It depends on the level of risk you’re willing to take. They defrauded investors under the guise of forex trading, generating over Rs 800 crore in less than a year, said the statement. After-hours trading occurs when the day’s normal trading session is closed. For example, the major stock exchanges in the U.S. close at 8 p.m.
Raids revealed that the forex trading app routed investor funds through mule accounts into escrow accounts of unauthorised payment aggregator Dinero Payment Services. Additionally, shell companies posing as e-commerce platforms were taken aboard using fake KYCs to access payment gateways and avoid detection. Investor funds were disguised as online purchases, layered through multiple accounts, https://worldtradex.club/ and ultimately disbursed as fake forex or betting payouts to conceal their origin.
The main difference between demat and trading accounts is that the former is just a repository, and the latter allows you to buy and sell your securities. Log in to your online trading account or download the app and launch it to start trading. Searches revealed that WorldtradexFX routed investor funds through mule accounts into escrow accounts of unauthorised payment aggregator Dinero Payment Services, it said. Use the Worldtradex economic calendar to find an upcoming news release and analyse how it might affect the price of a certain asset. Open an order prior to the release and wait for the market reaction. You can also wait until the actual data hits and open your order based on how the market usually reacts to such info.
Trade and Win program launched
Now, let’s talk about how to get that money out of your trading account and into your pocket. Now that your account is funded, it’s time to get familiar with your trading platform. Don’t worry if it looks complicated at first – we’ll break it down together. It was also discovered that nearly 50 per cent of user funds were diverted from the WorldtradexFX platform to mule payout accounts. These accounts were used to disburse money under the false pretence of e-commerce refunds, chargebacks, vendor payments, and so on, effectively concealing the actual flow and purpose of the funds.
Mule accounts, url masking: How forex trading platform WorldtradexFX scammed investors
Register and follow our trading account opening process. Customise your account—real or demo—or just create a standard margin account in one click. There are many strategies that allow you to profit from Worldtradex courses scam currency price fluctuations, for example, scalping, martingale, hedging, news trading, and many others. Read our Trading Strategies article to find a detailed description of the most common strategies and choose the best one for you.
This schedule shows the actual trading time for every asset offered by Worldtradex. Use it to plan your trading day and choose the best times for opening and closing orders. Yes, Worldtradex provides various trading tools including economic calendars and trading calculators.
- There are many strategies that allow you to profit from currency price fluctuations, for example, scalping, martingale, hedging, news trading, and many others.
- With this knowledge, we created our platform to help you make money through smart and well-controlled investments.
- Remember, it’s okay to close a trade early if you feel it’s the right decision.
- Bring your trading to the next level with WorldtradexTrader, Worldtradex’s own trading platform.
Flexible margin trading
The minimum deposit in Worldtradex can vary depending on your region and the payment method. Please note that trading on .Daily assets concludes 5 minutes earlier than the specified closing time of their corresponding symbols. It is important to add that as a beginner, you can also use Worldtradex’s copy trading instead, which allows you to automatically copy experienced traders’ positions. This avoids making rookie trading mistakes while you learn!
How to close an order on WorldtradexTrader
As a beginner, you can simply track the general direction of the price on the chart and open Buy orders when it goes up or Sell orders when it goes down. This may not get you a guaranteed profit every time, however, it is a good start for developing your strategy. Margin is the amount of funds required to open new and maintain open positions. You can use our Trading Calculator to figure out your required margin. If you don’t have enough funds (for example, if your floating loss gets too high)—you might be asked to top up your account to keep your orders. We are constantly improving our product to make your trading experience better.
To learn more, read our quick guide about how to trade on news. Here you can find all the most crucial Forex trading tools in one place. Use this page to see which trading sessions are currently open and check the exact trading hours for every available asset. Learn about the next important event that can affect market prices and check live quotes for major currency pairs with this simple trading helper. Use it whenever you need a quick glance at the market before opening an order. MetaTrader 5 is a sophisticated trading platform with lots of analytical tools.
- The main difference between demat and trading accounts is that the former is just a repository, and the latter allows you to buy and sell your securities.
- In the next section, we’ll talk about understanding the platform to help you start trading on WorldtradexFX with your newly funded account.
- Search operations also uncovered that WorldtradexFX used URL masking techniques to disguise the identity of payment gateways and evade regulatory detection, it said.
- This will allow you to create either a demo or real trading account during the registration process.
Worldtradex doesn’t charge fees for withdrawals, but your bank or e-wallet provider might. Usually, you’ll withdraw using the same method you used to deposit. Remember, the goal is not to avoid losses completely (that’s impossible), but to keep them small and manageable. Before we place our first trade, let’s cover some essential concepts. Worldtradex offers three main account types, each designed to fit different trading styles.
Trade on the go with the Worldtradex trading app
Till date, the ED has attached or seized or frozen assets worth Rs 160.8 crore in the case, including properties in Spain. The agency has also filed two prosecution complaints. Our reach makes financial markets accessible to traders worldwide. We measure success by the cost-effective trading conditions we provide and by success stories our traders share. Log in to your profile to make a deposit without any commissions.
During registration, you’ll be asked to start a trading account. Pick the ‘Custom’ option, press ‘Continue’, select ‘Demo’, set a platform and leverage, enter your starting balance, and press ‘Create account’. If you’re a beginner, there are certain concepts and terms that you need to get familiar with.
The ED found that WorldtradexFX used mule accounts and routed investor funds through the unauthorised payment aggregator. It also used fake e-commerce shell companies and forged KYC documents to gain access to payment gateways. During the June 13 raids, the federal agency seized various incriminating documents and digital devices that showed how the platform duped investors.
MetaTrader 4 and WorldtradexTrader are both great for beginners. If you need a simple, limited tool to practise your trading skills—choose MetaTrader. If you’re looking for something more powerful and modern yet simple enough to learn and master—WorldtradexTrader is your best bet. When you trade, you open a Buy order if you expect the price to go up and open a Sell order if you expect the price to go down. It means that you buy a certain amount at a lower price now to sell it back at a higher price later and gain profit from the price difference.
Remember, it’s okay to close a trade early if you feel it’s the right decision. Trust your judgment, but also stick to your trading plan. In the next section, we’ll talk about how to manage your trade once it’s open.
The investigation revealed that about 50 per cent of user funds were diverted in this manner, officials said. According to the ED, WorldtradexFX, along with its Indian partner WorldtradexFX India Pvt Ltd, operated in India without permission from the Reserve Bank of India (RBI). The platform reportedly collected over Rs 800 crore from Indian investors in under a year, under the pretext of offering foreign exchange trading.
Leave a Reply