WM Global Forex Review – Learn What A Bad Broker Can Do
Just where do we start with this one? Buggy and anonymous, the website doesn’t reveal much about this company. Their real address and location, as well as the ownership, are a real mystery. And while lies accompany their every action, not a single piece of data suggests an existing regulation and license. So please, read on as our WM Global Forex Review uncovers the terrifying truth behind the facade.
|Broker status:||Anonymous Illicit Broker|
|Regulated by:||Not regulated|
|Blacklisted as a Scam by:||N/A|
|Owned by:||WM Global Forex Limited|
|Types of Assets:||N/A|
|Free Demo Account:||Not available|
|Accepts US clients:||US clients are accepted|
Is WM Global Forex a Scam Broker?
This company doesn’t for a second discuss legal aspects of their business. The website is so vague as if it’s still unfinished. From the information present, nothing useful could be learned. So we did what we usually do in such cases – start checking the databases of all Tier 1 regulators we came up with.
Alas, the unfortunate results are that FCA, BaFin, CySEC, ASIC, NFA and CONSOB have no knowledge of this firm, whatsoever. ViaChains is another case of a scarily anonymous brokerage business that no regulator knows about.
If you’re wondering why we insist so much on a Tier 1 license from a broker, please read this review carefully. It mainly concerns the retail traders like you and the biggest problem surrounding Forex trading – funds safety.
With a Tier 1 license, brokers are confirmed to be stable and operational companies that provide the highest security standards. By this we mean segregated bank accounts for safe-keeping of all investments. This way brokers cannot access and misuse your funds as some scammers do, like GCB London – a notorious, blacklisted swindler.
But that is not all that heavily licensed brokers offer. Risk-reducing measures are next in line and in the UK and EEA, they refer to leverage restriction to 1:30 and negative balance insurance.
Nothing is known about this broker. Except they’re using a bunch of fabrications to come off as legit. Newly registered, unlicensed and fully incognito, there’s nothing trustworthy about WM Global Forex.
Since the WM Global Forex url suggests a UK location, you’d expect them to own a FCA license. However, as previously pointed out, they do not. This means the broker doesn’t follow the safety protocols and does not respect the regulatory rules in this country.
Operating unsupervised, WM Global Forex doesn’t provide users access to the Financial Ombudsman and compensation funds in case of dispute.
The lack of transparency displayed is the greatest red flag about this broker. It goes against just about any regulatory criteria. ESMA would never allow one such brokerage to operate in EEA without accepting the MiFID standards. That’s another point we’re heavily concerned about when it comes to WM Global Forex. So please stay away, and protect your funds and your safety.
WM Global Forex Platforms – A Software Comparison
Without a software present, there’s nothing we can compare. Shamefully sneaky, WM Global Forex attempts to force you into downloading malware. That’s the warning our browser gave us when we tried to get their desktop platform.
Then we tried with the iOS and Android download links. However, opening those pages turned out to be impossible. The pages do not exist at the respective app stores!
At that point it was painfully obvious that WM Global Forex doesn’t offer any kind of trading platform. Buying and selling financial instruments with this broker is out of the question.
What Financial Instruments Does The Platform Include?
As previously concluded, WM Global Forex doesn’t have a functional trading platform. Without a working platform, we can’t verify if the promised financial instruments exist here.
What the broker claims to offer are the following tradable assets:
- Forex (EUR/USD, USD/AUD, EUR/CHF, AUD/NZD)
- Metals (Silver, Gold, Platinum, Copper, Aluminium)
- Commodities (Coffee, Sugar, Soybean, Natural Gas, Brent Crude Oil)
- Indices (Nasdaq, Dow Jones, JPN 225)
- Crypto (Bitcoin, Litecoin, Ethereum, Ripple, Avalanche, Polkadot)
- Shares (Amazon, Tesla, BMW, Boeing, Facebook)
WM Global Forex Countries Of Service
Perhaps the WM Global Forex domain is under half a year old. However, that didn’t stop them from spreading their poison to various regions. In order to gather victims as quickly as possible, they’ve been present in a number of countries. So far, from the feedback received, it appears that most of the victims live in:
Account Options Offered by WM Global Forex
Account opening procedure at WM Global Forex is more complicated than with other brokers we usually review.
First off, you have to fill in the basic information and your contact details. After that, you’re obligated to send a colorized picture of your ID. During the process, we didn’t get an option to choose a particular account type. Neither is there any kind of explanation on the site considering the available packages.
From all this, we can only assume that WM Global Forex doesn’t provide customized account types, only one general live trading account you get when signing up.
Can a Trader Use a Demo Account?
Aforementioned implies the availability of only one live trading account. Since it is so, we tried to find an option to open a Demo account. Sadly, this wasn’t allowed either.
After we opened an account with WM Global Forex, the client area didn’t let us do anything. The panel was unresponsive. We had to wait for the account verification and then deposit to be able to maneuver through the site.
This clearly means a Demo account isn’t available. Otherwise, the broker would give us a chance to explore the trading area and test the parameters using a free trial margin.
Terms of Service for WM Global Forex
Showing legal docs to customers is not what this firm does. All licensed brokers are obligated to do so. Even the unregulated ones disclose this information and texts to limit their responsibilities. That’s why it’s so important to always read these docs before signing up with a broker.
WM Global Forex is not revealing anything, but forces clients to declare their acceptance of the Terms and Conditions upon joining. The swindler basically drags you into the scam scheme and forces you to accept the conditions you’re completely unfamiliar with.
Leverage, Spreads and Fees
WM Global Forex is one of those that claim one thing and do then do another. Although they proudly state to provide the tightest spreads on the market, there’s actually no proof of that. We couldn’t read the trading stats from the platform itself.
The leverage is also unverifiable. WM Global Forex supposedly sets it at 1:100 maximum. But this is also another claim we can’t confirm or deny. What we do know is that this leverage goes against the regulatory standards enforced by all leading regulators. It works against the less experienced customers, which are exposed to the higher risk of loss this way. Especially with the missing negative balance protection.
What Should I Do If I Have a WM Global Forex Problem?
What we’d like you to understand from our WM Global Forex review is that it is a call to action. If you, or anyone else close to you, is suffering the consequences of fraudulent acts of a broker, contact us today!
The consultation we provide is free, yet can have an immeasurable value to fighting frauds. Especially if you’re unsure of the exact measures and steps you should take. So don’t feel ashamed to ask for the help you need. You deserve the right to fight and regain what is yours. No cyber criminal deserves to get away with their wrongdoing.
What Is WM Global Forex?
WM Global Forex is an unregulated and fully anonymous brokerage brand. They’re prone to scam and earn by robbing their victims.
Is WM Global Forex a Regulated Broker?
No, this firm is not representing a regulated business. They do not own a reputable license or any other tiered license for that matter.
Does WM Global Forex Have a Referral Program?
No, at the time being, the website doesn’t advertise this, or any other similar program. But you can use the referral code upon joining, if you have one.
Does WM Global Forex Offer a Demo Account?
Trial trading with a virtual amount of funds is not available with this broker. They demand you to invest real money.