WigMarkets is a forex and CFD broker that was founded in 2018. It is registered in Vanuatu, which is a known offshore tax haven. WigMarkets is not regulated by any reputable financial authority, which means that it is not subject to any oversight or regulation.
Company Overview
WigMarkets claims to offer a wide range of trading instruments, including forex, CFDs on stocks, indices, and commodities. It also offers a variety of account types, including standard, ECN, and VIP accounts. They provide confusing information regarding their registered location. They said they are UK-based but registered in Vanautu.
Does WigMarkets Have Any License?
No, WigMarkets does not have any license from any reputable financial authority. They cannot show any license information from Vanuatu government or the UK government.
Is WigMarkets Regulated By Any Authority?
No, WigMarkets is not regulated by any reputable financial authority. Moreover, we found two warnings against this broker. One is from FCA and another is from CONSOB (Italy).
Pros and Cons
Pros:
- Wide range of trading instruments
- Variety of account types
- Demo account available
Cons:
- Not regulated by any reputable financial authority
- Negative reviews from previous traders
- High risk of fraud
How Does WigMarkets Reach To Their Prey?
WigMarkets uses a variety of methods to reach potential clients, including:- Online advertising
- Social media marketing
- Cold calling
- Email marketing
Technical Details
Minimum Deposit:
The minimum deposit for a standard account at WigMarkets is $500. The minimum deposit for a Basic account is $500, and the minimum deposit for a Platinum account is $25,000.Trading Platform:
WigMarkets uses MetaTrader5 (MT5), which is an advantage in general. This platform has a lot of the same features that made the MT4 so popular with users in the first place. It has advanced analysis and tracking tools, the ability to trade automatically through Expert Advisors, and more. When we got MT5 from WigMarkets, we saw that it came from a different company, Index Premium-Trades Market Ltd. We know about this company. In fact, we’ve talked about a lot of traders, like IPTMarkets, TRDPremium, ProFxPremium, and PremiumTradesMarkets, who all use the same platform from the same company.Spread:
The spreads at WigMarkets are variable and depend on the trading instrument and account type. However, they offer from 0.4-2pips.Leverages:
WigMarkets offers a variety of leverage options, up to 1:1400. However, it is important to note that trading with high leverage can be very risky and can lead to significant losses.Packages and Products They Offer
WigMarkets offers a variety of trading accounts.| 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 |
Withdrawal and Deposit Method
WigMarkets offers a variety of deposit and withdrawal methods, including credit/debit cards, wire transfers, and e-wallets. However, it is important to note that there have been complaints from previous traders about delays and difficulties with withdrawals.What Do Their Previous Traders Say?
There have been a number of negative reviews from previous traders about WigMarkets. These reviews allege that WigMarkets has manipulated trading prices, refused withdrawals, and engaged in other fraudulent practices.Summing Up- Why Should Not You Trust WigMarkets
Here are some of the reasons why you should not trust WigMarkets:- It is not regulated by any reputable financial authority.
- It has received negative reviews from previous traders.
- It has a high risk of fraud.
- The Financial Conduct Authority (FCA) in the UK
- The Securities and Exchange Commission (SEC) in the US
- The Australian Securities and Investments Commission (ASIC)
- The Canadian Securities Administrators (CSA)
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Final Thoughts
WigMarkets is a scam forex and CFD broker. It is not regulated by any reputable financial authority, and it has received negative reviews from previous traders. If you are considering trading with WigMarkets, we strongly advise you to reconsider.
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