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Do you want to know which is the better broker between World Forex and xChief ?
In the table below, you can compare the features of World Forex , xChief side by side to determine the best fit for your needs.
EURUSD:1.8
--
EURUSD:1
--
EURUSD: -12.3 ~ 2.8
XAUUSD: -2.19 ~ -1.71
EURUSD:1.1
EURUSD:6.8
EURUSD:21.08
XAUUSD:41.42
EURUSD: -8.9 ~ 1.1
XAUUSD: -39.8 ~ 16.2
You can determine the reliability and credibility of a broker by checking four factors:
1.Forex broker introduction。
2.Are the transaction costs and expenses of world-forex, forexchief lower?
3.Which broker is safer?
4.Which broker provides better trading platform?
Based on these four factors, we can compare which is reliable. We have broken down the reasons as follows:
World Forex Review Summary in 10 Points | |
Founded | 2007 |
Registered Country/Region | Saint Vincent and the Grenadines |
Regulation | Non-regulated |
Market Instruments | Forex, CFDs for American shares, Precious metal, Oil, Cryptocurrency |
Demo Account | Available |
Leverage | 1:33 - 1:1000 |
EUR/USD Spread | Start from 0.0 pips |
Trading Platforms | MT4/5 |
Minimum Deposit | USD 1 |
Customer Support | Phone, Email, Address, Live chat, Social media, Contact us form |
World Forex, a brokerage firm based in Saint Vincent and the Grenadines and operates all over the world including countries such as Thailand, British, Saint Lucia and Russia. It provides a variety of market instruments, including Forex, CFDs for American shares, Precious metal, Oil, Cryptocurrency, to traders globally. However, it's important to consider that World Forex is currently under no valid regulations from any recognized authorities.
In the following article, we will analyze the characteristics of this broker from multiple perspectives, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also make a brief summary so that you can understand the broker's characteristics at a glance.
Pros | Cons |
• Multiple account types | • Unregulated |
• MT4/5 trading platforms | • Not accept clients from some countries |
• Acceptable minimum deposit | |
• Floating spreads | |
• Abundant customer support channels | |
• Demo account available | |
• Flexible leverage ratios |
World Forex spells strength with a variety of offerings that cater to traders of all levels. They extend a selection of multiple account types, suiting diverse trading styles and strategies. The popular MT4/5 trading platforms, with their wide range of tools and features, are available to users across different devices. The acceptable minimum deposit at just $1 and the provision of floating spreads make trading accessible and competitive. Further benefits include abundant customer support channels for comprehensive assistance, an option for a demo account for risk-free practice, and flexible leverage ratios ranging 1:33- 1:1000 catering to risk-tolerant and risk-averse traders alike.
However, potential traders need to be aware of a few aspects. The most significant concern is that World Forex is unregulated, which can raise doubt over its credibility and security measures. Moreover, it doesn't accept clients from certain jurisdictions due to regulatory considerations.
When considering the safety of a brokerage like World Forex or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:
Regulatory sight: The broker operates with an unregulated status, signifying potential risks as it lacks the assurance of full protection for traders trading on its platform.
User feedback: You can gain valuable insights into the experiences of other clients by reviewing their opinions and feedback about the brokerage. It's advisable to look for these reviews on trustworthy websites and discussion platforms to ensure the credibility of the information.
Security measures: World Forex prioritizes security through anti-money laundering and privacy policies, ensuring compliance with financial regulations and protecting clients' personal data. These measures in some extent enhance the safety and confidentiality of the trading environment.
Ultimately, the decision of whether or not to trade with World Forex is a personal one. You should weigh the risks and benefits carefully before making a decision.
World Forex offers a comprehensive range of market instruments, including:
Forex: The broker enables access to a wide variety of 52 currency pairs, from major to exotic, for forex trading.
CFDs for American Shares: Trade Contracts for Difference (CFDs) on U.S. stocks with this broker which allows you to speculate on price movements without owning the underlying assets.
Precious Metals: Investment options in gold and silver, commonly considered safe-haven assets is another choice.
Oil: Opportunities to trade in the oil market, including WTI and Brent Crude.
Cryptocurrency: Trading access to popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and others.
This diverse array of instruments caters to the preferences and strategies of traders, offering exposure to various financial markets.
World Forex presents a wide array of account types, each serving different trading needs. They offer a Demo Account for practice and skill development, alongside various other accounts named W-CENT-fix, W-CENT, W-PROFI-fix, W-PROFI, W-CRYPTO, and W-DIGITAL. These accounts vary in features and are tailored to suit different trading scenarios and preferences.
Uniquely, World Forex has kept the entry barrier minimalistic, with a petite minimum deposit requirement of only USD 1 across these accounts. This makes World Forex's offerings readily accessible to a broad range of individuals interested in exploring the trading universe.
Furthermore, Islamic or 'swap-free' Account is also available. Traders just need to choose a trading account like W-PROFI or W-CENT and simply tick the 'swap-free' option during the account opening process.
World Forex provides its clients with a dynamic trading leverage structure, which varies significantly from 1:33 to a whopping 1:1000. The concept of leverage in trading means that traders can essentially 'borrow' funds to place larger trades than their actual deposit. The dynamic range in leverage of this broker lets traders pick a comfortable risk level while allowing potentially higher returns.
However, it's also important to note that while higher leverage can lead to amplified profits if the market moves in favor, it equally amplifies the potential losses if the market takes a downturn. Hence, effective risk management is crucial while using leverage.
World Forexs wide array of accounts feature different types of spreads and commission structures.
Both the W-CENT-fix and W-PROFI-fix Accounts provide a fixed spread starting from 1.8 pips and impose no commission.
The W-CENT and W-PROFI Accounts present a floating spread starting from 0.6 pips, again with no commission charged.
Unique W-CRYPTO Account offers a floating spread beginning from 0 pips, but with a 0.5% commission involved.
Lastly, W-DIGITAL Account users experience a fixed spread starting from 1.8 pips specifically for 'Digital contract 0-100', alongside a hefty 40% commission for early closing, which applies exclusively to American digital contracts.
World Forex provides excellent versatility in terms of platform accessibility by offering MT4/5 renowned trading platforms, across a variety of devices and operating systems. Whether you're a Windows user, a macOS patron, an Android enthusiast, an iOS adherent, or even a Linux user, you can flawlessly operate and engage with your trading strategies. This broad compatibility ensures that trading activities remain uninterrupted and convenient, regardless of the operating system used by the trader. From desktop to handheld devices, World Forex makes seamless trading a reality, enabling traders to stay connected with markets anytime, anywhere, and through any device.
World Forex provides traders with a set of powerful trading tools designed to enhance their trading experience.
First and foremost, their Economic Calendar is a key instrument that keeps traders informed about global economic events, allowing them to make well-informed trading decisions.
To facilitate uninterrupted and automated trading, they offer Virtual Private Server (VPS) services, ensuring consistency in trade execution without interruptions.
Next on the roaster is the MQL5 signal — a feature that allows traders to copy trades from successful signal providers, beneficial for those who may lack time to research and analyze the markets.
Last but not least, the Forex calculator enables traders to calculate various trading parameters with precision, such as margin requirements, profit, and conversion rates.
World Forex enhances the trading experience by offering a “Copy Trading” option, which is a phenomenal feature particularly for novice traders or those who wish to diversify their strategies. With this feature, users have the advantage of copying the trades of experienced, successful traders directly into their own account.
This can not only save substantial time required for market analysis, but also helps new traders learn by observing strategies used by experienced ones.
World Forex provides diverse modes for transactions, ensuring convenient trading for clients.
The broker accepts Bank cards and Internet banking, adhering to users who prefer traditional methods of transactions. Moreover, modern Payment systems are also supported, including popular ones like Apple Pay and Google Pay. For large transactions, Bank transfer facilities are readily available. These avenues support different currencies, enhancing global accessibility.
Notably, each method has its specific minimum deposit request, processing time, and commission charges. Traders interested in exploring these specifics can visit the broker's official website at below link reach out to their broker directly for personalized assistance.
https://wforex.com/payment
World Forex optimizes client communication with multiple contact channels. Clients can get in touch with World Forex via Phone or Email for personalized assistance. The broker's physical Address for different branches is readily available for those looking for direct engagement. For details you can visit https://wforex.com/contacts.
They can also opt for real-time responses through the live chat feature. More so, World Forex extends its reach to various Social Media platforms such as Facebook, Twitter, Instagram and Trading View.
Lastly, the Contact Us form on their website offers an easy way to send in queries, suggestions, or feedback.
World Forex is commendable in its approach to educating its traders. Included in their educational resources are the 'Knowledge Base' and the 'Glossary'.
The Knowledge Base is an extensive collection of articles and information crucial to understanding various aspects of trading. It is a great starting point for novices, covering topics from fundamental concepts to complex trading strategies.
The Glossary, on the other hand, is a comprehensive list of trading terminologies, assisting traders in understanding complex terms used in the trading world.
Together, these resources equip traders with the essential tools for navigating the trading landscape effectively and confidently.
World Forex, a brokerage firm based in Saint Vincent and the Grenadines who also operate in British, Russia, Thailand and Saint Lucia, offers a range of market instruments including Forex, CFDs for American shares, Precious metal, Oil, Cryptocurrency.
However, potential investors should be wary of the fact that World Forex is currently unregulated. This represents a major red flag as regulated brokers conform to strict financial oversight, thereby protecting clients from potential misconduct.
As such, those considering World Forex as their broker should tread carefully, conduct thorough research and consider alternative, well-regulated brokers that prioritize transparency, security and client protection.
Q 1: | Is World Forex regulated? |
A 1: | No. It has been verified that this broker is currently under no valid regulation. |
Q 2: | Does World Forex offer demo account? |
A 2: | Yes. |
Q 3: | Is World Forex a good broker for beginners? |
A 3: | No. It is not a good choice for beginners because it is unregulated by any recognized financial authorities. |
Q 4: | Does World Forex offer the industry leading MT4 & MT5? |
A 4: | Yes, it offers MT4 /5 platform on windows, Ios, MacOS, Linux and Android devices. |
Q 5: | What‘s the minimum deposit does World Forex request? |
A 5: | World Forex request a minimum deposit of $1. |
Q 6: | At World Forex, are there any regional restrictions for traders? |
A 6: | Yes. World Forex’s products and services are not intended for the following countries and jurisdictions: America (USA), Canada, Northern Korea, Iran and for the jurisdictions included in the sanction lists of FATF and EU. This list can be amended at any moment of time. |
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
xChiefReview Summary | |
Founded | 2014 |
Registered Country/Region | Comoros |
Regulation | MISA (Offshore) |
Market Instruments | Forex, Metals, Commodities, Indexes, Stocks, Cryptos |
Demo Account | ✅ |
Leverage | Up to 1:1000 |
Spread | From 0 pips |
Trading Platform | MT4, MT5, xChief App |
Min Deposit | 0 |
Customer Support | Live chat, phone, email |
xChief (formerly ForexChief) is an online Forex and CFD trading broker that offers multiple assets for trading online via the MetaTrader4/5 platforms. Founded in 2014, its head office is in Vanuatu while other representative offices are in Singapore and Nigeria. xChief Ltd is incorporated in the Republic of Comoros.
xChief Ltd is a retail forex broker offshore regulated by the Mwali International Services Authority (MISA) in Comoros with the license number T2023379. Besides, xChief prioritizies the safety of client funds. If there are any losses caused by technical faults, xChief will compensate for them. It also protects clients' funds by segregating them into separate bank accounts.
xChief has several pros and cons. It offers various trading instruments, multiple account types, and user-friendly trading platforms. Besides, it also highlights the safety of client funds, and manages to protect them. What's more, it is well regulated, and it is a mature broker. However, some reports have been exposed, which says that xChief has slippage.
Pros | Cons |
Various trading instruments | Withdrawal issues and slippage |
Tight spreads | Offshore regulated |
Demo accounts | |
MT4/5 supported | |
No minimum deposit requirement | |
Live chat |
xChief offers 4 types of trading accounts: CENT account, Classic+ account, DirectFX account, and xPRIME account. Demo accounts are also available for traders.
Account Type | Account Curency | Minimum Deposit | No-Deposit Bonus $100 | Welcome Bonus $500 |
CENT | USD, EUR | 0 | ❌ | ❌ |
Classic+ | USD, EUR, GBP | $10 (or equivalent) | ✔ | ✔ |
DirectFX | USD, EUR, GBP | $50 (or equivalent) | ✔ | ✔ |
xPRIME | USD, EUR, GBP, CHF, JPY | $2000 (or equivalent) | ❌ | ✔ |
The leverage is relatively high, and for some types of accounts, it can be up to 1:1000, which means risks may also be high.
Account Type | Max Leverage | Spreads | Commissions |
CENT | 1:500 | From 0.9 pips | ❌ |
Classic+ | 1:1000 | From 0.6 pips | ❌ |
DirectFX | 1:1000 | From 0.3 pips | $/€/£2.5 |
xPRIME | 1:1000 | From 0 pips | $/€/£/₣3/¥500 |
Trading Platform | Available Devices | Suitable for |
MetaTrader5 | Desktop, iOS, Android, MacOS, Web | Beginners |
MetaTrader4 | Desktop, iOS, Android, MacOS, Web | Skilled and professional traders |
xChief Mobile App | Mobile | All types of traders |
TxChief supports different kinds of deposit and withdrawal methods. Take the UK for example.
Deposit Methods | Fees | Time | Currency |
SWIFT | 0% | Up to 5 days | EUR, GBP |
Crypto | 0% | Up to 8 hours | BTC, ETH, LTC, XRP, USDT, USDC |
Perfect Money | 1.99% | Instantly | USD, EUR |
Withdrawal M ethods | Fees | Time | Currency |
SWIFT | 1%, min.€50/£50 | Up to 5 business days | EUR, GBP |
SEPA | €25 | Up to 3 business days | EUR |
Debit/Credit Card | 2%, min.$5/€5 | Up to 7 business days | USD, EUR |
Crypto | 0% | 1 business day | BTC, ETH, LTC, XRP, USDT, USDC |
Perfect Money | 0.5% | 1 business day | USD, EUR |
xChief provides customer services to its clients, and it has unique contact options in the headquarter as well as representative offices.
Vanuatu Contact Info | |
Phone | +65 31593652 |
info@xchief.com | |
marketing@xchief.com | |
partnership@xchief.com | |
Support Ticket System | ✔ |
Online Chat | 24/7 |
Website Language | English |
Company Address | 1st Floor, CNM Building, Port Vila, Vanuatu |
Singapore Contact Info | |
Phone | +65 31593652 |
asia@xchief.com | |
Support Ticket System | ✔ |
Online Chat | 24/7 |
Website Language | English |
Company Address | 2 Venture Dr, #24-01 Vision Exchange, Singapore, 608526 |
Nigeria Contact Info | |
Contact Options | Details |
Phone | +234 9030795364 |
nigeria@xchief.com | |
Support Ticket System | ✔ |
Online Chat | 24/7 |
Website Language | English |
Company Address | Suite 319 Rock of Ages Mall Jabi, Abuja, Nigeria |
Is xChief regulated?
Yes, it is regulated by the MISA.
Does xChief offer demo accounts?
Yes.
What trading platforms does xChief have?
It supports MT4, MT5, and xChief APP.
What is the minimum deposit for xChief?
The minimum deposit is 0.
To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).
To get a comprehensive understanding of how cheap or expensive world-forex and forexchief are, we first considered common fees for standard accounts. On world-forex, the average spread for the EUR/USD currency pair is from 1.8 pips for Digital contract 0-100 only pips, while on forexchief the spread is From 0.
To determine the safety of our top brokers, our experts will consider many factors. This includes which licenses the broker holds and the credibility of these licenses. We also consider the history of brokers, because long-term brokers are usually more reliable and trustworthy than new brokers.
world-forex is regulated by --. forexchief is regulated by MISA,ASIC.
When our experts review brokers, they will open their own accounts and trade through the broker's trading platform. This enables them to comprehensively evaluate the quality, ease of use, and function of the platform.
world-forex provides trading platform including W-DIGITAL,W-CRYPTO,W-PROFI,W-PROFI-fix,W-CENT,W-CENT-fix and trading variety including --. forexchief provides trading platform including xPRIME,DirectFX,Classic+,CENT and trading variety including 150+ Forex, Metals, Commodities, Indexes, Stocks, Crypto.