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World Forex review and ratings

Established 2007
Location Saint Vincent and the Grenadines British Virgin Islands Vanuatu
Regulation BVIFSC, VFSC
Offices Kingstown, Road Town, Port Vila
Broker type MM | STP | Binary
Leverage up to 1:1000
Deposit from 1 USD
Spreads mid  mid
Platforms Web MetaTrader 4 Specific Binary Platform
Instruments Currencies Crypto Indices Metals Energies Stocks
Funding methods Wire Transfer Credit Cards WebMoney Perfect Money Yandex Money Qiwi AdvCash Bitcoin Dash Moneta Ru

Company information

World Forex group includes 3 related companies.

World Forex SVG - legally registered entity located in Saint Vincent and the Grenadines, but not regulated by any government agency.
World Forex BVI - located in the British Virgin Islands, regulated by the BVI Financial Services Commission (BVIFSC).
World Forex VU - located in the Republic of Vanuatu, regulated by the Vanuatu Financial Services Commission (VFSC).

Availability

World Forex group accepts clients from all over the world, excluding USA and some other countries where restrictions apply.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

50+ Currency Pairs Based on major and minor world currencies.
19 Crypto Pairs Based on Bitcoin, Bitcoin Cash, Ethereum, Dash, Litecoin, Ripple, Zcash, Monero, EOS, NEO.
3 Indice CFDs Based on baskets of different blue-chip stocks.
4 Metal Spot CFDs Based on Gold, Silver, Platinum and Palladium.
2 Energy Spot CFDs Based on Crude Oil (WTI).
30+ Stock CFDs Based on shares of US companies.

Forex broker offers the following underlying assets for Binary Options trading (right after registration, open the 'W-Digital' account).

9 Currency Pairs Based on major world currencies.
4 Metal Spot BOs Based on Gold, Silver, Platinum and Palladium.
2 Energy Spot BOs Based on Crude Oil (WTI).

Comprehensive review

World Forex is an offshore-based forex & CFD brokerage company with offices registered in Saint Vincent and the Grenadines, the British Virgin Islands, and Vanuatu. As most traders already know, these are countries with either very relaxed or non-existent regulations of forex brokers.

To help compensate for the lack of government regulation, World Forex has joined the private regulatory organization known as the Financial Commission (FinaCom). Looking up the company in FinaCom’s database confirms this, with 21 August 2019 being the registration date. FinaCom allows clients to file complaints about any broker that is a member. Compensation of up to EUR 20,000 per case may be paid out if the complaint is found to qualify for that, in accordance with FinaCom rules.

Other than its offshore-registered offices, World Forex appears to have a heavy presence in Russia and Ukraine.

The trading instruments offered by World Forex includes both traditional forex pairs, contracts-for-difference (CFDs), as well as binary options (referred to as “digital contracts” by the broker).

In terms of forex, the broker offers a selection of about 50 currency pairs with leverage all the way up to 1:1,000 for the most liquid pairs like the EUR/USD. Further, CFDs are offered on a variety of underlying assets, including a large range of cryptocurrencies, stock indices, commodities, and single stocks of US-listed companies.

When it comes to trading platforms, World Forex offers the tried and tested MetaTrader 4 (MT4) platform to all of its clients, either as the traditional desktop-based version for Windows computers or the web-based version for use on any type of computer. For traders who would like to trade digital contracts (binary options), a plugin for MT4 called FX LITE is provided by the broker.

World Forex offers 6 different account types that new users can sign up with, ensuring that there is something suitable for almost everyone. At the time of this writing, these accounts are:
– W-CENT: A regular forex & CFD trading account
– W-PROFI: A regular forex & CFD trading account with support for more base currencies
– W-INSTANT: A dealing desk-based account with “instant execution”
– W-ECN: Electronic communications network (ECN)-type of account with tight spreads
– W-CRYPTO: Account for crypto CFD trading with leverage from 1:1 - 1:25
– W-DIGITAL: “Digital contracts” (binary options) trading account

In addition to these account types, the broker of course also offers free demo accounts and special Islamic accounts for those who need that.

All trading accounts with World Forex can be funded with bank cards such as Visa and MasterCard, as well as e-wallets like WebMoney, Qiwi, and many more. Take note, however, that most of these payment methods only support deposits in either Russian rubles or Ukrainian hryvnia. For deposits in USD or EUR, an international credit card would be the most convenient option.

Lastly, World Forex’s customer support is available via local phone numbers in Russia, Ukraine, the UK, and Thailand. For non-urgent matters, the team can also be reached via email. Unfortunately, no opening hours for the customer support department are stated on the website, which makes us doubt whether they really offer 24-hour support.

All in all, we believe World Forex is a decent broker for traders looking to trade leveraged crypto CFDs on the MT4. Because it is offshore-based, it also offers significant leverage on traditional forex & CFD trading, which we know is attractive to many traders. However, it’s important to bear in mind that 1:1,000 leverage in forex is higher than most people can handle, and that it can quickly wipe out a trading account.

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