According to the ED, the forex trading platform manipulated trade activities, inducing huge losses for Indian investors. The ED also alleges that WorldtradexFX diverted the defrauded funds into accounts and e-wallets owned by dubious entities. WorldtradexFX withdrawal requests will be honoured.Brokers that operate under the supervision of regulatory authorities like WorldtradexFX are subject to strict guidelines that prohibit them from manipulating market prices to their advantage. Regulatory oversight ensures brokers operate with integrity, fairness, and transparency, safeguarding investors’ deposits. WorldtradexFX has a reputation for efficient and reliable fund transfers, and adhere to the rules of the financial regulators they are regulated with. When you submit a withdrawal request, WorldtradexFX will verify your account details and process the payment within the stipulated timeframe, usually within a few business days.
Further, the money trail was hidden by using fake KYC and payment gateways of shell companies posing as fake e-commerce companies, with transactions being shown under the guise of online shopping, refund, vendor payment and chargeback. 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 for its promotional activities to attract investors. A massive Ponzi scheme amounting to ₹800 crore has come to light, involving a Forex trading firm, WorldtradexFX, allegedly run by Russian national Pavel Prozorov.
WorldtradexFX MetaTrader 4 & MetaTrader 5 AutoChartist
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 that WorldtradexFx may have duped people of approximately Rs 900 crore through this complex process. The proceeds of crime were layered through these accounts to conceal their source, with some funneled into SEBI-registered Alternative Investment Funds (AIFs) to lend an appearance of legitimacy. Among the assets attached and seized by the probe agency worth over Rs 160 crore were properties in Spain.
The firm, widely recognized for its extensive advertising campaigns and sponsorships, including partnerships with IPL teams, has been accused of duping investors through deceptive marketing strategies and promises of high returns. Andrew has a well-established career in fintech and came up with comparebrokers.co to make trading on financial Worldtradex courses scam markets more transparent and accessible. Stop Loss orders are guaranteed only during market hours and under normal trading conditions.
The WorldtradexFX MT4 user-friendly interface and highly customizable trading environment allow traders to tailor the WorldtradexFX platform to their needs. One of the standout features of MT4 is its charting functionality, which allows WorldtradexFX traders to analyze price movements and make informed trading decisions. Additionally, advanced order management tools give WorldtradexFX traders greater control over their trades, allowing them to manage risk better and optimize their trading strategies on the MT4 WorldtradexFX trading platform. WorldtradexFX presents a textbook case of a sophisticated financial scam masquerading as a legitimate trading platform. Its use of high-profile marketing, including IPL sponsorships and celebrity endorsements, created a false veneer of credibility, exploiting regulatory gaps in India’s forex trading sector. The platform’s lack of RBI authorization, combined with evidence of trade manipulation and money laundering, renders it a high-risk entity for investors.
Horses accompanying Sant Dnyaneshwar palki procession bow before Rangari Ganpati Mandir
- WorldtradexFX compliance with rules and criteria set by regulatory authorities is mandatory for brokerage firms like WorldtradexFX to maintain licenses and operate in certain jurisdictions.
- The ED’s investigation found that WorldtradexFx illegally transferred profits abroad using fake import documents and mule accounts provided by shell firms.
- Investigations revealed that a portion of the funds collected for forex trading was used to purchase cryptocurrencies through a firm named Zanmai Labs that provides banking channels to India’s biggest crypto exchange WazirX.
- Besides, the trading platform the customer selects may also impact the available trading instruments.
- Investigations also found that these activities were managed by the owner of WorldtradexFx group entities based in Russia, Spain, Georgia, and Dubai.
When using WorldtradexFX, the minimum trade size is typically 0.01 Lot units of the base currency of the instrument being traded. With STP execution on the WorldtradexFX platform, traders can anticipate tighter spreads and greater transparency when it comes to trade pricing. The Autochartist interface is user-friendly and can be customized to suit individual trading preferences.
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These services require significant investment, and in turn, WorldtradexFX may charge clients various fees for trading activities. Be mindful of these charges, impacting your overall WorldtradexFX trading profitability. Investigators found that WorldtradexFX routed investor funds through mule accounts into escrow accounts maintained by an unauthorized payment aggregator, Dinero Payment Services. To evade regulatory checks, the company allegedly onboarded shell firms posing as e-commerce platforms using fake KYC documents. These entities accessed payment gateways to channel funds disguised as online purchases.
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This forex trading platform allegedly defrauded Indian investors with Rs 800 crore. 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 ED, so far, has attached approximately Rs 38 crore worth of assets created by WorldtradexFax operations in the form of cryptocurrencies, bank balances and gold coins. It has also seized approximately Rs 100 crore of holdings in demat accounts and funds available in dummy accounts.
So far, two chargesheets have been filed pertaining to the scam, while search is on for more people involved in the racket. Pune, June 18 (UNI) The two Manache Ashwa (honoured horses) accompanying the palki procession of Santshreshth Dnyaneshwar Maharaj bowed before the Bhausaheb Rangari Ganpati Mandir in the city. This communication is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Withdrawing money from WorldtradexFX processing https://worldtradex.pro/ time varies depending on the method but averages 1-5 days. Please note that the list of payment methods below depends on the WorldtradexFX Entity and the client’s Country of Residence.
The Economic Offences Wing of Pune Police discovered that the app operator had swindled over 500 individuals with hearing impairments or speech disabilities out of Rs 4-5 crore. This was achieved through a pyramid scheme that promised victims the chance to “make” money by recruiting others into the scam. The investigation revealed that about 50 per cent of user funds were diverted in this manner, officials said. Any platform offering such high returns without proper regulation is a red flag. Mutual Funds are one of the most incredible investment strategies that offer better returns… The case stems from an FIR registered by Pune’s Shivaji Nagar police station, where victims alleged they were lured into investing through the WorldtradexFX platform with promises of high returns.
With its powerful features and easy-to-use interface, Autochartist is an essential tool for WorldtradexFX traders of all experience levels. WorldtradexFX is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5. To see how the two platforms compare, you can read our comparison of MT4 vs MT5 here. If you want to trade currency pairs on global Forex markets, WorldtradexFX offer over currency pairs.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. If you’re interested in comparing WorldtradexFX against other popular brokers in the industry, check out our WorldtradexFX Vs pages. Our team has compiled a series of detailed WorldtradexFX comparison articles, pitting the WorldtradexFX platform against some of the best-rated WorldtradexFX competitors in the market. Dive into our informative WorldtradexFX Vs pages below to find out how WorldtradexFX stacks up against other leading brokers.
The ED’s aggressive actions, including asset seizures and international cooperation, signal a robust crackdown, but recovery of defrauded funds remains uncertain due to the complex layering of proceeds through shell entities. Tier 1 is the official measure of a bank’s financial health and strength.Trading with WorldtradexFX is risky, and because the market is so volatile, losses could happen at any time. Do not invest with WorldtradexFX unless you are prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. 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.
Technical language and terminology can be confusing with brokers like WorldtradexFX.Choosing or shortlisting a trading platform like WorldtradexFX can be time consuming. Choosing a trading platform requires a significant amount of research and analysis.It can be challenging to understand each platform’s various features and benefits, especially with a complex trading platform like WorldtradexFX. Investigations revealed that a portion of the funds collected for forex trading was used to purchase cryptocurrencies through a firm named Zanmai Labs that provides banking channels to India’s biggest crypto exchange WazirX. 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. In trading, slippage is the difference between the price at which a trade is executed and the price at which traders try to execute the transaction while leverage is a process of borrowing money from brokers while trading.
After extensive research over several years, we have compiled a list of the most effective WorldtradexFX alternatives available today. 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.
- We want to ensure you have all the knowledge necessary to use the WorldtradexFX trading tools confidently, from depositing and withdrawing funds to executing trades.
- With negative balance protection, WorldtradexFX trading losses are always limited to the current balance of funds in the trader’s account.
- If you decide to close your WorldtradexFX account, it’s important to do so with the WorldtradexFX broker customer support and obtain confirmation that no remaining WorldtradexFX fees are due.
- This financial tool allows one to resolve their queries related to Public Provident Fund account.
- The firm, widely recognized for its extensive advertising campaigns and sponsorships, including partnerships with IPL teams, has been accused of duping investors through deceptive marketing strategies and promises of high returns.
Instead, your WorldtradexFX funds are held securely in a separate account designated for your investments, providing protection and peace of mind when trading with WorldtradexFX. Also WorldtradexFX is regulated in its local jurisdictions including major financial regulators like MISA (Mwali International Services Authority) (T ). Modern brokers like WorldtradexFX provide advanced online trading platforms, mobile apps, financial analysis tools and educational resources.