We would like to thank our whistleblowers for their continued support and dedication. It is them that actually bring life to our investor protection mission. Recently, one of our whistleblowers got in contact with the WorldMarkets (aka World Markets) scheme and asked a number of questions. One of the questions was who the responsible people behind WorldMarkets would be. The answer was that a certain Tim Armstrong would be responsible for the business as Vice President. In fact, a link to a corresponding LinkedIn profile was also submitted.
There is indeed a Tim Armstrong on LinkedIn and he actually states that he is VP at WorldMarkets. In the header picture in his LinkedIn profile is shown bag with the WorldMarkets logo on it. Hence, one has to conclude that it is probably the WorldMarkets scheme he is working for.
In fact, Tim Armstrong‘s responsibility was confirmed to us directly by a WorldMarkets employee in January 2020 (see below).
We have contacted Tim Armstrong via LinkedIn and are now waiting for his response. To be honest, we are not sure whether he is a real person or just another avatar.
But is it really a scam?
Why would one exclude a domain from the Internet Archive? For good reasons, we guess. The BlueTrading scam did it and WorldMarkets does it. But there are also some other significant reasons why we see WorldMarkets as scam:
- no legal entity is provided on the website or in their Terms & Conditions;
- third-party bank accounts are used for bank wires, no WorldMarkets bank accounts are provided;
- clients are asked not to make any reference to WordMarkets or Trading or Investing when depositing money via bank wires;
- therefore, in the event of WorldMarkets’ insolvency and/or a lawsuit and/or the disappearance, the funds may not be discoverable;
- they claim to have partnerships which are denied after checking with the respective partners (e.g. World Vision, UK BullionByPost)
In January 2020 we had direct contact with a certain Emily Reid from WorldMarkets. She claims that WorldMarkets would be operated by a WM Brands Ltd, a licensed broker in Seychelles. In addition, they would operate a licensed company in Estonia. However, upon repeated requests, we were not given any names and no further information about WM Brands Ltd. On the other hand, Tim Armstrong was confirmed to us as the responsible manager.
Mr. Tim Armstrong oversees our trading desk, our parent company is WM BRANDS LTD, a licensed derivatives trading company in Seychelles, along with our Estonian brand which is also Licensed.We’re working on Luxembourg and Australia next as there are very few countries that actually issue Crypto licenses.Emily Reid, World Markets
In summary, it can be stated beyond any doubt that WorldMarkets does not meet any of the basic regulatory requirements for serious broker business. That said, our FinTelegram News Research Team qualifies WorldMarkets is a sort of a role model for a broker scam.
It must be said, however, that some Forex review sites see WorldMarkets or World Markets as a reputable provider, such as Atoz Markets (read their review here). We respect the opinion of Atoz, but do not share their assessment. A broker who collects money through strange third party partners is not serious for this reason alone.