Wormdex has been flagged by Financial Markets Authority for "Unregistered/Unlicensed entity offering financial products or services|Fraud ...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
After for nearly two years with Wormdex, I can only describe the experience as death by a thousand cuts. No single issue was catastrophic, but the constant stream of small problems, slow responses, and missing features wore me down until I finally left.
Pros: Regular platform improvements|Good analytical tools|Multi-device support|Risk management tools
Cons: Some tools only available on higher tiers|Mobile app could be improved
Wormdex offers copy trading. I copied a top trader. The copy trades often executed at worse prices than the original. When I asked why they said it was due to latency and liquidity. So the feature is broken or they are skimming. Either way I stopped using it.
Pros: Smooth onboarding|Automated trading options
Cons: Nothing significant
Wormdex seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Risk management tools|Clean UI|No hidden fees|Professional team
Cons: Limited social trading features
The reporting at Wormdex is laughably bad. Tax documents are inaccurate, transaction histories have gaps, and trying to export data for your accountant is a nightmare. For a financial platform, getting the numbers right should be the bare minimum.
Pros: Copy trading available|Fast deposits|Competitive fees|Multiple order types
Cons: Alert system is basic|Email notifications too frequent
Several red flags with Wormdex: (1) They promise unrealistically high returns, (2) They're not registered with Financial Markets Authority, (3) Their contact information is vague, (4) They pressure you to deposit quickly. I recommend everyone do thorough due diligence before investing with any company.
Cons: Unauthorized firm|Found in IOSCO warnings database
I have been trying to close my account with Wormdex for weeks now and they keep giving me the runaround. First it was a form to fill out, then identity verification again, then a mandatory phone call that never gets scheduled. They make leaving impossible.
Pros: Regular platform improvements|Stable platform|Clear documentation|Great customer service
Cons: Minor UI glitches occasionally
I had a dispute with Wormdex and went to their complaints process. They have an internal team that just defends the company. Then they said I could go to an ombudsman - but the ombudsman they use is industry-funded and rarely rules for the client. The system is rigged.
Pros: Professional team|Low minimum deposit
Cons: Email notifications too frequent
Wormdex had an outage that lasted several hours during a major market event. Not only did they fail to prevent it, but they also failed to communicate what was happening. We were left in the dark while our investments were at risk.
Pros: Multi-device support|Intuitive for beginners
Cons: Slow to add new assets
I closed a profitable position at Wormdex and the profit was not credited for 5 days. Support said it was a settlement delay. When it finally arrived it was less than the amount shown on the platform. They could not explain the difference. I have moved my account.
Pros: Personal attention|Quick verification|Great customer service
Cons: No dark mode on mobile|Research section could be deeper
Wormdex has no proper customer support. The live chat is a bot. The phone number goes to a call center that cannot access your account. Email takes two weeks. When I had a real problem they were nowhere to be found.
Pros: Competitive fees|Regular platform improvements
Cons: Email notifications too frequent|Research section could be deeper