WorldStocks review- 5 things you should know about worldstocks.com

WorldStocks review- 5 things you should know about worldstocks.com

Beware! WorldStocks is an offshore broker! Your investment may be at risk.

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With a name like WorldStocks how can one not be taken aback by the sheer power this name bears with it. Take a look at the website! It made us immediately look for regulatory information, because a feeling inside us wanted this broker to be regulated environment for traders, novice and professional alike. We hoped for a positive sign, because based on our first impression, WorldStocks is one of the cleanse firm we have reviewed in some time. Yet, first impression in this industry should never be a variable for the conclusion. So read the review for WorldStocks, and see for yourself all that e found out about this firm.

The registration process took very little time and effort to complete, a sign that the broker has not taken this as seriously as we thought. What happened next was a reveal of a below average user dashboard, with lacklustre visuals and very little options. This area is very different from the impressive website of WorldStocks.

The biggest issue we encountered is concerned with the unavailability of the trading software. The issue will be discussed further down.

The leverage is capped at 1:150 as per the website, the EUR/USD spread is not revealed. The only information that is given is that the minimum spread is 0.01, but the assets has not been indicated.
The website, however, gives a list of available assets that the user can trade with: forex pairs, crypto, commodities, and stocks.

The official languages of the website are English and German.

WORLDSTOCKS REGULATION AND SAFETY OF FUNDS

The Terms and Conditions reveal something common with shady firms – that these legal documents are in compliance with Estonian laws.

Estonia has its own regulatory agency, the Finantsinspektsioonacts, which has its own database of regulated entities. Needless to say, WorldStocks is not on this list, and as such is not regulated in Estonia. So, the broker does not comply with Estonia laws, as proven by the only regulator in the country.

So, we are left with no choice but to conclude that WorldStocks is UNLICENSED, and therefore a risk to all invested capital.

Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.

Down below is a list off all the sources that the broker can share a user’s personal info with. Take caution, and consider this list. For example, the firm can share user’s personal details with other brokers, auditors, third party app providers, and other service providers; these are the ones that bother us.

WORLDSTOCKS TRADING SOFTWARE

The trading platform, aka a web based MT4, actually did not belong to the broker. Aside from that, we had no way to access a trading terminal.

Next, the website on multiple occasions mentions AlgoTraders, a platform that is based on algorithms, and is actually a decent terminal. However, as we already mentioned,  we could not access any trading platforms.

Unfortunately, this is all there is to say about this broker and its illusory trading software.

WORLDSTOCKS DEPOSIT/WITHDRAW METHODS AND FEES

According to the depositing section, the minimum deposit is $250. The same section of the user area claims that the payment gateways are  Credit card, debit card, and deposit by phone.

Withdrawals are claimed to be processed within 3 working days. Wire transfer withdrawals are charged a $50 tax, $10 for credit cards, and $25 for alternative payment methods.
The minimum withdrawal amount for credit cards is $100, $500 for bank transfers, and $100 for e-payments.

Please be aware that sums must be issued a 200* turnover trading requirement before their withdrawal is made. Otherwise, the user will be issued a 10% charged from the withdrawal amount.

The user must put at least 5 trades on the platform after he has deposited his first sum. In case the user is dormant, the account that is, the withdrawal request may be delayed or voided depending on WorldStocks.

Next is the actual dormant account fee that is activated after 30 day. When a user has not trades or done any transactions in his or her account, the broker has the right, and will rightfully do so, to initiate a 5% from the user’s balance.  What’s more, an account is considered non-dormant only if the user makes at least 5 trades per month; anything below that number is labelled inactive.

There is the usual bonus turnover requirement that has to be traded in order to be granted a withdrawal of the bonus. In this case, the bonus amount must be traded with as follows: the bonus divided by 5.

And finally, where would we be without the all-famous indemnification clause. For those of you who are new, this clause, and similar ones, are the key for illicit brokers. They make sure that the company will not be held liable for any issues they cause a user.

It is safe to say that WorldStocks is not a regulated broker, based on all these clauses. Even without all these provisions, only the lack of regulation is enough to turn anyone away from WorldStocks. Simply put- WorldStocks should not be entrusted with your deposit!

How does the scam work?

Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.

The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.

However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.

What to do if scammed?

Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.

Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.

Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time

Rich Snippet Data
Review Date
Reviewed Broker
WorldStocks
Broker Rating
11stargraygraygraygray

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