Worldforex

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AspectDetails
broker popularity top broker high popularity best reviews benchmark
LeverageUp to 1:1000
Minimum Deposit $1
Year Established2007
RegulationFSRA (Saint Lucia), BVIFSC (British Virgin Islands)
Payment methodsWire Transfer, Credit Cards, WebMoney, Perfect Money, Yandex Money, Qiwi, AdvCash, Bitcoin, Dash, Moneta Ru
Publicly Traded
Employees501-1,000
Type of BrokerMM (Market Maker), STP (Straight Through Processing), Binary
MT4
MT5
Trading AssetsCurrencies, Crypto, Indices, Metals, Energies, Stocks
Demo Account
Islamic Account
CopyTrading
Signals
Deposit Fee
Withdrawal Fee
Rating★★★★ 4.1
Offers Official Website

Alternative Brokers

Pros and Cons

Pros
  • Diverse range of trading instruments, including over 50 currency pairs and cryptocurrencies.
  • Offshore-based operation allows for higher leverage in forex and CFD trading.
  • Regulatory compliance and membership in The Financial Commission enhance investor protection.
  • Flexible account types catering to various trading preferences.
  • Utilization of the popular MetaTrader 4 (MT4) trading platform.
  • 24/7 multilingual customer support with various communication channels.
  • Withdrawal flexibility on both business days and weekends.
  • Significant presence in Russia and Ukraine, attracting traders globally.
  • Emphasis on advanced technologies and quality execution with regular VerifyMyTrade audits.
  • Positive user reviews commend user-friendly design and seamless withdrawal processes.
Cons
  • Potential technical issues reported by some users affecting stop loss and take profit functionalities.
  • Regulator license issued only to the management company.
  • Varied response times to written support requests.
  • Withdrawal fees may apply, ranging from 0.5% to 4% for certain payment systems.

Welcome to Brokfolio.com, your go-to source for in-depth reviews of trading companies.

In this detailed article, we’ll thoroughly examine WorldForex, shedding light on its establishment, regulatory framework, trading instruments, security measures, user experiences, and everything in between.

Overview of WorldForex

Founded by Existrade Ltd, WForex is a forex and CFD brokerage firm with a global presence.

The company, established in 2007, operates in Saint Vincent and the Grenadines, Saint Lucia, and the British Virgin Islands.

WorldForex positions itself as an offshore-based platform, providing a range of trading options, including binary options (W-Digital contracts).

Official Website: www.wforex.com

Regulatory Landscape

WorldForex navigates the challenges of operating in regions with relaxed or non-existent regulations for forex brokers.

To address this, the platform has joined the Financial Commission (FinaCom), a private regulatory organization.

FinaCom allows clients to file complaints, providing potential compensation of up to EUR 20,000 per case, adhering to FinaCom rules.

Geographical Presence

While having offshore-registered offices, WForex has a significant presence in Russia and Ukraine.

This geographical diversity adds a unique touch to its user base, attracting traders from different regions.

Diverse Trading Instruments

WorldForex provides traders with a wide array of trading instruments, including over 50 currency pairs, 19 cryptocurrency pairs, indices, metals, energies, and CFDs on stocks.

The inclusion of binary options (W-Digital contracts) further diversifies the trading opportunities for users.

Offshore-Based Operation

Established in 2007, it operates from Saint Vincent and the Grenadines, Saint Lucia, and the British Virgin Islands.

The platform’s offshore nature allows for significant leverage on traditional forex and CFD trading, attracting traders seeking higher leverage options.

Regulatory Compliance and Investor Protection

WorldForex prioritizes the security and protection of its users.

The platform is a member of The Financial Commission, providing pre-trial dispute resolution and a compensation fund of up to EUR 20,000 per claim.

Compliance with international standards and regular VerifyMyTrade audits ensures a commitment to quality and transparency.

Flexible Account Types

WForex offers six distinct account types, catering to a diverse range of trading preferences.

From regular forex and CFD trading to electronic communications network (ECN) accounts and special accounts for cryptocurrency trading and binary options, users can choose accounts that suit their individual needs.

MetaTrader 4 Trading Platform

Traders have access to the widely used MetaTrader 4 (MT4) platform, available in both desktop and web versions.

The addition of the FX LITE plugin for MT4 facilitates digital contracts (binary options) trading, providing a seamless and familiar trading experience.

See all Trading Accounts available

24/7 Multilingual Customer Support

WorldForex ensures continuous support to its users with a 24/7 multilingual customer service.

The platform offers various communication channels, including online chat, callback forms, direct contact with the finance department, and more.

While response times may vary, the availability of multiple channels enhances user convenience.

Withdrawal Flexibility

The broker allows users to withdraw funds not only on business days but also on weekends.

The platform supports various withdrawal methods, including bank cards, wire transfer, and electronic payment systems.

Users can withdraw funds in USD and EUR, and Dash withdrawals are commission-free.

Trading Instruments

WorldForex offers a diverse array of trading instruments, including:

  • Forex Pairs: 50+ currency pairs based on major and minor world currencies.
  • Crypto Pairs: 19 pairs based on popular cryptocurrencies like Bitcoin, Ethereum, and more.
  • Indices, Metals, Energies, and Stocks: Plenty of CFDs covering different assets.

For binary options trading, WForex introduces “W-Digital” accounts featuring currency pairs, metal spot binary options, and energy spot binary options.

Trading Platforms and Account Types

WorldForex provides the widely used MetaTrader 4 (MT4) platform for both desktop and web-based trading.

A special plugin for MT4, called FX LITE, facilitates digital contracts (binary options) trading.

The broker offers six distinct account types, catering to various trading preferences:

  • W-CENT
  • W-PROFI
  • W-INSTANT
  • W-ECN
  • W-CRYPTO
  • W-DIGITAL

These accounts cover a spectrum of trading styles and preferences.

Security and Investor Protection

The company prioritizes the security of its users through multiple layers of protection:

  • Financial Commission Membership: Offering pre-trial dispute resolution and a compensation fund.
  • VerifyMyTrade Certification: Regular audit and certification ensuring order execution quality.
  • International Standards: Compliance with international standards for financial and brokerage services.

Withdrawal Options and Fees

WorldForex provides flexible withdrawal options, processing requests not only on business days but also on weekends.

Users can withdraw funds using bank cards, wire transfer, and various electronic payment systems.

Dash withdrawals incur no commission, while other systems may have fees ranging from 0.5% to 4%.

Customer Support

The company boasts a 24/7 multilingual customer support service, offering assistance through online chat, callback forms, direct communication with the finance department, and more.

While the response time to written requests may vary, the platform provides several communication channels for user convenience.

User Reviews

Let’s hear from actual users:

Positive Review

runtrade01 – WForex impresses with advanced technologies, professional tools, and a user-friendly platform.

The withdrawal process is seamless, making trading comfortable for both beginners and professionals.

Negative Review

janir92 – After two years with WForex, technical difficulties with the platform led to significant losses.

Stop loss and take profit functionalities became problematic, prompting the user to switch brokers.

Conclusion

In conclusion, WorldForex offers a comprehensive trading experience with a wide range of instruments, flexible account options, and robust security measures.

While its offshore nature brings advantages like high leverage, traders should be mindful of potential risks and technical difficulties.

As always, conduct thorough research and consider your risk tolerance before engaging in any trading activities.

Official Website: www.wforex.com

Frequently Asked Questions

What is WorldForex and when was it established?
It is a forex and CFD brokerage firm established in 2007.
Where is the broker located?
The company has offices in Saint Vincent and the Grenadines, Saint Lucia, and the British Virgin Islands.
Is WorldForex regulated?
While not regulated by government agencies, it is a member of The Financial Commission, providing investor protection.
What trading instruments are offered?
WorldForex offers over 50 currency pairs, 19 cryptocurrencies, indices, metals, energies, and CFDs on stocks.
What account types are available?
The broker provides six account types, catering to different trading preferences, including regular forex, ECN, and binary options.
Which trading platform are available?
WForex utilizes the widely used MetaTrader 4 (MT4) platform, available in both desktop and web versions.
How does it ensure trader's security?
The company prioritizes security through membership in The Financial Commission, adherence to international standards, and regular VerifyMyTrade audits.
What withdrawal options are available?
WorldForex supports various withdrawal methods, including bank cards, wire transfer, and electronic payment systems like Dash, with varying commission rates.
Does it offer 24/7 customer support?
Yes, WorldForex provides 24/7 multilingual customer support through online chat, callback forms, and direct communication channels.
Can I trade from any country?
It accepts clients from around the world, with some restrictions in countries where limitations apply, such as the USA.

Bibliography

  • Registration Address: World Forex Corp., BVI Business Companies Act, 2004, R.G. Hodge Plaza 3rd Floor, Road Town, Tortola, British Virgin Islands.
  • Regulation: The Financial Commission.
  • Official Site: wforex.com
  • Email: [email protected]
  • Phone: +44 870 479 8221, 8 800 555-78-99, +7 495 266 60 77.

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Article written, edited and reviewed by

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Last updated: April 11, 2024