UNtrusted forex brokerage firm - World Wide Markets

Broker Discussion Forex Brokers
1

My name is Li from Taiwan. I have less than 2 years experience in forex trading. I want to warm everyone, WWM ( World Wide Markets) is a scam, untrusthworty brokerage firm although it is register under FCA with license number 604779. FYI, i owe one account in this company with balance 24k+ . Previously , i have withdraw trading profit and now I want to withdraw the fund and it is denied to be process by this company. They close my account, no trade allowed, not paying back my balance fund, and the most ridiculous is I owe them money. I have comply with all their request for conduting investigation and pass all necessary document for them . In conclusion, my account still was terminated. It is nonsense. My account was traded without the existence of any deposit bonus, then earning profit and I have withdrawn it. When it comes to withdraw my deposit, they block me and give me all those answer. I replied to their email to get them check further and i not agreed with their answer, but, they not respond to me at all until today. I have asked my agent to look for their company customer representative to talk; they denied having further communication.

Take away my money like that, i have lose my patient to deal with them and find FCA help. Even FCA cannot help me because they said my account was not registered under FCA or UK. This is ridiculous. I register under this company , they do not have other license. I have asked my agent to check with them 3-4 months ago, the customer representative they mention had confirmed that my account was under FCA. After FCA department check with this company, the answer is different.

Do not trust this company. This is my final advice .

2

Why have you joined here under 2 different user names?
What reasons have they given you?
Have you contacted the FCA?

3

I’d suggest you post a detailed complaint (assuming it’s legitimate) at forexpeacearmy.com where World Wide Markets already have one guilty verdict against them:

CAUTION: There is an FPA Traders Court Guilty verdict against WorldWideMarkets.com. The FPA recommends caution dealing with this company unless this issue can be resolved.

Another red flag - 5 star rating removed by FPA moderators:

[I]I don’t know what all the OPs are talking about. I have used WWM for the last six months and find the execution to be the best in the industry – when I place a trade at a rate the trade is executed – so far I have not been rejected even during busy times including news events such as non-farm and FOMC announcements. Good overall broker, I had one issue and the customer service took care of me. I would recommend WorldWideMarkets to all.

[B]Review Moderation Team Note: 5 Star Rating removed.

An employee of WorldWideMarkets signed up as a company representative from the same location this review came from.

Per FPA policy, the rating on this review has been set to Zero stars.[/B][/I]

Now, as far as regulatory oversight is concerned, WWM, it appears, is regulated in three different jurisdications - the UK (FCA), Europe (MiFID) and the Americas (BVI FSC). So you would need to establish exactly which jurisdiction applies before submitting a complaint.

From the information you’ve provided, it appears not to be the UK hence the FCA cannot assist you directly.

On a side note. It seems - to me at least - that there are a number of unscrupulous brokers out there who appear to be aggressively targeting and financially exploiting Asian clients.
IronFX Faces Cyprus Court Complaints by 160 Chinese Clients and IBs

IronFX just will not give up on Asia

And the following might strike some as discriminatory - the benefit of negative balance protection is not extended to FXCM Asia clients:

FXCM Updates Negative-Balance Policy to Cover First $50,000 FXCM Asia to make traders fully responsible for account balances

The first FXCM article was updated March 20, 2015 while the second states that the revised terms for FXCM Asia clients came into effect 9 March 2015. Perhaps FXCM could clarify.

4

Hi LICJ52, very unpleasant situation. I couldn’t understand why you owe them money? Did your account went negative? Is there any update on your case?
You should know that if your broker is registered under FCA this doesn’t mean that it is regulated by them and I think that they could not help you. Check if this broker has other regulators and contact them to file a complaint or turn to the local Financial Authorities. Good luck!