WM Forex Review
WM Forex offers its clients two account types. Both of them provide leverage up to 1:1000 and the opportunity to trade micro lots on the MetaTrader 4 platform with no minimum initial deposit requirement. The main difference between the two accounts is the spread (and execution) type – fixed/floating.
Besides, the broker offers Cent accounts, as well as Islamic (swap-free) services. Islamic accounts involve a commission fee of $5.
The offerings of WM Forex seem reasonable: you can start trading with a couple of bucks, and the spreads (both fixed and variable ones) offered are average for the market. However, the leverage levels offered are dangerously high. Nonetheless, what bothers us most with this broker is the fact that it is registered offshore.
The Company. Security of Funds
WM Group Ltd.
WM Forex is a Russian broker (as it website is available in Russian only) offering more than 30 currency pairs and precious metals for trade on the good old MT4. This may be a bit of a downside for traders who are into indices and shares CFDS.
The company behind the brand, WM Group Ltd., is registered in Saint Vincent and the Grenadines – a popular offshore forex destination famous for its liberal financial and tax regime.
Trading with an offshore broker is a risky business and therefore we advise traders to invest their money elsewhere. For example, you may select among brokerages licensed in UK, Cyprus, or Australia for instance, where traders have certain level of security.
WM Forex offers its clients the MetaTrader 4 (MT4), desktop, and mobile versions available.
MT4 holds the title of most popular forex trading platform for more than 10 years now. It is easy to use and offers wide range of technical analysis indicators, extensive back-testing options, advanced charting package, and wide range of Expert Advisors (EA), allowing clients to automate their trades.
Currently, WM Forex runs $30 non-deposit welcome bonus.
Methods of Payment
Payment methods with WM Forex are the following: credit/debit cards, bank wire transfer, and e-wallets Yandex, MonetaRu, Qiwi, and Factura.Ru.
WM Forex Review Conclusion
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