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FXworld24 bears resemblance to any other regular broker out there. Is the competition too stiff for this one, or is there a hidden motif behind it all?
Daisy Precious Ltd operated under the name of FXworld24, which is registered in the Marshall Islands, and is bound by the nations governing laws.
By now it is a well known fact that the Marshall Islands do not have a forex and CFDs regulator, and even if the broker is registered in the island country it does not change the fact that FXworld24 is UNLICENSED, and therefore poses a risk to all traders who wish to invest in it.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
The maximum leverage is 1:500, which we got once we registered and were given our own personal dashboard. This value is pretty usual for offshore brokers.
Because we were unable to access the trading platform, after we registered and went on to input the login details, we cannot give you an accurate EUR/USD spread.
Trading instruments are as follows: Currency Pairs, Indices, Metals, Energies, Futures and Shares. The only thing that is missing that would make this list perfect is Crypto.
Available languages that have been integrated into the system are English, Russian, Italian, Chinese, Arabic, German and Vietnamese.
MT4 makes a return but is burdened with one major flaw that ruined the experience for us.
Metatrader 4 still holds on its own when it comes down to delivering what is necessary. The functionalities are all there including advanced charts, user friendly accessibility and multiple order types. With MetaTrader 4 you can set automatic trading bot to do your deals for you while you preoccupy your time with different activities.
The maximum leverage we were able to trade with is 1:500. The spread is unknown since all our log in attempts, either for a Live or Demo account, ultimately failed.
The MT4 comes supported on every conceivable device: Apple/Android, desktop and browser.
FXWORLD24 MINIMUM DEPOSIT
The minimum deposit is $100: the option to deposit lower than that was denied.
The only depositing method presented to us when we tried to deposit was with a Credit/Debit card. This is in contrast to the Deposit Page where it says that funds can be also transferred via a Bank.
We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
FXWORLD24 WITHDRAWAL TIME AND FEES
The minimum withdrawal is $50, casual for any broker. There is a withdrawal fee if one request a second Wire Transfer withdrawal within a month from the first one.
Here’s where things start to contrast with one another. In the T/C the processing times are indicate as being up to 30 days from the opening of an account…The absolute absurdity of this is matched only by GOtechFX.
Furthermore, on the Withdrawal Page the broker slashes the waiting time to the same day as the request:
ADDITIONAL FEES AND TAXES
There are no additional fees mentioned in any of the Legal Documents. Don’t let this soften you up. Brokers that have no regulation are known to launch incoming fees without notice. For this reason they try to postpone any withdrawal request. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.
We are positive that this so called broker will not return your funds, given their unregulated status. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
FXworld24 should get in line, behind the countless other illicit brokers waiting for their turn to score. Don’t be on the other side of the line; leave this one be!
FXworld24 compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines