Wigmarkets Review

Is Wigmarkets Scam or 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, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is Wigmarkets?

Wigmarkets is a Forex broker that offers a wide variety of modern trading solutions including CFDs, indices, cryptocurrencies, 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 forex brokers. Despite its claimed location, 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"

Wigmarkets Review Conclusion

Trading with offshore brokers is extremely risky. Many of these brokers are scam companies seeking to cut financial and regulatory corners. Unlike the FCA and other EU financial regulatory entities, offshore agencies pay very little attention to compliance-check. 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 and XM.

Wigmarkets Update

Based on our research, the Wigmarkets website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals.