White Forex
Basic Information
Pros and Cons
Pros
- High leverage up to 1:2000
- Offers a variety of trading instruments
- Spreads starting from 0.2 pips
- Accessible MT5 trading platform
- Low minimum deposit requirement
Cons
- No regulatory oversight
- Numerous withdrawal complaints
- Poor customer service reputation
- High-risk trading environment
- Limited capital protection measures
Is White Forex Safe and Legit?
White Forex, registered in Saint Lucia in 2013, has approximately 1-2 years of operational experience. The broker offers various trading instruments, including forex, metals, cryptocurrencies, and energies, with leverage up to 1:2000 and spreads starting from 0.2 pips on the MT5 platform.
Currently, White Forex operates without any regulatory oversight, which raises significant concerns regarding its safety and legality in the financial market. The lack of regulation suggests high risk for potential investors, and caution is advised.
Market feedback indicates that White Forex has a poor reputation, with numerous complaints regarding withdrawal issues and customer service quality. Users commonly report difficulties in accessing their funds and lack of responsive support, leading to an overall negative perception among traders, as evidenced by the prevalence of complaints on various platforms.
Is White Forex a Regulated Broker?
What Are the Regulatory Licenses Held by White Forex?
No Regulated Licenses. White Forex, registered in Saint Lucia, has been operating since 2013 without any regulatory oversight. The absence of mainstream or offshore licenses raises significant concerns regarding the broker’s safety and legality in the financial market. As such, potential investors are advised to exercise caution due to the high risks associated with investing in an unregulated environment.
Client Fund Segregation: Your Ultimate Safeguard
Capital Protection Measures
White Forex does not provide specific information regarding the segregation of client funds in independently regulated bank accounts. Due to the absence of regulatory oversight, there are no investor compensation funds or insurance schemes available to protect traders’ capital, which raises concerns about the safety of client funds.
White Forex Leverage
The maximum leverage offered by White Forex is up to 1:2000 across various accounts. This leverage is significantly higher than typical legal limits in more regulated jurisdictions, emphasizing the high-risk nature of trading with an unregulated broker. Client classification is not clearly defined under a regulatory framework.
White Forex Withdrawal Review
How to Contact White Forex?
Many users have reported significant withdrawal issues with White Forex, citing difficulties in accessing their funds. Common complaints focus on unresponsiveness from customer support and claims that withdrawals are blocked due to various reasons, including deemed high-frequency trading. Credible sources of these complaints include online trading forums and review platforms, where negative experiences are frequently shared. The broker has not provided timely or satisfactory responses to these issues, leading to a negative reputation. There appears to be a pattern of similar complaints, contributing to the perception of White Forex as a high-risk, unregulated broker.
Frequently Asked Questions
A1: White Forex is registered in Saint Lucia but operates without any regulatory oversight, which raises serious concerns about its legitimacy and safety for traders. The lack of regulation suggests a high-risk environment for potential investors, and caution is strongly advised.
A2: White Forex has no regulated licenses and has been operating since 2013 without any regulatory oversight. This absence of regulation may pose significant risks to traders regarding the safety of their investments.
A3: White Forex does not provide specific information about the segregation of client funds in independently regulated bank accounts, and there are no investor compensation funds or insurance schemes available. This raises concerns regarding the protection of client capital.
A4: Yes, many users have reported significant withdrawal issues with White Forex, citing difficulties in accessing their funds. Complaints often involve unresponsive customer support and claims that withdrawals are blocked for various reasons, contributing to a negative reputation.
A5: You can contact White Forex for support via their customer service email at support@whiteforex.com or by phone at +44 7366 382168. However, feedback indicates that customer service may be unresponsive.
Related Forex Brokers
Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.