Quick Links

• Our Review Method

• Is Wigmarkets Scam or Legit Broker?

• What is Wigmarkets?

• Wigmarkets Review Conclusion

Our Review Method ▲

In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Wigmarkets due to the issues we've identified.

Is Wigmarkets Scam or Legit Broker? ▲

Upon thorough examination, it has been determined that Wigmarkets fails to provide a secure trading environment. This is primarily attributed to its lack of authorization from any globally recognized Forex regulatory authority. Such an absence of licensure strongly suggests potential fraudulent activities, as the broker has not undergone the necessary compliance checks prior to its establishment, nor is it subject to ongoing oversight to ensure its operational integrity. Consequently, Wigmarkets operates with a level of autonomy that poses significant risks to traders.

• Registered in: Vanuatu

• Type of License: Offshore License

• Is Wigmarkets safe to trade: No

Pros:

• None identified due to the lack of regulatory oversight.

Cons:

• No license from a reputable Forex authority.

• Suspected fraudulent activities due to lack of compliance checks.

• No ongoing regulatory oversight to ensure trader safety.

What is Wigmarkets? ▲

Wigmarkets presents itself as a Forex brokerage offering an extensive array of contemporary trading solutions, including Contracts for Difference (CFDs), indices, cryptocurrencies, algorithmic trading, as well as metals and commodities trading. Despite claiming a Belfast, UK base, the broker reveals no information regarding the entity behind the brand. Adding to the ambiguity, the provided contact number features a German country code, casting further doubt on the broker's legitimacy. The terms and conditions further complicate matters by stating the company's adherence to Vanuatu laws, a jurisdiction notorious for its leniency towards Forex brokers. Despite its purported UK location, there is no evidence of regulation by the Financial Conduct Authority (FCA) or any other regulatory body. Moreover, Italy's CONSOB recently issued a warning against Wigmarkets for offering unauthorized investment services to the Italian public.

Pros:

• Offers a wide range of trading solutions.

Cons:

• Lacks transparency regarding the company's background.

• Conflicting information about its location.

• No regulatory oversight from recognized authorities.

• CONSOB warning against unauthorized activities.

Wigmarkets Review Conclusion ▲

Engaging with offshore brokers like Wigmarkets carries an inordinate level of risk, predominantly due to their tendency to bypass financial and regulatory norms. Contrary to entities regulated by the FCA and other reputable financial regulatory bodies, offshore regulators exhibit minimal concern for compliance, putting traders at substantial risk. It is strongly advised to opt for trading with brokers regulated within stringent jurisdictions, such as those within the UK (refer to the list of FCA-regulated brokers) or Australia, where regulatory frameworks are robust and trader protection is prioritized. As such, we recommend steering clear of Wigmarkets and exercising caution to avoid potential scams.

• Wigmarkets Update:

• Our extensive research reveals that the Wigmarkets website is currently inactive, indicating a cessation of its trading services. Despite this, we urge traders to remain vigilant and avoid any engagement with the broker to safeguard against potential scams.