WorldForex
Disclaimer:The information provided on this site should not be distributed or used by any individual in any country or jurisdiction where such distribution would violate local laws or regulations.
| Leverage | 1:1000 |
| Minimum Deposit | $1 |
| Regulation | IFSC |
| Year Established | 2007 |
| Payment Methods | Bank Transfer, Credit/Debit Cards, Skrill, Neteller, Perfect Money, Cryptocurrencies |
| Trading Assets | Forex, Indices, Commodities, Cryptocurrencies |
| MT4 | ✅ |
| MT5 | ✅ |
| Spreads | Very low |
| Average cost: EUR/USD | 0.3 pips |
| Demo Account | ✅ |
| Islamic Account | ✅ |
| CopyTrading | ❌ |
| ZuluTrade | ❌ |
| Scalping | Yes |
| Signals | ✅ |
| EAs/Robots | Available |
| Negative Balance Protection | Yes |
| Deposit Fee | ❌ |
| Withdrawal Fee | ❌ |
| Contact Information | Email: [email protected], Phone: +44 20 8090 3455 |
| Address | 2nd Floor, Transpacific Haus, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands | Rating | ★★★★☆ 4.3 |
| Website |
Pros and Cons
- Extremely low minimum deposit
- High leverage of up to 1:1000
- Variety of payment methods, including cryptocurrencies
- Offers both MT4 and MT5 platforms with advanced features
- Negative balance protection available
- No CopyTrading or ZuluTrade options
- Regulated by a single offshore authority
- Limited range of tradable assets
- Website interface can be difficult to navigate
- Limited educational resources
Is WorldForex a Good Broker? A Full Review of Its Services and Offerings
Since its establishment in 2007, WorldForex has grown into a versatile broker, offering its clients a range of services in the financial markets.
WForex has built a reputation for its accessibility, particularly with new users, by providing low initial deposit requirements, high leverage options, and a broad array of trading instruments.
With over a decade of experience, it has developed a comprehensive service portfolio, making it a relevant option for both novice and seasoned traders.
This review will provide a thorough examination of its services, including trading platforms, account types, fees, regulatory status, customer support, and more.
The analysis will offer insights to help you determine whether it is a suitable trading firm for your trading needs.
Create a Free AccountTrading Platforms
Overview of Trading Platforms
To accommodate various trading styles and preferences, the broker offers both the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, which are renowned in the trading community for their reliability and versatility.
Each platform caters to different needs, from beginners to professionals, and comes with a suite of tools to support technical analysis, automated trading, and efficient order execution.
MetaTrader 4 (MT4)
MT4 remains one of the most popular trading platforms worldwide, known for its user-friendly interface and robust trading functionalities.
It has been the industry standard for many years due to its combination of advanced features and ease of use.
Features and Benefits:
- Accessibility: The platform is available for free download on desktop (Windows and Mac), accessible via web browsers, and mobile devices (iOS and Android). This flexibility ensures that people can access their accounts from anywhere at any time.
- Trading Tools: MT4 provides many tools essential for technical analysis, including 24 graphical objects and 30 built-in indicators. These tools allow investors to analyze market trends, identify trading opportunities, and make informed decisions.
- Execution Capabilities: The platform supports various types of orders, including market orders, pending orders, stop orders, and trailing stops. One-click trading functionality further enhances the speed and efficiency of executing trades.
- Customization and Automation: Traders can customize their trading environment by modifying chart layouts and color schemes. The platform also supports the use of automated trading strategies (Expert Advisors or EA), which can be developed using the MQL4 programming language.
- Additional Tools: Features such as Virtual Private Server (VPS) hosting for uninterrupted trading, the FX Lite plugin for digital contracts, and a wide range of timeframes (from one minute to one month) make MT4 a versatile choice for traders.
MetaTrader 5 (MT5)
MT5, the successor to MT4, offers enhanced features and expanded capabilities, making it an excellent choice for individuals who require more sophisticated tools.
Features and Benefits:
- Advanced Charting and Analysis: The platform includes 44 graphical objects and 38 built-in indicators, providing more tools for technical analysis than its predecessor. It also offers 21 timeframes, which allow for more granular market analysis.
- Enhanced Order Types: MT5 supports six types of pending orders, compared to four in MT4, giving users more flexibility in executing their strategies. The inclusion of an integrated economic calendar offers real-time updates on market-moving events.
- Improved Strategy Testing: The platform features a multithreaded strategy tester, enabling users to back test trading algorithms against historical data. This tool is invaluable for those who rely on algorithmic trading or want to test new strategies.
- Programming Capabilities: MT5 utilizes the MQL5 development environment, which allows for the creation of more complex trading algorithms and custom tools.
- VPS Hosting and One-Click Trading: Just like MT4, MT5 offers VPS hosting to ensure uninterrupted trading, along with one-click trading to streamline order execution.
Comparison of MT4 and MT5 Platforms
While both platforms offer robust trading capabilities, there are notable differences between them.
The table below highlights the key features of MT4 and MT5:
| Feature | MetaTrader 4 (MT4) | MetaTrader 5 (MT5) |
|---|---|---|
| Accessibility | Desktop, Web, Mobile | Desktop, Web, Mobile |
| Graphical Objects | 24 | 44 |
| Built-in Indicators | 30 | 38 |
| Timeframes | 9 | 21 |
| Pending Order Types | 4 | 6 |
| One-Click Trading | Yes | Yes |
| Economic Calendar | No | Yes |
| Strategy Tester | No | Yes (Multi-threaded) |
| VPS Hosting | Yes | Yes |
| Programming Language | MQL4 | MQL5 |
| Digital Contracts Plugin | FX Lite Plugin | Not Available |
Conclusion on Trading Platforms
The availability of both MT4 and MT5 ensures that the broker can cater to a wide range of trading styles and preferences.
MT4 is ideal for those who prefer a simpler, more intuitive interface, while MT5 is suitable for investors who require advanced tools and functionalities.
Both platforms offer robust features, including VPS hosting, one-click trading, and comprehensive charting tools, making them highly effective for different types of users.
Account Types
To accommodate different levels of traders, the broker provides 5 account types, each designed to meet specific trading needs and preferences.
Standard Accounts
- W-Cent Account: Targeted at beginners, this account type operates on cent units, allowing people to start with minimal capital. It offers floating spreads starting from 1.5 pips and provides leverage of up to 1:1000. The low entry barrier makes it suitable for those who want to practice and develop their skills with minimal financial risk.
- W-Profi Account: This account is designed for more experienced traders who require a standard trading environment. It provides market execution with floating spreads starting from 0.6 pips and leverage up to 1:1000. There are no commissions on forex trading, making it an attractive option for those who want to minimize their costs.
ECN Accounts
- W-ECN Account: The W-ECN account caters to professionals who seek direct market access and faster execution speeds. It features a no-dealing-desk (NDD) trading environment, floating spreads starting from 0.0 pips, and a commission of $8 per lot. The leverage is up to 1:500, suitable for market participants who require tighter spreads and higher liquidity.
- W-Digital Account: This account is tailored for digital contract trading, similar to binary options. It allows anybody to speculate on the price movements of various assets within a specific time frame, offering fixed returns. The simplicity of digital contract trading makes this account type appealing to those who prefer a straightforward, contract-based approach.
Islamic Accounts
For customers adhering to Sharia law, the company provides Islamic (swap-free) accounts that do not incur any swap or rollover fees on overnight positions.
These accounts are available in both W-Profi and W-ECN formats, offering flexibility for Muslims who wish to comply with religious guidelines.
Comparative Analysis of Account Types
Below is a comparison table of the key features of each account type:
| Account Type | Spread Type | Spreads From | Commission (per lot) | Leverage (up to) | Minimum Deposit | Execution Type |
|---|---|---|---|---|---|---|
| W-Cent | Floating | 1.5 pips | None | 1:1000 | $1 | Market Execution |
| W-Profi | Floating | 0.6 pips | None | 1:1000 | $1 | Market Execution |
| W-ECN | Floating | 0.0 pips | $8 | 1:500 | $1 | No Dealing Desk |
| W-Digital | Fixed | N/A | None | 1:100 | $1 | Market Execution |
| Islamic | Floating | Varies by Type | None or $8 | 1:1000 or 1:500 | $1 | Market/ECN Execution |
Conclusion on Account Types
The broker offers a diverse selection of account types that cater to a wide range of trading needs, from beginners to professionals.
The variety ensures flexibility and choice, with accounts that offer low spreads, high leverage, and access to digital contract trading.
Islamic accounts provide an additional layer of inclusivity, allowing people who follow Sharia law to participate in the market.
Create a Demo AccountRange of Trading Instruments
The broker offers a broad selection of trading instruments across several asset classes, allowing for a diverse portfolio and multiple trading opportunities.
Forex
Forex trading remains the primary focus, with more than 50 currency pairs available, including major, minor, and exotic pairs.
This variety enables individuals to take advantage of different market conditions, ranging from high liquidity and low spreads with major pairs to potentially higher returns with more volatile exotic pairs.
Commodities
It provides access to various commodities, such as precious metals (gold, silver), energy products (crude oil, natural gas), and agricultural commodities.
These assets offer an opportunity to diversify portfolios and hedge against inflation or market volatility.
Indices
Trading indices allows clients to speculate on the performance of a basket of stocks rather than individual companies.
This trading firm offers major global indices like the S&P 500, NASDAQ 100, DAX 30, and FTSE 100, providing exposure to different economic sectors and geographical regions.
Cryptocurrencies
With the rise in popularity of digital assets, the broker also supports trading in cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple.
Cryptocurrency trading is characterized by high volatility, offering both risks and opportunities for those who are willing to navigate these markets.
Digital Contracts
A unique feature is its offering of digital contracts, akin to binary options, where investors can speculate on the price direction of various assets over a specific time frame.
Digital contracts provide fixed returns and are suitable for traders who prefer a straightforward, contract-based trading model.
Overview of Available Trading Instruments
The following table summarizes the types of trading instruments available:
| Asset Class | Examples | Benefits |
|---|---|---|
| Forex | Major, Minor, Exotic Currency Pairs | High liquidity, diverse trading opportunities |
| Commodities | Gold, Silver, Oil, Natural Gas | Portfolio diversification, inflation hedge |
| Indices | S&P 500, NASDAQ 100, DAX 30, FTSE 100 | Exposure to global markets |
| Cryptocurrencies | Bitcoin, Ethereum, Litecoin, Ripple | High volatility, high potential returns |
| Digital Contracts | Various assets with fixed returns | Simplicity, fixed returns |
Spreads, Commissions, and Fees
Spreads
Spreads are a critical factor in trading costs, and the broker offers competitive spreads across all account types.
The W-ECN account provides the tightest spreads, starting from 0.0 pips, making it ideal for high-frequency traders and scalpers.
The W-Cent and W-Profi accounts feature floating spreads starting from 1.5 pips and 0.6 pips, respectively, which are competitive in the market.
Commissions
Commissions are only charged on the W-ECN account, where a fee of $8 per lot is applicable.
This commission structure is transparent and standard for ECN accounts, where tighter spreads are usually offset by a per-trade fee.
Other accounts, such as the W-Cent and W-Profi, do not incur any commission charges, making them cost-effective for traders preferring a zero-commission model.
Other Fees
- Deposit and Withdrawal Fees: The broker does not charge any fees for deposits or withdrawals, which is advantageous for those who frequently move funds in and out of their accounts. However, third-party fees (such as bank charges or cryptocurrency network fees) may apply.
- Inactivity Fees: No inactivity fees are charged, which is a significant benefit for individuals who do not trade regularly or prefer a longer-term approach.
- Swap Fees: Swap fees apply for overnight positions on non-Islamic accounts, depending on the currency pair and market conditions. However, Islamic accounts are swap-free and do not incur these charges.
Comparative Table of Costs
| Cost Type | W-Cent Account | W-Profi Account | W-ECN Account | W-Digital Account | Islamic Account |
|---|---|---|---|---|---|
| Spreads | From 1.5 pips | From 0.6 pips | From 0.0 pips | N/A | Varies by type |
| Commissions | None | None | $8 per lot | None | None or $8 per lot |
| Deposit/Withdrawal Fees | None | None | None | None | None |
| Inactivity Fees | None | None | None | None | None |
| Swap Fees | Applicable | Applicable | Applicable | N/A | Not Applicable |
Regulation and Security
Regulatory Status
The company is regulated by the International Financial Services Commission (IFSC) of Belize, an offshore regulatory authority.
While the IFSC requires brokers to comply with certain financial and operational standards, it does not offer the same level of oversight as regulators in more stringent jurisdictions like the UK or Australia.
Security Measures
The firm takes multiple steps to ensure the safety and security of client funds and data:
- Segregated Accounts: User funds are held in segregated accounts, separate from its operational funds, ensuring they are protected in the event of financial difficulties.
- SSL Encryption: The website and trading platforms are protected by SSL encryption, which safeguards all data transmitted from unauthorized access.
- Negative Balance Protection: To protect customers from incurring losses greater than their deposits, the broker offers negative balance protection across all account types.
- Anti-Money Laundering (AML) Compliance: Adherence to AML policies includes procedures such as Know Your Customer (KYC) checks to prevent fraudulent activities and money laundering.
Conclusion on Regulation and Security
While regulated by an offshore authority, the company implements several security measures to protect funds and data.
These measures are standard in the industry, but traders should be aware of the limitations of offshore regulation, particularly regarding investor protection and dispute resolution.
Customer Support
Support Channels and Availability
Customer support is available 24/5, matching the global forex market’s trading hours.
Clients can access support through multiple channels:
- Live Chat: Provides immediate assistance for urgent queries.
- Email: Suitable for detailed inquiries, with response times typically within 24 hours.
- Phone: Allows for direct communication, though response times can vary depending on the time of day and call volume.
Quality of Support
Feedback from users suggests that the support team is generally responsive and helpful, especially through the live chat feature.
Email and phone support are also reliable, although response times may vary. Multilingual support is available, catering to a global clientele and enhancing accessibility for non-English-speaking customers.
Educational Resources and Tools
Educational Materials
The firm offers tons of educational resources to assist users in improving their knowledge and skills:
- Market Analysis: Daily market analysis and news updates are provided, helping everybody stay informed about market trends and economic events.
- Webinars and Tutorials: Webinars and video tutorials cover various topics, such as trading strategies, technical analysis, and platform usage, making them suitable for investors of all experience levels.
- Economic Calendar: Integrated into the MT5 platform, the economic calendar provides real-time updates on economic events and data releases, which can be crucial for planning trades.
- Trading Signals: It offers trading signals on both MT4 and MT5 platforms, providing insights into potential trading opportunities.
Deposit and Withdrawal Options
Deposit Methods
More than 12 deposit methods are supported, offering flexibility for people worldwide:
- Bank Transfers: Suitable for larger deposits, though processing times may take several days.
- Credit/Debit Cards: Instant deposits with no additional fees.
- E-Wallets: Options such as Skrill, Neteller, and Perfect Money offer quick, fee-free transactions.
- Cryptocurrencies: Accepts deposits in Bitcoin, Ethereum, and other major cryptocurrencies, appealing to traders who prefer digital currencies.
Withdrawal Methods
Withdrawals can be processed using the same methods as deposits.
Processing times vary by method:
- Bank Transfers: Typically take 3-5 business days.
- Credit/Debit Cards: Generally processed within 1-3 business days.
- E-Wallets and Cryptocurrencies: Usually processed within 24 hours.
Trading Experience
Execution Quality
The broker is known for its fast and reliable trade execution, particularly for the W-ECN account, which benefits from the no-dealing-desk (NDD) model.
This approach ensures that trades are executed directly with liquidity providers, reducing the risk of requotes and slippage.
The availability of VPS hosting further enhances execution speed, making it a suitable choice for scalpers and high-frequency traders.
Platform Usability
Both MT4 and MT5 platforms are user-friendly and feature-rich, providing a wide range of tools and functionalities to accommodate different trading styles.
The platforms support multiple order types, customizable charting, automated trading, and one-click trading, ensuring a seamless trading experience.
Mobile Trading
Mobile trading apps for both MT4 and MT5 are available on iOS and Android, offering full functionality and enabling traders to monitor their accounts, execute trades, and access market analysis on the go.
The mobile apps are well-designed, providing a smooth and efficient trading experience.
Conclusion on Trading Experience
Overall, the broker provides a strong trading experience with fast execution speeds, reliable platforms, and a range of features to suit different trading strategies.
The availability of both desktop and mobile platforms ensures that clients have access to their accounts anytime, anywhere.
Final Thoughts
WorldForex is a well-rounded broker offering a wide range of trading instruments, competitive spreads, and various account types tailored to different levels of trading experience.
The availability of both MT4 and MT5 platforms, along with flexible deposit and withdrawal options, adds to its appeal.
While regulated by an offshore authority, the firm takes adequate measures to protect client funds and data.
Its customer support is accessible and generally well-regarded, although its educational resources could be more comprehensive.
For traders looking for competitive trading conditions, diverse account types, and flexible deposit options, this online brokerage presents a compelling choice.
However, those seeking a broker with more stringent regulatory oversight may want to consider alternatives.
Visit official website: www.wforex.comFAQ
Is WorldForex a regulated broker?
Yes, WorldForex is regulated by the International Financial Services Commission (IFSC) in Belize.
What is the minimum deposit required to open an account?
The minimum deposit required is as low as $1, making it accessible for all traders.
What trading platforms does it offer?
WorldForex offers both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), available on desktop, web, and mobile devices.
Does WorldForex offer a demo account?
Yes, it provides a demo account for users to practice trading without any risk.
Are there any fees for deposits or withdrawals?
No, WorldForex does not charge any fees for deposits or withdrawals.
Does it allow scalping?
Yes, scalping is allowed.
What are the available payment methods?
WorldForex accepts Bank Transfers, Credit/Debit Cards, Skrill, Neteller, Perfect Money, and Cryptocurrencies.
Bibliography
- Registration Address: World Forex Corp., BVI Business Companies Act, 2004, R.G. Hodge Plaza 3rd Floor, Road Town, Tortola, British Virgin Islands.
- Official Site: wforex.com
- Email: [email protected]
- Phone: +44 870 479 8221, 8 800 555-78-99, +7 495 266 60 77.
User Reviews
Article written, edited and reviewed by
Adam Rosen
Adam Rosen is a seasoned senior marketer whose expertise extends far beyond the norm. Drawing from decades of experience in the industry, Adam plays an integral role in our team, infusing his insights into every project we tackle. But that's not all – Adam has a unique knack for breaking down complex broker information and crafting insightful reviews for our website, Brokfolio. His dedication to providing readers with valuable insights and guidance makes him an invaluable asset to our team. Beyond his professional pursuits, Adam is fueled by an unwavering passion for technology and fintech. He thrives on pushing boundaries and exploring new horizons in these dynamic domains. Curious to learn more about the mind behind the words? Dive into Adam Rosen's profile to discover a wealth of expertise, innovation, and a relentless drive for excellence.
Andrew Blumer
Andrew Blumer is a finance pro who's got money matters down to a science.
Back in the day, he schooled at Belmont Hill School in Belmont, MA. Then, he took a swing at Harvard College, bagging a BA degree in economics. And that wasn't enough for him – he also nailed an MBA from Harvard Business School in '98.
But hold on, there's more to this financial nerd.
Andrew's been causing ripples in the fintech world for a while now. In fact, he's the mastermind behind Brokfolio, a platform that's all about making trading on financial markets crystal clear and super accessible.
Oh, and did we mention? He's the manager of Brokfolio's website and an expert in online brokers. So, if you're diving into the world of trading, Andrew's your go-to guy.
For more on his financial escapades, head over to his LinkedIn profile. Trust us, his journey is worth a read!
Emily Clark
Emily Clark is our superstar who kicked off her journey as a content whiz and proofreading ninja, focusing on all things finance and tech.
As our team grew, Emily's role blossomed big time. She became the go-to rockstar, an absolute must-have player in our squad, making our growth story rock.
Emily's work ethic? Oh, it's like a caffeine-fueled engine, chugging away with laser-sharp precision. Seriously, without her juggling skills, our growth wouldn't have hit turbo mode.
But here's the cool part – Emily isn't just words and commas. She's got this uncanny radar for brokers and trading know-how. It's like she's got insider info on these money-making worlds.
Currently Emily's holding the senior editor crown, keeping tabs on content from our awesome team.
Last updated: September 5, 2024
