Read this Worldmarkets broker review before opening your account. Is this a Scam or Reliable Forex Broker? Find out more with AtoZ Markets Forex broker review of World markets.
World Markets is an online retail broker that provides bullion physical trading. However, they are not licensed by any of the European nor other countries’ regulators. Also, in recent years, they have received many complains from various traders in our community, so please be aware and always do your due diligence before opening any trading accounts.
At AtoZMarkets.com, we have a readers-first policy. Thus, we always put our readers' safety as a priority in our business line. We will never satisfy ourselves with Brokers' public information, however, go in-depth. Often we will also open live and demo accounts and test brokers directly!
For the above mentioned, we stand on our toes checking all the ins and outs in a broker’s business history, biography, and reputation. The very same standards apply in the case of this world markets broker review. Please go through this article on how we conduct our broker reviews.
Worldmarkets.com is in our view, not a reliable broker to trade with, and we ask everyone to do their due diligence before thinking of opening an account with them. From what we have seen the latest message we received states:
"Effective immediately, please note that World Markets AI Managed Account service has been discontinued permanently due to SwiftXChange's insolvency. Accounts at other 3rd party broker providers may be withdrawn immediately. No future trading will occur. We apologize for this inconvenience. Bullion sales are not impacted by this notice. Thank you."
World Markets was Founded in 2003. This brokerage has many negative comments about their services online, so please beware of these and perform your own due diligence before you open any trading account. At first, they launched as a precious metal dealer. Afterwards, they expanded their operation and provide online trading services that include currency pairs, stocks, indices, commodities, and cryptocurrencies.
According to their website, they are managing more than 30M assets while they claim to have more than 50,000 clients worldwide. Worldmarkets.com also provides some online products through its partnerships with Bitmex & HYCM.
Please bear in mind the negative comments from traders before opening an account with World Markets. The broker provides traders access multiple trading platforms. The broker has an in-house MQL Copy Trader for traders to trade through the AI managed accounts and the MetaTrader 4 and MetaTrader 5 for traders for those who prefer the self-trading account.
MetaTrader 4 & MetaTrader 5
MetaTrader 4 & 5 are the most common Forex trading platform among the retail traders, which is specially designed for Forex trading. These platforms are compatible with Windows, Mac, and on any web-browser. These are very common trading platforms for beginners. With this software, traders can access their trading accounts from a mobile trading application that is available on the Google Play & App Store. Moreover, MetaTrader 5 is the updated version of MT4 and has optimized trading tools, including built-in indicators, a built-in economic calendar, and advanced trading features.
MQL Copy Trader
This is a platform designed for those who choose to trade through the AI Managed account. World Markets provides MQL Copy Trader that allows traders to track their trading account. The AI managed account has high-frequency algorithms that automatically scan the market and find suitable trading opportunities.
This is a trading platform with real-time and access to all sorts of data, including the account balance, live charts, market data, and news feed.
World Markets platform offers three different types of trading accounts:
AI Managed account
With the AI Managed Account, traders can connect to the algorithms that are used for trading which are directly supervised by World Markets’ analysts, this is questionable method. Also, the broker claims that they have generated some stable trading profits for its clients, which is a redflag to watch out for.
Traders with World Markets can trade through BitMex, which is a cryptocurrency exchange.
They don’t have any upfront fees associated with any World Markets trading accounts, AI Managed Accounts, as well as the Digital Gold and advanced trading instruments.
However, they have disclosed the pricing structure for the AI managed account:
- For Standard accounts, they charge a 20% performance fee and a 1% Annual Management Fee.
- For Gold Premier Accounts ($25,000+), they charge 10% Performance Fee and 1% Annual Management Fee.
Based on the online comments and reviews of Worldmarkets.com, their customer support is lacking with a number of unhappy traders.
World Market is quite unclear about its regulation, the firm has no clear record of being regulated by any of the European nor other regulatory bodies.
There are a lot of questions raised about this broker by our community, hence we have taken a more in-depth at this broker. The negative comments of the people are there for a reason. Hence, based on our research we do find this broker not reliable to trade with, mainly because it is lacking any regulation and licenses from a reputable regulator. This puts a trader at risk, so please do your due diligence before considering this broker.