Minimum Deposit: n/a
Maximum Leverage: –
My Score: 2.6
WorldFXM is one of the new forex brokers. Headquartered in Marshall Islands, WorldFXM registered by CHO DEVELOPMENT LTD. There are many amateur mistakes on their web site and I couldn’t find much information about the company. I wanted to ask some questions via live chat but no one replied my messages. That’s why my first impressions about World FXM was very disappointing.
If you are wondering WorldFXM is a scam or reliable broker, I recommend you to read my WorldFXM review first. What are the trading conditions of WorldFXM? How many account types they are offering? How many payment methods supported by World FXM? What are their biggest advantages and disadvantages?
As they headquartered in Marshall Island, WorldFXM is an unregulated broker like many scam brokers that I reviewed. There is no information about a regulation on the website and I found too many negative comments about them all over the internet. People are complaining about how they can’t get their money back.
That’s why I’m always saying the regulation should be the most important factor while choosing a broker. For example, high spreads or low leverage can be a problem but it’s not a bigger problem than can’t get your money back. Brokers that regulated by respected watchdogs like FCA, ASIC or CySEC always will be my first priority.
Your funds may not be safe if you choose to work with this broker.
Account Types & Spreads Offered by WorldFXM
There is no information of trading conditions or account types on their website, however I managed to find some. There are 3 different account types at WorldFXM: Silver, Gold and Planium. Minimum deposit limit is $250 and the spreads are 3.3 pips(fixed).
So, this clearly scam broker is not sharing any information before opening an account and still, they offer very bad, non-competitive conditions. $250 minimum deposit limit is quite high as many brokers offer $100 minimum deposit limit. And spreads are almost 3 times higher than other brokers.
World’s most popular forex trading platform MetaTrader4 is supported by WorldFXM and I think this is their only positive side. Also, various trading instruments are available except cryptocurrencies at their platform: 65 currency pairs, including major and exotic pairs, 33 indices and commodities.
Even if they say “WorldFxm offers various payments methods” don’t believe that. Deposit/withdrawal methods are very limited at WorldFXM. Only credit card and wire transfer, nothing more. So, popular payment methods like Skrill, Neteller, Cryptocurrencies are not available.
There is no reason to work with WorldFXM. They are a scam broker, their trading conditions are not clear and spreads are very high. Also, payment methods are very limited. I don’t recommend you to work with this broker and risk your money.