WorldTradeProfit Review Is Worldtradeprofit.com A Scam

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WorldTradeProfit Review: Is Worldtradeprofit.com A Scam?

Worldtradeprofit.com Review: this is the website of a Forex brokerage that alleges to be based in the United States of America. Is WorldTradeProfit a legit broker? Before doing anything else, read this review first to see our concerns regarding the company.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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Claiming to be operating from the US, WorldTrade Profit places the burden on itself to prove its legitimacy. The website mentions that the broker has a licensed from the CFTC. In truth, Forex trading in this region is under the watch of the National Finance Authority (NFA) which is an arm of the Commodity Futures Trading Commission (CFTC).

When we investigated the website of the authority, it turns out that it is not licensed. Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of WorldTradeProfit

The website promises clients that when they invest, the company trades their funds in cryptocurrency and they are guaranteed high returns. In truth, no one can guarantee this kind of profit. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Other advantages outlined on the page are as follows; instant trading, no hidden fees, fast withdrawal, experienced team, cross-platform trading, strong security and many more.

WorldTradeProfit Trading Platform

We are not informed of what type of trading platform is used by the company. However, it is important that readers and traders always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.

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Trading instruments offered to traders are binary options, Forex, and cryptocurrency. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

The maximum leverage offered to clients is undisclosed and so is the spread used. Take note that some leverages are generous but may lead to loss of funds.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on WorldTradeProfit

The only means of making deposits and withdrawal with this broker is by using MasterCard. We are also discouraged that popular e-wallets are not allowed.

This is because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

The minimum deposit required is $300 and this is above the average of $100 – $250 common among brokers. The withdrawal conditions of this broker are not listed, which is suspicious.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Support

To get in touch with a representative of the client support service, send an email to [email protected]

Conclusion

WorldTradeProfit is unlicensed and falsely claims to be properly regulated, this makes us rate it low. It requires a high deposit minimum and does not disclose the means of completing transactions. In most instances, the page is silent about major issues we look out for in brokers.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

WorldTradeProfit review – Is worldtradeprofit.com scam or good forex broker?

WorldTradeProfit says to be one of the leading platforms in the United States offering both binary options and CFDs on forex pairs and crypto currencies. And they also claim to be based in New Jersey, and to be regulated by the local Commodity Futures Trading Commission (CFTC).

Account type Min. deposit Max. leverage Spread s
Starter Account $300 n/a n/a
Silver Account $1200 n/a n/a
Gold Account $2000 n/a n/a
Platinum Account $10 000 n/a n/a

Unfortunately not only WorldTradeProfit turned out not to be licensed and authorized by the American financial authorities, but also their website turned out to be virtually anonymous – we are not even sure about the name of the company that runs the whole operation. So if you are still considering whether to deposit your funds with them or not be sure to read this review first.

WorldTradeProfit Advantages:

In this section we usually try to list any possible advantages a broker might offer its clients. With WorldTradeProfit unfortunately we were not able to come up with any.

WorldTradeProfit Disadvantages:

Anonymous website no license

As we noted the WorldTradeProfit website is completely anonymous – nowhere in their presentation do they bother to tell us the name of the company that runs the broker. As far as for the CFTC license, we diligently checked the registers of the regulator and the National Futures Association (NFA), but were unable to find any trace of WorldTradeProfit there.

Bear in mind that the requirements for a US forex license are pretty demanding – the broker have to maintain at all times a minimum operational capital of no less than 20 000 000 USD, which basically is the same amount as required by the Swiss financial authorities for the Swiss banks.

On top of that the broker should be licensed and authorized by the Commodity Futures Trading Commission (CFTC) as a futures commission merchants (FCM) and a retail foreign exchange dealer (RFED), and to be a member of the National Futures Association (NFA).

So basically what we have here is an anonymous, unregulated website, most probably run by scammers.

Only bitcoin payments accepted

Despite the fact that WorldTradeProfit displays the logos of various e-wallets on its homepage, including Skrill, when we proceeded with our registration and inquired if we can pay with Skrill, we were told WorldTrade Profit accepts payments only with bitcoins. See for yourself:

Bear in mind that a bitcoin transaction is pretty anonymous and is totally irreversible, unlike payments with VISA or MasterCard for example, where you can file for a charge back within 540 days, in case you realize you have been scammed.

And the absence of Skrill is also notable, because of their new anti scam policy. According it Skrill partners only with properly licensed brokers, and as we noted WorldTradeProfit is just an anonymous, unregulated website, most probably involved in scam. And besides, here you may also check our list of brokers, where you can pay with Skrill:

WorldTradeProfit is an obvious scam. They deliberately try to mislead investors that they are licensed and authorized in the U.S., while in fact their website is completely anonymous. Also, they do not seem to have a real trading platform and they accept payments only with bitcoins – probably the most anonymous and definitely irreversible way to transfer money.

Once again here we will repeat our general advise to avoid unregulated websites like WorldTradeProfit altogether and to trade only with properly regulated brokers, licensed by well respected institutions like the Financial Conduct Authority in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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