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WorldtradexFX Scam: ED Uncovers Use Of Mule Accounts, URL Masking To Evade Financial Trail

The WorldtradexTrader has the least options for technical analysis too with 19 indicators, 11 drawing tools, and 7 timeframes. However, after testing I found the platform covered the top indicators like volume and moving averages along with Fibonacci retracement tools. Amongst the new features and platform improvements, you can still automate your trades with MetaTrader 5 and Expert Advisors. If you are interested in automating share CFDs, MT5 is the only platform on Worldtradex to provide this. Out of the platforms available, I believe MT5 is your best option overall as it allows you to trade all asset classes and improves on the features of the MT4.

However, you can just create another one on a different trading platform—for free. Log in to your online trading account or download the app and launch it to start trading. We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly. Worldtradex Group and Worldtradex are both well-known online brokers, each established in the early 2010s; Worldtradex Group in 2009 and Worldtradex in 2011.

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• According to Worldtradex’s data, traders using educational content tend to achieve better results.
• The main difference between demat and trading accounts is that the former is just a repository, and the latter allows you to buy and sell your securities.
• A trading account is where you store funds and trade currencies or other assets.
• Worldtradex’s demo account gives traders a realistic, zero-risk environment to explore Forex markets.
• I opened an Worldtradex trading account and tested the broker’s spreads, trading conditions, and platforms to see how they performed against 20 other brokers.
• Nearly 50% of user funds were diverted to mule payout accounts and masked as e-commerce refunds, vendor payments or chargebacks.

I find MT4 makes it easy to customise your charts with 9-time frames from day to tick charts and 3 chart types including bar, candlestick and line. This lets you adapt your charts depending on your strategy, whether you use multi-time frame analysis or are a scalper with tick charts you’ll find it easy to switch on MT4. Even at 0.90 pips, I found it’s roughly 18% cheaper than my industry average tests of 1.11 pips for EUR/USD, positioning Worldtradex as a low-spread broker. Our broker reviews are reader supported and we may receive payment when you click on a partner site.

Customer service at Worldtradex is through live chat or a support email address, which is a slight letdown as I prefer when companies offer phone support for urgent questions. I prefer seeing a broker regulated by multiple authorities, especially local regulators where clients are accepted such as CySEC. However, I would like to see other Tier-1 regulators like the Australian Securities and Investments Commission (ASIC) or the Monetary Authority of Singapore (MAS). The profile for each trader was more detailed showing profit and loss, drawdown, and copy follower growth which I like to use as a leading indicator of trader performance.

Worldtradex delivers a transparent fee model with zero commissions on trades, no deposit or withdrawal charges, and competitive floating spreads starting from 0.6 pips. This structure enables traders to focus purely on market performance without worrying about hidden costs. The Worldtradex platform provides a web-based and mobile alternative, but there is no desktop version, which can be inconvenient for traders who prefer a dedicated program over a web browser. The web-based platform offers quality charts, allows for the placement of technical indicators and lines, and supports alerts that arrive as notifications from the broker. However, it lacks weekly and monthly time frames and does not offer an intuitive zoom tool. Worldtradex does not charge fees for deposits or withdrawals, nor does it impose commissions on trades.

Forex Risk Disclaimer

These spreads are markups with no added commissions, meaning the spread is the only trading cost, and it adjusts dynamically based on market conditions. Worldtradex Worldtradex offers commission-free trading, allowing users to trade without worrying about additional costs. In terms of tools, traders can choose the most convenient platform among Worldtradex Trader, MT4, and MT5. With the mobile Worldtradex app, you can manage all accounts without downloading MT4 and MT5 on your phone. However, not all platforms have the same instruments available for trading. We accessed the withdrawal section in the dashboard, where we entered the amount and selected the method, in this case, Tether (TRC20).

Do all Worldtradex accounts have the same minimum deposit and fee structure?

• Worldtradex operates under various regulatory frameworks depending on the entity through which an account is opened.
• Worldtradex provides a variety of educational resources aimed at enhancing trading skills.
• Worldtradex’s IB program offers partners daily payouts, up to $12 per lot in commissions, and more than 25 payment options.
• Both brokers, while they share the same star rating, showcase their differences in trading costs and transparency.
• WorldtradexFX supports the popular trading platform MetaTrader 5 (MT5), widely appreciated for its advanced analytical tools and user-friendly interfaces.

The request was completed in under a minute and did not require sending an email or notifying customer service. During certain events, Worldtradex offers a bonus where you can claim up to a 100% deposit bonus. To withdraw the bonus, the client must trade a number of lots equal to half of the bonus amount. For example, if the bonus totals USD 400, the client must trade 200 lots to be able to withdraw it. The threshold to access the bonus is high and requires a substantial trading volume.

For example, the MT5 is faster thanks to being rebuilt using 64-bit architecture which means your execution times and price feeds are faster, and now allows you to trade stocks. One of the key highlights for MetaTrader 4 I like is the option to automate your trades using Expert Advisors (EAs) which is allowed on your Worldtradex account. You can develop EAs to 100% automate your strategy from analysis to execution, or set up risk management EAs to manage your risk on open positions automatically. For example, the “minimum expertise” field lets you choose between newer systems, all the way up to those with legend status. I was also pleased to see a risk score assigned to each trader, to help users differentiate between traders with historically conservative results versus those that have had more volatility and risk. It would be useful to be able to sort the columns from highest to lowest, but that feature is not yet available when looking at the Master Rating results page.

Worldtradex Trading Settings

If you prefer to trade less liquid and higher risk assets you also have access to altcoins like Dogecoin to speculate on. Overall, the account opening process took 3 minutes which is the fastest application I have completed for opening a live trading account. Withdrawing from my account was also fast, according to my account manager each withdrawal takes roughly 2 hours to get approved. Once approved you can expect the funds to be in your bank account/wallet within 30 minutes which is extremely good service in my opinion. I think having Worldtradex Copy is a good alternative for beginners or those who don’t want to invest their time in learning how to trade.

Lastly, Worldtradex also has an entity regulated in Mauritius, through Uni Fin Invest . Worldtradex does have a proprietary mobile app for trading, as well as for social copy trading https://worldtradex.club/ (the Worldtradex Copytrading app), yet it still trails behind industry leaders such as IG and Saxo. Worldtradex makes money through the spread – the difference between the bid and ask price. It does not typically charge commissions, making trading costs transparent, though spreads can widen during high volatility. Yes, the app includes risk management tools like Balance Keeper and portfolio diversification.

This feature ensures that traders cannot lose more than their initial investment. Worldtradex affirms that deposits can be made via bank wire, credit card, digital wallet, and cryptocurrency. The available methods vary depending on the client’s residence and may include local bank transfers. Worldtradex does not charge deposit fees, and processing times range from instant to a few days. In 2022, trading over the weekend was allowed due to the rise of cryptocurrencies. After more than 10 years in the market, the company claims to have opened over 40 million accounts, received more than 70 awards, and paid out over 33 million USD in bonuses.

How often are partner commissions paid?

Additionally, they both host regular online webinars—at least once a month—which are perfect for newcomers eager to deepen their understanding. Importantly, both Worldtradex Group and Worldtradex make these webinars accessible through searchable archives, so users can easily revisit the material as needed. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Periodically, Worldtradex offers the WorldtradexFX Champion Demo Contest, a monthly, risk-free trading competition using virtual funds. Participants compete for real cash prizes ranging from $40 to $500, with winners determined by the highest account balance after four weeks. WorldtradexFX does not charge any fees for withdrawals and also covers any fees imposed by payment systems, allowing traders to withdraw funds without incurring additional costs. Both platforms are available on desktop, web, and mobile devices, ensuring seamless trading across various operating systems.

Additionally, the Worldtradex platform features a one-click trading button that cannot be removed, which poses a risk since clicking it executes trades without confirmation. We made the deposit through Tether via the TRC20 network, which has the lowest fees. In this case, the network charges 1 USDT, and Worldtradex does not impose any additional fees. While there is no minimum deposit from the virtual wallet, Worldtradex advises that the minimum deposit using this method is 50 USDT.

This allows you to start trading faster with instant deposits and receive your funds faster through the same-day withdrawals. WorldtradexTrader is the most basic option but best for beginners out of the three platforms in my opinion with an attractive user interface. In particular, it has a Pattern tool that lets you apply a variety of technical analysis on your charts automatically which is useful if you are new to forex trading. Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time.

It allows traders to practise strategies, use technical tools, and explore trading platforms with virtual funds and no financial risk. At FXStreet, we aim to provide our readers an honest and impartial look at certain brokers that you might be interested in trying. Worldtradex is a global online broker offering trading services in forex, commodities, indices, and cryptocurrencies. It provides platforms like MetaTrader 4 and 5, with competitive spreads, copy trading, and educational content for traders of all levels.

Categories: Forex Trading