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WigMarkets Review - is it scam or safe?

WigMarkets Review - is wigmarkets.com scam or good forex broker?

RATING: 1 / 1 REVIEWS WigMarkets
WigMarkets is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit  Min. trade size  Max. leverage Spread
Basic  $500 0.01 1:400 2 pips, fixed
Standard  $1 000 0.01 1:400 2 pips, fixed
Silver  $2 500 0.01 1:400 Fix from 1 / Variable from 0.5
Gold  $10 000 0.1 Custom  Fix from 0.7 / Variable from 0.5
Platinum  $25 000 0.1 Custom  Fix from 0.4 / Variable from 0.3

 

WigMarkets is a UK-based broker whose clients are offered the above account types for trading in forex, and various CFDs on the MetaTrader5 platform. Trading accounts & conditions put aside, we do have some serious concerns about the legitimacy of the broker, which will be discussed in detail below. In spite of this, we will start off with a few possible benefits of using WigMarkets.

 

 

WigMarkets Advantages

 

Seemingly good trading conditions

Overall, the spreads announced on WigMarkets’ website are in line with the average in the industry. Besides, the maximum leverage levels provided (up to 1:400) will suit even the needs of those with the most aggressive trading styles.

 

Yet, do have in mind that using leverage ratios high as this brings significant risk and you may lose your entire investment in a matter of seconds. As regards the cost of trading, it is not as important as the security of your funds. WigMarkets is not regulated and not to be trusted, so we suggest that you take a look at the spreads of some top-tier forex brokers.



>> Compare the spreads of the best forex brokers in real-time <<

 

 

MT5 supported, multiple CFDs available

As we already mentioned, WigMarkets uses MetaTrader5 (MT5), which is generally a plus. This platform shares basically all the features that made its predecessor, the MT4, so popular among traders -  the in-depth analytical and charting tools, automated trading via Expert Advisors and more. On top of that, users of MT5 can deal in derivatives and exchange-traded stocks from one and the same account. 

 

 

>> Looking for a better MT5 broker? <<

 

 

WigMarkets also seems to offer wide range of CFDs for trade on the MT5: on indices, commodities, precious metals, stocks, and even cryptocurrencies.

 

 

WigMarkets Disadvantages

 

Not regulated, CONSOB warning

The corporate information on WigMarkets’ website is poor and misleading, which is a major red flag, as it’s typical for scam brokerages. On the one hand, WigMarkets provides an address in the UK; on the other hand, it mentions the Investor Compensation Fund, which provides coverages for brokerages regulated in Cyprus. To top it all, the Terms and Conditions of on the broker’s website mention that the governing law is that of Vanuatu, a famous offshore zone.

 

Another very disturbing fact about WigMarkets is that it’s not clear which is the company behind the brand. The About us section of its website mentions CM Trading, and the AML and KYC Policy - SUNTALK LIMITED. Whichever company is operating WigMarkets, it is not licensed in the UK, Cyprus, or any other trustworthy jurisdiction.

 

 

Click to zoom in.

 

What is worse, we found out that the Italian financial watchdog (CONSOB) has blacklisted this broker and has ordered it to cease infringement of laws, i.e. providing unauthorised investment services and activities to the Italian public. 

 

Related to a group of shady brokers

When we downloaded WigMarkets’ MT5, we saw it is provided by a third party, Index Premium-Trades Market Ltd. This company is not unknown to us. In fact, we have covered many brokers who offer the same platform provided by the same firmIPTMarkets, TRDPremium, ProFxPremium, and PremiumTradesMarkets.

 

PremiumTradesMarkets is a brand of Silver Wolf Limited, a company blacklisted by several financial regulators, that also operates the notorious FXTrade777 brand. IPT Markets and ProFxPremium, on the other hand, are both owned by outright scam company Black Parrot Limited (the parent of Vortex Assets, TradeGBP, Tradedax, Tradex1, TradesPrime, and more).

 

Besides, it you care to take a look at the trading accounts and conditions of ProFxPremium and TRDPremium, they are exactly the same. Scammers often change their names, operate a bunch of different domains and/or trademarks in a n attempt to swindle investors out of their money. Make sure you do your research before investing any money.

 

High initial deposit

WigMarkets requires $500 from traders just to open a Basic account with it. While this might not seem like too much, why give it to a company which does not guarantee you anything and is most likely a scam?

 

 

Conclusion

 

At first sight, the offer of WigMarkets seems good – attractive spreads and high leverage provided on the MT5, a lot of tradeable instruments available. When one takes a closer look at this broker, however, things seem quite shady - the corporate information is contradictory and misleading, and WigMarkets obviously does not hold a valid license. On top of that, the broker is blacklisted by the Italian regulator and seems related to other shady brokers, some of which are outright scams.

 

Considering the above, you’d better not deal with WigMarkets, nor with any other unregulated company. Our best advice is to invest only with reliable brokers – such licensed by well-established governmental agencies, such as the UK’s Financial Conduct Authority (FCA).  

 

 

>> Brokers regulated by UK’s FCA <<

 

 

Let’s sum up what we said about WigMarkets:

 

Pros Cons
Seemingly good trading conditions Not regulated, CONSOB warning

MT5 supported, multiple CFDs available

Related to a group of shady brokers
  Initial deposit a bit high

 

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Traders` reviews for WigMarkets

Spread

Pros

Cons

 

 

Slippage

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Cons

 

 

Requotes

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Price feed

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Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

This company is a scam

I opened an account with wigmarkets and my account£ manager was Richard Reegan. I deposited £200, I was asked to load anydesk. After the €200.60 was deposited Richard said if I could make it £400, his company would double it, so I thought it would be ok, so I went into my bank account to move some money over. Being disabled and with him talking on my mobile I forgot anydesk was still open, he took from my account with the €200.60 two other payments of €357.27 and €358.37. When I got the email from wigmarkets of my deposits I asked for one to be paid into my bank account, I received no reply to my emails. Richard kept ringing me so I asked for the account to be closed and all my money to be returned to me, he said he would but he wanted my debit card details with the cvv number and got stroppy when I refused. All I wanted was to make a little extra cash and now I am struggling to get my wife's visa. I didn't touch the account at all but sent emails to have it returned and then the account went from €1230.69 to - €1002.95 on the 2nd January 2019. I still don't understand how my account was used as I hadn't touched it or authorised anyone to touch it and I changed the password twice. Paul Greenwood

Paul Greenwood 02/07/2019
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