Abstract：Has Wingo Markets deducted all your profits from the trading platform? Did it illegitimately close your forex trading account and burn all your hard-earned capital? Have you been denied withdrawals all the time? Maybe your issues align with many of its clients who have reported these incidents online. In this Wingo review article, we will check out the complaints, the broker’s regulation status, and some other events it is linked to. Keep reading!
Has Wingo Markets deducted all your profits from the trading platform? Did it illegitimately close your forex trading account and burn all your hard-earned capital? Have you been denied withdrawals all the time? Maybe your issues align with many of its clients who have reported these incidents online. In this Wingo review article, we will check out the complaints, the brokers regulation status, and some other events it is linked to. Keep reading!
Wingo Markets - Products, Account Types & Trading Platforms
Wingo Markets is a full-fledged trading company by allowing traders to access different products through its platforms - Forex, Stocks, Metals, Indices, Crypto and commodities. With the MT5 trading platform accessible on mobile, web and desktop and offering traders a comprehensive market analysis, it promises to offer a data-backed trading environment. The company claims to offer four types of trading accounts - Starter, ECN, Pro and Social Trade - with minimum deposit requirements of $50, $500, $5,000 and $5, respectively. From the information available on its official website, Wingo Markets claims to offer tight and normal spreads with zero to low commission.
Examining the Top Complaints Against Wingo Markets
The Profit Deletion Complaint
A German trader accused Wingo Markets of deleting the entire profit exceeding $1,200 on the trading platform. The trader shared a long email from the broker justifying the act. As we read the complaint, we found that the broker claimed that the trader violated the terms and conditions stipulated in the trading agreement. However, there were no specific violations discussed in the Wingo Markets review shared by the trader. This somewhat makes the case even more puzzling. Here is the full review to look at.
The Account Closure Complaint
A trader from Nigeria alleged that Wingo Markets closed his trading account once he made profits. The trader further accused the broker of deducting from the deposit balance. This made the trader term Wingo Markets as a scam. Lets find out this short but critical Wingo Markets review.
Multiple Fund Scam Allegations Against Wingo Markets
Multiple traders have expressed their helplessness over the lack of withdrawals, leading to complete fund scams later. While some managed to get their funds back, courtesy of legal firms, some are still searching for the same. We found some reviews supporting this complaint against Wingo Markets.
Multiple Complaints in One Wingo Markets Review
Almost summing up Wingo Markets, a trader accused the broker of multiple trading misconducts. The first complaint was regarding the profit vanishing act. It was followed by the account closure shock without any prior warning or explanation. The trader further revealed that a week before profit deletion, the broker officials were trying to sell forex signals through persuasive communication. However, the trader did not fall for these alleged wrong sales tactics. As the overall trading experience worsened, the trader chose to share this negative Wingo Markets review online. Take a look!
What Does Wingo Markets Say on Its Regulatory Status?
Wingo Markets claims to have been regulated by two entities - FinCEN USA MSB and Mwali International Services. While the first regulator is a renowned one in the United States (US), the Comoros-based Mwali International Services is an offshore regulator. Association with the second regulator heavily compromises traders safety as it does not offer the highest level of investment protection.
Wingo Markets Exact Regulatory Status in This WikiFX Review
The Comoros-based Wingo Markets does not carry any valid regulatory license, as found in our in-depth investigation, contrary to the claims made by the broker. As trading risks elevated with this revelation, the WikiFX team could give Wingo Markets a score of just 1.99 out of 10.
