Despite using a variety of trading platforms, WorldWideMarkets provide just one account type, offering both fixed and variable spread forex and CFD trading.
WorldWideMarkets Online Trading Ltd.
Established by the founders of FX Solutions, WorldWideMarkets is the trading name of WorldWideMarkets Ltd., is licensed with and regulated by the British Virgin Islands Financial Services Commission, and its UK subsidiary WorldWideMarkets Online Trading Ltd., which is FCA-regulated.
The broker provides retail traders with the opportunity to trade forex, gold, oil, global stock market indices and other CFD instruments, as well as US stocks and options. It also provides institutional level trading via Currenex and a range of Managed account products for qualified customers.
Security of Funds
As we have already mentioned, WorldWideMarkets (WWM) is operated by BVI-based WorldWideMarkets Ltd. and its UK arm, WorldWideMarkets Online Trading Ltd.
WorldWideMarkets Ltd.is licensed and regulated by the BVI Financial Services Commission, which is the financial services regulator within this jurisdiction. Although offering regulated status, the British Virgin Islands currently still allows companies to be entirely based overseas. What is more, BVI-registered financial services providers do not face many of the requirements that brokers based in the US or UK do. For example, BVI-registered brokers are not required to contribute to a compensation scheme and are not subject to any minimum capital requirements.
On the other hand, UK-based brokerages like WorldWideMarkets Online Trading Ltd. are required to hold net tangible assets amounting to at least 730 000 EUR and are obliged to adhere to a number of standards and procedures, for instance, to hold clients` money in segregated accounts, to send regular reports on trades to the commission, etc. What is more, FCA-regulated companies fall under Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person. Here you may look up more FCA regulated forex brokers.
Minimum Initial Deposit
The minimum initial deposit, required by WorldWideMarkets is $250, which is average for the forex market. As regards UK clients, the required amount is considerably higher – $10,000. https://worldwidemarkets.co.uk/accounts/deposit-funds/
In comparison, HY Markets (also FCA-regulated) requires $50 for its Mini account, and FxPro – $500.
Average spreads & Commissions
Initially, WorldWideMarkets offered fixed spreads only, amounting to 3 pips on majors, which is considered high. Recently it also added variable ones, amounting to 0.4 pips on EUR/USD, which is deemed comparatively low.
WWM does not charge commissions, instead, it earns its income through the spread revenue.
In comparison, Trading212 (also FCA-regulated) provides fixed spreads of 1.9 pips on EUR/USD and variable ones amounting to 0,9 pips on EUR/USD. You may look up real-time spreads of 15 leading brokers here.
This broker offers a maximum leverage ratio of 1:400 on forex and as regards CFDs, it is up to 1:200, which is considered comparatively high. In comparison, HY Markets provides leverage levels of up to 1:300. If you need higher leverage levels, there are plenty of brokers, offering such – FxPro and FxOpen provide leverage up to 1:500, and XM 1:888. Traders, however, should be mindful of higher leverage, for it may both multiply their profits and lead to heavy losses. That is why limitations on leverage rates are set in several jurisdictions, like in USA (1:50) and Japan (1:25).
WWM offers 2 retail trading platforms: Alpha/ FlashTrader and MetaTrader 4.
The Alpha Trader is the broker`s in-house desktop platform, and the FlashTrader is its web-based version and they both are fully compatible and interchangeable. Mobile application is also available.
WWM`s AlphaTrader desktop platform
WWM`s FlashTrader web platform
These platforms are suitable for both beginners and advanced traders, offering customizable workspace, Innovations such as a Trading Command Bar and professional, yet easy to use charting, with the full array of chart types, indicators and drawing tools.
Like most forex brokers, WWM also offers the powerful MetaTrader 4, a professional, fully-featured software providing traders with everything they need: fast order execution, a variety of technical indicators, advanced charting package, extensive back-testing environment and the opportunity to use a wide range of Expert Advisors (EA). MT4 is available as desktop, web and mobile versions.
Clients of WWM are offered a welcome bonus, which is a common practice. The bonus amounts to 10% on the amount deposited.
Methods of Payment
The payment methods available to WWM`s clients are credit/debit card, bank wire and e-wallets Skrill and Neteller.
As regards UK registrants, only bank wire is available.
Far from being the best, WorldWideMarkets is a dependable broker, offering trading services on a variety of platforms.
WorldWideMarkets Review Conclusion
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