It is required, for example, that broker funds are segregated from broker funds, ensuring their clients’ funds are protected if the broker goes bankrupt. Additionally, they must disclose potential conflicts of interest, provide transparent pricing, and provide fair execution. FxScouts is committed to ensuring protection of all personal information that we hold, and to provide and to protect all such data. We recognize our obligations in updating and expanding this program to meet the requirements of GDPR.
I use WorldTradex for forex trading and have been impressed with the https://worldtradex.world/ huge range of currency pairs, transparent fees and reliable MetaTrader 4 platform. I think the client dashboard and website could do with an overhaul though – they are pretty dated. Positives are the no minimum deposit, free demo account and excellent support, however it lacks the educational tools or social trading features provided by category leaders like eToro.
Protective Measures Enforced by Regulatory Bodies
There is no account minimum and three available base currencies, GBP, USD and EUR. The Vanuatu Financial Services Commission (VFSC) provides WorldTradex with a competitive regulatory environment for international clients. EEA-based traders manage their portfolios from a subsidiary that is authorized by the Cyprus Securities and Exchange Commission (CySEC). The Cyprus Investor Compensation Fund (ICF) protects retail trades in the event of insolvency up to €20,000. Client deposits remain segregated from corporate funds at both entities with leading international banks, but WorldTradex does not list them.
WorldTradex Deposits and Withdrawals
Our receipt of such compensation shall not be construed as an endorsement or recommendation by FxScouts Group, nor shall it bias influence our reviews, analysis, and opinions. You’ve successfully signed up for our forex newsletter, where you’ll receive expert insights, market analysis, and the latest news straight to your inbox. Overall, WorldTradex’s account-opening process is fully digital and hassle-free and accounts are generally ready for trading within an hour. Indian traders will be trading under the WorldTradex subsidiary that is registered in the Republic of Vanuatu. For example, stricter margin requirements might mean you need more capital to maintain your positions. Enhanced disclosure requirements can affect how you analyze companies’ financial health.
Key Regulatory Bodies
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- WorldTradex enhances the mobile trading experience by offering the MT4 application, compatible with iPhone, iPad, and Android devices, ideally suited for day traders.
- Trading with brokers that claim to have regulatory authority without proper authorization from recognized regulatory bodies should be avoided.
- WorldTradex has a clean regulatory track record and established itself as a secure and trustworthy broker.
- The trading costs on the ECN account are lower than those of the Pro and Standard accounts, and lower than those of other brokers.
- The asset being traded will affect these fees, which apply to both long and short positions.
- Being an offshore zones, they do not define strict obligations to its financial registered firms, which may be a risky investment in case the firm is only based there.
The very first thing I noticed when I started trading with the ECN XL account was the instant execution. I was trading with another broker previously, and after I pressed the buy or sell button, there was a little time to wait for the trade to be executed. So many times my trades were executed at a different price than the one I saw on the chart.Here things are completely different.
WorldTradex Web Platform
- Another big downside is the lack of web trader compatibility, which I find convenient because it provides straightforward and fast market access.
- The same can be said for the forex market, an industry worth a market capitalization of over $5 trillion.
- The most notable is its ECN XL account, which provides spreads starting from 0 with no trading commission, a rarity in the industry.
- Technical indicators and broad charting tools of MT4 give traders complete analytical capacity.
- Participate in webinars, read industry news, and consider joining trading forums.
- Furthermore, the broker ensures that client funds are stored in Tier 1 banks, safeguarding these assets from potential risks.
- While WorldTradex is regulated in Cyprus by the CySEC, this licensing does not offer clients the protection of a major body like the FCA.
Focused on the generally-used MetaTrader 4 (MT4), WorldTradex does not provide the MetaTrader 5 platform. An inactivity fee of $5 per month is applied after three months of no trading activity. WorldTradex is available to investors in almost 200 jurisdictions, including the UK, Australia and Indonesia. WorldTradex has been operating as a legitimate broker for over a decade and has accumulated many positive client reviews in this period.
Overall, Multibank offers a number of funding and withdrawal methods, which are free.
Big names such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash are available, as well as altcoins Monero, ZCash, Dash and Ripple. While crypto derivatives are unavailable from many brokers operating in the UK due to an FCA ruling, WorldTradex’s CySEC regulation means that they can offer crypto CFDs to UK clients. Over 70 currency markets are on offer, including major, minor and exotic pairs.
Clients can access a margin calculator in the trader’s hub to preview how different leverage levels would affect a position. Here is a screenshot of the WorldTradex quotes during the London-New York overlap session, the most liquid one, where traders usually get the lowest spreads. For the purposes of this review, we found the customer service responsive, knowledgeable, and polite. WorldTradex’s educational materials are of a high quality, but not as comprehensive as many of its peers. The swap fees are published alongside each instrument for both the long and short positions. For example, the swap rate for holding a long position of EUR/USD open for one night is -3.29 USD, and a short position is +0.67 USD.
I always recommend that traders check them before evaluating the total trading costs. WorldTradex shows clients how to obtain the most up-to-date rates, a step many brokers omit. WorldTradex maintains one of the cheapest Forex cost structures available, with commission-free quotes from 0.0 pips or $0.00 per 1.0 standard lot for the most liquid currency pairs like the EUR/USD and the USD/JPY. The average spread for major currency pairs is below 0.5 pips or less than $5.00 per lot, offering traders a distinct pricing environment advantage. Conclusion As we move into 2025 and beyond, the future of digital currencies in forex trading looks promising but complex.
The swap interest fee is calculated based on the difference between the two interest rates of the traded currencies. That’s a key factor for me and that’s why I decided to join them and I can say since the moment I started trading through this broker I didn’t have any problems. WorldTradex is good for day trading thanks to its very tight spreads in the ECN account, leverage trading opportunities, and access to the fast and dependable MetaTrader 4 platform. We have not experienced any security concerns during our many hours using the trading platform. However, this is still a powerful platform that will provide everything needed for experienced traders to conduct technical analysis while also being intuitive enough for beginners to pick up easily. WorldTradex’s investment offering is excellent for forex traders but weak in other departments.