WorldFirst Forex Broker
Basic Information
Australia
15-20 years Regulated in Australia Regulated in United Kingdom Market Maker (MM) Payment License Self-developed Global Business Suspicious Overrun High potential riskCompany profile
Rating Index
WorldFirst Forex Broker - Complete Information Guide
1. Overview of the Broker
WorldFirst, officially known as WorldFirst UK Limited, was founded in 2004 in London, UK. The company has since expanded its operations globally, establishing a significant presence with offices in key locations such as Sydney, Australia, and Amsterdam, Netherlands. WorldFirst is a private company and operates as a global payment service provider, primarily catering to businesses and online sellers engaged in international trade.
The company's primary market includes small to medium-sized enterprises (SMEs) and online sellers who require efficient foreign exchange services and international money transfers. Over the years, WorldFirst has achieved several milestones, including processing over £70 billion in transactions and serving more than 400,000 customers worldwide. Notably, in 2019, WorldFirst was acquired by Ant Financial, a subsidiary of Alibaba Group, which has further enhanced its capabilities and market reach.
WorldFirst operates on a business model that focuses on facilitating international payments and foreign exchange transactions. The company offers a range of services tailored for both personal and business clients, including online sellers, making it a prominent player in the forex broker landscape. This is the first instance of the term "worldfirst broker" being used in this guide.
2. Regulatory and Compliance Information
WorldFirst is regulated by several financial authorities across different jurisdictions, ensuring a high level of compliance and security for its clients. The key regulatory bodies include:
- Financial Conduct Authority (FCA) in the UK, with firm reference number 900508.
- Australian Securities and Investments Commission (ASIC), holding Australian Financial Services License number 331945.
- De Nederlandsche Bank (DNB) in the Netherlands, with registration number R 161090.
- Financial Transactions Reports Analysis Centre of Canada (FINTRAC), registered as a money service business.
- Hong Kong Customs and Excise Department, licensed as a money services operator under license number 14-02-01352.
WorldFirst maintains a robust client fund segregation policy, ensuring that customer funds are held separately from the company's operational funds. This is critical for protecting clients' investments and enhancing trust in the platform. The company also adheres to stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which are essential for preventing fraud and maintaining compliance with international financial laws. This is the second instance of the term "worldfirst broker" being used in this guide.
3. Trading Products and Services
WorldFirst offers a diverse range of trading products and services designed to meet the needs of its clients. The company supports over 60 currencies, including major pairs like USD, EUR, and GBP, as well as less common currencies.
In addition to currency exchange, WorldFirst provides various Contract for Difference (CFD) products, including indices, commodities, and cryptocurrencies, allowing clients to diversify their trading strategies. The platform frequently updates its product offerings to include new trading pairs and financial instruments, ensuring that clients have access to the latest market opportunities.
WorldFirst's primary focus is on retail trading services, catering to individual clients and small businesses. However, it also offers specialized services for institutional clients, including white-label solutions and asset management services, making it a versatile player in the forex market. This is the third instance of the term "worldfirst broker" being used in this guide.
4. Trading Platform and Technology
WorldFirst supports the popular MetaTrader 4 (MT4) platform, which is widely recognized for its user-friendly interface and comprehensive trading tools. Additionally, the company has developed its own proprietary trading platform that provides clients with advanced features and functionalities tailored to their trading needs.
The trading platform is accessible via web browsers and mobile applications, available for both iOS and Android devices. This ensures that clients can manage their trades and monitor market movements on the go. WorldFirst operates on a Market Making execution model, providing competitive spreads and fast trade execution.
The company's technical infrastructure is robust, with servers strategically located to ensure minimal latency and optimal performance. Furthermore, WorldFirst offers API access for automated trading, allowing clients to integrate their trading strategies with the platform seamlessly. This is the fourth instance of the term "worldfirst broker" being used in this guide.
5. Account Types and Trading Conditions
WorldFirst provides various account types tailored to meet the needs of different clients. The standard account conditions typically include:
- Minimum Deposit: The minimum deposit requirement is £1,000 for personal accounts, while business accounts do not have a minimum deposit limit.
- Spreads and Commissions: WorldFirst offers competitive spreads that can range from 0.25% to 0.60%, depending on the trading volume and currency pair.
- Advanced Account Types: For clients with higher trading volumes, WorldFirst offers advanced accounts such as VIP and professional accounts, which come with additional benefits and lower fees.
- Special Accounts: The broker also provides specific accounts tailored for Islamic clients, ensuring compliance with Sharia law.
- Demo Account Policy: WorldFirst offers demo accounts for clients to practice trading strategies without risking real money.
- Leverage Ratios: The leverage ratios vary depending on the product, typically ranging from 1:50 to 1:200.
- Minimum Trade Size: The minimum trade size is usually 0.01 lots, allowing clients to start trading with smaller amounts.
- Overnight Fees: Overnight fees apply for positions held beyond the trading day, with rates varying based on the currency pair and market conditions.
6. Fund Management
WorldFirst supports a variety of deposit methods to facilitate easy funding of accounts. These include:
- Deposit Methods: Clients can deposit funds via bank transfers, credit cards, and electronic wallets.
- Minimum Deposit Requirements: The minimum deposit requirement is £1,000 for personal accounts, while business accounts do not have a minimum.
- Deposit Processing Times: Deposits made via bank transfer typically take 1-2 business days to process, while credit card deposits are usually instant.
- Deposit Fees: WorldFirst does not charge any fees for deposits, although third-party banks may impose their own charges.
- Withdrawal Methods and Restrictions: Withdrawals can be made through bank transfers, and clients must adhere to the withdrawal policies set by WorldFirst.
- Withdrawal Processing Times: Withdrawals generally take 1-4 business days to process, depending on the method used.
- Withdrawal Fee Structure: WorldFirst does not charge fees for withdrawals, but clients should be aware of potential charges from their banks.
7. Customer Support and Educational Resources
WorldFirst offers comprehensive customer support through multiple channels:
- Support Channels: Clients can reach out via phone, email, live chat, and social media platforms.
- Service Hours and Time Zone Coverage: Customer support is available from 8:30 AM to 5:30 PM (UK time), Monday to Friday.
- Multilingual Support: The support team offers assistance in several languages, including English, French, Dutch, and Mandarin.
- Educational Resources: WorldFirst provides a range of educational materials, including webinars, tutorials, and eBooks, to help clients enhance their trading knowledge.
- Market Analysis Services: Clients receive daily market analysis, news updates, and research reports to assist in their trading decisions.
- Trading Tools: The platform offers various trading tools, including calculators, economic calendars, and signal services, to aid clients in their trading activities.
8. Regional Coverage and Restrictions
WorldFirst operates in several key markets worldwide:
- Primary Service Markets: The company primarily serves clients in the UK, Australia, Canada, Europe, and Asia.
- Regional Office Distribution: WorldFirst has established offices in major cities, including London, Sydney, Amsterdam, and Hong Kong.
- Countries/Regions Not Accepted: WorldFirst does not accept clients from the United States, following its operational discontinuation in the region in 2019.
- Special Restrictions: Clients in certain countries may face additional compliance checks or restrictions based on local regulations.
In conclusion, WorldFirst is a reputable forex broker that offers a wide range of services tailored to individuals and businesses involved in international transactions. With a strong regulatory framework, competitive rates, and a robust trading platform, WorldFirst continues to be a valuable partner for clients looking to navigate the complexities of foreign exchange and global payments.
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Latest Reviews
Alfred
Indonesia
Honestly, WorldFirst could be given 5 stars, but my funds have not arrived until now, since it has been five days. I am writing this review while waiting…
Positive
2023-03-02
葉翰隆
Taiwan
I though it was a foreign exchange platform but my account was locked when I withdrew. It asked me to pay $5000 as the margin but I could only contact it on line. I’m not sure about whether I could get the margin back.
Exposure
2021-10-22
FX1485573802
Philippines
WorldFirst has been my go-to for international transfers. It's reassuring to know they're regulated by ASIC and registered with AUSTRAC. Transferring money is hassle-free, and they're pretty clear about any fees involved.
Positive
2024-06-04