Updated on February 26, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding WorldFXM due to the issues we've identified.
Is WorldFXM Scam or Legit Broker? ▲
The credibility of WorldFXM as a Forex broker is deeply compromised due to its association with CHO DEVELOPMENT LTD., an entity registered in the Marshall Islands. This region is infamously recognized for its lack of stringent financial regulations and oversight, particularly concerning Forex trading. This makes it a haven for Forex brokers with questionable operations, including WorldFXM. The Marshall Islands is known for its low setup costs and minimal regulatory requirements, which unfortunately attracts brokers with dubious intentions, similar to WorldFXM, aligning it with other untrustworthy entities like GoTechFx and Obsbit.
Given these circumstances, it is clear that WorldFXM does not provide a secure trading environment, highlighting the importance of trading with brokers who are under the jurisdiction of reputable regulatory bodies. Investors and traders are urged to opt for brokers regulated by authoritative entities such as the FCA in the UK or ASIC in Australia, which are known for their strict compliance standards and protection measures for traders.
WorldFXM markets itself as a provider of an array of trading products, boasting a portfolio that includes 65 leading FX pairs, 33 contracts for difference (CFD) across various categories such as equity indices, energies, and alternative asset futures amongst others, aiming to expand trading possibilities for its clientele. Despite these offerings, the broker's regulatory status remains highly dubious. An in-depth search failed to uncover any concrete information regarding its regulatory compliance or even its physical location.
The contact information available on the broker's website indicates a UK presence, suggesting that WorldFXM is targeting UK residents without possessing the necessary authorization to operate within the country. This unauthorized operation has led to WorldFXM being blacklisted by several authoritative bodies. The Financial Conduct Authority (FCA) of the UK has issued a warning against WorldFXM, identifying it as an entity operating without the required authorization and targeting UK residents. Similarly, the Austrian Financial Markets Authority has also issued a warning, highlighting that WorldFXM is not permitted to engage in banking transactions in Austria that necessitate a license, including trading in financial futures contracts.
Based on our comprehensive review and the significant concerns outlined above, we strongly advise investors and traders to steer clear of WorldFXM and any other brokers operating out of the Marshall Islands. The lack of regulatory oversight and the associated risks make it imperative for individuals to consider trading with brokers that are subject to strict regulatory standards. Regulated brokers in the UK, Australia. It is in the best interest of traders to prioritize safety and regulatory compliance when selecting a broker to ensure a protected and transparent trading experience.
WorldFXM Update
Further investigation has revealed that the WorldFXM website is currently inactive and unreachable. This development indicates that the broker may have ceased operations. Nevertheless, traders and investors are advised to remain vigilant and cautious, as entities with a history of questionable practices may re-emerge under different guises. The priority should always be to engage with brokers who demonstrate a commitment to regulatory compliance and trader security.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
WorldFXM Review 2024
