Global Forex Broker Regulatory Inquiry APP

Score

7.27 /10
Good

WorldFirst

Australia

10-15 years

Regulated in Australia

Market Making(MM)

Global Business

Suspicious Overrun

High potential risk

A

Add brokers

Comparison

Quantity 4

Exposure

Open Account
Website

Score

License Index 8.36
Business Index 8.60
Risk Management Index 0.00
Software Index 7.63
Regulatory Index 8.33
Open Account
Website

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

open now

Contact number

English

+61 2 8298 4990

English

+61 2 8298 4997

Broker Information

More

Company Name

World First Pty Ltd

Company Abbreviation

WorldFirst

Platform registered country and region

Australia

Company website

Twitter

Facebook

YouTube

Linkedin

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

WikiFX Risk Alerts 3
Previous Detection : 2023-05-31
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!
  • This broker exceeds the business scope regulated by United Kingdom FCA(license number: 900508)Payment services Non-Forex License. Please be aware of the risk!

WikiFX Verification

Pyramid scheme complaint
Expose
WorldFirst · Company summary
Registered Country/Region Australia
Regulation ASIC, FCA
Founding Time 2014
Minimum Deposit N/A
Trading Platform Non-MT4/MT5 trading platform
Demo Account No
Products & Services Money Transfer, Payment
Payment Methods Debit Cards, Online/Telephone Banking, BACS, Direct Debit, CHAPS
Customer Support Phone, Email

General Information & Regulation

WorldFirst was officially founded in London in 2004, with offices in Sydney, Australia in 2008, Singapore in 2013, and Hong Kong in 2014, making it one of the early payment service providers serving Chinese cross-border e-commerce merchants. In 2018, WorldFirst launched a new World Account and launched the Chinese brand name “Wang Li Hui WorldFirst”. In 2019, WorldFirst joined Ant Group as a wholly-owned subsidiary. WorldFirst currently holds a full license from ASIC (License No. 331945) in Australia and a payment license from the FCA (License No. 900508) in the UK.

Products and Services

Products and services provided by WorldFirst WanliHub are mainly in two major areas, namely cross-border e-commerce and foreign trade B2B.

Account Types

There are two distinct types of accounts are on offer: The WorldFirst International Payments Account and the WorldFirst International Collections Account. The first account is designed for business importing and paying overseas suppliers, and the second account is for business selling via online marketplaces and websites. Here some some features and offerings provided by each type of account.

The WorldFirst International Payments Account

  • Banking-beating exchange rates on international payments

  • International payments in 68 currencies

  • Send mass payments from a single transaction

  • Lock in an exchange rate for up to two years with a forward contract

  • Make transfers online 24/7 or through your account manager

The WorldFirst International Collections Account

  • Open locally-based currency accounts in USD, GBP, EUR, CNH, JPY, SGD, CAD, NZD, HKD & AUD

  • Collect overseas funds from marketplaces & payment gateways like Amazon and Stripe

  • Hold funds to pay suppliers and repatriare sales with ease at a great exchange rate

  • Use the funds you've collected to book prefunded spot contracts

  • Make transfers online 24/7 or through your dedicated acccount manager

account-type

Platform & Currency

WorldFirst supports more than 40 popular e-commerce platforms (Worten, Wayfair, Walmart, Shopline, AliExpress, etc.) and 30 payment gateways worldwide and supports 10 major global currencies: GBP, USD, CAD, JPY, EUR, NZD, SGD, AUD, HKD, and CNH.

Fees & Exchange Rates

Exchange rate

Despite adding a margin on their exchange rates, WorldFirst rates are still generally more competitive compared to banks. WorldFirst also has an exchange rate calculator on their webiste, but this does not accurately show the rates they offer for your personal transaction. They quote the interbank rate, which is not the rate you can make a transfer at.

Exchange rates are realtime and priced about 2% above the mid-market rate. The pricing comprises pay anything between $10 and $30 depending on the amount being transferred. Private clients transacting $100,000 and above do not pay any transfer fees.

Transfer Fees

WorldFirst does not charge any fees for personal wire transfers and payments. However, businesses pay anything between $10 and $30 depending on the amount being transferred. Private clients transacting $100,000 and above do not pay any transfer fees.

Other Fees

You may incur sending and receiving fees on either end of the transaction depending on the banks you use. To minimise these costs, transact using local banks within the worldFirst Network in the sending and receiving countries.

Payment Methods

When sending money using WorldFirst, you payment options are limited to bank transfers. In Fact, if you don't have a bank accont, it becomes almost impossible to transfer money through WorldFirst. The following are the payment methods you can use:

  • Debit Cards

  • Oonline/Telephone Banking

  • BACS

  • Direct Debit

  • CHAPS

Customer Support

Potential clients or existing WorldFirst clients who have any inquiries or payment-related issues, they can directly get in touch with this company through telephone in different regions.

Lines are open 8 a.m. until 6.p.m Monday to Thurday and 8 a.m. until 5.30 p.m. Friday AEST/AEDT time. Local call rates and chiliarges apply.

Or you can also follow this broker on some social media platforms, such as Twitter, Facebook.

customer-support

Pros & Cons

Pros Cons
ASIC-regulated A minimum transfer amount of $2,000 is required, much higher than most money transfer companies
Cpmpetitive rates Limited currencies to transfer
A number of products offered, including forward contracts Limited customer support options
No other fees charged Limited Transfer Payout Options
Transfer cost easy to calculate Not Available in the US
Simple set-up and registration process

Frequently Asked Questions

Does WorldFirst charge fees for payments or wire transfers?

WorldFirst's payouyment fees are determined by factors including the location where you and your payee are based and the currency you want to convert to.

How much can I transact with WorldFirst?

Corporate clients and online sellers have no minimum transfer amounts. WorldFirsthas no minimum transfer amounts, but the transfer amounts between $2,000 and $9,999 will incur an AUD $10 fee and the transfer amount less than $2,000 will incur an AUD $20 fee.

How much does the account cost?

It's free to open an account and WorldFirst does not charge any fees for receiving money or any ongoing subscription costs.

How long does a transfer take?

This depends a few things, including the currency you're sending or buying, the bank used and the size of the transaction.

Can I make a same-day payment

Yes. You can book a same-day transfer for a large number of currencies and earlier you book your trade, the better. To make a same-day outgoing payment in EUR/USD or GBP, you will need to have your cleared funds with this company by the 15:00 Sydney time. For payments to Australia and New Zealand cleared funds must be received by 13:00 Sydney time.

User Reviews

Sort by content

  • Sort by content
  • Sort by time

User comment

6

Comments

Write a review

Alfred
more than one year
Honestly, WorldFirst could be given 5 stars, but my funds have not arrived until now, since it has been five days. I am writing this review while waiting…
2023-03-01 10:49
Reply
0
0
DUVERSOTOROJAS
more than one year
Please don't trust this so-called ASIC regulated company, it has already deceived several people, and I believe that the actual victims will only be more. Just be careful and don't fall into the trap!
2023-02-16 14:26
Reply
0
0
红阳
more than one year
To be honest, when I choose a foreign exchange broker, I will choose those that have been established for at least five years, but I did not expect such a company to be a scam... Wanlihui has received several complaints on wikifx!
2022-12-14 10:37
Reply
0
0
FX1036206024
more than one year
A friend of mine recommended this company to me and I think it really deserves it. I can trade the financial instruments I like! But I saw wrong information on the wikifx website, got a bit scared and was thinking of withdrawing all my money.
2022-11-23 10:22
Reply
0
0
FX1018923523
more than one year
STAY AWAY!! Once you invest in this platform, it's hard to make money. Transfer fee is so high that you have to pay a lot. And the payment methods are also very poor, you can’t withdrawal your fund through some popular methods like Skrill and Neteller, instead, bank transfer is your only choice.
2022-11-16 14:00
Reply
0
0
原小天
more than one year
I've used Worldfirst for many years. Now, they have changed their interface and suddenly want to verify everything. They did not make this clear before transaction. Awful update to interface and really confusing.
2022-11-15 17:54
Reply
0
0
4
Select Country/District
United States
※ The content of this website abides with local laws and regulations.
You are visiting the WikiFX website. WikiFX Internet and its mobile products are an enterprise information searching tool for global users. When using WikiFX products, users should consciously abide by the relevant laws and regulations of the country and region where they are located.
consumer hotline:006531290538
Official Email:support@wikifx.com;
Mobile Phone Number:234 706 777 7762;61 449895363
Telegram:+60 103342306
Whatsapp:+852-6613 1970;+44-7517747077
License or other information error corrections, please send the information to:qawikifx@gmail.com
Cooperation:fxeyevip@gmail.com