bonus amount is $10,000, and the bonus is credited to the client’s trading account as a trading credit. To withdraw the bonus, the client must meet certain trading volume requirements.
2. Cashback Rewards: WorldForex offers cashback rewards to its clients based on their trading volume. The more a client trades, the higher the cashback reward percentage they can receive. The cashback reward is credited to the client’s trading account as a trading credit and can be used to trade forex and CFDs.
3. Referral Bonus: WorldForex offers a referral bonus to clients who refer new clients to the broker. The referring client can receive a bonus of up to $500 for each new client who opens a trading account and meets certain trading volume requirements. The new client also receives a bonus of up to $500.

It’s important to note that promotions offered by brokers can change over time and may have terms and conditions that must be met before the bonus can be claimed or withdrawn. Clients should always read the terms and conditions carefully before participating in any promotional offer.

WorldForex customer support

WorldForex offers customer support through several channels, including phone, email, and live chat. The support is available 24/5, Monday to Friday. Here is a breakdown of the different customer support channels provided by WorldForex:

1. Phone Support: Clients can contact WorldForex’s support team by phone. The phone support is available in several languages, including English, Chinese, Russian, and Arabic.
2. Email Support: Clients can also contact WorldForex’s support team by email. The support team usually responds within 24 hours.
3. Live Chat: WorldForex provides live chat support on its website. Clients can chat with a support representative in real-time and get assistance with their queries.

In addition to these support channels, WorldForex also provides an extensive FAQ section on its website. The FAQ section covers various topics related to account opening, funding, trading, and more.

Overall, WorldForex provides several options for clients to get in touch with its support team and get their questions answered. The support team is generally responsive and helpful in addressing clients’ concerns.

Pros and cons of WorldForex

Here are some pros and cons of WorldForex:

Pros:

1. Regulation: WorldForex is regulated by the Belize International Financial Services Commission (IFSC), which provides some assurance to clients that the broker operates under certain standards and is subject to regulatory oversight.
2. Trading Platforms: WorldForex offers a choice of multiple trading platforms, including the popular MetaTrader 4 platform, which is known for its reliability, user-friendliness, and advanced trading tools.
3. Products: WorldForex offers a wide range of trading instruments, including forex, indices, commodities, and cryptocurrencies.
4. Customer Support: WorldForex provides multiple customer support channels, including phone, email, and live chat, and has a responsive support team that is available 24/5 to assist clients.
5. Promotions: WorldForex offers various promotions and bonuses to its clients, which can be attractive for traders looking for additional incentives.

Cons:

1. Limited Educational Resources: WorldForex’s educational resources are somewhat limited, with only a few articles and tutorials available on its website. Traders who are new to forex trading may need to look elsewhere for more comprehensive educational materials.
2. Limited Research and Analysis: WorldForex does not provide extensive research and analysis tools, which can be a disadvantage for traders who rely on these tools to make trading decisions.
3. Limited Payment Options: WorldForex’s payment options are somewhat limited compared to other brokers, which may be inconvenient for clients who prefer to use a specific payment method.
4. High Spreads: WorldForex’s spreads are relatively high compared to other brokers, which can increase the cost of trading and reduce potential profits.
5. Limited Market Coverage: WorldForex’s market coverage is limited to certain regions, which may not be suitable for clients who want to trade in a wider range of markets.

Overall, WorldForex is a regulated broker that offers multiple trading platforms, a wide range of trading instruments, and good customer support. However, the broker has some limitations, including limited educational resources, research and analysis tools, payment options, and market coverage.

Frequently asked questions about WorldForex

Here are some frequently asked questions about WorldForex:

Is WorldForex a regulated broker?

Yes, WorldForex is regulated by the Belize International Financial Services Commission (IFSC).

What trading platforms does WorldForex offer?

WorldForex offers several trading platforms, including MetaTrader 4, WebTrader, and MobileTrader.

What trading instruments are available on WorldForex?

WorldForex offers a wide range of trading instruments, including forex, indices, commodities, and cryptocurrencies.

What are the account types available on WorldForex?

WorldForex offers four account types: Standard, ECN, ECN Plus, and VIP. Each account type has different features and trading conditions.

What payment options are available on WorldForex?

WorldForex supports several payment options, including bank wire transfer, credit/debit cards, and e-wallets such as Skrill and Neteller.

Does WorldForex offer promotions to its clients?

Yes, WorldForex offers various promotions and bonuses to its clients, including deposit bonuses, cashback rewards, and referral bonuses.

What is the minimum deposit requirement to open an account with WorldForex?

The minimum deposit requirement to open a Standard account with WorldForex is $10.

What is the customer support like at WorldForex?

WorldForex provides customer support through multiple channels, including phone, email, and live chat. The support team is generally responsive and helpful in addressing clients’ concerns.

Does WorldForex offer educational resources?

WorldForex’s educational resources are somewhat limited, with only a few articles and tutorials available on its website.

What are the trading fees on WorldForex?

WorldForex charges spreads and commissions on its trading accounts, which vary depending on the account type and trading instrument. Clients should check the broker’s website for the latest trading fees.