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: | |
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 |
| Â | No Reliable Trading Software |
| Â | High Minimum Deposit Requirements |
| Â | 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.
