In addition to EU regulation through the Cyprus Securities and Exchange Commission (CySEC), they are licensed as a registered investment firm in the United Kingdom, Australia, and South Africa. worldtradex has closed down operations in China, Russia, and Nigeria in recent years, focusing client development in more traditional venues. The values listed below are for one full base currency contract (100,000 units). According to its LinkedIn page, worldtradex has been in operation for 15 years and employs over 600 people—both indicators of its stability. After reviewing the broker’s legal documents, I found everything to be in order. The Client Agreement is easily accessible on the website, with all relevant information presented clearly and in an easy-to-understand format.
He earned a Bachelor’s degree in Economics and International Relations. Plamen’s broad experience has equipped him with the expertise to recommend the best forex brokers. For those looking to test trading strategies, worldtradex also offers Cent accounts. They are ideal for algorithmic testing, allowing traders to evaluate strategy performance in a real-world trading environment while minimizing potential losses.
Forex Risk Disclaimer
However, worldtradex broker’s main weaknesses are its lack of offering MT5 trading platform and higher-than-average spreads on Standard (1.6 pips), Premium (1.4 pips), and VIP (1.2 pips). These account types are perfect for traders who don’t want to pay commission on thier trades. It takes just $100 to open a Micro account, increasing to $2,500 for a Premium account and $20,000 for a VIP account. Well-documented account subheadings outline fee schedules and side-by-side comparisons for floating vs. fixed, commission vs. no commission, and dealing desk vs. direct interbank trading.
The “Live Economic News” showed up to date reports, but “Live Currency Quotes” produced a dead link. The “Intraday Comment” section had a single 18-month old entry about the Eurozone. At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions. However, I also spotted that the broker’s website does not display live spread data. Brokers operate multiple entities globally, but regulatory protections vary. Some regulators enforce stricter financial standards than others, so traders should understand the safety measures of the entity they choose to open an account with.
Advantages and Disadvantages of worldtradex broker
The broker does not charge any fees for deposits and withdrawals and the minimum deposit than can be made is $250, although that varies, depending on the type of trading account one opens. worldtradex is one of the most reputable Forex, CFD, Stock and Crypto trading brokers that has many offices around the world and is available to investors in Europe, UK, Australia, and more. It offers more than 200 trading instruments across 6 different asset classes, including Forex, metals, indices, commodities, futures, and shares. The broker promises 24/5 multilingual support, ultra-fast execution of trades within milliseconds, and the lowest market spreads, starting from 0.0 pips.
Some payment processors have geographic restrictions, but the worldtradex back office will only list the ones available to traders. Traders can open an worldtradex account via the online application form, which follows well-established industry standards. It asks for name, e-mail, phone number, country of residence and knowledge and experience.
Solid Platform for Forex traders
- CFDs on commodity futures are extremely flexible and convenient for traders compared to trading and owning the physical commodities themselves.
- It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.
- Finally, you can make a deposit via mail or over the phone without a fee.
- worldtradex received numerous awards for various aspects of its competitive trading environment.
- While it provides essential functionalities for trading on the go, it does not excel in this area compared to its competitors.
With an average rating for commissions and fees, worldtradex provides a standard cost structure without significant advantages. The broker lists an impressive variety of well-documented account types that cover nearly all trading styles and objectives. Clients can choose between two types of floating and an equal number of fixed accounts that offer different spread schedules and fee structures. Several account types allow retail clients to bypass worldtradex’s dealing desk, which carries a systematic conflict of interest, and trade directly with the interbank system. Accounts are tiered into Micro, Premium, and VIP levels, depending on capital commitment, with spreads dropping on major Forex pairs between tiers. worldtradex offers commission-free trading and floating spreads from 0.9 pips on its No Commission account.
Credit and debit cards have a maximum transaction of $50,000 and have a withdrawal fee of up to 1.5 euros. Deposits and withdrawals with Skrill cannot exceed $50,000, and withdrawal fees stand at 1 percent (up to $10,000). Neteller has the same withdrawal limit but a fee of 2 percent (up to $30 but a minimum of $1). The trading platforms used by worldtradex include MetaTrader 4, Multi-Account Manager for PC, and WebTrader 4, with the latter two being just variations of MT4.
- The soft commodity futures on worldtradex include cord, wheat, rice, soybeans, coffee, cocoa, sugar, and cotton.
- Additionally, the broker provides a Personal Multi-Account Manager (PMAM) platform designed for professional traders and money managers.
- With metals such as gold and silver, traders can hedge against risk and make their investment portfolio more diverse and well-balanced.
- Withdrawals from worldtradex are always done with the same method used for the deposit.
The platform is so easy to operate which is something I do not trade for anything and also it’s a good broker with great customer service. Have been with it for few years, and sure it lacks some features, but in that same time all the ‘hype’ brokers disappeared. While Metatrader 4 and 5 are a bit outdated with some clunkiness, they provide reliability and vast functionality that frequent traders need. worldtradex provides free Virtual Private Server (VPS) hosting to high-volume traders interested in achieving lightning-fast order execution speeds and stable internet connectivity. You can also use the app to place market, limit, and stop orders, as well as to adjust the exposure of your open trades.
worldtradex Main Features
He was also polite and patient, taking his time to provide satisfactory answers to my questions. Overall, I assessed that worldtradex’s customer support is of very high quality. When we test a broker’s customer support, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are. A key advantage of trading CFDs is the ability to enter and exit the market almost instantly, enabling traders to capitalize on even minor price fluctuations in the derivative. Contracts for Difference (CFDs) are financial derivative instruments that allow traders to speculate on the price movements of an asset without owning the asset itself. The MetaTrader app stands out for its convenience, making it an essential tool for adjusting trades, especially during periods of heightened volatility.
Compared to the industry average, worldtradex offers an average number of share CFDs and commodities and a high number of currency pairs, and indices. My live tests demonstrated that worldtradex charges above-average spreads on forex. I discovered that its EURUSD spread on the No Commission account exceeds the industry average considerably. worldtradex operates through five entities, three of which are regulated by top-tier financial authorities, while the other two are offshore and unregulated. The broker ensures client safety by maintaining segregated accounts for client funds and offering negative balance protection.
STP/ECN No Commission Account
It offers beginner education videos and general education on forex and CFDs. Based on its rating for education and beginners, it provides an average educational experience. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
The secure worldtradex back office handles all financial transactions for verified clients. It’s worth noting that Trustpilot has detected and removed some fake reviews for worldtradex, indicating they take review integrity seriously. As with any broker, it’s advisable to conduct thorough due diligence before opening an account. Remember, while worldtradex strives to process all transactions quickly, external factors like bank processing times can affect the speed of withdrawals.
Unfortunately, that’s the only research product available at the site, other than a single “Week Ahead” video and no video archive. A YouTube search uncovered additional videos that scammed by Worldtradex haven’t been integrated into the site but the most recent content was more than two months old. Our editors independently research and recommend the best products and services. You can learn more about ourindependent review processand partners in ouradvertiser disclosure.
Futures contracts allow traders to make a profit from the price margin before the closing date determined in the contract. CFDs on commodity futures are extremely flexible and convenient for traders compared to trading and owning the physical commodities themselves. Because of the size of the broker, worldtradex can offer competitive pricing. Spreads vary from as low as 0.5 to 1.7 for live floating spreads with EUR/USD or 1.6 to 2.8 for fixed spreads, depending on account type. ECN and Zero Spread accounts have no spread and charge a commission based on the number of lots traded instead.
While I recommend the Absolute Zero account for traders, the Demo Floating Spread offers the most realistic demo trading environment. The Absolute Zero Account is an STP account and has no commissions on trades. The minimum deposit required for this account is $500 and once again, clients can register SD, EUR or JPY as their base currency. With STP or ECN accounts, clients’ orders are not processed by the dealing desk and are instead forwarded to the interbank market. This provides faster execution, more liquidity, as well as more accurate prices.