WorldtradexFX Scam: ED Uncovers Use Of Mule Accounts, URL Masking To Evade Financial Trail

The investigation revealed that about 50 per cent of user funds were diverted in this manner, officials said. The ED has also estimated that celebrities roped in by the owners of WorldtradexFx have corroborated the transfer of funds through Estonia and British Virgin Islands (BVI) based entities for promotional purposes. These were created to explain the inflow and outflow of funds in case banks grow suspicious of the nature of the transaction,” said an ED official. This payment aggregator made the movement of funds “more organised” and created an “extra layer” in the movement to throw off law enforcement agencies during scrutiny.

Also some financial instruments mentioned in any WorldtradexFX educational resources may not be available in your region. To open a trading account with WorldtradexFX, individuals can sign up on the WorldtradexFX website. Upon completing the signup process, users will receive login details via email, which they can use to access their accounts. MT5 on WorldtradexFX provides the convenience of using automated trading systems and copy trading, giving WorldtradexFX traders competitive research tools in the financial markets. Trading Centrals Alpha Generation Indicators can help WorldtradexFX traders better understand market trends and patterns, enabling them to make more informed trading decisions. These indicators can provide valuable insights into market movements, allowing WorldtradexFX traders to potentially stay one step ahead.

Trading apps

• The web version of MT4 provides the same user-friendly interface and customizable trading environment as the desktop version.
• Overall, MT4 web is a convenient and efficient way for traders to access the platform and manage their trades.
• According to the ED, the forex trading platform manipulated trade activities, inducing huge losses for Indian investors.
• It is common to experience rapid losses when trading financial investments like Forex due to market volatility.
• So take the time to research WorldtradexFX thoroughly and make the most of your online investing experience.

When we called, the team answered our call promptly, in less than a minute. WorldtradexFX has a triple AAA grade support and customer service rating because they offer various range of languages, live chat, and email support. While it may be a new skill set for some, it is what the market requires for success. Like other brokers, WorldtradexFX margin requirements can differ depending on the traded instrument. WorldtradexFX are able to accommodate various levels of traders whether you are experienced or a beginner.

Overall, strict financial regulation is essential for ensuring that trading platforms like WorldtradexFX operate fairly, transparently, and responsibly, which ultimately benefits all WorldtradexFX stakeholders involved. WorldtradexFX offer educational resources which include Webinars, Trading education, articles, video course, Platform tutorials, videos tutorials, articles, Trading strategies, Glossary. Please bear in mind that these resources provided by WorldtradexFX do not guarantee any results when trading. When we checked on the WorldtradexFX website, these educational resources were not available in every language.

So, if you have a $10,000 position, you only need to tie up $1,000 or https://worldtradex.online/ a tenth of the value in your account. With high-risk leverage, a small sum controls a much bigger financial position. WorldtradexFX offers various funding payment methods listed in your WorldtradexFX dashboard if available in your region. To learn more about the WorldtradexFX funding and withdrawal options available in your area, you can explore the WorldtradexFX website.

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Funds were funnelled abroad under the pretence of fake imports and freight services. Additionally, WorldtradexFx used Estonian entities linked to its alleged mastermind, Pavel Prozorov, to pay for influencer marketing and sponsorships, including promotions for an IPL team. 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).

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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 ). MetaTrader 4, commonly known as MT4, has been a well-known and widely used trading platform in the financial markets since its inception in 2005. MT4 on WorldtradexFX offers traders comprehensive features and tools to enhance their trading performance. The WorldtradexFX MT4 user-friendly interface and highly customizable trading environment allow traders to tailor the WorldtradexFX platform to their needs.

Further, Prozorov’s assets in Spain, worth ₹42 crore, have been marked for seizure under the Mutual Legal Assistance Treaty. This financial tool allows one to resolve their queries related to Public Provident Fund account. So far, two chargesheets have been filed pertaining to the scam, while search is on for more people involved in the racket.

Is WorldtradexFX a good broker?

The agency has found so far that WorldtradexFx also took the help of technical experts to establish a payment aggregator to protect itself from regulations that an entity receiving payments otherwise has to comply with. 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.

These entities accessed payment gateways to channel funds disguised as online purchases. Nearly 50% of user funds were diverted to mule Worldtradex company reviews payout accounts and masked as e-commerce refunds, vendor payments or chargebacks. This layering process was designed to obscure the actual movement and purpose of the funds, the central agency said on Tuesday. 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.

• 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.
• The operation, which revolved around unauthorized forex trading, reportedly collected over ₹800 crore.
• Our team has endeavored to break down the complex world of trading with WorldtradexFX into easily digestible information in this WorldtradexFX review.
• It’s crucial to do your due diligence and research the reputation, track record and trust worthyness of WorldtradexFX.
• On top of that, the broker offers a free status program that provides traders with benefits, such as trading signals, accelerated transfers, lower spreads, and more.

However, brokers that violate regulatory rules can face the consequences such as losing their regulatory status in specific regions, highlighting the importance of working with a trusted, regulated broker for your trading needs like WorldtradexFX. It’s important to note that WorldtradexFX requires users to provide essential documentation to verify their identity during onboarding and routine KYC identity checks. These checks are a standard practice that helps WorldtradexFX maintain a trustworthy financial environment for its 7,500,000 users.

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. By partnering with a trustworthy broker like WorldtradexFX, you can enjoy peace of mind and focus on your trading activities.If WorldtradexFX violate any regulatory rules their regulated status could be stripped.

Furthermore, some off-exchange financial instruments and derivatives may offer varying leverage levels and may not be subject to the same regulatory protections as exchange-traded instruments. As a result, they may be subject to higher levels of market volatility and carry a higher degree of risk. Trading financial instruments such as foreign currency markets and other financial instruments involves high risk and is unsuitable for everyone. When trading on leverage, the potential for loss is significantly higher than when dealing with just your funds. Risky trading leverage allows you to control larger positions with less capital, increasing both the potential for profit and loss.

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. The search operation revealed that WorldtradexFX employed URL masking techniques to hide the identity of payment gateways and avoid regulatory scrutiny. This means that instead of using clearly identifiable payment links, the platform redirected users through generic or misleading URLs, making it difficult for banks and enforcement agencies to trace transactions to unauthorized or illicit sources. WorldtradexFX offers beneficial trading conditions, such as low spreads, an account option with no swaps, and no deposit/withdrawal commissions.

Trading CFD trades on the WorldtradexFX platform can provide more flexibility than traditional market trades, allowing access to CFD fractional shares, international markets, and short selling. They are commonly used for short to medium-term trades, such as intraday CFD trading, but are high-risk due to their separation from the financial markets. The effect of leverage on profits and losses magnifies them in both directions. In other words, WorldtradexFX leverage profits and losses are magnified when trading. For instance, using CFDs, you use the WorldtradexFX trading platform to buy/sell $10,000 worth of Apple Computer Inc. If the stock rises by 10% due to positive results, your position is now worth $11,000, representing a $1,000 or 10% increase in value.

The web version of MT4 provides the same user-friendly interface and customizable trading environment as the desktop version. With MT4 web, traders can access advanced charting tools, online trading indicators, and a Dealing Desk-free trading environment. It’s essential to note that the trading instruments offered under the WorldtradexFX brand may vary depending on the customer account holder and country of residence due to regulatory restrictions. Besides, the trading platform the customer selects may also impact the available trading instruments. Therefore, before trading, verify the WorldtradexFX trading instruments available and the regulations governing them based on your account holder, location, and chosen platform.