TigerWit Review: this is the name of a Forex and CFD broker that is located in an offshore location and in London. Is tigerwit.com a scam or a legit Forex broker?
The Forex brokerage is run by TigerWit Group and it owns two subsidiaries: TigerWit Global and TigerWit UK. The first broker is run from the island location of the Bahamas and claims to be registered there under the SCB. Its UK branch is located in London and registered by the FCA.
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It mentions that it is powered by Blockchain. Trades are allowed in some of the most common assets available in the market while leverages are not excessively generous. High leverages may seem of an advantage for some time but it can also lead to very high losses of funds.
We will be considering the offshore brokerage in Bahamas and be looking at its trading conditions. Also, we will try to help traders reach well informed decisions.
TigerWit Trading Platform
It is mentioned that TigerWit trading software is operated on a MetaTrader 4 platform available to all their clients.
Legit brokers are known to offer at least the popular MetaTrader 4 trading platform.
This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: FX, precious metals, commodities and indices. We find that its trading portfolio does not contain cryptocurrencies and CFDs on agricultural produce. They may therefore not appeal to many traders as they are not exhaustive enough.
Leverages can reach a maximum of 1:200 and the spreads on the EURUSD pairs is 2 pips. It allows both self-trading and copy-trading.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on TigerWit
The means of making deposits and withdrawal requests were not stated on the page. This information may be reserved until traders have registered and are required to fund their account. We do not find this transparent enough.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
A minimum deposit of $200 is required to trade with this broker and this is within the obtainable average of $100 – $200. Charges and fees on withdrawals are not announced and we also view this as absence of transparence.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is TigerWit Licensed?
TigerWit UK is licensed under the FCA by the acquisition of Mercor Index. However, TigerWit Global, our main focus here, is located in Bahamas. The license from the Securities Commission of Bahamas is not considered enough for Forex brokers. But, TigerWit does have some level of reputation and it is unlikely that they would disappear with funds.
Traders are encouraged to still be careful about offshore brokers and should avoid them totally if they can. Unlicensed brokers are under no authority and not mandated to follow the fair rules of trade.
To reach the customer care agent of this broker, clients are invited to send an email to: firstname.lastname@example.org
TigerWit Global is not a duly licensed broker. The leverages it offers is good but spreads are too wide and above the average. There is no indication what means of payments are allowed. The reputation of its parent company may be of some good. If you have anything to add to this review, please leave a comment.
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