WorldWideMarkets Review – Is its scam or safe?
RECOMMENDED FOREX BROKERS
Trading Accounts
| Account type | Minimum deposit | Minimum trade size | Maximum leverage | Spread |
| Standard | $250 | 0.1 | 1:400 | Fixed, 3 pips on EUR/USD Variable, 0.4 pips on EUR/USD |
Despite using a variety of trading platforms, WorldWideMarkets provide just one account type, offering both fixed and variable spread forex and CFD trading.
The Company
WorldWideMarkets Online Trading Ltd.
Established by the founders of FX Solutions, WorldWideMarkets is the trading name of WorldWideMarkets Ltd., is licensed with and regulated by the British Virgin Islands Financial Services Commission, and its UK subsidiary WorldWideMarkets Online Trading Ltd., which is FCA-regulated.
The broker provides retail traders with the opportunity to trade forex, gold, oil, global stock market indices and other CFD instruments, as well as US stocks and options. It also provides institutional level trading via Currenex and a range of Managed account products for qualified customers.
Security of Funds
As we have already mentioned, WorldWideMarkets (WWM) is operated by BVI-based WorldWideMarkets Ltd. and its UK arm, WorldWideMarkets Online Trading Ltd.
WorldWideMarkets Ltd.is licensed and regulated by the BVI Financial Services Commission, which is the financial services regulator within this jurisdiction. Although offering regulated status, the British Virgin Islands currently still allows companies to be entirely based overseas. What is more, BVI-registered financial services providers do not face many of the requirements that brokers based in the US or UK do. For example, BVI-registered brokers are not required to contribute to a compensation scheme and are not subject to any minimum capital requirements.
On the other hand, UK-based brokerages like WorldWideMarkets Online Trading Ltd. are required to hold net tangible assets amounting to at least 730 000 EUR and are obliged to adhere to a number of standards and procedures, for instance, to hold clients` money in segregated accounts, to send regular reports on trades to the commission, etc. What is more, FCA-regulated companies fall under Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person. Here you may look up more FCA regulated forex brokers.
Trading Conditions
Minimum Initial Deposit
The minimum initial deposit, required by WorldWideMarkets is $250, which is average for the forex market. As regards UK clients, the required amount is considerably higher – $10,000. https://worldwidemarkets.co.uk/accounts/deposit-funds/
In comparison, HY Markets (also FCA-regulated) requires $50 for its Mini account, and FxPro – $500.
Average spreads & Commissions
Initially, WorldWideMarkets offered fixed spreads only, amounting to 3 pips on majors, which is considered high. Recently it also added variable ones, amounting to 0.4 pips on EUR/USD, which is deemed comparatively low.
WWM does not charge commissions, instead, it earns its income through the spread revenue.
In comparison, Trading212 (also FCA-regulated) provides fixed spreads of 1.9 pips on EUR/USD and variable ones amounting to 0,9 pips on EUR/USD. You may look up real-time spreads of 15 leading brokers here.
Maximum Leverage
This broker offers a maximum leverage ratio of 1:400 on forex and as regards CFDs, it is up to 1:200, which is considered comparatively high. In comparison, HY Markets provides leverage levels of up to 1:300. If you need higher leverage levels, there are plenty of brokers, offering such – FxPro and FxOpen provide leverage up to 1:500, and XM 1:888. Traders, however, should be mindful of higher leverage, for it may both multiply their profits and lead to heavy losses. That is why limitations on leverage rates are set in several jurisdictions, like in USA (1:50) and Japan (1:25).
Trading Platform
WWM offers 2 retail trading platforms: Alpha/ FlashTrader and MetaTrader 4.
The Alpha Trader is the broker`s in-house desktop platform, and the FlashTrader is its web-based version and they both are fully compatible and interchangeable. Mobile application is also available.
WWM`s AlphaTrader desktop platform
WWM`s FlashTrader web platform
These platforms are suitable for both beginners and advanced traders, offering customizable workspace, Innovations such as a Trading Command Bar and professional, yet easy to use charting, with the full array of chart types, indicators and drawing tools.
Like most forex brokers, WWM also offers the powerful MetaTrader 4, a professional, fully-featured software providing traders with everything they need: fast order execution, a variety of technical indicators, advanced charting package, extensive back-testing environment and the opportunity to use a wide range of Expert Advisors (EA). MT4 is available as desktop, web and mobile versions.
Deposit bonus
Clients of WWM are offered a welcome bonus, which is a common practice. The bonus amounts to 10% on the amount deposited.
Methods of Payment
The payment methods available to WWM`s clients are credit/debit card, bank wire and e-wallets Skrill and Neteller.
As regards UK registrants, only bank wire is available.
Conclusion
Far from being the best, WorldWideMarkets is a dependable broker, offering trading services on a variety of platforms. In a nutshell, here are the advantages and disadvantages with regard to WWM:
| Pros | Cons |
| Choice of trading platforms | High fixed spreads |
| MT4 available | High initial deposit for UK registrants |
| Well-regulated |
| Broker | Advantages |
|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts. XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for. FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion. FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection. FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals. FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions. HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry. WorldWide Markets ReviewReviewWorldWide Markets, (WWM) provides online trading and risk management for Forex, gold, oil, and other security indices. They are regulated by the British Virgin Island Financial Services Commission and their license number is provided on their site, making it easy for potential clients to check out the company independently. WWM prides itself on providing high security systems for all client accounts, something they believe sets them apart from other Forex brokers. During our WorldWide Markets review we found that their services are available in English, Arabic, Chinese and Spanish, and they are available for customer service via phone, email, and post-mail. It is also easy to be in touch with WorldWide Markets through their Twitter and Facebook pages. The minimum deposit for WorldWide Markets is $25, so traders can test out a live account if they prefer without investing too much initially. MetaTrader 4, Mobile, Flash-Trader, FX Options Pro and iTrader for Android are the platforms provided by WorldWide Markets and all are available on both demo and live accounts. WorldWide Markets is currently working hard to finish iPhone and iPad applications though they are not currently ready. A notable advantage to having an account with Word Wide Markets is their WWM Debit card given to customers with $500 or more in their accounts. It is easy to apply for a debit card through their website. This solution allows traders the ability to withdraw their funds directly onto a prepaid debit card, for easy spending wherever they desire. BloombergWe’ve detected unusual activity from your computer networkTo continue, please click the box below to let us know you’re not a robot. Why did this happen?Please make sure your browser supports JavaScript and cookies and that you are not blocking them from loading. For more information you can review our Terms of Service and Cookie Policy. Need Help?For inquiries related to this message please contact our support team and provide the reference ID below. |
