Please Note: WorldWideMarkets was not included in the 2019 annual review. As a result, this broker's ratings may be outdated. Read our Best Forex Brokers 2019 guide for a look at the top rated forex and CFDs brokers.
Founded in 2011, WorldWideMarkets (WWM) was established by the original co-founders of FX Solutions after they had sold that company to CityIndex. Today, WWM offers multiple platforms, including its own proprietary AlphaTrader platform developed by its technology arm, TAB Networks. It also offers third-party platforms such as the popular MetaTrader4 (MT4) platform developed by MetaQuotes Software Corp.
WWM also provides exchange-traded securities on US regional exchanges via the ViewTrade web-based platform branded as WWM EquityTrader, and offers institutional traders the Currenex platform. The broker offers 20 currency pairs, 12 indices, two metals contracts, three energy contracts, and a CFD on Bitcoin, across its trading platforms, and provides social copy trading on ZuluTrade.
WWM was regulated by the Financial Conduct Authority (FCA) in the United Kingdom (UK) through its UK entity up until December 2018, under its UK entity WorldWideMarkets Online Trading Limited, which catered only to professional traders, and is now no longer authorized by the FCA. In the British Virgin Islands (BVI) the broker is regulated by the Financial Services Commission (FSC) via its BVI entity, WorldWideMarktes Ltd.
Disclosure note: the author of this review had previously worked at FX Solutions (and City Index) and subsequently as a consultant at WorldWideMarkets.
Is WorldWideMarkets Safe?
WorldWideMarkets is considered high-risk, with an overall Trust Score of 47 out of 99. WorldWideMarkets is not publicly traded and does not operate a bank. WorldWideMarkets is authorised by zero tier-1 regulators (high trust), zero tier-2 regulators (average trust), and one tier-3 regulator (low trust). Learn more about Trust Score.
|Publicly Traded (Listed)||No|
Offering of Investments
The following table summarizes the different investment products available to clients of WWM.
|Forex: Spot Trading||Yes|
|Currency Pairs (Total Forex pairs)||20|
|CFDs - Total Offered||15|
|Social Trading / Copy-Trading||Yes|
|Cryptocurrency traded as actual||No|
|Cryptocurrency traded as CFD||Yes|
Commissions & Fees
WWM provides execution as a principal dealer to its clients across its available account types, except for Currenex, which requires a $10,000 deposit. With a fixed spread of three pips on the EUR/USD for its default platform offerings on MT4 and AlphaTrader, trading costs are not WorldWideMarkets’ strong point.
WWM does offer a variable spread-pricing model, although this must be requested manually for traders who want variable spreads. At the time of our review, no average spread data were published by WWM for its variable spread pricing.
The pricing and account types are currently segmented on WWM’s platform, and we would like to see the broker centralize these into one place so proper comparisons of execution methods and trading costs can be conducted.
|Minimum Initial Deposit||$20.00|
|Average Spread EUR/USD - Standard||3.00|
|All-in Cost EUR/USD - Active||N/A|
|Active Trader or VIP Discounts||No|
Compare to our initial review of WorldWideMarkets last year, customer service at the broker has since been limited to only email support, as phone calls to the firm went unanswered or to voicemail, and live chat was not available during various trading session hours. Therefore, the rating of WorldWideMarkets in this category was significantly impacted.
For our 2018 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience.
- Average Connection Time: >5 minutes
- Average Net Promoter Score: 1 / 10
- Average Professionalism Score: 0 / 10
- Overall Score: 0.8 / 10
- Ranking: 43rd (43 brokers)
WorldWideMarkets provides research content from its team of in-house staff who publish daily updates on its blog, including technical and fundamental news analysis from the firm’s analysts. The firm also offers social copy trading via ZuluTrade in addition to the native Signals Market on MT4, and news headlines streaming from Market News International (MNI) on its platforms. The broker finished 40th out of 43 brokers in our 2018 Review.
WorldWideMarkets does not rank highly for research as it offers little by industry standards. This is an area where adding additional resources, such as sentiment tools and pattern recognition would help boost its otherwise basic offering.
Research aside, it’s worth noting that the firm’s educational portal appears to be taking shape with several plugins from the content provider Traders Education, although these resources were not fully ready around the time of our review.
|Daily Market Commentary||Yes|
|Forex News (Top-Tier Sources)||Yes|
|Trading Central (Recognia)||No|
|Social Sentiment - Currency Pairs||No|
Platforms & Tools
WorldWideMarkets offers its own proprietary platform under the AlphaTrader suite, in addition to offering MetaTrader 4 (MT4) for desktop and web. You can find full details on the MT4 suite developed by MetaQuotes Software Corporation in our MetaTrader Guide.
Moving to the AlphaTrader platform, which comes as a web-based and desktop-based version for Windows, I started with AlphaTrader Web, which is based on HTML5, and comes with a clean layout and straightforward navigation. .
There aren’t many trading tools on AlphaTrader Web beyond a basic trade calculator and one-click trading. The default trade ticket window that appears when you click buy or sell to create an order is basic by industry standards.
Charting in AlphaTrader Web is smooth and includes 78 indicators and 37 drawing tools. Small improvements WorldWideMarkets should make include adding the option to save chart templates and keeping the symbol locked when transitioning a chart into full screen-mode.
Assessing the rest of AlphaTrader Web, two other minor drawbacks included the lack of a watch list to quickly add favorite currency pairs or CFDs, and the inability to sort open positions by various column fields, such as by profit/loss amounts or date opened.
We’d like to see a formal watch list feature added, and for more research tools to be integrated beyond news headlines – such as pattern recognition and sentiment – that would boost the AlphaTrader experience.
The desktop version of the platform does contain a few more features, as is usually the case when comparing desktop platforms to their web counterparts, although charts on AlphaTrader desktop had fewer indicators with just over 50 compared to the 78 found on the web version.
Minor differences aside, the experience across both desktop and web are similar, yet AlphaTrader Web may be easier to access, making it the better of the two options. Meanwhile, traders looking for more advanced features, such as automated trading, may opt for WorldWideMarket’s MT4 platform.
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|Social Trading / Copy-Trading||Yes|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||No|
|Charting - Indicators / Studies (Total)||78|
|Charting - Drawing Tools (Total)||37|
|Charting - Trade From Chart||No|
|Watchlists - Total Fields||n/a|
|Order Type - Trailing Stop||Yes|
WorldWideMarkets offers MT4 mobile, where the iOS and Android versions of the MT4 app come standard and are both available for download from the Apple iTunes store and Android Playstore, respectively.
Although AlphaTrader can be used on a mobile phone via a web browser, there is no native mobile app, which limits its usability for mobile trading. We’d like to see the broker launch a mobile app version of the platform to help unify the AlphaTrader experience and give traders more than just MT4 as a mobile app option.
|Apple iOS App||No|
|Trading - Forex||No|
|Trading - CFDs||No|
|Alerts - Basic Fields||No|
|Watch List Syncing||No|
|Charting - Indicators / Studies||30|
|Charting - Draw Trend Lines||No|
|Charting - Trend Lines Moveable||No|
|Charting - Multiple Time Frames||No|
|Charting - Drawings Autosave||No|
The firm also advertises Currenex for institutional traders, although signup is not provided on the website and must be manually requested and requires a minimum deposit of $10,000 for an account to be established.
The firm’s WWM Equity Trader platform provides investors with access to the US Stock Market – including exchange-traded options, giving the broker an edge over other international firms that only offer CFDs on US stocks compared to an exchange-traded offering. However, the login page for the platform was not available around the time of our review, which suggests the platform is only available to current clients with funded accounts.
Looking at the full picture, WorldWideMarkets is expensive, lacks quality customer service, boasts a narrow offering of trading platforms and tools, and provides clients a limited number of instruments to trade despite its offering of US exchange-traded securities and a cryptocurrency CFD on bitcoin.
The firm’s FCA-regulated offering is appealing but only for designated professional traders (by UK standards), leaving retail traders with the BVI-entity as their only option.
Overall, it is no surprise that WorldWideMarkets finished 42nd out of 43 brokers in our 2018 Review.
For our 2018 Forex Broker Review we assessed, rated, and ranked 43 international forex brokers. Each FX broker was graded on 140 variables. Learn more.
Forex Risk Disclaimer
"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.
About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.
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Commissions & Fees
*WorldWideMarkets did not participate in the 2017 Online Broker Review, as a result the following data may not be up to date.
The trading costs at WWM depend on the trading platform used and whether pricing is fixed or variable, as highlighted below:
- (Fixed) MT4 or AlphaTrader: The spread on the EUR/USD is three pips on the fixed-spread pricing
- (Variable) MT4 or AlphaTrader: Average spread data were not available from WWM.
- (Variable) Currenex: Average spreads data were not available from WWM.
- WWM Equity Trader: Base commission of $14.95 per trade (extra $1.50 per options contract), and for trades over 350 shares there is a $0.01 per share charge, with a cap of 3% of the trade value. Options trades pay the base commission plus $1.50 per options contract.