Worldwidebrokers.co Review – 5 things you should know about World Wide Brokers

Worldwidebrokers.co Review – 5 things you should know about World Wide Brokers

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

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Worldwidebrokers.co promises things like top security, excellent professional support, and highly functional trading platforms – but safe is the last thing you would be if you choose to invest with this broker. This is just another offshore scam broker looking for victims – there is no doubt about that. No current address, no license, bad conditions, and an unimpressive trading platform – that is all Worldwidebrokers.co can offer you. Don’t fall for that trap and choose a regulated, reliable broker instead.

Worldwidebrokers.co REGULATION AND SAFETY OF FUNDS

Worldwidebrokers.co has not provided any sort of current address or phone number on their website – the only way to reach the broker is via email, or if you request a callback. This basically means that you would not be able to reach Worldwidebrokers.co unless they want to be reached – that is our first red flag. There is nothing keeping this broker from disappearing the moment you have deposited – and you would not be able to trace them without further information about the broker’s location. Worldwidebrokers.co also does not seem to be licensed anywhere – regulated brokers are quick to mention all of their licenses and it is easy to see why since those are usually not easy to obtain.

In the Terms and Conditions, the broker says that it acts in accordance with the laws of St. Vincent and the Grenadines.

This information makes us distrust Worldwidebrokers.co even more – St. Vincent and the Grenadines has turned into a popular location among scammers in recent years. The local financial authority monitors the banking sector but is not responsible for licensing forex brokers, supervising them, or holding them accountable for their activities. Moreover, money transferred to such offshore locations does not leave a paper trail since there are no transaction reporting requirements – this makes activities like fraud, tax evasion, and money laundering frequent.

Brokers licensed in the UK, the EU, or Australia, on the other hand, are under the supervision of strict authorities and are expected to maintain a high standard of service. Transparency and fair treatment are a must if you are a broker who wants to get and keep a license. Brokers have to prove their financial stability by maintaining a capital of at least €730 000 in the UK and the EU, and A$1 million in Australia. Negative balance protection is mandatory – this prevents you from losing more money than you have in your account. Client funds are kept in segregated accounts – this proves that the broker would not be able to use your investment for their own financial operations – by mistake or knowingly – and speeds up withdrawals. Finally, EU and UK brokers also participate in compensation funds – if a licensed broker goes bankrupt, each of their clients could receive a compensation of up to €20 000 in the EU and £85 000 in the UK.

Worldwidebrokers.co TRADING SOFTWARE

The web-based trading platform Worldwidebrokers.co offers is simplistic and rudimentary – although you would be able to use a few basic indicators, and there was a decent number of charting tools available, that is pretty much everything the platform could offer:

You would be far pleased to know that this is not the best the trading world can offer – try an advanced platform like MetaTrader 5 instead. MT5 is currently the most popular and beloved trading platform out there and judging from recent statistics, its popularity will only grow. MT5 offers useful features such as preprogrammed Expert Advisors that trade in accordance with an algorithm, multi-threaded Strategy Testers and the chance to export charts, signals you could set for prices going up or down, a community chat, a built-in calendar, hedging and netting options on the software’s newest updates as well as many other great features. Platforms like the one pictured above look like playthings compared to MT5.

Worldwidebrokers.co TRADING CONDITIONS

Worldwidebrokers.co does not offer the most impressive trading conditions out there. It is true that you could basically deposit whatever amount of money you would like – which might tempt traders who do not want to invest a fortune just yet – but the broker is surely a scam that will rob you of every cent you deposit. There are plenty of affordable brokers – some of them would open an account for $10 or less – so investing in scam schemes is pointless.

The broker’s spreads were pretty big – 2.3 pips on EURUSD. Most brokers try to keep that number around 1.5 pips – which would surely result in bigger profits for you – but some, like OctaFX, can even offer spreads under 1 pip even on Standard accounts.

The leverage this broker allowed us to trade with was 1:400 regardless of the trading instrument. This leverage is monstrously high and could result in very big losses, especially in periods of high market volatility, or if you are still a novice trader. Brokers like Worldwidebrokers.co always talk about the perks of trading with high leverage – bigger profits – but fail to mention all the risks. Moreover, this broker bragged about offering low leverage. Firstly, that is obviously not the case, and secondly, leverage in itself could be a useful trading tool for the experienced trader, and definitely not something that should necessarily be kept low. Even strict jurisdictions like the UK, the EU, and Australia allow rates of up to 1:30 for retail traders and higher ones for professional clients.

Worldwidebrokers.co DEPOSIT/WITHDRAWAL METHODS AND FEES

Worldwidebrokers.co accepts deposits made with a credit or debit card, or in a number of cryptocurrencies – clients could choose between Bitcoin, Ethereum, and Tether.

Do not, under any circumstance, deposit with this broker – you will surely get robbed sooner or later. But if you have already made that mistake and are wondering how you could retrieve your money, we have both good, and bad news. If you have deposited with a credit or debit card, contact your card provider as soon as possible – both Visa and MasterCard try to combat such scams by allowing chargebacks within 540 days of the transaction. If you have deposited in crypto, on the other hand, there would be no way for you to get your deposits back – all crypto transactions are irreversible which is why scammers adore them. Only use this deposit method with brokers who have proven to be reliable.

Worldwidebrokers.co charges various fees that might make trading with them rather pricy.

You would be charged a 1% fee for all executed trades – which is outrageous considering how huge this broker’s spread is. There is also a  quarterly fee of $75, presumably for maintenance. However, these charges might be changed at any time and new ones might be introduced – with a broker like this, you can count on sudden changes in the Terms and Conditions, and the fee system.

Worldwidebrokers.co offers bonuses – which might sound great at first but there is a catch. To withdraw any funds from an account that has been credited with a bonus – including all profits and your own deposits – you would have to reach the turnover of 25 times the bonus plus your deposits.

No legitimate broker would ever deny you access to your own money in such a way – for scammers, on the other hand, bonuses are a convenient excuse to deny all withdrawals and prevent you from retrieving your funds.

HOW DOES THE SCAM WORK?

This type of scam is really not that complicated – but it has proven to be quite effective and has managed to trick quite a few people. Given such schemes’ growing popularity, it is important to know how to avoid them – so reading the following paragraphs carefully is vital.

The scam starts with you seeing an ad on the Internet for a certain broker’s website. Such websites usually promise amazing conditions and extremely fast profits – but offer very little in terms of license and company information. However, sometimes scammers can be very elaborate in their promise – so you fall for it and provide them with a phone number or an email. There is another option – they might have stumbled upon your contact details somewhere and are the first to make contact. After that, a game of cat and mouse begins – you will be asked to open an account and make a deposit. Keep in mind that these are professional scammers who convince people to transfer money for a living – they will sweet-talk you into depositing by talking about profits and opportunities.

After that, you might indeed see profits and deposit even more money – but all of this is smoke and mirrors, scammers often manipulate results to make you transfer bigger amounts.

At some point, of course, you would want to withdraw your money – and the problems will start. Additional fees or unfulfilled clauses in the Terms and Conditions will appear, and you will be denied access to your money. At this point, you will probably discover something is wrong – and this is when the scammers will drop out of sight.

WHAT TO DO WHEN SCAMMED?

There are a few things you could do if you discover you have been scammed. Chargebacks are possible in some cases depending on the payment method you have used to deposit. Both Visa and MasterCard allow such chargebacks within 540 days while bank transfers and cryptocurrency transactions are completely irreversible.

Make sure to change all banking passwords. If you have installed any remote access software, remove it immediately – scammers ask their victims to install such software under different pretexts but their endgame is to just get access to your banking accounts and steal even more money.

Notify authorities and share your story with as many people as possible – the more people know about such scams, the less they will fall victims to fraudulent schemes.

Last but not least – don’t trust any so-called “recovery agents” that offer to retrieve your money for a fee – this is just another type of scam, sometimes even conducted by the same people that stole your money in the first place.

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3 Comments

  1. Christine Julie Scott

    Unfortunatley World Wide Brokers recently suspended by account after I refused to pay additional $9k AUD. We did not agree on way forward and I was happy to take my $20k profit and end the relationship. The account was suspended withholding the profits and the broker Ian Monaghan advised me he would be selling my account to make a profit. Australian Police and Cyber Crime authorities have been advised and steps to ensure protection from loss of ID documents.

    1. May I ask how much did you invested ? and how long did you have your account ?
      Did you keep on paying any additional money ?

  2. Ms Scott I face a similar problem withdrawing my funds from WW Brokers. Please may I make contact you?

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