TigerWit Review by professional currency trading experts the “ForexSQ” FX trading team, Everything you need to know about the broker is in this TigerWit Review.
TigerWit Review
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.
MT4 available
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.
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 2015, China-based fintech company TigerWit has been particularly active across Asia. In 2017, 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 2017, 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.
TigerWit Review Conclusion
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