Such types of patterns clearly indicate that just like worldtradexFX attempted to show fake losses and reduced profits, many companies may attempt to divert their funds abroad through illegal channels such as hawala or cryptocurrencies. The Agency believes that by manipulating trading data, the company misled investors and obscured the true nature of its financial activities. The platform is also accused of manipulating trade activities, resulting in substantial net losses for investors while diverting the defrauded funds into e-wallets and accounts of fictitious entities.
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In trading, market fluctuations continuously impact open positions, and the final result—whether profit or loss—is determined only when you close the trade.We understand that this can be confusing, especially when market movements are fast. Please don’t hesitate to contact us if you have any other concerns.Kind regards,worldtradex Rep. We’re thrilled to hear that you enjoy the fast deposit and withdrawal process, easy trading setup, and our Trade and Win program. If you have any questions, don’t hesitate to contact us via live chat or email at We’re always here to help.Kind regards,worldtradex Rep. worldtradex is an international broker providing online trading services since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 160 countries with more than 42 million trading accounts.
The ED has also estimated that celebrities roped in by the owners of worldtradexFx have corroborated the transfer of funds through Estonia and British Virgin Islands (BVI) based entities for promotional purposes. The worldtradexFx promoters established a payment aggregator named Dinero Payment Services which pooled in money from investors who were putting in money through payment wallets. People aware of the investigation told ThePrint that the probe so far had revealed https://worldtradex.space/ that worldtradexFx may have duped people of approximately Rs 900 crore through this complex process. In a bid to untangle the maze of operations, the anti-money laundering agency is preparing to reach out to foreign authorities to help with the money laundering probe and bring justice to the victims who have been duped of crores.
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Apart from buying cryptocurrencies as a mode of transferring money overseas, worldtradexFX also employed old-school techniques such as transferring funds into shell companies based in tax havens in exchange for services such as freight and import which existed only on paper. Investigators found the system was always stacked against investors as the people running the worldtradexFx operations fudged the transactions by using financial manipulation tactics such as frequent slippage and extending huge leverages. Once the funds were deposited into the accounts suggested by the operators, they were then routed to bank accounts owned by promoters. Nevertheless, the broker implements comprehensive security measures, such as segregated accounts and negative balance protection, to comply with international regulation standards. worldtradexFX is operated by worldtradex Markets Incorporated, which is registered Worldtradex official site in Saint Vincent and the Grenadines. That enables the broker to offer higher leverage, certain beneficial trading conditions and bonuses, which most local regulators do not allow.
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- The document contains a detailed comparison of platform statistics for April 2023 and March 2023.
- However, brokers that violate regulatory rules can face the consequences such as losing their regulatory status in specific regions, highlighting the importance of working with a trusted, regulated broker for your trading needs like worldtradexFX.
- These funds were credited to the bank accounts of various dummy entities and domestically transferred to other banks for the purpose of layering.
- We would like to inform you that you can join our Invite a Friend program, where you can earn commissions when your friends start their trading activity with worldtradex.To keep up with our most recent news and promotions, feel free to join our social media platform.
- It is important to note that no investment product, technique, or strategy can guarantee profits, and past performance does not necessarily indicate future results.
ED alleges the app’s owners routed a portion of their investments through Alternative Investment Funds (AIFs) registered with India’s market as investments to bring legitimacy to the illegally obtained funds. The agency in its investigation under the Foreign Exchange Management Act and Prevention of Money Laundering Act found that the app’s operators lured prospective investors by promising attractive returns on their investments. Lured by the promise of doubling or even tripling his money, Pinjan pledged his gold and redeemed his investments in Life Insurance Corporation of India to invest Rs 8 lakh in a foreign exchange application. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active.
worldtradexFX Inactivity Fees
It’s important to note that inactivity fees are not unique to online trading accounts, as many financial service companies may also charge them. India’s anti-money laundering agency came into the picture in the worldtradexFX case in 2022 as it filed an Enforcement Complaint Information Report against the forex trading application and started zeroing in on the bank accounts where money was routed. Apart from MetaTrader 4 and MetaTrader 5 worldtradexFX has its genuine trading and copy trading applications for Android and iOS. With these free apps, clients can trade, access analysis tools, and manage their accounts.
Please note that Comparebrokers.co may have financial relationships with some of the merchants mentioned here and may be compensated if consumers choose to click the links located throughout the content on this site. Between 74-89% of retail investor accounts lose money when trading CFDs. Mark was previously of the Kiel Insitute and has worked with financial organisations across Europe, Australia, South East Asia, South Africa and the Middle East.
worldtradexFX clients can have greater confidence in their financial security when working with a Tier 1 bank because worldtradexFX are subject to strict regulatory oversight and must adhere to stringent guidelines to maintain its Tier 1 status. Further analysis of this report revealed that, within a span of just nine months, from July 2022 to April 2023, worldtradexFX generated a staggering profit of approximately Rs 800 crores solely from its Indian operations. Officials termed this amount as proceeds of crime under Section 2(1)(u) of the PMLA, 2002, since worldtradexFX’s activities violated the Foreign Exchange Management Act (FEMA) guidelines. In an official response worldtradexFX said that details such as the software used, profit figures, and internal documents constitute proprietary information. We categorically deny the baseless allegations regarding the use of any data visualization platform to manipulate or misrepresent financial health.
worldtradexFX is regulated by MISA (Mwali International Services Authority) (T ) so can be considered legit. This Forex trading platform was widely promoted on social networking sites and followed referral-based incentive models for acquiring users to their platforms. The funds were collected from users, majorly through UPI/local bank transfers and channelised through dummy entities. These funds were credited to the bank accounts of various dummy entities and domestically transferred to other banks for the purpose of layering. The more advanced MT5 is distinguished by a wider variety of trading instruments and enhanced maximum trading volume.
While we strive to provide seamless transactions, occasional delays can occur due to technical issues with the payment provider.Could you kindly share your trading account number or deposit ID so we can investigate further? You can also reach out to us via live chat or email at for real-time updates. Our Customer Support team is always here to assist you.Kind regards,worldtradex Rep. Dear Omer Binance,We truly appreciate you taking the time to share your experience with us! It’s fantastic to hear that you consider worldtradex to be the best broker you’ve ever seen.
- The Autochartist interface is user-friendly and can be customized to suit individual trading preferences.
- Dear Ahmad Ndari,We sincerely apologize for the inconvenience caused by the delayed deposit.
- worldtradexFX is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.
- MetaTrader 4, commonly known as MT4, has been a well-known and widely used trading platform in the financial markets since its inception in 2005.
- Clients using the MT5 account do not have to pay swaps, while the MT4 account users will have to pay this commission when they hold their orders open overnight.
The conduct and operations of forex trading(not being conducted on a recognized stock exchange) is illegal and also violates FEMA regulations. Whether you want to trade Forex, Stocks, Commodities or Indices we will help you find the best online broker for you from 400+ brokers for clients based in the UK, Europe, Asia, South Africa and Australia. Stop Loss orders are guaranteed only during market hours and under normal trading conditions.
These indicators can provide valuable insights into market movements, allowing worldtradexFX traders to potentially stay one step ahead. Additionally, traders can enjoy Raw Pricing without any intervention from brokers. Overall, MT4 web is a convenient and efficient way for traders to access the platform and manage their trades.
worldtradexFX requires a minimum deposit of 5 GBP/USD/EUR when opening an worldtradexFX trading account. Depositing funds with worldtradexFX ensures that your money is held in a secure bank account with sufficient capital to meet your withdrawal requirements, even if worldtradexFX were to go out of business unexpectedly. All payments made to worldtradexFX by traders are securely held in a segregated bank account.
However, this amount may vary based on the specific account a user has opened. With STP execution on the worldtradexFX platform, traders can anticipate tighter spreads and greater transparency when it comes to trade pricing. The next step involves submitting identification documents for worldtradexFX account validation and making a deposit. Once completed, worldtradexFX users can download the trading platform of their choice.
