World Forex Review 2023
World Forex is an online broker with 350,000 traders spanning multiple countries. With a wide selection of instruments and markets, plus copy trading and deposit bonuses, the brokerage has proven popular with retail investors. The $1 minimum deposit and straightforward digital contracts also make the brand accessible to beginners.
This 2023 review of World Forex unpacks trading platforms and tools, spreads and fees, account types, promotions, and more. Find out if you should start trading with World Forex.
World Forex Headlines
World Forex has been operating since 2007 and is owned by Existrade Ltd. The company has offices in the British Virgin Islands, St. Vincent and the Grenadines, and Vanuatu.
Whilst not regulated by a top-tier financial authority, the broker is part of the Financial Commission, which can award up to €20,000 in compensation should a dispute arise between a trader and World Forex.
The broker offers trading opportunities on forex, CFDs, metals, energies, and cryptocurrencies. An interesting addition is the brand’s digital contracts, which are similar to binary options. These allow traders to win a fixed payout based on a straightforward prediction as to whether the price of an asset will rise or fall over a set period.
Several tools and services are also available to enhance the trading experience, from ECN/STP technology and a VPS to a 100% deposit bonus and market reviews, while 24/7 support and a free training programme make World Forex popular with beginners.
World Forex offers several trading platforms:
- MetaTrader 4 – 2 000+ indicators, 1900+ trading robots, 9-time frames (1 minute to 1 month), 30 indicators and 24 graphical objects, trading signals, 2 markets, 4 pending and 2 stop orders, one-click trading
- MetaTrader 5 – 21-time frames, 1-minute history of quotes, 6 types of pending orders, 80+ built-in indicators and analytical objects, trade alerts, strategy tester
- WebTrader – Browser-based application for trading forex and digital contracts. The terminal contains most of the functionality of MT4, including intuitive charts
- WebTrader 5 – Browser-based terminal for trading forex and cryptocurrencies. Only available on desktop devices and saves the hassle of downloading the MT5 software
- FX Lite BO – Application that facilitates digital contract trading from mobile and tablet devices
- FX LITE plugin for MT4 – Enables users to trade digital contracts on the MetaTrader 4 platform
With these, World Forex is available to Apple, Android, Windows, and Linux users – whether it be via mobile phone, desktop, or tablet.
The broker also offers a selection of useful extras. This includes copy trading signals via MT4, profit calculators, a virtual private server to run strategies around the clock, plus an economic calendar and detailed market insights.
How To Trade
- Open your preferred platform, for example MT5
- Use the widget on the left to find the asset you would like to speculate on
- Select the ‘new order’ icon in the top left (a white page with a green plus)
- Enter the order details, such as the volume, stop loss, take profit, plus any comments
- Click on ‘buy’ or ‘sell’ to confirm the trade
Instruments & Assets
Over 100 assets are available on World Forex, including 50+ currency pairs, 19 crypto pairs, 4 metal spot CFDs (Gold, Silver, Platinum and Palladium), 2 energy spot CFDs (Brent and Crude Oil), and 30+ stock CFDs.
World Forex also offers binary options on forex pairs, metals and energies. Known as digital contracts, users simply have to decide whether the price of an underlying asset, such as silver, will increase or decrease over a pre-determined period. A correct prediction will see traders win up to 100% of the stake.
The minimum investment on digital contracts is 1 USD / 1 EUR / 10 RUB. Expiry times range from 1 minute to 7 days. The broker’s American digital contracts also offer early closure for a 40% fee.
Fees vary depending on the account. Users can choose between floating spreads that start at 0.6 pips and fixed spreads from 1.8 pips. The crypto account also offers 0.0 pips alongside a 0.5% commission.
Users also need to pay to hold positions overnight. Withdrawal charges also apply.
World Forex offers several live accounts. All profiles come with a $1 minimum deposit and access to MetaTrader 4 and MetaTrader 5.
This is a regular forex and CFD trading account, similar to a forex-mini account, which is perfect for beginners.
Fixed spreads start from 1.8 pips and leverage ranges from 1:33 to 1:500. Account holders can trade 52 forex pairs, 42 CFDs, 4 metals, and 2 oils. The contract size is 100,000 cents and the minimum margin is $0.13.
There is also a floating spread profile, with spreads starting from 0.6 pips.
The PROFI profile is a better fit for active traders. The contract size is 100,000 of the base currency and the minimum margin is $1.3.
Fixed spreads start at 1.8 pips. Alternatively, a floating spread profile is available with spreads starting at 0.6 pips.
This account can be used for trading cryptocurrencies, in a base currency of either USD or RUB.
With floating spreads from 0.0 pips and leverage between 1:1 to 1:25, it is the only account that takes a commission (0.5%) fee.
Depending on the leverage there is a different maximum aggregate trade volume – from 20 to 100 lots. The stop-out level is 20%.
This account is for users trading digital contracts. Fixed spreads from 1.8 pips are available on Digital Contracts 0 – 100. Market execution is available on American and European digital contracts. Instant execution is available on Digital Contract 0 – 100.
It is also worth noting that Digital Contracts 0 – 100 offer fewer currency pairs (10 vs the 25 available with American and European contracts), though Brent and Crude Oil are offered, which are not available on American and European contracts.
Note, a swap-free account is also available for Islamic traders.
World Forex accepts bank cards, internet banking, online payment systems, and wire transfers.
World Forex accept deposits and withdrawals via Visa and Mastercard in USD, EUR, RUB, and KZT. There is no fee, but minimum deposits must be at least 30 USD or EUR equivalent, or, in RUB and KZT, the equivalent of 1 USD.
Withdrawals can take up to 30 minutes and have a commission charge of 4% + 5 USD for USD and EUR payments, 2.5% + 50 RUB for RUB payments, and 2% for KZT payments.
If you bank with Sberbank Online, Tinkoff Bank, Alfa Click, Promsvyazbank, or Russkiy Standart, you can use your bank account to fund your World Forex trading account. Minimum deposits are 1 USD and have no commission.
Withdrawals can take up to 30 minutes after an initial processing time (0 – 24 hours). Withdrawal fees are 2.5% + 50 RUB.
Only payments in RUB are accepted.
Online Payment Systems
Google Pay, Apple Pay, Dash, Bitcoin, ADVCash, Perfect Money, and PAYEER are all accepted.
For PAYEER and Google Pay, only RUB payments are accepted. For Dash and Bitcoin only the relevant crypto coins are accepted. With Perfect Money and ADVCash, RUB, USD, and EUR payments are accepted.
Deposits are commission free except for Bitcoin, where there is a 0.00675 BTC fee. Perfect Money, Dash, and ADVCash have a minimum deposit of 1 USD. PAYEER has a minimum deposit of 10 RUB, and for Bitcoin, you must deposit at least 10 USD. To deposit via Apple Pay and Google Pay, the minimum deposit is 30 RUB.
Withdrawals take up to 30 minutes after a processing time that varies from instantaneous to 6 hours.
The fee is typically 2.5%+ 50 RUB for Apply and Google Pay, 1.5% for ADVCash, 3.8% for Perfect Money, and 1% for PAYEER.
Wire transfers are accepted by World Forex. They can be done in either RUB, USD, KZT, or EUR and bank fees may apply.
The minimum deposit is 200 USD or equivalent and can take up to 5 days to process.
Withdrawal commissions are dependent on the bank you use and can take up to 30 minutes.
World Forex Demo Account
World Forex offers a free demo account. Simply head to the client portal to register for a paper trading profile. Users can then try the different platforms available, test strategies or see if the broker’s digital contracts are a good fit.
Our experts found that the broker also runs demo trading contests with cash prizes available.
The profit and fee calculator is also available without opening a live account.
Bonuses & Promotions
World Forex rank highly for their bonuses and promotions.
A 100% deposit bonus is available up to $100. Users can also get free access to a VPS.
The cashback club offers 10% cashback and 3% overpay for deposits over 100 USD, 30% cashback and 9% overpay for deposits over 600 USD, and 50% cashback and 15% overpay for deposits over 2000 USD.
Note, always check no deposit bonus terms and conditions before signing up.
When we used World Forex, we found the customer support department is available 24/7. The broker has contact numbers for UK, Thailand, and Russian traders, as well as three separate emails for administration, general support, and financial issues. These are all available on the World Forex website.
Trading Hours & Opening Times
For trading hours and session updates, World Forex routinely posts live news updates with any changes to regular scheduling.
There is also a section of the website dedicated to all live trading sessions in major cities worldwide:
- Sydney: 22:00 -06:00 GMT (same during both winter and summer)
- Tokyo: 0:00- 8:00 GMT (same during both winter and summer)
- Hong Kong: 1:00- 9:00 GMT (same during both winter and summer)
- Singapore: 1:00- 9:00 GMT(same during both winter and summer)
- Frankfurt: 6:00-14:00 GMT during winter, and 6:00-13:00 GMT in the summer
- Zürich: 6:00-14:00 GMT during winter, and 6:00-13:00 GMT in the summer
- Paris: 6:00-14:00 GMT during winter, and 6:00-13:00 GMT in the summer
- London: 7:00-15:00 GMT during winter, and 6:00-14:00 GMT in the summer
- New York: 13:00-21:00 GMT during winter, and 12:00-20:00 GMT in the summer
- Chicago: 14:00-22:00 GMT during winter, and 13:00-21:00 GMT in the summer
UK Regulation & Security
World Forex is not regulated by the UK Financial Conduct Authority (FCA). Instead, the corporation is registered in St. Vincent and the Grenadines where it holds a license with the local financial authority (SVGFSA), though the rules are quite relaxed.
World Forex is, however, a part of the Financial Commission, which allows clients to make complaints about the broker, and, if successful, they could be compensated up to 20,000 USD.
World Forex accept customers from the UK, including on their W-Digital account.
While using WorldForex, we found several key advantages:
- 100+ assets
- Secure login
- Demo account
- Copy trading
- Digital contracts
- Deposit bonuses
- 1:1000 leverage
- Competitive rates
- Free market research
- 30-minute withdrawals
- 24/7 customer support
- MT4 & MT5 integration
- Flexible pricing – floating and fixed spreads
Our expert review also found some disadvantages:
- Limited account currencies
- Not regulated by the UK FCA
- High leverage is risky for beginners
Final Thoughts On World Forex
World Forex offers decent trading conditions with a choice of pricing models. The multiple platforms and digital contracts trading will also appeal to investors. In addition, users benefit from a string of extra tools, including a VPS, copy trading signals, plus cashback deals and joining bonuses.
The key drawback is the lack of robust regulatory oversight. This makes the broker relatively high risk vs UK-licensed firms. The lack of a GBP trading account may also deter British investors.
Does World Forex Offer A Halal Trading Account?
Yes – World Forex offers a swap-free account. No variable interest fees are applied to positions held overnight. Muslim traders can apply for a swap-free account at the sign-up stage.
Does World Forex Offer Binary Options Trading?
World Forex offers digital contracts, which are essentially binary options. Traders bet whether the price of an asset will rise or fall. A correct prediction will return traders a payout of up to 100%. Losing trades will see users forego their initial stake. Expiry times range from 1 minute to 7 days.
Is World Forex Safe To Use?
WorldForex is not regulated by the Financial Conduct Authority. However, the firm does have over 350,000 traders and has won the best trading platform of the year. The company also has positive user reviews with a 4/5 star rating on Trust Pilot.
What Is The World Forex Rebate Club Program?
The cashback club encourages traders to increase their trading volume to gain points and upgrade from silver to gold, to diamond. Silver levels trade between 100 – 5000 digital contracts, gold trades between 5000 – 50000 digital contracts, and diamond levels trade more than 50000 digital contracts. These points (cashback) can be converted to cash or bonuses and can be reinvested back into trading.
Compare World Forex with Other Brokers
These brokers are the most similar to World Forex:
- Videforex - Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.
- Dukascopy - Dukascopy is an online broker operated by a Swiss-regulated banking group. It offers a good selection of 500+ markets, with forex, stocks, gold, ETFs, indices, bonds and cryptocurrencies available. It also offers flexible trading opportunities through the choice of CFDs or binary options. Traders will use MetaTrader 4 or a proprietary platform that is well-suited to automated trading.
- Binarycent - BinaryCent is an unregulated binary options broker that offers 24/7 trading on forex, cryptos and stocks with payouts up to 95%. Despite its lack of regulation, this broker takes client security seriously and stores client funds in European banks. The broker also offers CFDs with very high leverage up to 1:500.
World Forex Feature Comparison
|Markets||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto|
|Minimum Trade||0.01 Lots||$0.01||0.01 Lots||$0.01|
|Regulators||SVGFSA||-||FINMA, FCMC, JFSA||VFSC|
|Bonus||-||20% to 200% Deposit Bonus||-||20% to 200% deposit bonus|
Trading Instruments Comparison
World Forex vs Other Brokers
Compare World Forex with any other broker by selecting the other broker below.
|World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.|