WorldWideMarkets is an established forex broker company in the British Virgin Islands.
Finding a reputable WorldWideMarkets review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.
Below is an in-depth review of WorldWideMarkets to help you make an informed decision before opening your account or trading on their platform.
WorldWideMarkets (WWM) is the trading name of WorldWideMarkets Ltd. which is licensed with and regulated by the British Virgin Islands Financial Services Commission, and its UK subsidiary WorldWideMarkets Online Trading Ltd., which is FCA-regulated.
The broker provides retail traders with the opportunity to trade forex, gold, oil, global stock market indices, and other CFD instruments, as well as US stocks and options.
It offers a variety of accounts with trading conditions tailored to different traders despite their level of skills, knowledge, and experience through trusted, reputable trading platforms.
WorldWideMarkets was established in 2010 by the founders of FX Solutions and headquarters in Tortola, British Virgin Islands.
Awards and Recognition
In the world of forex broker companies, it counts much for the company’s reputation if it has been honored with awards from esteemed organizations or publications.
Although WorldWideMarkets is rated highly by some customers in personal online reviews, the website of the broker was not available when writing this review and it could not be determined whether WorldWideMarkets has received any awards since its inception.
A forex account is a trading account held by a trader with a company like WorldWideMarkets, that is issued with the primary purpose of trading through its platforms. The number and type of accounts that a trader can open with a broker company usually differ according to the country in which the brokerage operates, the country of residence of the trader, and the regulatory authorities under whose jurisdiction it operates.
Types of Accounts and Their Features
WorldWideMarkets offer traders the option to open a demo account with a balance of $10 000 virtual money that sport real-time prices and trading conditions.
With this account, traders can practice trading with the broker’s accounts and platforms provided in a risk-free environment.
The demo accounts are free to open and can be used by traders for a period of 30 days.
WorldWideMarkets offer only one Standard live trading account.
- Standard Account
- A minimum deposit of $ 250
- Leverage of 1:400
- Variable and fixed spreads
- Access to all tradable assets
- Standard lot size of 0.1
It is not clear whether the broker offers the choice of a Swap-free account for Muslim traders who follow Sharia law. As a rule, they are prohibited from paying interests derived from trading activities, such as overnight fees.
Sources to mention that WorldWideMarkets offers professional and institutional level traders with the option of managed accounts with trading being facilitated through the Currenex trading platform
The process to open an account can be started from links on the company homepage. The trader will get directed to an online application form that has to be completed by providing personal information.
Traders will have to provide some basic and personal information along with their contact details, residential address, financial and employment information along with the completion of a section on trading knowledge and experience.
In addition to the online application, traders may be subjected to a ‘Know Your Client’, otherwise known as KYC procedure which requires the submission of supporting documentation to verify the trader’s identity and proof of residence.
It takes a few days for the broker to verify the client’s information, after which an account can be funded, and the client can start trading.
The currencies supported by WorldWideMarkets are not mentioned, but traders can expect common currencies such as USD, GBP, EUR, AUD, and several others.
Deposits and Withdrawals
WorldWideMarkets requires a $ 250 minimum deposit into the Standard Account. It requires the following payment methods payment to fund or make withdrawals from the account:
- Bank Wire Transfer
- Credit cards
- Debit cards
- China Union Pay
Unfortunately, it could not be determined how long it takes for money to reflect in the trader’s account when deposited or withdrawn.
Cost and Fees, Commissions and Spreads
The cost of trading depends on different factors like commissions, spreads, and margins.
The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.
The amount of money required in your account to open a position is called the margin and is calculated according to the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your account.
Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions depends on the asset being traded and the type of service offered by the broker.
Execution-only brokers, which do not involve in personal investment advice and give traders complete control over how they trade the markets, usually charge lower commissions.
While the contract for differences (CFDs) trading is a form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, it’s trading on shares will incur commission. CFD trades on other markets have no commission but do wrap a spread around the market price of a certain instrument.
With WorldWideMarkets spread vary between fixed and variable. Traders are offered with either variable spreads of 0.4 pips on EUR/USD or fixed spreads of 3 pips on EUR/USD.
There is no definite information on WorldWideMarkets’ trading conditions as the website was unavailable.
It seems like WorldWideMarkets does not charge commissions on trades and although it would substantiate the wide fixed spreads offered, there is no information on whether commissions may be charged with the tighter variable spreads.
Traders need to verify with their own service providers whether there are any fees charged for funding or withdrawing funds.
WorldWideMarkets allows a maximum leverage ratio of 1:400
The amount of leverage is expressed as a ratio, for instance, 50:1, 200:1, or 500:1. Assuming that a trader has $1 000 in a trading account and is trading ticket sizes of 200 000 USD/JPY, that leverage will equate to 200:1.
Leveraged product trading magnifies a trader’s potential profit – but of course, also increases the potential loss. This facility enables traders to get a larger exposure to the market than the amount they deposited to open a trade.
Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are to really benefit from a bonus.
The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts giving some expenses back to the trader once the person has proved himself as an active trader.
Hence, although no deposit bonuses are a great way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, that it may not be worthwhile.
The European Securities and Markets Authority (ESMA) has also recently placed investor protection measures on the marketing, distribution, or sale of CFDs which prevent brokers to provide the retail client with a payment, monetary or excluded non-monetary benefit about the marketing, distribution, or sale of a CFD, thus ruling out the offering of such bonuses.
Clients of WorldWideMarkets are offered a welcome bonus of 10% on the amount deposited.
Trading Platforms, Software, and its Features
The forex trading software, also called the platform, provided by a broker company to its clients to carry out their trades can be a multi-asset one that allows clients to trade forex as well as other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.
Some companies provide their own proprietary platform, while others prefer well-known platforms. If there is a choice, the trader should keep in mind what he would like to trade.
WorldWideMarkets offers the use of three trading platforms, namely Alpha Trader, Flash Trader, and MetaTrader4.
Alpha Trader and Flash Trader is WorldWideMarkets’ in-house trading platform that offers a variety of comprehensive and advanced features in catering to the trading needs of a variety of traders.
The Alpha Trader is available for desktops, and the Flash Trader is its web-based version. Both are fully compatible and interchangeable and available in a mobile application.
MetaTrader4 needs no introduction. It a professional software platform providing traders with everything they need. It offers fast order execution, a variety of technical indicators, an advanced charting package, an extensive back-testing environment, and the opportunity to use a wide range of Expert Advisors (EA).
MT4 is available as desktop, web, android, and iPhones Desktop PCs that run either Windows, Linux, or Microsoft can utilize it.
These trading platforms are offered in several languages which include English, French, German, Spanish, Dutch, Portuguese, Arabic, Farsi, Chinese, Japanese, Turkish, Greek, and Russian. It is not clear in what languages it would be available with WorldWideMarkets.
Markets, Products, and Instruments
WorldWideMarkets offers several trading instruments, namely: Forex, Gold, Oil, Stocks, Indices, Cryptocurrencies, and CFDs.
Most brokers offer all or some of the following market instruments for trading:
Forex trading, or currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies for one another at floating rates.
As with currency exchange markets, commodity markets offer trading in contract-based tradable goods.
Equity or stock indices can represent a specific set of the largest companies of a nation or they can represent a specific stock market. It is actual stock market indexes that measure the value of a specific section of a stock market.
This involves the trading of gold, silver, and other precious metals as hard commodities that are contract-based tradable.
The high volatility of energy prices due to political, environmental, and several other factors, is a typical feature of this product, making it a popular trading choice.
Safety and Regulation
Before deciding to join a broker and start trading, a potential trader needs to establish whether a broker like WorldWideMarkets is safe to trade with. One of the surest benchmarks to measure the safety of a brokerage is to establish which regulating authorities are watchdogs over its actions.
WorldWideMarkets is regulated by the world-renowned Financial Conduct Authority (FCA) in the United Kingdom and Financial Services Commission (FSC) in the British Virgin Islands. This means that client funds are kept in segregated accounts that ensure that client funds are kept separate from the broker’s funds solely used for trading purposes and not any operational, or other, purposes.
Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it.
WorldWideMarkets customer support team can be reached in real-time by phone, email, or live chat, according to sources on the internet. It is also possible to contact company representatives via Twitter or Facebook.
Customer support can be contacted from Sundays 21:00 GMT until Friday 21:00 GMT although Cryptocurrency support is available 24/7.
It is not indicated whether the staff provided support in multiple languages or only in English.
Potential traders need to do as much as possible research about speculative trading before commencing to do it and while trading. Trading successfully relies heavily on knowledge and understanding of the markets, therefore research options offered by brokers form an integral part of its features when choosing the right company to trade with.
WorldWideMarkets does not make provision for research tools or resources. There is no indication of any analytical tools, daily news review, economic calendars, or calculators that is vital for beginner or advanced traders to trade successfully on the forex market.
Education and Training
Before starting to trade, potential WorldWideMarkets clients should arm themselves with all possible information and trading skills needed to be successful in the world of forex and commodity trading. If WorldWideMarkets’ website itself does not provide enough means, a trader should explore other information sources to obtain that skills and knowledge.
Despite the lack of research tools, WorldWideMarkets does cater to beginner traders with educational tools. Sources state that it hosts an extensive video library that covers a variety of topics including basic Forex education, Fibonacci, and chart formation patterns.
WorldWideMarkets is regulated by the FCA and FSC which makes this broker safe to trade with as the necessary regulation is in place to ensure the safety and security of funds.
The website not being available when writing this review poses the question of whether the broker is still operational or closed.
WorldWideMarkets warns traders of the risks involved with trading leveraged financial instruments as these risks can result in the loss of substantial amounts of capital that may exceed the initial deposit of the trader.
The risks involved with trading may not be suitable for all traders and traders are advised to thoroughly evaluate their trading objectives and their willingness to be exposed to such substantial risks.
Traders need to ensure that they have adequate risk management protocols in place to mitigate and minimize the chances of loss.
While WorldWideMarkets promises to make all efforts to fill a trade at the requested price, trading online does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement, which could unfortunately not be accessed as the broker’s website was not available.
WorldWideMarkets at a Glance
|Headquarters||Tortola, British Virgin Islands|
|Regulating authorities||FCA and FSC|
|Countries not accepted for trade||United States|
|Islamic account (swap-free)||No|
|Minimum deposit||$ 250|
|Deposit options||Bank Wire Transfer, Credit cards, Debit cards, Skrill, Neteller, and China Union Pay|
|Withdrawal options||Bank Wire Transfer, Credit cards, Debit cards, Skrill, Neteller, and China Union Pay|
|Platform(s) provided||Alpha Trader, Flash Trader, and MetaTrader4|
|OS compatibility||Web browsers, Windows, macOS, Linux, Android, iPhone, tablets, iPads|
|Tradable assets||Forex, gold, oil, stocks, indices, cryptocurrency, CFDs|
|Languages supported on the website||English|
|Customer support languages||Not indicated|
|Customer service hours||General – 24/5
Cryptocurrency – 24/7
How many instruments can I trade with WorldWideMarkets?
You can trade the following financial instruments:
Which platforms are supported by WorldWideMarkets?
Alpha Trader, Flash Trader, and MetaTrader4.
Does WorldWideMarkets offer leverage?
Yes, WorldWideMarkets offers leverage of 1:500.
What spreads can I expect with WorldWideMarkets?
Variable spreads from 0.4 pips and fixed spreads from 3 pips on EUR/USD.
Does WorldWideMarkets charge commission?
No, previous reviews on WorldWideMarkets claim that trades are commission-free.
Is WorldWideMarkets regulated?
Yes, WorldWideMarkets is well-regulated through FCA and FSC.
Is WorldWideMarkets a recommended forex trading broker for experts and beginners?
No, WorldWideMarkets is not recommended for beginners, and traders are duly warned to proceed with caution in using this broker to facilitate trades due to a substantial lack of information.
What is the overall rating out of 10 for WorldWideMarkets?
What is the difference between a demo and a live trading account?
A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customer’s actual money.
Does WorldWideMarkets offer a demo account?
Yes, it does
Can I convert my demo account to a live trading account with WorldWideMarkets?
It is not indicated whether the demo account can be converted into a live account
Which live trading accounts does WorldWideMarkets offer?
WorldWideMarkets only offers one standard account which provides access to various financial instruments, leverage of 1:400, variable and fixed spreads, and commission-free trading
What are the available deposit currencies for a live trading account?
The deposit currencies supported by WorldWideMarkets are not mentioned, but traders can expect common currencies such as USD, GBP, EUR, AUD, and several others.
Deposits and Withdrawals
What is the minimum deposit for WorldWideMarkets?
How do you make a deposit and withdrawal from WorldWideMarkets?
WorldWideMarkets offers the following deposit methods:
- Bank wire transfer
- Credit card
- Debit Card
- China Union Pay
The same method that was used to fund an account must usually be used to withdraw money again and monies will only be refunded to accounts that carry the same name as the trading account with WorldWideMarkets
Does WorldWideMarkets charge withdrawal fees?
This information cannot be ascertained as the broker’s website was not available to determine this and it is not mentioned in previous reviews
How long does it take to make a withdrawal?
This information is also not available due to the website not being available but it usually depends on the method through which withdrawals are made along with the process involved and generally it can take between one and several business days. Traders should note however that depending on a specific bank service it may take several days for the money to be available in a client account.