TigerWit FX broker review – Everything wrong about it
Forex trading is known around the world for being one of the riskiest markets. Over the years, it has developed a lot and became something that can be accessible to everyone. However, this does not mean that the risks are all gone. In reality, risks are becoming even more prominent than ever before.
The market today is full of scam companies that are trying to lie to people and get their funds illegally. One of those companies that are one of the best ones when it comes to scamming people is TigerWit. While working on the review of TigerWit, we found that this company is an expert when it comes to scamming.
Over the years, this broker has come up with different ways of lying to people. They are very smart about it, which is why so many people fall for it. Thankfully, after a very hard and tireless overview of this broker, we found some serious problems that we want to share with you. So, if you wish to learn more about everything that is wrong with this company, continue reading our review and learn how to avoid being scammed.
What is TigerWit and how does it work?
TigerWit is a Forex broker that offers services to customers around the world. When we visited the website of the broker, everything seemed to be very usual. There was nothing special at first, but soon, we found that we were very wrong. The reality is very scary, this broker has managed to create a platform that looks legit, but in reality, it is an exact opposite. This company, we believe, is one of the most dangerous brokers on the market. TigerWit has been scamming and lying to people for over several years now, and we want to help everyone avoid this scam.
Over the years, it has managed to mislead investors thanks to the good-looking website, amazing offerings, and too good to be true services. Online, you will find thousands of people who are complaining about being scammed, the broker is doing everything to overcome the complaints of these people by paying others to give them good reviews. It is a very sad thing since the people who have lost their hard-earned money are not even being listed to. To make sure that you will not become one of these horror stories, you should do everything to avoid investing in this company.
According to our review of TigerWit, this company is based in China. However, it owns several licenses, which makes it very hard for people to think that it is a scam company. As we were able to see, this broker is regulated by one of the most trustworthy regulatory bodies around the world, FCA. We don’t know how this company got its license, but one thing is clear – TigerWit is using this authorization as a way to attract more investors.
Regulations & everything about it
This Forex broker is another great example that regulations do not mean that the broker is safe to trade with. Although this Forex broker is regulated by FCA, it seems like it is not following every guideline. One thing that puts brokers under a great risk is that this broker offers very high leverage.
The leverage for investors is as high as 1:200, and TigerWit does not even offer Negative Balance Protection. This means that you can very easily lose more money than you have deposited in the first place. In general, no matter how safe your broker is, you should avoid trading with high leverage if you do not know exactly what you are doing. High leverage is something for the most experienced Forex traders and newcomers should not be using it.
When it comes to minimum deposit, it is as much as $200. This is a huge number, especially compared to other Forex brokers on the market. Today, some of the most reputable companies on the market are offering a minimum deposit of around $50 and less. This happens to make sure that everyone has access to the trading market.
We think that this broker has such a huge minimum deposit requirement because it is trying to steal as much money from people as possible. Our review of the TigerWit broker shows that this company has adopted some very shady services, which are mostly used by scam companies.
What are people saying about TigerWit?
TigerWit Forex broker uses several different tactics to steal investors’ money. The thing is, they don’t directly go to your money and take it, no, they are doing it slowly so that you don’t even notice that something is wrong. First of all, the broker offers very eye-catching services, that are very hard to deny.
The company has adopted one of the most popular trading platform, MetaTrader 4. If you have ever done anything in the world of Forex, you would have heard about MT4. This platform was developed 15 years ago by a Russian company called MetaQuotes, and forever changed the way we use the Forex market.
Also, the website of the broker looks very legit. This and many other reasons make it very hard for Forex traders, especially for those who are new to this market, to see how much this company is trying to scam people.
How does TigerWit scam people?
As our review of the TigerWit FX broker shows, this company is using several misleading steps to lie to people and use their funds legally. Many people have said that the broker is using simulated results and in many cases, does not follow the orders investors are placing. This is especially true when it comes to stopping orders, which results in huge losses. Because the spreads are so high at this broker, the investors are losing a lot of money and the broker is profiting a lot.
In most cases, when investors are placing orders, they are also using stop orders, to make sure that they do not lose more money than they can afford. Sadly, this company is going against the will of investors, and because of this, many people have ended up losing huge amounts of money.
Also, many people have said that this broker is rigged to make people lose a lot of money. The platform of the broker shows simulated trades to investors, which is illegal and goes against any regulation. This is exactly why we believe this broker is a scam company.
Education at TigerWit
According to top regulatory agencies around the world, Forex brokers are required to offer their clients educational material. Our review of TigerWit shows that this broker does not offer any type of educational material. The information put under the page ‘Education’ is simply FAQs, which is not enough, of course.
For a successful Forex trading, it is very important for investors to be able to learn as much as they can about Forex trading. In this very risky market, something that can help you and save you is the education that you have. This Forex broker simply does not offer enough opportunities in this regard, which is creating a very dangerous situation.
Also, to be able to make the right moves on the market, you should be able to access news articles about the ongoing events on the market. This broker does not offer anything of that sort, which makes us believe that this is a scam Forex broker.
Final thoughts – Can TigerWit be trusted?
After reviewing the TigerWit FX broker for a very long time, we are now able to say that you should not trust this Forex broker at all. The worst thing about this scammer is that over the years it managed to come up with a very “well-developed” tactic, it is using the good looks and good offerings to attract as many people as they can.
Also, the company is not taking all of your money away at the same time. No, they are doing it over time, because of which, many people do not even realize how they are being scammed. We believe that no one should trust this Forex broker, it is a great example that regulations not always indicate that a broker can be trusted.
Among many other problems that we have already talked about, this broker offers only one trading account, which means that it does not really care how experienced you are, the only thing that matters for this company is that you pay money, which will be stolen from you.
There have been hundreds of people who have lost all of their hard-earned money and were not able to get it back because of the scams of this company. The market is full of well-developed Forex brokers, that are offering amazing services, so it does not make sense to trade with a company like this. So, do your research, trust only reputable brokers, and invest only when you are sure that you can stay safe and you will be good to go.