FAQs
1. What's the difference between a Practice Account and a Live Account?
Our practice account is a virtually identical system that is downloadable from the web via our website link. Practice accounts come loaded with all features and currency pairs of the Live Account. You can run reports, add orders and trade as you would on the Live Account, but instead of trading with real capital, you are trading with WM dollars.
2. Do you charge commission? What are your fees?
Thereis no commission or hidden fees; we make money from the bid/offer spread you see in each currency pair. We may charge a minimal fee for bank withdrawals however, purely to reflect payment costs incurred to process your transaction. We do not charge for the download and use of our cutting-edge platform WM Trader and, unlike many competitors, we do not run positions in the market that may be against your interest. Every single trade you do is automatically covered in the market.
3. Will my funds on deposit be safe?
We treat all funds sent to us as client money. These funds are kept in our client money account with Barclays Bank. Our client money accounts are independent of our business accounts.
World Markets, a trading name of World First Markets Ltd is a UK registered company - our company number is 06382377. You can look this up on the Companies House website. World First Markets Limited is authorised and regulated by the Financial Services Authority ("FSA"). Our Firm Reference Number is 477561. You can look this up on the FSA register website.
4. How much money do I need to open an account?
The minimum amount to open a Live Account is £500 or USD or EUR equivalent. The minimum position one can have in the market is 10,000 units of base currency. The maximum leverage we allow is 50:1 in line with our ethical mandate for long term returns and good trading.
5. How do I open a Live Account?
Opening a Live Account with World Markets is fast and easy. First, take a few minutes to fill out our online application here. We will need a passport or UK driving licence number for our automated compliance checks. Once your application has been approved, we will send you a confirmation with your account details and our client money account details for funding. Then, simply login and trade!
6. How do I change from a Practice Account to a Live Account?
You will need to complete the Online Application you started when you opened your Practice Account; if you haven't erased your cookies, our form will pre-populate the information you provided us with orginally. When you've done that you'll be sent new account details and password - use these when you log into WM Trader as a "Live Client".
7. How do I know if my account has been opened?
Once your account has been opened, you will receive an email from our server: systems@world-markets.com with instructions for logging in, as well as instructions on how to fund your account.
8. I am a non-UK resident. Can I open an account with World Markets?
Possibly. Please give us a call on +44 20 7326 9135 or email us on info@world-markets.com
9. How do I fund and withdraw money from my account?
You can fund your account by wire transfer through your internet banking , CHAPS, or BACS in any of the following currencies: GBP, EUR or USD. You can find our account details in your Account Opening confirmation email or below:
- Our GBP Client Funds account details are:
Account name: WM GBP CLIENT ACC
Sort code: 202646
Account number: 63994570
IBAN: GB29 BARC 2026 4663 9945 70
SWIFT/BIC: BARCGB22
- Our EUR Client Funds account details are:
Account name: WM EUR CLIENT ACC
Sort code: 202646
Account number: 53733599
IBAN: GB84 BARC 2026 4653 7335 99
SWIFT/BIC: BARCGB22
- Our USD Client Funds account details are:
Account name: WM USD CLIENT ACC
Sort code: 202646
Account number: 75915400
IBAN: GB12 BARC 2026 4675 9154 00
SWIFT/BIC: BARCGB22
- Unfortunately we cannot accept cash or cheques.
Withdrawing funds
You can automatically request a withdrawal through the WM Trader platform. Under the Tools Menu, go to Withdrawal and follow the instructions. We will process the request immediately, but the funds may take up to 2 days to reach your account.
10. Can I withdraw funds to pay another account or third party?
Unfortunately not. Withdrawal requests can only be paid back into the beneficiary account where the funds came from.
11. Does my deposit get any interest?
Deposits under £20,000 or equivalent currency receive no interest. Deposits over that level, receive a fair market rate. Please call us on +44 20 7326 9133 for more details on rates.
12. What happens to my open positions at the end of the trading day?
Every time you open a position on WM Trader, you actually initiate a spot contract, i.e. you are physically buying one currency with another at the indicated rate for delivery value T+2 (T means the Trade Date). As a margin trader, you would not want to take delivery of the purchased currency at the appointed spot date, nor will you want to pay the sold currency for that matter. You are merely expecting to profit from the difference of the purchased currency’s value at the time of the closeout. Every day that you run a position and it remains open post the New York closing time of 10pm GMT, that position is “rolled over” into the next available spot date value. You do not need to do anything as this process is fully-automated.
13. What are your trading hours?
The FX market’s trading hours are between 10pm GMT on a Sunday evening when the far eastern markets open for Monday, until 10pm GMT on Friday evening when the NY market closes for the weekend. The platform operates throughout those times and you can trade as and when you please provided you have adequate Available Margin in your account. Our office opening hours, including telephone dealing and other account enquiries are from 8.30am to 5.30pm (UK time) Monday to Friday.
14. Can I place orders over the phone?
Yes, in case of emergency or if you are without internet access, you can phone us on +44 20 7326 9133 and place an order or adjust your position via our back office. We will need to have your account login name and we may ask you a couple of questions about your account in order confirm your identity.
15. Can I place a trade via email?
No, this is not possible due to security and timeliness issues.
16. Can I call in to chat about the market?
You are welcome to subscribe for free to our WM Trader Club and our blog which contains daily market viewpoints and a discussion board for users. We would refrain from “chatting” about the market over the phone as that could be constituted as investment advice, which we are not in the business of giving.
17. Can World Markets advise me when to buy or sell a currency?
As above. We will not make recommendations, offer opinions or provide any sort of investment or trading advice on individual trading accounts. We are not allowed to. We do however offer a raft of information on topics such as technical and fundamental analysis, relevant market news and a very useful blog which connects users as part of our WM Trader Club. Please see our website for more information.
18. Do I need a broadband Internet connection to trade?
Not necessarily, but the faster the connection the better and more responsive the interface with WM Trader will be. Please see our platform guide here.
19. Can I trade from my Android/iPhone?
Not at the moment, but in the next few months we will be offering trading capability via a smartphone application.
20.Can I use WM Trader on my Apple computer?
Yes, but you would need a virtual PC app like VMware Fusion or Parallels.
21.What are the minimum system requirements for running WM Trader?
Please see our platform guide here.