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WigMarkets Review: Scam Forex Broker?

WigMarkets Review: Scam Forex Broker?

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WigMarkets is a Forex broker who is based in the UK and offering up to 5 different account types for Forex and CFDs trading. They are providing these tradeable assets in the popular MT4 platform. Apart from their account type and trading conditions, we have serious concerns about this broker and the details will be highlighted below in this WigMarkets review.

Despite the bad signs that we see on this broker’s website, there are still a few supposed benefits that this broker is promising traders.

Whether these benefits will be helpful to you or not is the main question because the reputation of this broker is already questionable. In case you arrived on this page looking for a legit broker, these Forex and CFDs brokers will provide you with the best trading experience in a regulated environment. As for WigMarkets broker, they recently warned by the FCA because the financial regulator discovered that they were operating in the UK without a license while offering regulated products, Forex and Crypto currencies for trading.

WigMarkets Review

WigMarkets is seemingly offering fair trading conditions. First of all, the spreads which they are announcing on their website look good are within industry standards. In addition to this, the leverage which they are providing (maximum at 1:400) is a good leverage for the most aggressive of traders out there.

wigmarkets

The downside of using high leverage is that it can be risky and if you are not experienced in trading, you could lose your investments in a matter of seconds. With regards to the cost of trading, we believe that this is not as important as the security of your deposit. This reminds us of the fact that WigMarkets is not a regulated broker and their trust rating is very poor. For your funds to be safe, you must place them with a broker who is regulated and is offering favorable spreads. Like we said before, these brokers are the top tier in the industry as they continue to offer favorable spreads and trading conditions in all their accounts.

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Note: If your language is not English, you should use the language dropdown menu at the top of their page to select your language.

And the recent warning from the FCA has really delt them a blow because it shows how risky trading with this broker can be. It has ruined their reputation further and until they square it with the regulator, chances are that people will not trust this broker at all. We want to watch this space for the next few months to see whether they will negotiate with the FCA or attain the necessary license for their operation because if they don’t, we will be fully convinced that this is not a serious brokerage and that they are probably here for a short season so as to snatch investor’s funds and disappear.

Meta Trader 5 supported, various CFDs offered as well

This broker offers the popular MT5 platform as well, which is the predecessor of the much loved MT4 platform. These platforms share the same features but for some reason, some traders prefer MT5 as opposed to MT4 and this is about preference, not because MT5 is any superior than the MT4.

Both platforms accommodate charting, analytics and even expert advisor/indicators integration. They are versatile. In addition to this, traders using MT5 platform can deal in derivatives and even exchange trades stocks from the same MT5 account.

Still on the MT5 platform, WigMarkets seems to be offering a wide  range of CFDs which include indices, commodities, stocks, precious metals and Crypto currencies.

Now, the disadvantages

Even COSNOB has recently issued a warning against this broker. The website of this broker publishes corporate information which is deceptive and misleading. This is a serious red flag because it shows that this broker is following the pattern of scam brokers out there. Anytime you come across a website of a broker who gives misleading information, you should avoid that broker because they are potentially scammers.

On one hand, they claim that they are based in the UK, a claim which could be true because even the financial regulator in the UK, the FCA has issued a warning against dealing with WigMarkets broker. On the other, they mention Investor Compensation Fund, which is an entity providing coverage for regulated brokers who are based in Cyprus.

According to their terms and conditions, the broker mentions that they are being governed by Vanuatu laws. This is an infamous offshore destination and dubious brokers love this destination for setting up their businesses.

These unregulated brokers just set up shop in this area because the requirements are not strict and they can afford to scam as many traders as possible provided those traders are ignorant enough to fall into their trap.

The other disturbing fact is that WigMarkets does not tell us which company is behind their operation. It is not clear which entity is running this website. According to their about us section, this broker has something to do with CM Trading, and the AML and KYC Policy – SUNTALK LIMITED.

Whichever company is operating this broker, they are not regulated in the UK, Cyprus or anywhere else. That is why this information is quite elusive.

But this is not enough, WigMarkets recently received a cease and desist warning from COSNOB, the Italian financial regulator who claimed that this broker was providing illegal financial services to the citizens of Italy and this was illegal. Whether or not WigMarkets has complied with that warning is not clear.

Too high minimum deposit

Already we have seen that this is a dubious brokerage and you should never trust them. Their minimum deposit for the basic account is $500. The question is, why should you lose $500 in the hands of a broker who does not have their papers in order. Why would you gamble with this amount when there are much more reputable brokers out there who are accepting less and even if you sent $500, you’d be guaranteed of the security of your deposit.

Our best advice for you

WigMarkets is most likely a scam brokerage based on our findings. We urge you to only trade with regulated brokers.

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WigMarkets
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One Reply to “WigMarkets Review: Scam Forex Broker?”

  1. io ho richiesto il numero di conto perché mi si è rotto il computer volevo ritirare i miei €250 che erano rimasti lì ma ancora non ho visto nessuno ha risposto alla mail ho paura di aver perso i miei €250

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