The ED-led investigation revealed that WorldtradexFX, in partnership with M/s WorldtradexFx India Pvt Ltd, operated in India without the authorisation of the Reserve Bank of India (RBI). The firm had defrauded investors under the guise of forex trading, and generated more than Rs 800 crore in less than a year. As part of the ongoing probe, the ED has so far attached/seized/frozen assets worth Rs160.8 crore, including properties in Spain, and also filed two Prosecution Complaints, said the statement. Search operations also uncovered that WorldtradexFX used URL masking techniques to disguise the identity of payment gateways and evade regulatory detection, it said.
WorldtradexFX is also available on mobile and has dedicatedapps for both iOS and Android. There is virtually no performance differencebetween these mobile apps and desktop apps. This account type is for professional traders who canmake prudent investment decisions. It offers a great deal of mobility as itrequires no markup and provides ample liquidity access. WorldtradexFX offers 24/7 customer support via live chat, email, and phone.
Year-on-year progress through constantly improving trading conditions
It is important to note that the UK’s FinancialConduct Authority considers WorldtradexFX as a legitimate and regulated brokerage. MT4 opens with four charts by default, each representing a unique currency pair. The Market Watch window with two tabs is on the left of the charts. The Symbols tab shows a list of currency pairs with their bid and ask prices, while the Tick Charts tab shows the real-time price activity of chosen currency pairs. Below this is the Navigator window, where traders can view their account(s), indicators, and Expert Advisors.
It also used fake e-commerce shell companies and forged KYC documents to gain access to payment gateways. At Worldtradex, you can trade on your MetaTrader 4 demo account to win real money in our monthly Forex demo contest with a $1,000 prize fund. Top-3 participants receive $500, $300, and $100 for the first, second, and third positions, respectively.
Extensive web trading functionality by WorldtradexTrader
The actual list of available trading instruments is specific to each trading platform. Your Worldtradex demo trading account can do more than just teach https://worldtradex.pro/ you the basics. Experienced traders can also benefit by using their Worldtradex Forex trading trial to test or backtest their strategies or master certain tools.
Its growth has enabled Worldtradex to continue to expand its products and services. Adding additional regulatory licenses in Tier-1 jurisdictions would be a step toward winning more client trust. Worldtradex offers the full MetaTrader suite, albeit with a fairly limited offering of tradeable instruments. There’s no question – if Worldtradex wants to compete with the best MetaTrader brokers, it needs to make improvements in its range of products and its research and education.
Trade with the Best Global Broker Asia 2022
We also offer educational materials and MT4 demo accounts for all traders, letting them practise in a risk-free environment. To practise your trading skills safely, try opening a risk-free Forex demo account before creating a real one. With the Worldtradex demo account, you get a full trading experience while using only virtual funds without risking any real money. Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.
EAs are programmed to monitor fluctuations in various currencies and automatically enter and exit market orders with trading logic used in the trading system. The global currency market is divided into four major trading sessions. They slightly overlap, allowing you to trade most major and minor Forex pairs almost 24/5, with just a brief recess. No, you can start trading right after you sign up and create your first demo account with Worldtradex. Steven Hatzakis is the Global Director of Online Broker Research for ForexBrokers.com.
The Perks of Copy Trading
ForexBrokers.com has been reviewing online forex brokers for over eight years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Theactual commission charge is based on a mixture of standard prices and markupspreads.
ED conducts raids in Mumbai, Delhi and other cities in WorldtradexFX Forex scam; seize assets worth Rs 160.8 crore
- The Symbols tab shows a list of currency pairs with their bid and ask prices, while the Tick Charts tab shows the real-time price activity of chosen currency pairs.
- This means you can develop, test, and apply EAs to eliminate obstacles in analytical trading activities.
- Lastly, Worldtradex also has an entity regulated in Mauritius, through Uni Fin Invest .
Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here). Likewise, Mauritius is considered Tier-4, as per our Trust Score algorithm. The security of your funds – in terms of regulatory protection – will depend on which Worldtradex Worldtradex review entity holds your account, and which, if any, relevant regulations provide customer protections.
- Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).
- Investors can benefit from trading on the most popular market indices such as NASDAQ, Eurostoxx 50, Dow Jones etc.
- Did you know that over 97% of WorldtradexFX’s orders are executed without slippage?
What is the minimum deposit for Worldtradex?
We offer convenient portfolio management, transparent trading conditions, helpful educational materials, and easy-to-use service where nothing distracts you from making a profit. Every year we improve our conditions to make your trading journey easier. We do not limit the array of assets available on demo accounts—trade anything you like and diversify your skills.
The response times are quick, and the support team is knowledgeable. So, whether you have technical issues or just need some advice, help is always available. Did you know that over 97% of WorldtradexFX’s orders are executed without slippage?
Web and mobile trading platform WorldtradexTrader enables you to diversify and upgrade your trading. You can also create accounts on the MetaTrader 4 and MetaTrader 5 platforms to trade Forex, cryptocurrencies, and other instruments. Compare the platforms’ features to find the one that is right for you.
Bring your trading to the next level with WorldtradexTrader, Worldtradex’s own trading platform. Switch devices, manage orders on the go, analyse markets with AI, and share your opinion with the community. An experienced media professional, John has a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.
Thus, it is in compliance with international Forextrading standards. Further, it uses an authentication model through 3D securetechnology for extra protection to online payments. This account type is meant for traders who wish tohave the maximum leveraging options with the least monetary investment. The recent raids further uncovered that WorldtradexFX used url masking methods to disguise the identity of payment gateways and evade regulatory detection. They used misleading or generic URLs instead of directing users to clearly identifiable payment links, making it difficuly for authorities and banks to trace the transactions back to unauthorised or illicit sources.
