Tigerwit.com Review Is TigerWit Legit Or A Scam

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Tigerwit.com Review: Is TigerWit Legit Or A Scam?

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The markets you want

TigerWit offers the most heavily-traded global products, delivering immediate access to the most liquid markets.

FX, precious metals, commodities and indices, all by CFD.

  • Markets
  • Sell
  • Buy
  • Markets
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Flexible leverage
USD50 minimum deposit

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an initial deposit of as little as USD50

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Low minimum order value

Trade from a minimum of just 0.01 Lot

Multiple product options

FX, precious metals, commodities

Powered by blockchain

TigerWit is harnessing the power of blockchain through a distributed trading ledger. A cryptographically encoded, highly-detailed record of transactions shared across the trading network. TigerWit’s distributed trading ledger is founded upon blockchain-based trade settlement, delivering more efficiency, greater security, transparency and trust.

The way you want to trade

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Reliable and trustworthy

Secured by blockchain

To ensure the highest levels of data security and privacy only the summary of transactions – also known as a digital digest – will be recorded onto the blockchain ledger. The digest is generated by a hash-based algorithm. Any change to the ledger will lead to a new value of the digest being displayed for verification, ensuring the immutability of the original transaction data.

Client protection

TigerWit Limited is regulated by Securities Commission of The Bahamas (SCB), license number SIA-F185. We provide protection to our clients in accordance with the highest global regulatory standards. All client funds are held in a segregated client trust accounts.

Negative balance protection

When you trade with TigerWit you are covered by our Negative Balance Protection policy. This means that even if your trading performance is unsuccessful, you will never owe TigerWit any monies. You cannot lose any more than your account equity.

All client funds are stored in a segregated trust account.

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Tigerwit.com Review: Is TigerWit Legit Or A Scam?

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.

Support

To reach the customer care agent of this broker, clients are invited to send an email to: [email protected]

Conclusion

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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TigerWit Review – is global.tigerwit.com scam or good forex broker?

Trading Accounts and Conditions

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Standard $200 0.01 1:200 2.0 pips on EUR/USD

TigerWit offers a single account with leverage up to 1:200, as well as the option to trade in micro tradeable lots on the popular MetaTrader 4 platform.

TigerWit Advanatges:

TigerWit originates from China, but has grown into an international group. One of its members holds a license from the Bahamas Securities Commission and another is an Authorised Representative of an ASIC-regulated company. Besides, the group has recently acquired FCA-regulated brokerage Mercor Index. This, as well as the fact that the broker operates for more than 3 years now, adds a layer of credibility.

TigerWit offers its services on the good old Metatrader 4 platform. We consider the availability of MT4 as an advantage, as this platform has stood the test of time and is enjoyed by both beginner and professional traders. The MT4 is highly praised for its advanced charting package, numerous technical analysis indicators, automated strategies and customization options.

Apart from the MT4, TigerWit provides a copy trading service, where investors can follow Masters` accounts.

Reasonable leverage levels provided

TigerWit offers leverage up to 1:200, which is an average ratio. It will suffice the needs of most traders, and yet is not dangerously high.

Leverage is an integral part of forex trading, as in order to make use of very small currency price fluctuations, traders have to operate with large units of currency. And leverage allows them to control amounts significantly larger than their initial deposit.

Micro lots available for trade

Smaller trade sizes allow for better risk management, which is especially important for beginner traders. That is why we consider the availability of micro tradeable lots as a strong side of a forex broker.

TigerWit disdvantages:

Not properly regulated

As we mentioned in the beginning, one of the companies behind TigerWit is registered in the Bahamas, which is an offshore zone, and we generally do not recommend such brokers; the other firm is an authorized representative of a broker licensed in Australia, so it does not have a license of its own.

Besides, we found out that New Zealand’s Financial Market Authority (FMA) has issued a warning against TigerWit back in 18 for targeting New Zealand residents without the requisite authorization.

Comparatively high spreads

Although TigerWit provides commission-free trading, the spread of 2 pips on EUR/USD is a bit wider than the current offers by other brokers. By comparison, major forex brokerage IF offers a spread averaged 0.6 pips for this pair and charges no commission fees

Conclusion

TigerWit offers trading in more than 60 forex pairs, CFDs on indices, commodities and precious metals on the renown MT4 platform.

We usually advise traders to stay away from offshore brokers, however the situation with TigerWit is slightly different, as it is a part of an international group with rather good reputation.

Founded in 2020, China-based fintech company TigerWit has been particularly active across Asia. In 2020, the group started its international expansion and got a regulatory license in the Bahamas, which allows the firm to deal as agent and principle. The local Securities Commission has a $300,000 capital requirement for market makers.

Later in 2020, the group behind TigerWit also acquired FCA-regulated brokerage Mercor Index in order to enter the European markets. That being said, UK regulation for forex brokerages is one of the best worldwide. Licensed companies have to meet strict rules on capital adequacy, transaction reporting, client account segregation and more. More importantly, clients of UK-regulated brokers are backed up by the Financial Services Compensation Scheme (FSCS). This means that clients of FCA-regulated brokers are entitled up to £50,000 in compensation if a company goes bankrupt.

Here are, once again, the strong and weak sides of TigerWit:

Pros Cons
Relatively reliable Not properly regulated
MT4 available Comparatively high spreads
Reasonable leverage levels
Many instruments available for trade
Broker Advantages

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.

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