This review explains why you should avoid World Wide Brokers (WWB) in your financial trading.
What is World Wide Brokers
World Wide Brokers (WWB) is a brokerage company that will provide you with the Metatrader platform to trade Forex currency pairs, commodities, stock indices and cryptocurrency tokens such as Bitcoin or Ethereum.
Deposits are accepted in Bitcoin, but on its official website, the broker does not specify what is the minimum deposit amount.
What is also missing on its official website, is information about the company that runs this broker, where it is located, what licenses does it have, contact details etc.
So, is World Wide Brokers legit, should you trade financial markets with it?
Stay away from World Wide Brokers
There are several reasons why you should not trade with WWB. In this review we will go through the main ones.
FSMA says it’s a scam
The main reason why you should avoid World Wide Brokers is that it has been put o a blacklist of fraudulent trading platforms by the Belgian national financial regulator FSMA.
That lists includes brokers and platforms that people complain about mainly because they can’t withdraw their money.
The FSMA explained that these platform often place scam ads on social media and that they act very aggressively. They even persuade their victims to let them get remote control of their computers to make money transfers.
Scammers running these platforms often manage to persuade their victims to invest increasingly higher amounts of money and promise repayments in exchange for one last money transfer. But victims never get anything back.
So, because the Belgian regulator says that World Wide Brokers is most likely investment fraud, you really have to stay away from it.
Even without the FSMA warning there are several red flags that should make you stay away from WWB.
As we have already mentioned in this review, the broker does not even provide basic info about the company that is running it, there is no real contact information. So in case of any problems you would not even know who to complain about and where.
Financial brokers have to be registered and licensed, that is the law in most countries. And they have to provide information about their registrations on their websites.
So, since World Wide Brokers is not providing any of this information on its website, we have to conclude that it is not registered nor authorized in any country to provide investment services.
Which makes it an illegal broker in most countries, a broker that can’t offer its services basically anywhere.
It makes clients’ deposits with WWB unprotected, which is another reason not to have anything in common with this broker.
How World Wide Brokers works
The FSMA already said it, people have troubles withdrawing money from World Wide Brokers because it is a scam.
Over the years, we have seen many shady tactics used by fraudulent brokers like WWB. They will make up all sorts of things to make you deposit as much money as possible.
The will show you fake trading profits on your account, they will say you have to pay all sorts of fees to withdraw, they will say you have to pay taxes before withdrawing, etc.
But every time there will be something, there will be a reason why they could not send you your money and why they need you to send them more money before executing your withdrawal. In the end, you will never receive anything.
So if you already have money with WWB, it is important not to send them anything more, because every deposit with this broker is basically lost.
You can try everything you can think of to get your present money back, but never send them more money because it won’t lead anywhere, it will just be another loss.
World Wide Brokers review – Conclusion
World Wide Brokers (WWB) is an unauthorized broker that the Belgian financial regulator FSMA placed on a list of fraudulent trading platforms. That is why you have to stay away from it.
If you are interested in financial trading, you can try a free demo with a regulated platform.
Before trying trading with real money, be sure to understand the risks and have a proper strategy.
You are right…they ask more and more money and at the end tell you ,you made big benefit and now ask more money to pay income tax on your benefit but they never send you a penny back…It costed me almost $30,000
So what happenned next, Michel? I am in for 14k and I am stuck to withdraw. Something is always going in paying the tax for the gouvernement. They got me 2. Won’t go for it 3 times.
I was scammed as well , But I reported
worldwidebrokers scam post on reddit, was helpful.
Glad to hear that.
Je suis du Québec et j’ai investi 28,000 $ Canadian et impossible de retirer mon argents il mon demander par 3 fois l’argent pour payer le Broker plus les taxe mais a chaque fois il me disait qu’il y a vais eu une erreur que l’argent avais été mis dans mis compte. je suis toujours connecté avec le site, pour ne pas faire bloquer mon compte je joue avec mon argents que je pence ne plus revoir (Si il ya une façon de ravoir notre argents me le faire savoirMerci !)