WorldForex, under the guise of offering highly profitable trading conditions and cutting-edge tools, encourages individuals to invest in their dubious services. The website’s operators even attempt to present themselves as legitimate despite lacking a Forex license.
The domain w.forex.com has undergone numerous changes in ownership and purpose over time, eventually falling into the hands of an unscrupulous broker. Explore the comprehensive WorldForex review below to delve into the full story.
Blacklisted Parent Company
In 2016, WorldForex registered itself in Vanuatu under the name Existrade Limited and obtained a license from the VFSC. However, this firm was eventually deregistered in 2022. In 2018, Existrade Ltd was incorporated in SVG and is currently still registered with SVGFSA. It’s important to note that this regulatory authority does not license or oversee broker-dealers, and mere registration alone does not confer legitimacy upon WorldForex. In 2020, Existrade found itself blacklisted by CNMV for operating es.wforex.com without a license.
Allegedly, Existrade Ltd claims to have three branches in SVG, BVI, and St. Lucia, but none of these branches are regulated by local authorities such as BVIFSC or FSRA. Even if they held an offshore license, it would not necessarily guarantee the safety of funds.
One slightly positive aspect is that WorldForex is a member of the Financial Commission, which allows for compensation of up to 20,000 EUR per complaint.
Who Are the Primary Targets of WorldForex?
The wforex.com domain has changed ownership multiple times since 2004, with WorldForex acquiring it in 2016.
During this time, WorldForex has predominantly offered its services in the following countries:
- Thailand
- India
- United States
- Ukraine
New clients are drawn to WorldForex based on the company’s previous history when it did possess a license. Nowadays, most clients arrive at the site through paid reviews, boiler room agents, and customer referral programs.
Regardless of how enticing their services may appear in advertisements, it’s crucial to remember that WorldForex is an unlicensed firm. If you require assistance in recovering funds lost with WorldForex, don’t hesitate to contact our chargeback experts.
Reputation Doesn’t Hold Up Under Scrutiny
The WorldForex TrustPilot page doesn’t paint an entirely rosy picture. Many of the 220 total testimonials appear to have been posted in clusters, suggesting they may be from review-selling networks.
If you filter these comments to show 1-star ratings, you’ll get a clearer picture of the company’s true nature. WorldForex customers have voiced complaints that their trades were manipulated and that the broker refused to facilitate payouts.
Conclusion
WorldForex remains a questionable broker, employing questionable practices even after changing its domain names. Despite past licenses, it now operates without official regulation. It is advisable to refrain from trading on this platform and seek assistance from our legal experts for fund withdrawal. It is crucial to exercise caution and opt for reliable financial services to safeguard your investments and financial security.
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