The Mumbai ED filed a prosecution complaint against WorldtradexFx, under the Prevention of Money Laundering Act (PMLA) Act. This followed an investigation based on an FIR registered on December 8, 2021, by Shivaji Nagar police station, Pune, against multiple individuals involved with the firm. The ED has seized and attached assets worth Rs 165 crore so far, including 19 immovable properties in Spain owned by Prozorov. The Special PMLA Court in Mumbai took cognisance of the ED’s prosecution complaints against WorldtradexFx on December 24, 2024.
WorldtradexFX Review 2025
- WorldtradexFX is regulated by MISA (Mwali International Services Authority) (T ) so can be considered legit.
- The type of account and broker you sign up for, will determine whether or not you can be charged an inactivity fee under certain circumstances.
- Mutual Funds are one of the most incredible investment strategies that offer better returns…
- Therefore, it’s essential to research and compares different brokers to determine which best suits your trading needs and budget.
- When we called, the team answered our call promptly, in less than a minute.
This approach can help you gain experience and confidence in WorldtradexFX trading decisions. Please be aware that trading in financial assets with WorldtradexFX carries a risk of loss. WorldtradexFX trading risk can occur due to inadequate market research, lack of experience, or failure to use the platform tools. It is common to experience rapid losses when trading financial investments like Forex due to market volatility.
Trade WorldtradexFX MetaTrader 5 WebTrader
As a trader, you should feel confident that your financial investments are in good hands with WorldtradexFX. So take the time to research WorldtradexFX thoroughly and make the most of your online investing experience. Online investing with WorldtradexFX can be just as risky as traditional offline investments.
The ED’s investigation, initiated following a December 2021 FIR by Shivaji Nagar Police Station in Pune, alleged that WorldtradexFx misled investors with promises of high returns through forex trading. The company allegedly manipulated trades to generate losses for investors while diverting funds to shell accounts and entities disguised as e-commerce platforms. WorldtradexFX is an online forex trading platform that has operated globally since 2011, claiming to offer trading services to millions of users. It presents itself as a legitimate broker with a user-friendly app and website, promoting forex and CFD trading. However, investigations reveal that WorldtradexFX India Pvt Ltd has no physical office or legal base in India, operating without RBI approval.
Mule accounts, url masking: How forex trading platform WorldtradexFX scammed investors
On the other hand, brokers that require a larger minimum deposit often provide a greater range of trading features, more in-depth technical analysis, research tools, and better risk management features. The federal agency initiated an investigation based on an FIR registered by Pune Police against individuals accused of cheating investors with false promises of high returns via the WorldtradexFX forex trading platform. The Enforcement Directorate recently raided as many as seven locations in four cities, including Mumbai, Delhi, Chennai and Gurugram, as part of an ongoing investigation into Rs 800-crore fraud linked to a forex trading platform – WorldtradexFX. During the June 13 raids, the federal agency seized various incriminating documents and digital devices that showed how the platform duped investors. The more advanced MT5 is distinguished by a wider variety of trading instruments and enhanced maximum trading volume. WorldtradexFX is regulated by the MISA (Mwali International Services Authority) (T ).
Is WorldtradexFX regulated?
- Demo trading accounts like the WorldtradexFX demo account can help individuals to make informed decisions before investing their money.
- We aim to provide you with all the information in this WorldtradexFX review you need to determine if WorldtradexFX is the right fit for you.
- Police had registered a case related to cheating, criminal breach of trust, criminal conspiracy and other rules under the Maharashtra Protection of Interest of Depositors Act (MPID) and arrested six people.
- Technical language and terminology can be confusing with brokers like WorldtradexFX.Choosing or shortlisting a trading platform like WorldtradexFX can be time consuming.
The account opening process usually takes a few minutes to complete, and you can start exploring the WorldtradexFX platform and features immediately. However, you must pass the verification process to start live trading with WorldtradexFX, which can take up to a few business days. However, remember that you won’t be able to make trades on WorldtradexFX until you have passed compliance, which may take several days, depending on your circumstances.
Presenting themselves as promoting stock trading in India, the company sought permission for IPL sponsorship. Once they had BSE’s approval, they started advertising their brand and promoting the M/s WorldtradexFx Trading App, which is used for Forex trading. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The material does not contain (and should not be construed as containing) investment advice or an investment recommendation,or, an offer of or solicitation for, a transaction in any financial instrument.
We understand that informed decisions with WorldtradexFX are the key to successful trading, so we’ve provided this detailed WorldtradexFX review. So, take a seat, grab a cup of coffee, and dive in to learn about WorldtradexFX and how it can benefit you or if WorldtradexFX is not for you. The WorldtradexFX was found to have used URL masking to hide the identity of payment gateways, making it difficult for banks and regulators to trace the money back to the unauthorised platform, the ED said. As part of its money laundering investigation against WorldtradexFX, ED recorded the statements of TV actors Krystle Dsouza and Karan Wahi in July in connection with their alleged promotion of the platform. 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.
However, it does not have an Indian licence, as it strives to avoid limitations of the scope of its activities. Since its foundation in 2011, the broker has won over 45 international financial awards, indicating its worldwide approach. WorldtradexFX offers an extensive educational program consisting of regular webinars, tutorials, and articles on the basics of Forex trading.
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WorldtradexFX is regulated by MISA (Mwali International Services Authority) (T ) so can be considered legit. Brokerage firms like WorldtradexFX may charge commission fees as compensation for executing trades on behalf of traders on their trading platforms. Commission fees can vary depending on the type of financial asset being traded and the WorldtradexFX trading account level held by the trader.
Therefore, it is doubtful that the ‘WorldtradexFX scam’ is a correct evaluation of its activities. However, whenever you consider trading Forex and CFDs, do your research first and carefully study the risks. Primarily they are known as a Forex broker that offers a variety of trading instruments, including currency pairs, indices, commodities, and cryptocurrencies. WorldtradexFX is powered by MetaTrader 4 and MetaTrader 5 trading Worldtradex website platforms renowned for their security and compatibility with both desktop and mobile across all popular operating systems. Traders may also use the WorldtradexFX Trading App, which is available on Google Play and App Store for free. It’s important for WorldtradexFX traders to understand the potential risks of trading with leverage and to take advantage of features like negative balance protection to mitigate those risks.
Among the assets attached and seized by the probe agency worth over Rs 160 crore were properties in Spain. As with any broker, there are some advantages and disadvantages to trading with WorldtradexFX. This communication is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Please note that the list of payment methods below depends on the WorldtradexFX Entity and the client’s Country of Residence.
The broker also has its blog with articles for those who want a more in-depth view of the financial markets and trading. Nevertheless, the broker implements comprehensive security measures, such as segregated accounts and negative balance protection, to comply with international regulation standards. The illegally obtained money was also funnelled into SEBI-registered Alternative Investment Funds (AIFs) to present it as legitimate. Furthermore, it was discovered that WorldtradexFx used entities based in the British Virgin Islands and Estonia to transfer funds https://worldtradex.world/ for its promotional activities to attract investors. Andrew has a well-established career in fintech and came up with comparebrokers.co to make trading on financial markets more transparent and accessible.
If you are unsatisfied with WorldtradexFX or want to explore other options, we recommend checking out our carefully curated list of highly-rated WorldtradexFX alternatives. Follow the links below to learn more about these WorldtradexFX broker alternatives and choose the one that best suits your trading needs. Although we found some very useful aspects of the WorldtradexFX platform that would be useful to some traders. The phone support team successfully resolved our questions and issues over the phone.
Demo trading accounts like the WorldtradexFX demo account can help individuals to make informed decisions before investing their money. WorldtradexFX MetaTrader 5 (MT5) is a multi-asset trading platform with an extensive range of trading features and financial research tools. Besides the ability to trade Forex and CFDs, WorldtradexFX MT5 offers access to trade Futures, Stocks, Algorithmic Trading, ETFs, and Indices. MT5 was launched in 2010 and came with advanced charting tools, additional timeframes, and an updated version of MetaTrader 4. In the trading world, brokers like WorldtradexFX, have different minimum deposit requirements based on the target audience they are trying to attract. Brokers with lower minimum deposit requirements typically cater to a more mainstream audience who don’t require advanced research tools or features.
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. The ED-led investigation revealed that WorldtradexFX, in partnership with M/s WorldtradexFx India Pvt Ltd, operated in India without the authorisation of the Reserve Bank of India (RBI). The firm had defrauded investors under the guise of forex trading, and generated more than Rs 800 crore in less than a year. With WorldtradexFX, users can trade CFD on 10 stock indices, including Dow Jones, NASDAQ, Nikkei, and others.
You must be diligent and thorough in your WorldtradexFX review selection process to safeguard your hard-earned money. It’s crucial to do your due diligence and research the reputation, track record and trust worthyness of WorldtradexFX. You must also ensure the WorldtradexFX broker’s profile, trading tools, fees and regulation aligns with your needs and goals. The Enforcement Directorate (ED) has uncovered a Rs 800 crore fraud linked to forex trading platform WorldtradexFx, revealing a complex scheme that defrauded Indian investors in just nine months of operation. The investigation into the matter had began after an FIR was registered by Shivaji Nagar Police Station in Pune against suspects accused of cheating investors by making false promises of high returns through forex trading on the WorldtradexFX platform. The agency has identified a list of chartered accountants and professionals who helped create fake remittance certificates and open bank accounts or shell companies for routing illicit money.