World Wide Brokers review – an unregulated offshore broker with claims of automated trading software, a wide margin of 2.3 pips coupled with a minimum 1:400 leverage! ‘World Wide Brokers’ as they call it is a broker to keep off from as a reasonable trader.
Do you want to know why this broker is not legit? Why it is risky to deposit any money with this broker? The signs to look out for in fraudulent brokers? Then learn from this article and the experience of the victims of World Wide Brokers.co.
World Wide Brokers Review
Regulation and safety of clients
World Wide Brokers website does not contain any information on the company’s registration. In fact, no address (residential, phone or email) is available on their site as to refer to the company’s existence.
Further research has shown that the broker is not registered with any financial regulator in the countries they operate in, thus an offshore broker.
Offshore brokers are unregulated brokers that allow clients to open investment accounts outside their country’s jurisdiction. Similarly, these brokers offer more flexible terms than regulated brokers.
In order to get people to trade with them, offshore brokers improvise flexible terms to deceive people. A popular system is to create a huge registration bonus, massive deposit bonus or cashback, and promises of steady zero-risk income. Beware!
Under normal circumstances, clients trading with regulated brokers is insured by the financial authority with whose license the broker operates.
Impliedly, if a broker is registered with a regulator (CYSEC for instance), clients who invested in that broker will be compensated by CySEC if by any chance the broker disappears.
However, this is not applicable with offshore brokers. These unregulated brokers who entice inexperienced traders to invest in them can disappear at any time at the loss of their clients.
World Wide Brokers.co is one of such dubious brokers and at such should be avoided.
World Wide Brokers claim to offer automated trading software and a wonderful trading platform, but the reverse is the case. Their web-based trading platform is very rudimentary, similar to what we see in forex simulation games.
Although there are some decent charting tools available for trading there, it is nothing compared to the top trading platforms in the market, MT4 and MT5.
World Wide Brokers trading platform lacks the advanced tools that make trading for beginners and pros worth some such as programmed expert advisors, multi-threaded strategy signals, community chat, built-in calendars and many more.
Advanced features like this are available on meta trader 4 and meta trader 5. Consequentially, top brokers like HOTforex, FXTM, FBS and OCTAFx operate with MT4 & 5.
Trading conditions – basic trading deposit, spreads and leverage
A system common to offshore brokers is to advertise with appealing offers to influence inexperienced/new traders to start trading with them without taking time to check their terms and conditions.
Not surprisingly, World Wide Brokers uses a similar strategy to lure clients to make huge deposits.
In regulated brokers, the minimum deposit for a trading account is $100 and it’s equivalent in other currencies. Some even go as far as taking down to $10 to give room for test traders.
However, there is not applicable with offshore brokers like World Wide Brokers. They hide the actual minimum deposit for a trading account, and use interesting bonus offers to lobby clients to start up with huge sums. Investing huge sums in an unregulated trader is very risky as their existence is shallow.
Similarly, World Wide Brokers spreads are pretty loose at 2.3 pips on EURUSD. Loose spreads amount to very little profits for clients. That is why regulated broker spreads do not exceed 1.5 pips.
Furthermore, this broker offers to trade on a 1:400 leverage! Very bad! Regulated brokers are mandated to offer trading leverages not more than 1:50. This is because high trading leverage increases the risk of getting a negative balance.
Although these brokers might try to cheer you up with the fact that more leverage amounts to more profit, we should not forget that the forex market is a volatile one. The risk outscores the benefit, especially for new traders.
Deposit methods, Withdrawal methods and fees
World Wide Brokers accepts deposits with debit cards, credit cards and cryptocurrencies. Deposits made with cards (debit/credit) are retractable within 540 days of payment, while cryptocurrency payments are irreversible.
It is because of this that offshore brokers and other scammers hamper cryptocurrency payment methods. To be safe, avoid making deposits in cryptocurrencies on any platform that is not regulated or trustworthy.
Furthermore, withdrawals on this broker are through the same payment channels as with deposits (credit and debit cards and cryptocurrency). However, reports from present and previous clients revealed that the company keeps on requesting different fees when attempting to withdraw its profits.
I shall not forget to add the outrageous fees that these brokers charge. 1% on all executed trades, not minding the huger broker’s spread and $75 quarterly maintenance fee.
As is customary with unregulated brokers, these fees can go higher at any point.
In addition, it is better to keep off bonuses from this broker. Why? Because you will have to reach a turnover of 25 times the bonus plus deposit before you can even dream of withdrawing.
Is World Wide Brokers a scam?
Yes, World Wide Brokers is an unregulated broker which has not completed any client’s payment request, thus a big scam.
Which forex broker is the best?
IG, Saxo bank, FXTM, OCTAFX, FBS, HOTforex etc.
Can a forex broker steal your money?
Yes, a forex broker can illegally steal your money and that of other clients. It is called conversion of funds.
Can forex make you rich?
Yes, forex can make you rich and in the same way, it can put you in debt. It all comes down to how you manage your account, trading experience, leverage and spreads and well style of trading.
Finally, visit our website at www.strousam.com for more updates.