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Planning To Invest in Worldwidetrade? Read Our Honest Review

Is Worldwidetrade Legit or Scam?

Worldwidetrade is a scam broker. While they present themselves as a legitimate and regulated trading platform, a closer look reveals a complete lack of regulatory oversight and concerning practices.

This article will dissect the red flags surrounding Worldwidetrade and why you should avoid them altogether.

Company Overview

Broker status:

Unregulated Broker

Regulated by:

No license

Operating Status:

Active Online Trading Sham

Known Websites:

worldwidetrade.io

Blacklisted as a Scam by:

CBR

Owner:

N/A

Headquarters Country:

UK (alleged)

Foundation Year:

2023-05-29

Online Trading Platforms:

Webtrader

Mobile Trading:

Not available

Minimum Deposit:

$250

Deposit Bonus:

Not available

CFD Trading Option:

No

Crypto Asset Trading:

Yes (BTC, ETH, LTC, XRP)

Available Trading Instruments:

Forex, Stocks, Indices, Crypto, Metals, Futures 

Maximum Leverage:

1:300

Islamic Account:

Not available

Free Demo Account:

Not available

Accepts US clients:

US clients are accepted

Global Fraud Protection Experts’ Verdict:

This is a sham company that tends to steal deposits. Refrain from entrusting your funds with unlicensed Forex dealers!

Services or Products

Worldwidetrade offers trading in various financial instruments, including:

  • Forex
  • Stocks
  • Cryptocurrencies
  • Commodities
  • Indices

However, due to their unregulated nature, the legitimacy and safety of these offerings are highly questionable.

If you have lost money to companies like MarketsInvest, or UniversalTrade; please report it to us on our report a scam form.

Trading Platform & Leverages

Worldwidetrade boasts a web-based trading platform. However, it lacks the functionality and reliability of industry-standard platforms like MetaTrader 4/5 (MT4/MT5).

Additionally, Worldwidetrade offers leverage as high as 300:1. While this may seem appealing, it carries a significant risk of magnified losses, especially for inexperienced traders.

Spreads and Cost of Trading

Worldwidetrade’s spreads are considerably higher than the industry average. This means higher trading costs, further impacting your potential profits.

License and Regulations

This is where the biggest red flag lies. Worldwidetrade claims to be regulated in the UK. However, investigations reveal they have no registration with any reputable financial authority, including the UK’s Financial Conduct Authority (FCA).

Legal Warning Against Worldwidetrade

The Central Bank of the Russian Federation has issued a warning against Worldwidetrade, labeling them an unauthorized entity and a high-risk choice for traders.

Deposit and Withdrawal Methods

Worldwidetrade offers a variety of deposit methods, including some lesser-known options like Kassify, Changelly, and ChangeNow. However, their withdrawal policy is concerning.

Any withdrawal request below $300 incurs a hefty $30 administration charge, which can be a significant burden for smaller accounts.

Worldwidetrade Pros and Cons

Pros

Cons

None Identified

Unregulated

Falsely Claims UK Registration

A Warning by the Russian Bank

 

No Reliable Trading Software

 

High Minimum Deposit Requirements

 

Unfavorable Withdrawal Policy

Why Dealing With An Unlicensed Broker Is Risky

Trading with an unregulated broker like Worldwidetrade exposes you to numerous risks:

  • Loss of Funds: Unregulated brokers are not obligated to protect your funds. If they go bankrupt or disappear, you are unlikely to recover your investment.
  • Manipulation: Without regulatory oversight, there’s a higher risk of price manipulation and unfair trading practices.
  • Limited Dispute Resolution: In case of disputes, you have little recourse with unregulated brokers. Regulatory bodies offer a layer of protection for legitimate traders.

Client Feedback

While it’s challenging to find verifiable client reviews due to Worldwidetrade’s likely efforts to control its online presence, the lack of positive feedback and the presence of a warning from the Russian Bank speak volumes.

How Can “ReviewsAdvice” Help You If You Get Scammed?

Unfortunately, recovering funds lost to a scam broker is difficult. However, reputable review platforms like “ReviewsAdvice” can help by:

  • Raising awareness: By exposing scam brokers, Reviews Advice helps protect potential victims.
  • Sharing information: Reviews Advice can provide resources and guidance to those who have been scammed.

We will provide you recovery service recommendations, which will help you in recovering the lost funds or you can report to us today by the below form.

Get Your Money Back from Scammers.

Final Thought

Worldwidetrade exhibits all the hallmarks of a scam broker. Their lack of regulation, misleading claims, and concerning practices should be enough to deter any cautious investor.

Choose a reputable and well-regulated broker to ensure your financial safety and a fair trading experience. Look for brokers registered with established authorities like the FCA, CySEC, ASIC, or NFA. They offer greater transparency, protection, and a more secure trading environment.

Picture of  William Pewitt

William Pewitt

William Pewitt is an experienced forex broker reviewer, dedicated to helping traders navigate the complex world of currency exchange. With a sharp eye for detail and years of experience, I try to provide concise and insightful assessments of various forex brokers. My reviews offer valuable guidance, helping traders make informed decisions about their investments.

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