de | cn | ru

TigerWit Review - is it scam or safe?

TigerWit Review - is global.tigerwit.com scam or good forex broker?

RATING: 2 / 1 REVIEWS ForexBrokerz TigerWit
TigerWit is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Standard $200 0.01 1:200 2.0 pips on EUR/USD

 

TigerWit offers a single account with leverage up to 1:200, as well as the option to trade in micro tradeable lots on the popular MetaTrader 4 platform.

 

 

TigerWit Advanatges:

 

Relatively reliable

TigerWit originates from China, but has grown into an international group. One of its members holds a license from the Bahamas Securities Commission and another is an Authorised Representative of an ASIC-regulated company. Besides, the group has recently acquired FCA-regulated brokerage Mercor Index.  This, as well as the fact that the broker operates for more than 3 years now, adds a layer of credibility.

 

MT4 available

TigerWit offers its services on the good old Metatrader 4 platform. We consider the availability of MT4 as an advantage, as this platform has stood the test of time and is enjoyed by both beginner and professional traders. The MT4 is highly praised for its advanced charting package, numerous technical analysis indicators, automated strategies and customization options.

 

>>More MT4 brokers<< 

 

Apart from the MT4, TigerWit provides a copy trading service, where investors can follow Masters` accounts.

 

Reasonable leverage levels provided

TigerWit offers leverage up to 1:200, which is an average ratio. It will suffice the needs of most traders, and yet is not dangerously high.

 

Leverage is an integral part of forex trading, as in order to make use of very small currency price fluctuations, traders have to operate with large units of currency. And leverage allows them to control amounts significantly larger than their initial deposit. 

  

Micro lots available for trade

Smaller trade sizes allow for better risk management, which is especially important for beginner traders. That is why we consider the availability of micro tradeable lots as a strong side of a forex broker.

 

 

TigerWit disdvantages:

 

Not properly regulated

As we mentioned in the beginning, one of the companies behind TigerWit is registered in the Bahamas, which is an offshore zone, and we generally do not recommend such brokers; the other firm is an authorized representative of a broker licensed in Australia, so it does not have a license of its own.

 

Besides, we found out that New Zealand’s Financial Market Authority (FMA) has issued a warning against TigerWit back in 18 for targeting New Zealand residents without the requisite authorization.

 

Comparatively high spreads

Although TigerWit provides commission-free trading, the spread of 2 pips on EUR/USD is a bit wider than the current offers by other brokers. By comparison, major forex brokerage IF offers a spread averaged 0.6 pips for this pair and charges no commission fees

 

 Be sure to check out our real-time comparison tool.

 

  

Conclusion

 

TigerWit offers trading in more than 60 forex pairs, CFDs on indices, commodities and precious metals on the renown MT4 platform.

 

We usually advise traders to stay away from offshore brokers, however the situation with TigerWit is slightly different, as it is a part of an international group with rather good reputation.

 

Founded in 2015, China-based fintech company TigerWit has been particularly active across Asia. In 2017, the group started its international expansion and got a regulatory license in the Bahamas, which allows the firm to deal as agent and principle. The local Securities Commission has a $300,000 capital requirement for market makers.

 

Later in 2017, the group behind TigerWit also acquired FCA-regulated brokerage Mercor Index in order to enter the European markets. That being said, UK regulation for forex brokerages is one of the best worldwide. Licensed companies have to meet strict rules on capital adequacy, transaction reporting, client account segregation and more. More importantly, clients of UK-regulated brokers are backed up by the Financial Services Compensation Scheme (FSCS). This means that clients of FCA-regulated brokers are entitled up to £50,000 in compensation if a company goes bankrupt.

 

>>A list of FCA-regulated brokers<<

 

Here are, once again,  the strong and weak sides of TigerWit: 

 

 

Pros Cons
Relatively reliable Not properly regulated
MT4 available Comparatively high spreads
Reasonable leverage levels  
Many instruments available for trade  

 

  

Latest news about TigerWit
No news about TigerWit . Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website
UK, Cyprus, Dubai FCA, CySEC, DFSA MT4, MT5, Web,
PrimeTrader
$100 Review Website

Traders` reviews for TigerWit

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru