WForex (World Forex) is a forex broker that has been serving 350,000 clients from 50 countries. The brokerage, operated by Exispro LTD and Existrade LTD, has a license from the Financial Commission (FinaCom) and provides 0% commission payments across all systems.
WForex review with advantages and disadvantages and other details
WForex; Company Information & Regulation
WForex, also known as World Forex, has been a player in the forex market since 2007. The broker was founded in the British Virgin Islands and is now registered in Saint Vincent and the Grenadines.
World Forex is licensed by the Financial Commission (FinaCom), a financial organization, and it's not regulated by any financial authority. The broker's parent companies:
- Exispro LTD
- Existrade LTD
Summary of Specifics and Details
To give you a clear picture of what WForex offers, here's a comprehensive summary of its key specifics:
Broker | WForex |
Account Types | W-CENT-fix, W-CENT, W-PROFI-fix, W-PROFI, W-CRYPTO, W-DIGITAL |
Regulating Authorities | None |
Based Currencies | EUR, USD, RUR |
Minimum Deposit | $1 |
Deposit Methods | Credit/Debit Cards, E-payment Systems, Crypto, Bank Transfers |
Withdrawal Methods | Credit/Debit Cards, E-payment Systems, Crypto, Bank Transfers |
Minimum Order | 0.01 |
Maximum Leverage | 1:1000 |
Investment Options | Copy Trading, Cashback Program |
Trading Platforms & Apps | MT4, MT5, WebTrader, FX Lite BO |
Markets | Forex, Crypto, Metals, Oil, CFDs on Stocks |
Spread | From 0 |
Commission | From 0% |
Orders Execution | Market, Instant |
Margin Call/Stop Out | 20%/5% |
Trading Features | Digital Contract Trading, VPS Server |
Affiliate Program | Yes |
Bonus & Promotions | 100% Deposit, $20 Bonus, $10 Bonus |
Islamic Account | Yes |
PAMM Account | No |
Customer Support Ways | Email, Phone, Ticket System, Live Chat |
Customer Support Hours | 24/7 |
Account Types Available for Trading
WForex offers a wide range of account types suitable for different trading styles and preferences. WForex account types:
| Account Type | W-CENT-fix | W-CENT | W-PROFI-fix | W-PROFI | W-CRYPTO | W-DIGITAL |
Platform | MT4/MT5 | MT4 | ||||
Min. Deposit | $1 | |||||
Account Currency | USD/EUR cents | USD/EUR cents | USD/RUR/EUR | USD/RUR/EUR | USD/RUR | USD/RUR/EUR |
Min. Volume per Trade | 0.1 lot | 0.01 lot | 1 USD/1EUR/10 RUR | |||
Stop Out | 5% | 20% | - | |||
Expert Advisors | Allowed | |||||
Also, the broker provides a demo trading account for practice. In addition, you can use Islamic (swap-free) accounts on WForex.
WForex Benefits and Drawbacks
To help you make an informed decision and create a decent perspective of WForex, let's examine the pros and cons of trading with the broker:
Drawbacks | Benefits |
Limited Regulatory Oversight Compared To Brokers In More Stringent Jurisdictions | Low Minimum Deposit Of Just $1 |
Website Navigation Can Be Challenging Due To The Lack of The Search Function | High Leverage Options Up To 1:1000 |
Variety Of Account Types To Suit Different Trading Styles | |
Multiple Trading Platforms, Including MT4 And MT5 | |
Copy Trading Feature |
Signing Up & Verification: Complete Registration Guide
Getting started with WForex cannot take a challenging route. Here's a guide to account opening and verification:
- Visit the official WForex website and click on the "Register" button;
- Fill in the registration form with your email address, and write a password.
- Complete the reCAPTCHA process.
Now, you have an account on WForex! You must complete your personal information on the next page, then submit the required documents for account verification.
Wforex Broker Trading Platforms and Applications
Wforex offers a range of trading platforms to suit different trader preferences and needs:
MetaTrader 4 (MT4)
MT4 is a very popular platform with various charting and analysis tools. It offers a familiar user interface for most traders. Download Links:
MetaTrader 5 (MT5)
It is the next-generation platform with upgraded features, including more timeframes and analytical objects than MT4:
- 21 timeframes
- MQL5 programming language
- Access to an embedded VPS
- Strategy testing tool
Links:
WebTrader
WebTrader is a browser-based platform that does not require any downloads. It's accessible through all operating systems. Access Link:
FX Lite BO
This platform is an application for trading symbols and instruments through mobile phones and tablets. You can download it through these links:
Structure of Spreads and Commissions on WForex
The broker offers a table of data for spreads and commissions across its various account types. In the table below, we will have a look at the costs:
| Account Type | W-CENT-fix | W-CENT | W-PROFI-fix | W-PROFI | W-CRYPTO | W-DIGITAL |
Commission | None | 0.5% | 40% for early closing | |||
Spread | Fixed from 1.8 Pips | Floating from 0.6 Pips | Fixed from 1.8 Pips | Floating from 0.6 Pips | Floating from 0 Pip | Fixed from 1.8 Pips |
It's worth noting that the broker pays for deposit fees charged by the payment systems. Also, there are no inactivity fees. However, withdrawal fees apply to the traders.
Deposit & Withdrawal Options
There are multiple payment methods available from various brokers. WForex offers a good range of deposit and withdrawal options, including:
- Bank wire transfer
- Credit/Debit cards (Visa, MasterCard)
- E-wallets (Dash, Payeer, Perfect Money, …)
- Cryptocurrencies (Bitcoin)
Copy Trading & Investment Programs Offered on WForex
The broker offers copy trading functionality, allowing less experienced traders to mimic the strategies of successful traders:
- Browse and select from a list of top-performing traders;
- Set allocation limits to manage risk;
- Real-time copying of trades;
- Performance statistics and history of signal providers.
Also, WForex provides a cashback program. You can receive up to $25 in real funds per 1 trading lot as a result of performing trading operations.
Which Markets and Symbols Can I Trade on WForex?
This company provides access to a wide range of financial instruments. WForex instruments:
- Forex currency pairs: Popular and major currency pairs
- CFDs: CFD instruments on stocks
- Metals: Gold, Silver, Platinum, Palladium
- Oil: Brent and WTI crude
- Cryptocurrencies: Popular digital assets like Bitcoin and Ethereum
- Digital Contracts:
This diverse range of over 200 trading instruments allows traders to diversify their portfolios and take advantage of various market conditions.
Does WForex Offer Any Bonuses and Promotions?
The broker offers several bonuses and promotions to both new and existing users. WForex bonus:
- $20 bonus with a minimum deposit of $5;
- $10 no-deposit bonus for new registrations;
- 100% bonus for every $100 deposit made on the account (plus a free VPS server).
Terms and conditions apply to all bonuses and promotions. It's important to read and understand these before participating.
Support Team Channels and Opening Hours
Wforex provides customer support through various online and offline channels. Here's the details:
- Live Chat: Available 24/7 for quick queries
- Email Support: support@wforex.com, for more detailed inquiries
- Phone Support: [+44 204 577 1496], direct line for urgent issues
- FAQ Section: Comprehensive answers to common questions
Support is offered in multiple languages to meet the needs of people from different regions.
List of Restricted Countries and Regions
Wforex does not provide services to residents of the following countries:
- United States
- Canada
- North Korea
- Iran
- Countries sanctioned by EU and FATF
Always check the most up-to-date list on Wforex's website, as restrictions may change due to regulatory requirements.
WForex Trust Scores & Ratings
While Wforex has been in operation since 2007, it's important to consider trust scores and people's opinions on it to ensure its trustworthiness. WForex rating on Trustpilot:
- 3.4 out of 5;
- Over 220 reviews;
- Replied to 9 out of 10 negative opinions.
Education Resources and Materials
WForex offers educational resources to help traders get better at trading and gaining profit from it:
- Trading Guides: Comprehensive articles on various trading topics
- Free Course: An e-book for traders to learn everything about financial markets
- Glossary: Explanation of trading terms and concepts
While Wforex's educational offerings are helpful, they may not be as extensive as those provided by some larger brokers.
Conclusion and final words
WForex is a multi-asset brokerage with +200 instruments across 5 tradable asset categories [Forex, Crypto, Metals, Oil, CFDs on Stocks]. There are no commissions on trading in W-CENT-fix, W-CENT, W-PROFI-fix, and W-PROFI accounts. Trading in W-CRYPTO incurs a 0.5% trading fee.
