World Forex Review 2023: Platforms, Assets, Features Explained, Pros and Cons Revealed

World Forex stands as a versatile brokerage offering trading opportunities across MetaTrader 4 (MT4), MetaTrader 5 (MT5), and a proprietary platform. It boasts commission-free pricing, copy trading features, rapid 30-minute withdrawals, and appealing welcome bonuses. But, amidst these offerings, the critical question lingers: Is World Forex a reliable and trustworthy platform?

Our experts meticulously examined the brokerage's account types, market accessibility, digital contracts, live signals, and more. Dive into our comprehensive 2023 review of World Forex to discern whether opening a trading account aligns with your aspirations.

Company Overview

Established in 2007 in the British Virgin Islands, World Forex underwent acquisition in 2016 by Existrade Ltd, an international trading group regulated by the Saint Vincent & The Grenadines Financial Services Authority (SVGFSA). Presently, the brokerage caters to over 350,000 traders across 50+ countries, offering ECN technology, 24/7 customer support, and a remarkably low $1 minimum deposit.

Retail traders gain access to various asset classes, including forex, stocks, cryptocurrencies, and commodities. Additionally, the platform provides digital contracts, simplifying trading for newcomers to the market.

Trading Platforms

World Forex boasts a selection of platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and a proprietary webtrader. Both MT4 and MT5 can be freely downloaded on desktop devices (Windows and Mac) or accessed via web browsers and mobile applications.

MetaTrader 4

• VPS hosting
• Trading signals
• One-click trading
• 24 graphical objects
• 30 built-in indicators
• MQL4 programming language
• Customizable charts with 2,000+ indicators and 1,900 robots
• Nine timeframes
• Various order types

FX Lite plugin is available for MT4, enabling digital contract trading. Installation links and a guide are accessible on the broker's website.

MetaTrader 5

• VPS hosting
• Strategy tester
• 21 timeframes
• One-click trading
• 44 graphical objects
• 38 built-in indicators
• Integrated economic calendar
• Customizable charts
• MQL5 development environment

WebTrader

• Full trade history
• One-click trading
• Nine timeframes
• Analytical objects
• Customizable graphs and charts
• Interactive real-time quotes

World Forex Instruments & Markets

The platform offers a wide array of trading assets:

• Various currency pairs
• Oil, gold, and silver crosses
• Cryptocurrency options
• Share CFDs of major companies

Note: Access to instruments may vary based on account type.

Digital Contracts

A standout feature is World Forex's digital contracts, a simple financial instrument predicting whether an asset's price will rise or fall by contract expiry. These contracts resemble traditional binary options and offer a clear profit potential before initiating a trade. World Forex even provides a preliminary calculator for assessing potential gains or losses.

Other features include draw payout options, varied investment amounts, and early closing possibilities.

Spreads & Fees

Fees differ per account type and instrument, with most profiles being commission-free except for W-CRYPTO. Spread ranges vary accordingly.

Leverage Review

World Forex extends high-margin trading opportunities, offering leverage up to 1:1000, contingent upon the account balance. Leverage availability scales with balance tiers.

Mobile App

MT4 and MT5 come in mobile versions for iOS, Android, and Huawei devices, ensuring on-the-go trading convenience. Additionally, the FX Lite BO app facilitates digital contract trading via tablets or smartphones.

Payment Methods

The platform impresses with its diverse payment methods, including bank wire transfers, credit/debit cards, e-wallets, and cryptocurrencies. World Forex levies no deposit fees, though third-party charges and exchange rate fees might apply.

Withdrawals typically process within 30 minutes, devoid of set minimum or maximum limits. However, withdrawal fees apply based on the chosen method.

WorldForex Demo Account

World Forex offers a risk-free demo account, aligning with all account types. This feature enables users to practice trading under realistic market conditions, complete with virtual funds and adjustable leverage.

Deals & Promotions

As an offshore broker, World Forex furnishes various bonuses and incentives for new and existing traders, such as deposit bonuses, trading contests, and a cashback club.

Regulation & Licensing

Operating under Existrade Ltd and regulated by the Saint Vincent & The Grenadines Financial Services Authority (SVGFSA), World Forex falls under a regulatory body with relatively relaxed criteria compared to major financial agencies. However, the broker participates in The Financial Commission, offering compensation up to €20,000 per client in dispute scenarios.

The broker undergoes monthly audits with VerifyMyTrade but lacks a formal declaration of capital reserves.

Additional Features

World Forex provides live market news streams, research analysis, asset reviews, and a forex calculator. Educational resources include a comprehensive knowledge base, a free trading course, glossaries, and step-by-step guides.

AutoTrade functionality allows users to copy successful investors' signals, an ideal feature for beginners. Moreover, the platform offers VPS services and various account types catering to different trading styles.

Trading Hours

Access the markets 24/5, but note that trading hours vary across instruments. The platform offers a sessions calendar and major event schedules for traders' reference.

Customer Support

World Forex ensures 24/7 customer support through email, live chat, online contact forms, and specified contact numbers. The platform exhibits comprehensive help pages but lacks a standard FAQ section.

Security & Safety

The brokerage adheres to standard AML and KYC protocols, employing SSL encryption for payments. Two-factor authentication (2FA) adds an extra layer of security to the trading platforms.

World Forex Verdict

World Forex emerges as a reliable platform serving a substantial user base with a wide asset range, diverse account options, and robust educational resources. The addition of digital contracts with promising payouts enhances its appeal, despite the presence of withdrawal fees, weak regulation, and absence of negative balance protection.

Pros and Cons

Pros:

• Diverse asset offerings, including digital contracts
• Varied account types with differing pricing structures
• Multiple trading platforms
• Swap-free accounts
• Multiple payment methods with a low $1 deposit
• Copy trading functionality
• Extensive educational resources
• STP/ECN technology
• Demo account and VPS hosting

Cons:

• Relatively weak regulation
• Withdrawal fees applicable
• Absence of negative balance protection

World Forex Broker Details

Disclaimer: - We at forexoverflow do not endorse neither refer anyone to trading broker websites. The information is for educational purpose and source of information is from the broker website.