Worldtradecenter foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://client.worldtradecenter.io/register, about the company's legal and temporary regulatory information, the company's address WTC group Limited 26224 Samou 8 street , Nicosia , 1086 Cyprus.
Worldtradecenter Forex Broker
Basic information
Cyprus
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Note: Worldspanadecenter's official website: https://worldtradecenter.io/ is currently inaccessible normally.
Worldtradecenter Information
Worldtradecenter is a unregulated brokerage company based in both St. Vincent and the Grenadines and Cyprus. It offers trading services in forex, cryptos, commodities and more. There are five tiered live accounts with a minimum deposit of £250 and leverage up to 1:400. It claims to offer the MT5 trading platform, but it turns out only web version is available.
Regulatory Status
Regulation is a crucial aspect of evaluating the legitimacy and reliability of a brokerage firm, and in the case of Worldtradecenter, the broker operates without any valid regulatory oversight. The absence of a regulatory framework raises huge concerns regarding the broker's adherence to industry standards, financial transparency, and the protection of client interests.
Downsides of Worldtradecenter
Unavailable website: Worldtradecenter's website cannot be opened currently, which indicates possibility of cease of operation.
Regulatory concerns: The broker operates with no valid regulation currently, meanig that it might not comply to financial rules and customer protection. This heightens trading risks with them.
High minimum deposit: Worldtradecenter sets a high barrier of entry point at £250, which is not friendly to beginners and those who want to start small for testing first.
Withdrawal fees charged: The broker charges withdrawal fees at 1%, with a minimum fee of $30. This can be a burden for investors, particularly when withdrawing small amounts.
What Can I Trade on Worldtradecenter?
Worldtradecenter claims to provide trading services to over 200 market instruments, mainly in 3 asset classes.
Forex: Forex, or foreign exchange, is the global marketplace for trading national currencies against one another, facilitating international trade and investment.
Commodities: Commodities are basic goods used in commerce that are interchangeable with other goods of the same type, such as precious metals as well as energyproducts like crude oil.
Cryptos: Cryptocurrencies are digital or virtual currencies that use cryptography for security and operate on decentralized networks based on blockchain technology.
When dealing with investment activities, always adhere to the principle of diversification by allocating funds across various products rather than concentrating on a single one you feel optimistic about.
| Tradable Instruments | Supported |
| Forex | ✔ |
| Commodities | ✔ |
| Cryptocurrencies | ✔ |
| Indices | ❌ |
| Stocks | ❌ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
Account Type
Worldtradecenter does not provide demo accounts for practicing as many other brokers, but there are 5 tiered accounts for you to choose from, namely MICRO, BASIC, GOLD, PLATINUM and VIP accounts.
Entry level is set high at £250, £5000, £10000, £50000 respectively for the first four accounts, while you can only open the highest VIP account by invitation after meeting the requirement of certain trading volume or what.
Benefits such as bonus fund, financial plannig, trade room analysis and risk management planning can only be enjoyed in the higher accounts of GOLD, PLATINUM and VIP.
| Account Type | Min Deposit |
| MICRO | £250 |
| BASIC | £5,000 |
| GOLD | £10,000 |
| PLATINUM | £50,000 |
| VIP | Invitation Only |
Leverage
Leverage is a kind of trading tool allowing you to control larger positions with small initial captial. The standard leverage level set by EU regulators is typically capped at 1:30 .
However, for Worldtradecenter, the higher your account tier, the greater the leverage available. Leverage starts at 1:50 for the Micro account, and can go up to 1:400 for the VIP account.
| Account Type | Leverage |
| MICRO | Up to 50:1 |
| BASIC | Up to 100:1 |
| GOLD | Up to 200:1 |
| PLATINUM | Up to 300:1 |
| VIP | Up to 400:1 |
It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spread & Commission
The spreads provided by Worldtradecenter are floating under 1 pip for major forex pairs like EUR/USD. However, more details about spreads and commissions are not found.
Trading Platform
Worldtradecenter boasts the use of the world leading MetaTrader 5 platform and available on both web and app version of Windonws and mobile devices.
However, the tester registered an account and found that there's no software link of MT5 on its website. And the web version is a simplistic one with a totally different interface from MetaTrader. This suggest possible disguise of the renowned MT5 platform to lure customers with false advertising.
Deposit & Withdrawal
Worldtradecenter accepts multiple funding options: Visa/Mastercard, bank wire transfer, e-wallets, and Bitcoin.
The minimum withdrawal amount is $100, or $250 if you choose to use Bitcoin.
Deposits are free, but withdrawals incur a fee of 1% of the withdrawal amount, with a minimum fee at $30 and maximum fee at $300.
FX2869520355
United Kingdom
I have opened an account last week with this broker. After the initial set up I was shown how to withdraw money (only possible in crypto), and was successful to do it. Yesterday I wanted to withdraw again, due to some unforeseen circumstances, but received and email saying I need to speak to my account manager, because I have open trades and she needs to close them first. I became a bit suspicious, so decided to research the broker and found out this is most likely be a scam. I've emailed them again requesting the account manager to close the trades and send me the money, but since then they went all silent.
Exposure
2022-03-21