1. Named by Japan FSA for Unlicensed Solicitation
WM Markets operates via wmmarkets.com, claiming to be a "globally trusted broker," offering leveraged trading in forex, commodities, stocks, indices, cryptocurrencies, ETFs, energy, and government bonds, promoting tight spreads, bonuses, negative balance protection, and personal account managers.[1]
WM Markets Ltd is indeed registered in Mwali (Comoros) with company number HA00124733 and license number BFX2024009, associated with wmmarkets.com.[6]
But this is not the end of the story.
On November 27, 2025, the Japan Financial Services Agency (FSA) issued a public warning: WM Markets Ltd, as an overseas operator, is soliciting over-the-counter derivatives trading without registration.[2]
The Japan FSA also noted that the address used by WM Markets is the same or similar to those of several previously warned overseas companies.[2]
A broker claiming to be "fully regulated" and "globally trusted" being named by the Japan FSA for unlicensed solicitation is a significant contradiction.
2. MISA Offshore License: Registered, No Protection
The Mwali registry does indeed have an entry for WM Markets Ltd.[6] But the issue is how retail clients understand the significance of this license.
Offshore registration ≠ License from the client's home country regulator. It also does not automatically provide compensation schemes, local ombudsman, segregated account enforcement procedures, or practical court remedies.
WM Markets' own client agreement states the company is registered in Comoros, citing the MISA license, placing legal relations within the framework chosen by the company.[7] For clients residing thousands of kilometers away, enforcing contract rights in an offshore jurisdiction can be expensive, slow, and impractical.
The Japan FSA's warning highlights the jurisdiction issue. The Japanese regulator pointed out that WM Markets Ltd solicits over-the-counter derivatives trading via the internet without registration.[2] This means the existence of a Mwali license does not authorize the company to freely offer regulated services in Japan.
3. 1:1000 Leverage + Bonuses + Account Managers = Quick Liquidation
WM Markets offers up to 1:1000 leverage, along with welcome bonuses, personal account management, and promotional trading plans.[3][4]
1:1000 leverage means only a 0.1% market adverse movement can deplete the margin. Bonuses make the account balance appear more valuable, and regular calls from account managers can create the illusion of "experienced professionals overseeing trades."
The danger arises when the relationship shifts from platform access to deposit pressure. Clients may be told they need a larger balance to take advantage of urgent market opportunities, protect existing positions, access premium services, or recover early losses. The profit figures displayed in the account can encourage additional deposits—even if the client has not yet completed a successful withdrawal.
4. Withdrawal Delay Complaints Have Emerged
A review on Myfxbook claims a withdrawal requested on October 27 has not been received, with numerous emails and customer service tickets unanswered.[12] Other broker review platforms have also recorded allegations regarding withdrawal issues, slippage, execution quality, and customer service.[13]
These reports do not independently prove systemic fraud by WM Markets. However, they highlight the exact failure patterns investors should monitor: difficulty retrieving funds after successful deposits.
Positive Google Play reviews should not be considered independent regulatory verification either. Some reviews praise smooth deposits, withdrawals, and support, but one review specifically mentions a trader or instructor recommending the broker.[11] Promoters, instructors, or account managers may receive referral payments based on registration, deposits, or trading volume, and unless the compensation arrangement is disclosed, clients cannot determine if the recommendation is impartial.
5. App Stores Introduce Third-Party Company Names
The Apple App Store listing identifies the seller as WIT IT SOLUTIONS LTD, with copyright attributed to Windsor Solutions Ltd.[10] The Google Play listing also identifies WIT IT SOLUTIONS LTD as the developer.[11]
These names differ from the client-facing broker entity WM Markets Ltd. Outsourcing software development is common, but clients should know which company controls client data, account access, payment functions, and trading instructions.
6. If Funds Have Been Deposited, What to Do Now
Immediately stop adding any funds.
Do not pay any further "taxes," "verification fees," "insurance," "withdrawal unlocking fees," or "anti-money laundering fees."
Keep: account statements, trading records, emails, chat logs, payment receipts, wallet addresses, transaction hashes.
Report to the Japan FSA (involving Japanese residents):[2] Report to the financial regulator, police, or cybercrime department in the client's home country.
Do not trust anyone who contacts you claiming to "recover funds"—that is a secondary scam.
7. Final Conclusion: MISA License is Real, but Named by Japan FSA, Protection is Near Zero
WM Markets should be classified as a high-risk offshore broker:
- ✅ Mwali registry has a record of WM Markets Ltd (this is the only "real" thing)
- ❌ Japan FSA has publicly warned about its unlicensed solicitation of over-the-counter derivatives trading[2]
- ❌ MISA offshore license does not provide regulatory protection in the client's home country
- ❌ 1:1000 leverage + bonuses + account managers = quick liquidation [3][4]
- ❌ Withdrawal delay complaints have appeared on Myfxbook and other platforms [12][13]
- ❌ App stores introduce WIT IT SOLUTIONS LTD / Windsor Solutions Ltd, with an opaque company structure [10][11]
- ❌ Domain registered in 2019, MISA license issued in 2024, does not prove continuous operation [6][8]
WM Markets' MISA license is real, but the Japan FSA has publicly warned about its unlicensed solicitation. An offshore license does not provide regulatory protection in the client's home country. 1:1000 leverage with withdrawal complaints have emerged. This is not a compliant broker; it is a high-risk platform using an offshore license as a facade, already named by Japanese regulators.
References
- [1] https://en.wmmarkets.com/ (2026-07-10)
- [2] https://www.fsa.go.jp/ordinary/chuui/mutouroku/04.html (2026-07-10)
- [3] https://en.wmmarkets.com/promotions/lp/30-welcome-bonus/ (2026-07-10)
- [4] https://globegain.com/brokers/wm-markets/ (2026-07-10)
- [5] https://en.wmmarkets.com/contact/ (2026-07-10)
- [6] https://mwaliregistrar.info/list_of_entities/verify/344.html (2026-07-10)
- [7] https://cms.mywmportal.com/uploads/dc/km_caa.pdf (2026-07-10)
- [8] https://www.traderknows.com/en/wiki/organizations/e117b2b830324847affa0f3dc4396f70 (2026-07-10)
- [9] https://en.wmmarkets.com/company-news/ (2026-07-10)
- [10] https://apps.apple.com/us/app/wm-markets-online-trading/id6478230919 (2026-07-10)
- [11] https://play.google.com/store/apps/details?id=com.wmmarkets.userportal (2026-07-10)
- [12] https://www.myfxbook.com/reviews/brokers/wm-markets/3126426,1 (2026-07-10)
- [13] https://www.wikifx.com/en/dealer/2099780781.html (2026-07-10)
