WorldForex Review

Under the pretense of providing the most lucrative trading conditions and tools on the market, WorldForex invites you to invest in their suspicious services. The website owners even go as far as trying to pass as legit without a Forex license.

The domain has a long history of changing ownership and purpose, until it got in the hands of an imposter broker. Read all about it in the following WorldForex review.  

Regulated by: Unregulated Offshore Broker
Is This Company Safe? No, unlicensed companies shouldn’t be trusted!
Known Websites:

Have Warnings from: CNMV
Registered in: SVG
Operating since: 2004-06-13
Trading Platforms: MT4, MT5
Maximum Leverage: 1:1000
Minimum Deposit: $1
Deposit Bonus: 100%
Trading Assets: Forex, Metals, Oils, CFDs on Stocks, Crypto 
Free Demo Account: Available
How to  Withdraw from This Company? Beware – this is an unregulated company. Our chargeback experts can help you withdraw.

Blacklisted Owning Company

In 2016, WorldForex registered in Vanuatu as Existrade Limited and got licensed by the VFSC. The firm was deregistered in 2022. In 2018, Existrade Ltd was incorporated in SVG, and is still registered with SVGFSA

This authority, however, doesn’t license nor supervise any broker dealers, and registration isn’t enough to make WorldForex legit. During 2020, Existrade was blacklisted by CNMV for operating with no license.

Existrade Ltd allegedly has three branches – in SVG, BVI and St.Lucia, but none is regulated by local regulators – BVIFSC or FSRA. Even if they owned an offshore license, it wouldn’t mean much for the funds safety. 

The only redeeming fact is that WorldForex is a member of the Financial Commission, thus allowing a compensation of up to 20.000EUR per complaint. 

Who Are WorldForex Main Targets?

The domain changed hands multiple times since 2004. WorldForex only acquired the domain in 2016.

In the time since, WorldForex has offered services mostly in these nations:

  • Thailand
  • India
  • United States
  • Ukraine

New clients are attracted to WorldForex thanks to the company’s old days when it did have a license. Now, most of them come to the site thanks to paid reviews, boiler room agents and customer referral programs.

No matter how lucrative their services seem in the advertisements, remember that WorldForex is an unlicensed firm. If you need help recovering funds lost with WorldForex, contact our chargeback experts.

Reputation Doesn’t Stand To Scrutiny

It’s not all sunshine and butterflies on the WorldForex TrustPilot page. Many of their 220 total testimonials were posted in batches, which tells us they were from review seller networks.

If you filter these comments to show 1-star rating, you’ll see what the company is all about. WorldForex customers complain that their trades were manipulated, and that the broker won’t allow a payout.

Excessive Leverage And Dubiously Low Spreads

Almost all of the WorldForex accounts provide an abnormally high leverage of up to 1:1000, which could easily lead you to bankruptcy. On the other hand, spreads are quite attractive – floating spreads on some accounts start with as little as 0 pips. However, the broker doesn’t reveal the amount of commission per turn in that case.

100% Deposit Bonus and Partnership Programme

Any customer that invests at least $100 is eligible for a deposit bonus. This bonus is granted as a credit and is therefore unavailable for withdrawal. 

Referral system is divided in 3 levels and the total bonus you can allegedly acquire is at least $201.

Deceptive Trading Tools

As a way to easily persuade customers into investing, WorldForex offers prestigious MT4 and MT5. Trading account types function under risky conditions, but are all affordable, nonetheless. A wide variety of instrument classes is also available to choose from, but other swindlers like INVcenter use similar deceptive methods, so beware.

MT4 and MT5 Available

To design their offer as attractive as possible, WorldForex is a step ahead of your ordinary unlicensed Forex broker. The main WorldForex platforms are MT4 and MT5, available on all devices. The downside, like with the Profit Trade con, is the unlicensed server you’d be trading on.

Standard Assets Offer

WorldForex provides a range of assets that are most commonly offered and most popular to trade nowadays:

  • Metals (Gold, Silver, Platinum)
  • Oils (Brent, Crude)
  • CFDs on Stocks (Alibaba, Airbus, Disney, 3M)
  • Crypto (BTC, BCH, BNB, XRP, DOT)

Affordable Packages

Every WorldForex account costs $1, while the trading costs may vary. What the broker omits from the information table is the commission applied. This is which accounts are available:

  • W-CENT-fix – $1
  • W-CENT – $1
  • W-PROFI-fix – $1
  • W-PROFI – $1
  • W-CRYPTO – $1
  • W-DIGITAL – $1

Mobile Platform Availability

The WorldForex platforms are available for downloading on mobile devices too, besides the web and desktop versions. However, these are downloaded directly from the MetaQuotes website. The broker itself hasn’t customized the mobile app for trading on their own server.

Demo Version For All Accounts

If you’re unsure about buying a live trading account, you have the option to test out the environment first. You’re able to do that via a Demo account supplied with virtual funds. Beware of the broker’s tendency to shift the information for the sake of convincing you to open a live account. 

Poor Knowledge Base

In an attempt to also show dedication to helping novices learn, WorldForex supplies them with some limited materials. These sources only consist of short questions and answers, as well as some step-by-step instructions on how to perform certain actions. This choice of learning resources isn’t sufficient in any way.

WorldForex Withdrawals

The first detail that sounds suspicious about the payouts is the estimated processing time being 30 minutes. Commissions and taxes on money transfers occur during withdrawals. Some of the ways to perform a transaction are:

  • Credit Cards
  • Bank Wire
  • E-wallets
  • Crypto

Considering the fact that WorldForex isn’t licensed, you cannot expect full transparency and hustle-free operations.

Customer Service

WorldForex lists a number of different phone numbers, mail addresses and emails in the contacts page, but only a single email is reserved for customer support. The main option for reaching customer service is the live chat, but the support agents aren’t readily available. In the end, all you can do is leave a message and hope for the best.

There’s A Solution For Being Scammed!

Although so far WorldForex seems like a broker with a lot to offer. However, their dark past, the company being blacklisted and now operating without a license speak of their reliability.

In any case, know that there’s a way to restore your funds if they are locked by a fraudulent brokerage. You can quickly get in touch with our support crew via the Online chat and book your free consultation. 

FAQ Section

What Is WorldForex?

WorldForex is a SVG broker without a valid license and with a blacklisted owning firm.

Is WorldForex Legit?

No, although the parent company owned a VFSC license in the past, that is not the case anymore.

How Can I Trade With WorldForex?

Although the broker claims trading is possible on MT4 and MT5, they’re not to be trusted without regulation. It is better to contact our legal experts team and claim your withdrawal asap.

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