Worldex Review: Worldex1.pro a Ridiculous Company
Worldex is an offshore broker. Trading with them is risky, and we do not recommend it if you want to profit. The primary motivation of this unlicensed broker is to make money off of you. Try to stay away from these businesses and only deal only with honest, trustworthy forex brokers.
Offshore Forex brokers have become increasingly popular in recent years. This is because more and more traders are looking to take advantage of the potential profits in the Forex market. However, as with any industry, there are always a few bad actors looking to scam unsuspecting traders.
One of the most common ways in which offshore Forex brokers scam traders is through the use of unscrupulous trading practices. This can include stop-loss hunting, where the broker manipulates the market to trigger a trader’s stop-loss orders. This results in the trader losing more money than they would have otherwise lost.
Other practices include using slippage. This is where the broker executes trades at a different price than the trader was expecting. Another way is through re-quoting. This is where the broker changes the price of a trade after the trader has already placed it.
Another way in which these brokers scam traders is through the use of bonuses and promotions. Many offshore brokers will offer them as an incentive to open an account and start trading. However, these incentives often come with strings attached. These include high trading volume requirements or other restrictions that make it difficult for traders to withdraw their money. In some cases, traders may even find their accounts blocked or suspended.
Traders should be careful about how much money they invest in the Forex market and never invest more than they can afford to lose. This can help to minimize the impact of any potential scams or fraudulent activities.
About Worldex1.pro
The broker has made a few claims about itself. They say you can participate in the next generation of online trading. They claim to be a committed trading partner who will stand by you while you pursue your trading goals. The company provide clients with everything they need to learn and grow as traders. This includes access to exclusive trading groups, state-of-the-art technologies, educational courses, and the expertise of an experienced team.
With this broker, professional traders, analysts, and other industry leaders worldwide are purportedly just a click away. They claim to be dedicated to lowering the barrier to entry for people seeking help with their finances.
You can access a vast array of major, minor, and exotic commodities trading products, metal, stock, and futures indices. You can become a better trader by joining their community. Here, you can ask questions, participate in conversations, and receive helpful feedback on your trading strategies.
The broker has three account types with varying conditions in terms of spread, minimum deposit, and commission. The broker offers a 5% bonus on cryptocurrency deposits and a 20% welcome bonus.
Founders and Team
Worldex’s founder and current chief executive officer are unknown at this time. By keeping this data secret, the operators can avoid legal repercussions for their activities. This makes it harder for law enforcement and victims of fraud to track them down.
They frequently withhold facts to project an air of mystery. Potential investors will be swayed in their favor if they believe that their investment opportunity is limited to a small group of people. As a result, investors may feel pressured to act hastily without thoroughly investigating the company.
In addition, those running sham forex broker firms may employ aggressive sales techniques to persuade potential victims that they must invest immediately or miss out. They may also try to conceal the genuine nature of the program by promising high profits with minimal risk.
Worldex Contact Details
The broker has an email and phone number but no physical address. This is dangerous for a broker that claims to be among the best in the forex trading industry. From their phone number code, the company appears to be based in the UK. However, from their Terms and Conditions, they have mentioned St. Vincent and the Grenadines (SVG). It is, therefore, likely that they have provided fake information.
In order to avoid being reached by their customers or the police, fraudulent forex brokers may provide false contact information. Clients may find it harder to pursue recourse, such as filing complaints or claiming damages.
Scam brokers may not have an actual office or may be based elsewhere, which is why they may provide false contact information. It may be more challenging for clients to find them or for authorities to conduct an investigation.
Regulation Status of Worldex
The broker is unregulated. If it were indeed in the UK, it would be under the Financial Conduct Authority (FCA). This is, however, not the case. We could not find the broker’s name in the FCA online database. Also, from their trading conditions, it’s obvious to us this broker cannot be regulated by FCA. The financial watchdog only allows brokers to offer a maximum leverage of 1:30. Worldex has a spread of up to 1:500 and even allows the trade of cryptocurrencies. All these violate the rules of FCA.
Since this broker is based in SVG, you should not trust them. Here, there are no regulations, and that’s why many scam brokers operate from this region. The honesty and openness of the broker’s operations may be difficult to verify in the absence of adequate control and regulation.
The lack of safety nets for your investment is another risk to consider. No central authority governs forex brokers in the SVG. Traders may not have recourse to dispute resolution or compensation in the event of a broker failure. If the broker becomes insolvent or bankrupt, the client will lose their entire investment.
If the broker is the subject of an investigation or lawsuit, there is also the possibility that your funds could be blocked or taken by the authorities. On top of that, you have no idea if the broker’s trading platform has been protected from hacking or other harmful activities.
Trading Conditions
A good broker should have favorable conditions. These include a low spread, lower minimum deposits, and low commissions. Worldex’s minimum deposit ranges from $250 to $5,000. Spreads go as low as zero, and commissions as high as $8.
These conditions, however, may change, given that this is a scam broker. Furthermore, they mean nothing because the broker is unregulated. You should not trust an unregulated broker regardless of how favorable their conditions seem.
Worldex Deposit and Withdrawal
Worldex claims to accept Visa, Mastercard, Skrill, Neteller, Payeer, QIWI Wallet, Bitcoin, Ethereum, Litecoin, and USD Tether as payment methods. However, the methods probably don’t work.
Bear in mind that these sites prefer to accept deposits in bitcoin or other cryptocurrencies like Ethereum, Litecoin, or USD Tether. This is because your payment will prove irreversible after you realize you have been scammed.
Conversely, if you had used reliable payment methods, and something unexpectedly goes wrong, all is not lost. You still can recover your stolen money by filing for a chargeback with the bank that issued your debit or credit card.
Final Verdict
Worldex is a scam offshore forex broker. We strongly advise you to stay away from their purported services. Their claims are false, and you will end up losing your money. Alternatively, you can work with other honest and trustworthy forex brokers.
With a regulated broker, you can rest assured that your money will be safe and you will not lose it under mysterious circumstances. Before committing to a broker, verify what they say is true.
