Wigmarkets Review (2023)

Is Wigmarkets a scam or a legit broker?

Wigmarkets is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.

Wigmarkets is a Forex broker that offers a wide variety of modern trading solutions including CFDs, indices, crypto currencies, algo trading, metals and commodities. The broker doesn’t disclose any information about the company behind the brand. It claims to be located in Belfast, UK. However, the contact number has a German country code, so it looks quite confusing and suspicious. Also, the terms and conditions mention that the company is under the laws of Vanuatu, a popular offshore zone for the forex brokers. Despite its claimed located, Wigmarkets does not seem to be regulated in the UK by the Financial Conduct Authority or actually by any other regulator.
In addition, Italy’s regulator CONSOB has recently issued a warning against Wigmarkets:
“The National Commission for Companies and the Stock Exchange has ordered the cessation of the infringement of art. 18 of the Consolidated Law on Finance consisting of the provision of unauthorised investment services and activities to the Italian public performed by Wigmarkets via the website www.wigmarkets.com”

Conclusion

Trading with offshore brokers is extremely risky. Many of these brokers are scam companies seeking to cut financial and regulatory corners. Unlike with the FCA and other EU financial regulatory entities, offshore agencies pay very little attention to compliance-check, reporting and, they don’t report individual transactions, denying the withdrawals. Traders should trade with well-regulated brokers such as UK brokers (Check the list of the FCA-regulated brokers) or brokers in Australia and brokers such as FXPrimus (See FXPrimus broker review by link) and XM.com (Read XM broker review by link).

Wigmarkets website is no longer active.