Beware! WorldForex24 is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
WorldForex24 is easily recognizable as another illegitimate broker. Readers might not see it, but all the evidence is before their eyes. The following review will ease their judgment,.
The sign-up process was the simplest thing ever. It required of us just four separate credentials- an email, two names, and a password. We were sent a confirmation email with a verification code, which was the last barrier between us and the user area. After that, we had to complete some other requirements, but it was no biggie. And just like that, we were given full access to a user area. WorldForex24 is very trustworthy of users, seeing how easy it lets them in.
From there on, clients are free to do as they please, except for trading. Yes, WorldForex24 is one of those cases where a legit trading platform has been missed out on. We will go over this in more detail later on, but for now, it is unfortunate to say that WorldForex24 does not offer any sort of trading opportunities.
Whatever spread or tradeable assets you see on the website are non-applicable. Buckle your straps in, we have a scammer broker on our hands!
The website of WorldForex24 is available in English
WORLDFOREX24 REGULATION AND SAFETY OF FUNDS
Now that we learn that WorldForex24 does not have a trading software, we can easily rule out any possibility that it holds a trading license. Even without any evidence, we can conclude that WorldForex24 is UNREGULATED.
Here’s the evidence. WorldForex24 claims to be regulated by the FCA, by CySEC, and by the SCB, which we assume is the Securities Commission of The Bahamas (SCB). All this while allegedly being located in the United States.
Both the FCA and CySEC are Europe’s top license issuers for FX brokers wanna-be’s, while the SCB is an offshore regulator, however, it does require all brokers under it to hold a stable capital of at least $300 000, making the SCB one of the most demanding offshore regulators. Rest assured dear reader that none of these agencies regulate WorldForex24. All of these overseers have databases of all their licensees, and there is no trace of WorldForex24 in either one of them.
As for the US address, we can easily rule out the possibility of this being true. WorldForex24 has no ties with the most regulated FX environment in the world. We are certain of this.
Furthermore, we found no legal documents which is a common mark of the scammer broker.
Investing in unlicensed brokers is basically throwing your money in vain. We urge our readers to always check for a license before doing anything. Usually, if a broker has one, it will proudly showcase it, but it’s always recommended to check with the regulator. Some of the most trustworthy license issuers are the FCA or CySEC, whose authority spans hundreds of brokers, among which are some of the world’s top. What’s more, is that bot the FCA and CySEC offer client reimbursement schemes to users who have not been paid by a regulated broker. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
WORLDFOREX24 TRADING SOFTWARE
As we said, non of the trading aspects are applicable to the broker. That is because once you open the user area. the firm presents to its newly registered users a whole plethora of trading charts from third-party providers, none of which are actually there to facilitate trading.
There are 5 different charts, all seemingly doing different things. Three of these are TradingView graphs, the classic scammer broker choice. One of the fake trading terminals is a bitcoin price indicator, and the fight and final graph is the closest one can get to a trading software, but it still does not useful. We cannot fit them in an entire picture but the below snip should paint the picture well:
WORLDFOREX24 DEPOSIT/WITHDRAW METHODS AND FEES
The client portal area reveals a big selection of payment methods. These are bank transfer, credit cards, debit cards, bitcoin, Neteller, Skrill, PayPal, WesternUnion, MoneyGram, XpressMoney, GPay, and Cash App. However, out of all these, only card payments and bitcoin transfers are available. To deposit through all other payment methods a user must contact the broker’s support team. What’s more, is that even card payment are not possible after we tried to fill in the required fields. This is a clever way to make the user deposit through the method the broker is most capable of scamming you, namely bitcoin. There is no minimum deposit if the only real way of “investing” is through a shady BTC wallet.
According to the withdrawal area, withdrawals are done through the same aforementioned payment methods,a dn are processed as soon as possible. There are no fees.
Do not invest in WorldForex24. Your money is at a risk!
How does the scam work?
The first step to this very popular scam is actually one that is taken by most online scams. It has to do with users falling for fake online ads that use a repertoire of alluring elements, including money, beautiful women, expensive cars, and luxurious villas. The only aim of these fake advertisements is to induce the internet user into clicking on them.
Behind these ads is hiding either the scammer broker or an intermediary website whose aim is to introduce the user to the fraudulent broker. On either of these sources, the user will be asked to provide contact information, either a phone number or an email address.
Soon the investor will start receiving calls from a representative of the brokers, whose goal is to stimulate a user into deposit once! If the deposit is successful, then these individuals will let the user go, but sooner they will start getting more calls and emails from the expert scammers, the so-called account managers. The pro fraudsters are here to stay and will induce more deposits from the users, using manipulative tactics, psychological tricks, and pure charm. Those that give in, will sometimes unknowingly deposit huge amounts!
Once the user realizes that he or she has been scammed, it’s usually too late, however, there are some ways of getting your money back, potentially. But before that, the scam artists will try to distract you from withdrawing by either stalling the request or simply advising you against it. Some brokers, however, go the extra mile and are not afraid to shut down the user account and at times the entire website.
What to do if scammed?
The best defensive maneuver is filing for a chargeback through the client’s credit or debit card company. MasterCard and VISA have a chargeback period of 540 days.
If users have lost money by investing it through a bank, then they should change their bank account username and password first! The next step is to call the bank directly and see what they can do.
Investing in any kind of crypto is advised against. Payments made through these are untraceable and as such are lost forever.
Also, never thrust any recovery agents or agencies. These are scammers as well and will take your money. They usually appear once you have been scammed and will offer their monetary retrieval services. But before tracking your lost funds, they will ask for an upfront payment in the form of a service fee. Once this commission is paid, the recovery agent will disappear alongside your money!