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WigMarkets Review – is wigmarkets.com scam or good forex broker?
RECOMMENDED FOREX BROKERS
Trading Accounts and Conditions
|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|
WigMarkets is a UK-based broker whose clients are offered the above account types for trading in forex, and various CFDs on the MetaTrader5 platform. Trading accounts & conditions put aside, we do have some serious concerns about the legitimacy of the broker, which will be discussed in detail below. In spite of this, we will start off with a few possible benefits of using WigMarkets.
Seemingly good trading conditions
Overall, the spreads announced on WigMarkets’ website are in line with the average in the industry. Besides, the maximum leverage levels provided (up to 1:400) will suit even the needs of those with the most aggressive trading styles.
Yet, do have in mind that using leverage ratios high as this brings significant risk and you may lose your entire investment in a matter of seconds. As regards the cost of trading, it is not as important as the security of your funds. WigMarkets is not regulated and not to be trusted, so we suggest that you take a look at the spreads of some top-tier forex brokers.
MT5 supported, multiple CFDs available
As we already mentioned, WigMarkets uses MetaTrader5 (MT5), which is generally a plus. This platform shares basically all the features that made its predecessor, the MT4, so popular among traders – the in-depth analytical and charting tools, automated trading via Expert Advisors and more. On top of that, users of MT5 can deal in derivatives and exchange-traded stocks from one and the same account.
WigMarkets also seems to offer wide range of CFDs for trade on the MT5: on indices, commodities, precious metals, stocks, and even cryptocurrencies.
Not regulated, CONSOB warning
The corporate information on WigMarkets’ website is poor and misleading, which is a major red flag, as it’s typical for scam brokerages. On the one hand, WigMarkets provides an address in the UK; on the other hand, it mentions the Investor Compensation Fund, which provides coverages for brokerages regulated in Cyprus. To top it all, the Terms and Conditions of on the broker’s website mention that the governing law is that of Vanuatu, a famous offshore zone.
Another very disturbing fact about WigMarkets is that it’s not clear which is the company behind the brand. The About us section of its website mentions CM Trading, and the AML and KYC Policy – SUNTALK LIMITED. Whichever company is operating WigMarkets, it is not licensed in the UK, Cyprus, or any other trustworthy jurisdiction.
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What is worse, we found out that the Italian financial watchdog (CONSOB) has blacklisted this broker and has ordered it to cease infringement of laws, i.e. providing unauthorised investment services and activities to the Italian public.
Related to a group of shady brokers
When we downloaded WigMarkets’ MT5, we saw it is provided by a third party, Index Premium-Trades Market Ltd. This company is not unknown to us. In fact, we have covered many brokers who offer the same platform provided by the same firm – IPTMarkets, TRDPremium, ProFxPremium, and PremiumTradesMarkets.
PremiumTradesMarkets is a brand of Silver Wolf Limited, a company blacklisted by several financial regulators, that also operates the notorious FXTrade777 brand. IPT Markets and ProFxPremium, on the other hand, are both owned by outright scam company Black Parrot Limited (the parent of Vortex Assets, TradeGBP, Tradedax, Tradex1, TradesPrime, and more).
Besides, it you care to take a look at the trading accounts and conditions of ProFxPremium and TRDPremium, they are exactly the same. Scammers often change their names, operate a bunch of different domains and/or trademarks in a n attempt to swindle investors out of their money. Make sure you do your research before investing any money.
High initial deposit
WigMarkets requires $500 from traders just to open a Basic account with it. While this might not seem like too much, why give it to a company which does not guarantee you anything and is most likely a scam?
At first sight, the offer of WigMarkets seems good – attractive spreads and high leverage provided on the MT5, a lot of tradeable instruments available. When one takes a closer look at this broker, however, things seem quite shady – the corporate information is contradictory and misleading, and WigMarkets obviously does not hold a valid license. On top of that, the broker is blacklisted by the Italian regulator and seems related to other shady brokers, some of which are outright scams.
Considering the above, you’d better not deal with WigMarkets, nor with any other unregulated company. Our best advice is to invest only with reliable brokers – such licensed by well-established governmental agencies, such as the UK’s Financial Conduct Authority (FCA).
Let’s sum up what we said about WigMarkets:
|Seemingly good trading conditions||Not regulated, CONSOB warning|
|Related to a group of shady brokers|
|Initial deposit a bit high|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
WigMarkets Review – 5 things you should know about Wigmarkets.com
Beware! WigMarket is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
WigMarkets is a CFD brokerage based in Vanuatu. It provides the MetaTrader 5 trading platform and a spread of 2 pips on EUR/USD which is a bit above the industry average of a pip and a half. Clients are extended a generous leverage of up to 1:400 and the required minimum deposit is $500 which is twice the industry average and a bit excessive in our view.
WigMarkets regulation & safety of funds
There is a staggering lack of clarity when it comes to the corporate information presented on the website of the brokerage. First of, we come across the names of several companies without being sure which exactly is behind the brokerage – CM Trading or SUNTALK LIMITED. Furthermore, we stumbled across a peculiar mention of the Investor Compensation Fund which is the financial mechanism of the Cyprus regulatory body Cysec by which clients may be compensated for losses. However, neither of the companies turn up on a search in the registry of CySec. We do read in the terms and conditions of the brokerage that it follows the laws of Vanuatu which inclines us to believe it is registered there, however, there is a lack of clarity regarding the matter. Most crucial of all, however, is the warning issued by Italian financial watchdog CONSOB regarding the brokerage. Here is a screenshot:
It states that the National Commission for Companies and the Stock exchange have ordered the cessation of unauthorised investments services and activities by Wigmarkets. Anonymity is something quite preferred by scammers because there is no way scammed clients may contact them afterwards. We can safely conclude that Wigmarkets does not fall under any regulatory oversight. However, the brokerage does inform us about its trading conditions and it provides the MetaTrader 5 platform. Nonetheless, going through the brokerages website we kept coming across red flags after red flags and we believe that potential clients may be open to substantial risk.
We urge traders to exclude such risk in trading by only associating with brokers regulated by prestigious regulatory agencies, such as the FCA and CySec, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds.
The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.
Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders.
WigMarkets deposit/withdrawal methods and fees
Potential clients of the brokerage may deposit or withdraw via Visa, MasterCard, Bank Wire, Neteller, WebMoney, PayPal, Skrill. Going through the terms and conditions of the brokerage we came upon the following:
As you can see from the screenshot – the brokerage charges a withdrawal fee of 1.5 percent (or $25 minimum charge and a maximum of $100). Even though fees certainly aren’t excessive, all this further incline us to suspect that the brokerage’s goal is to make money unethically off of clients.
This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:
Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Cashless PayGroup where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.
It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case WigMarkets – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half. Visa is expected to do the same in December.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!
Babymacy com Reviews – Is a scam or legit Online Store
Babymacy com Reviews – Is a scam or legit Online Store >> Read details about this store for baby product and then decide about placing its order!
In this Modern Era, Fashion is an essential thing which people love or hate. Nowadays, different- different fashion styles rise every year. People change his fashion style every year, and they buy different types of unique cloth as per suit his style. In Simple way we say that Fashion means how you can represent yourself in the right way. Clothes are a significant part of enhancing beauty with fashion for overall your body structure. Choosing the right clothing is sometimes very difficult.
There are vast fashionable clothes special for women in babymacy.com. You can get many types of stylish outfits for every age of girls in one place. In the United States, Babymacy trends a lot for its massive collection of clothes. But all new visitors have some doubts about this new online store. Here we clear all the doubts about babymacy com reviews in this article.
Table of Contents
What is BabyMacy.com?
For fashionable and low costs of clothes you can go to babymacy.com . This is an ecommerce website which offers you cloth for all ages of girls.
Babymacy.com review is the main view that it offers a 60% discount to pay attention to. Not only has this but also provided you Buy 2 Get 1 Free. This discount looks impressive, but it is worth buy or not? This question arises in every person’s mind.
Every people think before buying that the quality of products are good or not. The main problem of some online shopping websites is that they don’t use original photos; they use photos collecting from Google. If any website use the fake photo for his product, then you can’t judge. It is a horrible sign for any online shopping website.
Why is Babymacy.com popular?
Everyone knows that women love shopping, for their shopping-clothes play a significant part. For maintaining their good status, they don’t use the same dress on different occasions. She continues himself very carefully and purchase fashionable cloth for every party’s. Babymacy provides you with a vast collection for every party and occasion. Girls always love discounts; they can go on official websites and get many types of offers all-time in online sale.
Many people say that in this online store, the price of clothes very affordable from other online clothing shops. But if you are a shopping lover, then you can buy good and reliable fashionable cloth anywhere either online or traditional.
So, if you like particular cloth on your size then don’t worry, you can get that. That’s a good sign of this site. For first time users, this site is beneficial to place an order. You get this option in different sites also, but there is a massive difference in the price. We are shocked to see the price of this online store how they provided to this price easily.
Specifications of Babymacy.com:
Benefits of Babymacy.com:
If you want to purchase cloth in valuable and low price then babymacy.com is for you. Here you get lots of different -different cloth as per you.
Babymacy.com scam or legit?
The next steps to check URL security! Firstly you need to check HTTPS before visiting any new website for your web security. HTTPS means –hypertext transfer protocol. It defines that the website is free from scams. Whenever you go for online payment, we need to check security because Scam websites collect your data like- credit card and debit card information, your address, phone no, password, etc. so you need to careful.
At this point, you think in mind that how can you check this? Well, for this in the navigation bar- find padlock; if you see the connection is protected, then the website is safe. If any website you don’t see any lock, then don’t buy anything. If any website doesn’t use original photos, them before buying, you need to think.
As per the customers’ report, we discuss some points regarding this online store.
“Cloths define our personality and our looks.” So why not to try a unique type of clothes and see yourself as a glamorous woman? The unique type of clothes gives you a different look. If you want, then go for a first try, but if you are buying their clothes the first time, then we recommends you first try their cash on delivery option. If you are satisfied with this online store, then go for it, otherwise, avoid this site. For better quality and live demonstrations of products, you can go to traditional markets. If you are a shopping lover and satisfied with this site, please give your valuable comment in the comments section; please share your opinion regarding “Babymacy,” if you try their clothes.
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