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.

About Wigmarkets
🗺️ Registered inVanuatu
🗺️ Type of LicenseOffshore License
🛡️ Is Wigmarkets safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerGO Markets - licensed by ASIC in Australia

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. Check the list of the FCA-regulated brokers.


Wigmarkets website is no longer active.

No news available.

One response to “Wigmarkets”

  1. .market has several websites, including kimperuecken.de and lists a UK address. The company is located in China, however. The product I received was not as shown on their website. . A refund was heavily fought against but permitted on the order form. The refund address is, however, not stated on the website. After finally obtaining a return address, and returning the product, I was told that the return arrived in a damaged package. I lost 250 Euros plus return shipping. I cannot believe they can pretend to be a UK company via Forex Trade, an unregulated broker, and are located in China. Can anyone open business this way? It should be illegal.

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