WorldForex Review 2024 with Rankings By Dumb Little Man

WorldForex Review

Forex brokers are essential in the world of currency trading, offering platforms for buying and selling foreign currencies. WorldForex emerges as a prominent figure in this arena, boasting a 12-year operational history in the competitive Forex market. The company’s extensive reach spans 50 countries worldwide, demonstrating its global influence and reliability.

WorldForex is not just another broker in the crowded Forex market; it stands out as a member of the Financial Commission for Dispute Resolution in the field of financial services in the international exchange market. This affiliation underscores the broker’s commitment to maintaining fair and transparent operations, enhancing its credibility among traders.

In our comprehensive review, we delve into the various facets of WorldForex. Our analysis focuses on the broker’s unique selling points and potential limitations. From exploring the diversity of account options to the efficiency of deposit and withdrawal processes, and assessing the commission structures, we leave no stone unturned. Our goal is to provide you with a balanced view, combining expert insights and real trader experiences, to help you decide if WorldForex aligns with your trading needs.

>> Also Read: 8 Ways To Read Forex Charts: In Depth Guide For Beginner

What is WorldForex?

WorldForex stands as a seasoned player in the Forex brokerage landscape, with a 12-year tenure in the market. The broker has established a significant presence, conducting operations across 50 countries globally. This widespread activity underscores its adaptability and appeal in various international markets. Additionally, WorldForex’s membership in the Financial Commission for Dispute Resolution attests to its commitment to transparent and fair financial practices, particularly in the field of international exchange.

The range of services offered by WorldForex is extensive and tailored to meet the diverse needs of its clientele. It provides options for currency pairs trading, CFDs, and binary options trading, catering to various trading preferences. Additionally, WorldForex enhances its offerings with VPS hosting under exceptional terms, facilitating efficient and reliable trading. The broker’s commitment to client empowerment is evident in its provision of free training and support for automated trading through trading signals, ensuring that traders at all levels have the tools for success.

For trading execution and analysis, WorldForex equips its clients with advanced and user-friendly platforms. The MetaTrader 4 and WebTrader platforms are provided for seamless trading experiences. Moreover, the broker addresses the needs of Linux users by offering the Linux-compatible World Forex Trade Station. This inclusive approach ensures that traders have access to robust tools regardless of their operating system preferences, enhancing the broker’s appeal to a broad range of traders.

Safety and Security of WorldForex

In evaluating the safety and security of WorldForex, it’s crucial to recognize that the brand is part of Existrade Ltd, a brokerage company renowned for its adherence to international standards in providing financial and brokerage services. This compliance is validated by the FSA commission, assuring clients of the broker’s commitment to maintaining high industry standards. This information has been meticulously gathered after thorough research of Dumb Little Man, ensuring its reliability and relevance.

As a member of The Financial Commission, WorldForex underscores its dedication to fair and transparent trading practices. This organization plays a pivotal role in providing impartial resolution of disputes between brokers and their clients. Crucially, the work of all traders under WorldForex is safeguarded by a compensation fund, covering up to EUR 20,000 per claim. This aspect of security is significant, as it offers traders a layer of financial protection against potential disputes.

It’s important to note that the regulator license held by WorldForex is issued to the management company, not directly to the broker. This distinction highlights the structured approach to regulation and oversight in the industry. The Financial Commission ensures that any disputes are addressed by its experts within a seven-day timeframe, emphasizing the broker’s commitment to swift and effective resolution of issues. This level of oversight and protection plays a crucial role in establishing WorldForex as a safe and secure choice for traders.

Pros and Cons of WorldForex

Pros

• Enhanced trading with ECN/STP technologies
• Comprehensive ‘Forex Guide for the Trader’ course
• Easy-to-transfer high-interest Safe-box account
• Enabling auto trading
• Generous 100% bonus on deposits
• Diverse options for funding and cashing out
• Minimal deposit requirement of only $1
• Compensation for fees on deposits
• Profit potential up to 100% in digital contracts trading

Cons

• Lacking a search tool on the website
• Training resources missing in-depth articles and videos
• Delayed customer support responses
• No dedicated forum for traders (external forums exist)

Sign-Up Bonus of WorldForex

WorldForex introduces an attractive sign-up bonus for new clients, emphasizing its commitment to welcoming traders. With this offer, newcomers to the platform are greeted with a $10 bonus, provided completely free of charge. This gesture of goodwill sets WorldForex apart, as it requires no initial deposit from the trader to claim this benefit.

Registering with WorldForex now unlocks this exclusive offer, inviting traders to explore the platform with an additional financial boost. The $10 free bonus serves as a starting point for new users, allowing them to begin trading with a little extra in their account. This approach not only enhances the initial trading experience but also demonstrates WorldForex’s dedication to accessible and user-friendly trading conditions.

Minimum Deposit of WorldForex

WorldForex sets itself apart in the Forex trading market with its highly accessible $1 minimum deposit. This feature makes it exceptionally easy for a wide range of traders, from beginners to experienced, to start trading. Such a low entry barrier is especially appealing to those new to Forex trading, enabling them to explore the market without a significant initial investment.

The $1 minimum deposit is a strategic move by WorldForex, aimed at making Forex trading more inclusive. This approach not only broadens the potential client base but also reflects the broker’s commitment to providing flexible trading conditions. It allows traders to manage their investments with greater ease and less financial strain, catering to a diverse spectrum of financial capabilities.

WorldForex Account Types

WorldForex offers a variety of account types, each tailored to different trading styles and preferences. Our team at Dumb Little Man has thoroughly tested and researched these accounts to provide a clear understanding of their features:

• W-Cent Account: Ideal for both novices and risk-averse professionals. Features a fixed spread of 1.8 pips and a minimum deposit of just $1.
• W-Profi Account: The most popular choice among professional traders. It allows for account opening in USD, EUR, and various national currencies.
• W-Instant Account: Known for its instant order executions. Offers a spread starting from 2 pips and also requires a minimum deposit of $1.
• W-ECN Account: Designed for traders who prefer a system that eliminates conflict of interest between broker and traders. It provides access to 35 currency pairs, 4 metals, and oil, with the advantage of low spreads.
• W-Crypto Account: Tailored for cryptocurrency trading, this account offers leverage ranging from 1:1 to 1:25 and a minimum contract step of 0.01 coin.
• W-Digital Account: Specifically for digital contracts trading. It has a minimum deposit requirement of $1 and allows for a maximum investment of $300.

Each of these accounts has been designed to cater to the specific needs and strategies of different types of traders, from those just starting out to experienced professionals.

WorldForex Customer Reviews

Customer reviews of WorldForex reveal a mixed set of experiences and opinions. Some clients appreciate the competitive spreads offered, though there are concerns about misleading information regarding withdrawal times; withdrawals advertised as 30 minutes can actually take up to two banking days. On a positive note, students and participants in trading contests highlight WorldForex’s engaging contests and efficient customer support, alongside easy communication with staff. 

However, there are significant concerns regarding account verification and deposit processes, with some users experiencing prolonged verification times and limitations in deposit methods. Further, the company’s registration in a country with lax forex regulation and its questionable association with a “Financial Commission” that appears to be a dormant UK company raises red flags about its legitimacy and operational integrity. These issues, combined with the potential risks of funds being channeled to Russia, lead some customers to advise caution and rate WorldForex poorly for wasting their time.

WorldForex Fees, Spreads, and Commissions

In WorldForex, each account type comes with its distinct spreads, fees, and commissions, tailored to different trading needs and expertise levels. It’s important for traders to understand these cost structures thoroughly to align their trading strategies with the most suitable account type at WorldForex.

The W-Cent account, designed for beginners, offers a relatively low minimum spread of $1.8. However, traders should be aware of the withdrawal commission associated with this account. In contrast, the _W-Profi account, more suited for experienced traders, features a higher minimum spread of $18, along with similar withdrawal fees.

Traders opting for the W-Instant account will encounter a starting spread of $20, with the caveat of withdrawal commissions. This account caters to those who prioritize immediate order executions.

For advanced traders, the W-ECN account presents a competitive minimum spread starting at $2. Like other accounts, it includes withdrawal fees, but traders should also consider the swap fee unique to the W-Instant and W-ECN accounts. Interestingly, the W-Cent and W-Profi accounts are swap-free, offering an edge in certain trading strategies.

Deposit and Withdrawal

WorldForex offers a diverse array of deposit methods to cater to its clients’ preferences. This information, verified by a trading professional at Dumb Little Man, highlights the broker’s flexibility and adaptability. Clients can deposit funds using credit or debit cards (Visa, Mastercard, or Maestro), bank transfers, and various electronic payment systems like Яндекс Деьгии, Webbpay, PayPal, Webmoney, Zpayment, and OkPay. Additionally, WorldForex stands out by accepting cryptocurrency payments such as Bitcoin or Dash.

The withdrawal process in WorldForex is equally comprehensive and user-friendly. Significantly, the broker processes withdrawals not only on business days but also on weekends, enhancing convenience for traders. Withdrawal requests submitted on business days are typically considered within 30 minutes. For withdrawals, clients have multiple options, including bank cards (Visa, MasterCard), Wire Transfer, and several electronic payment systems (WebMoney, OkPay, Perfect Money, ADVCash, Bitcoin, Dash).

Importantly, withdrawing funds through Dash incurs no commission, while other systems may have a commission ranging from 0.5% to 4%. WorldForex allows withdrawals in major currencies such as USD and EUR, catering to a global clientele. This flexibility and the variety of options available for deposits and withdrawals make WorldForex a convenient choice for traders.

How to Open a WorldForex Account

1. Navigate to the WorldForex website and select the “Login” button to access the system.
2. Authenticate by selecting an available method or register using your email and set up a password.
3. Use your WForex account to view all trading-related data.
4. From your account, initiate the opening of trade accounts.
5. Monitor the history of your fund deposits and transfers.
6. Configure a personal account for swift transfers to different trading accounts.
7. Regularly check the status of your accumulated bonuses.
8. Stay updated with your rebate club bonuses.
9. Continuously review and manage your trading and financial activities within your account.

WorldForex Affiliate Program

WorldForex features a comprehensive affiliate program with multiple levels, offering significant partnership compensations. The program is designed to benefit partners by sharing a portion of the spread earnings from affiliated clients.

The Internet Partner tier of the program allows individuals to monetize their online platforms by directing traffic to World Forex Company. As an internet partner, one can earn up to 85% of the spread on transactions made by affiliated clients. This opportunity is ideal for those with a strong online presence, looking to leverage their audience for financial gains.

The YouTube Partner category extends a similar opportunity to those with a presence on YouTube. By affiliating your YouTube channel with World Forex Company, you can monetize your content and audience. The compensation for YouTube partners can also reach up to 85% of the spread from the trading activities of clients they refer.

Lastly, the Representation segment of the program is open to both individuals and entities. This allows for collaboration with World Forex Company, a leader in broker services, to generate profit. This part of the program is particularly suited for those looking to establish a more formal partnership with the company, offering a way to benefit jointly from the growth and success of World Forex in the trading market.

WorldForex Customer Support

WorldForex offers a versatile and efficient customer support system, catering to various client needs. For immediate verbal assistance, they provide a phone line, ideal for urgent inquiries and preferred by those who seek direct communication. This option is particularly beneficial for quick resolutions. On the other hand, for more detailed questions or when documentation is involved, clients can opt to send an email. This method suits those who prefer written communication and require a more thoughtful response.

Additionally, WorldForex’s callback service is highly efficient, with specialists responding typically within 30 seconds of a callback request, ensuring clients don’t face long wait times. For instant real-time support, the online chat feature on their website is a convenient tool for quick queries. For less urgent matters, the website’s contact form offers another avenue for reaching their support team, particularly useful for complex issues. These varied support channels demonstrate WorldForex’s commitment to accessible and responsive customer assistance, as experienced by Dumb Little Man.

Advantages and Disadvantages of WorldForex Customer Support

WorldForex vs Other Brokers

#1. WorldForex vs AvaTrade

WorldForex offers a low entry barrier with a $1 minimum deposit and a range of account types, including those suitable for cryptocurrency trading. Its services are more accessibly priced and it has a strong presence in specific international markets. On the other hand, AvaTrade distinguishes itself with a vast array of financial instruments (over 1,250) and a large, global client base from more than 150 countries. AvaTrade’s strong regulatory framework and multiple global offices suggest a more established and diverse offering.

Verdict: For new traders or those interested in cryptocurrency trading, WorldForex may be more suitable due to its lower entry requirements and specialized accounts. However, for traders seeking a wide range of trading instruments and a robust regulatory environment, AvaTrade stands out.

#2. WorldForex vs RoboForex

WorldForex is known for its low deposit requirements and diverse account options, including those for digital and crypto trading. RoboForex, since 2009, has been providing a sophisticated trading experience with more than 12,000 trading options and a variety of platforms like MetaTrader, cTrader, and RTrader. RoboForex’s ContestFX feature offers a unique way for traders to engage and develop their skills.

Verdict: RoboForex may appeal more to traders looking for a wide range of trading instruments and platforms, as well as those interested in unique features like trading contests. WorldForex, with its focus on accessibility and specialized accounts, might be more fitting for traders new to the market or interested in niche trading options like cryptocurrencies.

#3. WorldForex vs FXChoice

WorldForex caters to a broad audience with its low minimum deposit and variety of account types, including options for crypto and digital contract trading. FXChoice, established in 2010, focuses on providing services more suited to experienced traders, lacking offerings like cent accounts or zero spreads that might appeal to beginners. They offer classic and professional ECN accounts and a loyalty program tailored for traders with high trading volumes.

Verdict: WorldForex is more accommodating for beginners or those seeking to trade with lower capital. In contrast, FXChoice is better suited for experienced traders who can benefit from its tight market spreads and loyalty program designed for high-volume trading.

Choose Asia Forex Mentor for Your Forex Trading Success

Asia Forex Mentor is the ideal platform for individuals aiming to build a thriving career in forex trading and attain significant financial success. The heart of Asia Forex Mentor’s success lies in Ezekiel Chew, recognized for his influential role in shaping trading strategies for institutions and banks. Notably, Ezekiel’s personal trading record includes regular seven-figure trades, distinguishing him as an exceptional figure in the trading education landscape. The reasons for our endorsement include:

Comprehensive Curriculum: The educational program at Asia Forex Mentor encompasses an extensive range of topics, including forex, stock, and crypto trading. This robust curriculum is designed to provide learners with the essential skills and knowledge to prosper in these varied markets.

Proven Track Record: Asia Forex Mentor’s reputation is bolstered by its history of nurturing traders who consistently yield profits across multiple market domains. This consistent success underscores the quality and effectiveness of their educational approaches and mentorship.

Expert Mentor: Students at Asia Forex Mentor receive guidance from a seasoned mentor who has achieved substantial success in forex, stock, and crypto trading. Ezekiel’s personalized mentorship empowers students to confidently tackle market challenges.

Supportive Community: Enrolling in Asia Forex Mentor grants access to a community of dedicated traders in the forex, stock, and crypto realms. This network encourages collaboration, sharing of ideas, and mutual learning, enriching the educational journey.

Emphasis on Discipline and Psychology: Recognizing the importance of mental fortitude and discipline in trading, Asia Forex Mentor focuses on psychological training. This aspect helps traders control emotions, manage stress, and make logical decisions.

Constant Updates and Resources: In the ever-evolving financial markets, Asia Forex Mentor keeps its students informed with the latest trends, strategies, and insights. Ongoing access to these resources ensures that traders stay informed and competitive.

Success Stories: The numerous success narratives from Asia Forex Mentor highlight the transformation and financial independence achieved by students through their all-inclusive education in forex, stock, and crypto trading.

Asia Forex Mentor stands out as the leading choice for those seeking a top-tier education in forex, stock, and crypto trading. Its detailed curriculum, expert mentoring, practical approach, and supportive community equip aspiring traders with the tools and guidance to evolve into successful professionals in various financial markets.

Conclusion: WorldForex Review

In conclusion, the team of trading experts at Dumb Little Man has thoroughly assessed WorldForex and offers a balanced perspective on this broker. WorldForex stands out for its low minimum deposit requirement and diverse range of account types, including specialized options for cryptocurrency and digital contracts trading. These features make it an accessible and appealing choice for both new and experienced traders.

However, it’s important to approach WorldForex with caution due to certain drawbacks. Clients have reported issues with misleading withdrawal times and limited deposit methods. Additionally, the broker’s association with a lightly regulated jurisdiction and its questionable connection with a “Financial Commission” that appears dormant raise concerns about its operational transparency and legitimacy.

>> Also Read: Top Forex Scams: How to Spot and Avoid Them

WorldForex Review FAQs

What is the Minimum Deposit Required to Start Trading with WorldForex?

The minimum deposit required to start trading with WorldForex is remarkably low, at just $1. This feature is particularly attractive for new traders or those looking to test the platform with minimal financial commitment.

Does WorldForex Offer Different Types of Trading Accounts?

Yes, WorldForex offers a variety of account types to suit different trading styles and needs. These include the W-Cent account for beginners, the W-Profi for more experienced traders, and specialized accounts like W-Crypto for cryptocurrency trading, among others. Each account type comes with its own set of features and requirements, catering to a diverse range of traders.

Are There Any Concerns About the Safety and Legitimacy of WorldForex?

While WorldForex provides various trading services, potential clients should be aware of certain concerns. The broker operates in a jurisdiction with light forex regulation and is associated with a “Financial Commission” that appears to be a dormant entity. These factors raise questions about the broker’s regulatory oversight and transparency. Therefore, traders should exercise caution and conduct thorough research before engaging with the broker.