A Scammer in Disguise
TigerWit is a market making forex broker which offers multiple trading services to its customers. At first, it seems like any usual forex broker, but the reality is opposite. TigerWit is among the most dangerous forex brokers for any trader. They have been scamming people and stealing their funds for months.
They have succeeded in misleading traders because of their attractive website, numerous positive articles (which could be fake), and their too-professional-looking trading conditions. The web is filled with people complaining about TigerWit’s scam and its fraudulent activities. However, they have tried their best to bury those voices with paid articles and reviews.
How TigerWit Fools People
The TigerWit group is running a very deliberate scam. It is trying to fool people into thinking they are trading with a reliable and trustworthy broker. Its trap is very meticulous and very hard to analyse. That’s why so many people fall prey to this scam nearly everyday.
Before I discuss the fraudulent activities of TigerWit, I believe I should first show you how it lures people into its trap and why it’s so hard to understand.
TigerWit has its origins in China. It’s a group of companies, where one is registered in the Bahamas (an offshore area), and the other one used to be an authorised representative of a company that had ASIC regulation. Yes, the chain here is very long.
Last year, TigerWit got FCA regulation too, which is one of the most reputed regulatory authorities in the forex industry.
One of its member companies has common business registration with ASIC, Australia’s regulatory authority of this sector but it has exceeded its business scope. So I can’t say it has that regulation any longer or if that regulation is viable anymore.
Still, having a license from FCA makes them “appear” credible.
TigerWIt Trading Conditions
In this section of my TigerWit review, I’ll explain all the various trading conditions of this broker. Some of them are quite generous while the others point towards their reality of being a scammer.
TigerWIt has a single trading account which has a minimum deposit of $200, which is substantially higher than industry standards. Reputed brokers keep minimum deposit around $50 or below because a high minimum deposit forces customers to invest more money in their accounts.
A high minimum deposit is always the sign of a shady broker. They can simply deduct your entire deposit and steal your money, without facing any consequences of their action.
They offer 1:200 leverage to their traders, which is significantly high. I don’t recommend new traders to use such high leverage because it can wipe out your entire capital in one swing.
Fees and Commission
TigerWit charges spreads on trades. Its average spreads are 2.0 pips, which is significantly high in comparison to other reliable brokers. They charge other fees on their customers too.
They provide 4 free withdrawals to their traders. After that, they have a withdrawal fees of $1 for every withdrawal you make.
It has different procedure fees for index products too:
TIgerWit has kept different fees for different trading instruments. While their stated fee structure might make anyone think they are trustworthy and reliable, the reality is way different.
TigerWit Trading Platform
TigerWit uses the reputed MetaTrader 4 platform (also known as MT4). MetaTrader 4 is one of the most popular trading platforms among forex brokers because of its numerous features and advantages.
MT4 is available on desktop, mobile, as well as web, so you can use it from anywhere at any time without the need of downloading it on your device. It provides multiple indicators that you can use to make better trades along with the option of automated trading.
The presence of a popular trading platform makes TigerWit appear highly reliable. But as I’ve mentioned many times in this article, these qualities are just to fool traders.
TigerWit offers an app for mobile users too. It is available on App Store and Google Play Store.
Not many forex brokers have a dedicated app. This is another reason why people fall for this scam so easily. Moreover, having an app makes TigerWit more accessible than many other brokers you might’ve gone to otherwise.
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Its app has many negative reviews, which you should focus on. That’s because many app developers tend to buy positive reviews (which is a punishable offence) and get away with it.
I always recommend people to avoid apps that have too many negative reviews.
Now that I have discussed the reasons how TigerWit is duping people into thinking it’s a reliable broker, let’s now focus on what’s their scam about:
TigerWit is Scamming People
TigerWit portrays itself as the perfect broker. It has the proper trading conditions, trading platforms, and the regulation, so anyone can be fooled into thinking that they are a reliable option.
All of this is an illusion. Let me explain their scam:
According to the complaints numerous people have made against TigerWIt, this broker shows simulated results to its customers and sometimes doesn’t follow the orders you place, especially stop orders.
It takes the profit (as it charges spreads) at the price of your order but doesn’t follow-through. This leads to you losing the money while they fill their pockets.
It is a rip-off since the platform would never stop loss at the price you set, but would take profit at the precisely set price– A TigerWit Victim
TigerWit forces liquidation and takes away the funds of its customers. Suppose you had placed an order on a particular pair. Like any smart trader, you’d place a stop order on a certain limit so the broker would remove your order and thus, you can mitigate your loss.
Usually, brokers follow every order you place, but TigerWit doesn’t. It would ignore your stop order and cause the pair to fall tremendously in value.
This was just an example, TigerWit does it with many trading instruments including crude oil, commodities, and others.
Moreover, many people have complained that TigerWit’s platform is rigged. This means it shows simulated trades to its customers, which is illegal and is definitely something a scam would do.
You might wonder, “Why would TigerWit make its customers LOSE money, wouldn’t the customers leave?”
That’s an excellent question, and my next point will help you understand why TigerWit WANTS you to LOSE money:
TigerWit is a Market Maker
Market Makers are companies which earn from charging buy and sell orders. Their main job is not to serve their client’s interests but to make sure the market has sufficient orders.
Moreover, market makers earn when their clients lose money. They focus on charging spreads (like TigerWit does) and earn commissions through them.
You can now understand how TigerWit is running its scam. Apart from this quality, there are many other signs that indicate TigerWIt is a shady company. Here are the most prominent ones:
High Minimum Deposit
This broker requires you to deposit $200 to open a live trading account. $200 is a substantial amount for the initial investment requirement. As I stated before, regulated brokers tend to keep their minimum deposit around $50 or below.
A high minimum deposit forces you to invest more money in the account, which the broker can steal. You shouldn’t trade with brokers that have a high minimum deposit.
Single Account Type
Another significant problem with TigerWit is that it only has one standard for all kinds of traders. Reputed forex brokers tend to provide their customers with multiple account types because different traders have different requirements.
For example, new traders use an account with a lower minimum deposit limit with higher leverage. On the other hand, seasoned traders can use an account with a high deposit requirement and lower leverage.
Having one account type shows that the broker doesn’t necessarily care about its customers. Its sole priority is to get money out of their pockets.
Warning by FMA
New Zealand’s FMA (Financial Markets Authority) had issued a warning against TigerWit in 2016 for promoting its services without authorisation. FMA is a very strict organisation and TigerWit doesn’t have its license.
This broker was lying to people by claiming that it had FMA’s regulation. When FMA found out about this, they put TigerWit Prime Ltd in the list of ‘Businesses to be wary of’.
This was just one incidence of TigerWit getting caught red-handed. And it’s proof that TigerWit isn’t as reliable as they claim to be.
Complaints from Customers
Lastly, there are many complaints against TigerWit online. My TigerWit review would be incomplete without mentioning them. People claim that TigerWit has a rigged platform that shows too volatile and unpredictable gains and losses.
Many people have lost their hard-earned funds due to the shady operations of this broker. Here are some of the complaints people have shared online:
People have complained about the broker not following their orders, showing superficial results, as well as wiping away all of their funds.
Rarely ever do people complain this much against a forex broker, especially when it “seems” like a great one. I can only conclude that TigerWit is stealing money from people and is a 100% fraud.
In the end of my TigerWit Review, I can only say that you should stay away from this broker at all costs.
It is a dangerous service provider that appears innocent. They have been stealing funds from their customers for years and you don’t need to take that risk.
Stay away from TigerWit and stay safe.
- Nasty Scam!
- Major Red Flags