Scam Brokers

WM Global Forex Limited – Can You Trust Them?

Chainbits Staff | Publish date: 07/18/2023 (Last updated: August 07, 2023 07:06 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

WM Global Forex Limited - DO NOT TRADE WITH THIS PROVIDER

2.3/10

$100

Minimum Deposit

updated 2023

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The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.

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Website URL: https://tradingpointuk.com

Founded: 2023

Regulations: No Regulation

Languages: English, French, Russian, Spanish, Chinese, Japanese, Korean, German, Portuguese, Arabic

Deposit Methods: Information Unavailable

Minimum Deposit: $100

Free Demo Account: Not Available

Number of Assets: 100+

Types of Assets: Forex, Metals, Commodities, Indices, Cryptocurrencies, Shares

Trading Accounts and Conditions

It seems that WM Global Forex Limited has only one type of trading account for all their customers; we could not find any account types information on their website.

Furthermore, this broker does not give details about their trading conditions. We are told that the minimum deposit they require is $100, their leverage ratio is 1:100, the spreads for the EURUS/AUDUSD/XAUUSD is as low as 0.0 pips, and that they have more than 100 trading products.

We do not know what the order execution method is, or what the fees and commissions are.

WM Global Forex Limited – Advantages

There are no advantages in dealing with this broker because WM Global Forex Limited is a scam.

WM Global Forex Limited – Disadvantages

Given here are all the disadvantages that tell us that WM Global Forex Limited is a scammer:

Unregulated Broker

The first indication that WM Global Forex Limited is a scam operation is their lack of regulation.

All legitimate brokers have to make sure that they are regulated, and that all information related to their legal status is clearly presented on their website. This information includes their corporate identity as well as their registration and license details (as well as the name of the financial authority that has authorized the broker).

With WM Global Forex Limited, none of this information is available. This broker claims to be based in the UK, with offices in multiple locations across the globe. These claims are false. In fact, we don’t really know where this broker is located, we have no contact information (except for a generic email address) and we don’t even know the name of the company that runs this operation.

This means that this broker is operating anonymously, and that, in turn, means that WM Global Forex Limited is a scammer.

Plus500

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade

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Minimum Deposit

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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

Blacklisted by FCA

We are not the only ones to have noticed that WM Global Forex Limited is operating without a license and is a scammer.

The Financial Conduct Authority, the financial authority of the United Kingdom, one of the locations that this broker claims to operate in, has blacklisted WM Global Forex Limited.

According to the warning on the FCA’s website, this broker is operating illegally in the UK and is a scammer. There can be no clearer proof of broker’s scam than being blacklisted by one of the more respected financial authorities in the world.

Issues with Registration

As a rule, when we are reviewing a new broker, we register for a new account. This allows us to assess many things: their registration process, we gain access to their real trading platform and, by extension, their real trading conditions, as well as their payments section.

With this broker, we could even get past the registration stage. WM Global Forex Limited asks their prospective clients for their photo ID proof to be uploaded before they are allowed to register for a new account. This is a huge red flag.

Reputed brokers will ensure that their clients have a seamless registration experience and they will not ask for such sensitive personal information at the registration stage. When you see a complicated registration process, especially when you are asked to provide your personal information, then you know you are dealing with a scammer.

Unknown Trading Platform

WM Global Forex Limited offers a trading platform that has three versions – for the PC, for iOS/Android and a web-based platform. The broker claims that it is their custom-designed trading platform that offers a myriad of functionalities and tools. However, this broker does not offer us a demo trading platform where we can check what they have to offer for ourselves.

Legitimate brokers offer their prospective clients a free demo platform, which allows traders to check what the broker has to offer without first making a commitment. When you see no demo platform available, you can be sure that this is a red flag for a scam.

Issues with Trading Conditions

When you see incomplete or unrealistic trading conditions – or no trading conditions at all – then you know that you are dealing with a scammer.

WM Global Forex Limited once again avoids giving us details of another critical service offering. We are only told about three things – the minimum deposit, the leverage and the spreads. When you check the commissions section, it is only an explanation of what commissions are; there is no information on the commissions this broker demands.

While the minimum deposit is acceptable, the leverage is illegally high for a broker that claims to operate in the UK. So, even if WM Global Forex Limited had not been flagged off by the FCA, their leverage ratio of 1:100 is a clear indication that they are scammers. This is because in the UK, brokers are not allowed to offer leverages that are greater than 1:30.

The lack of other trading conditions tells us that we are dealing with a scammer.

Issues with Payments

Another key piece of information that is missing is the details related to payments. This broker did not bother to inform their prospective clients about the types of payment methods they may have available, and since there was no way to access their client payment area, we could not check for this information ourselves.

Even the withdrawal policy is missing. Which means that we cannot tell you how much the minimum withdrawal limit is, how much this broker charges for withdrawals, what withdrawal methods are available and so on.

All of this tells us that we are dealing with a scammer.

Conclusion

WM Global Forex Limited is a scammer and best avoided.