Wingo Markets Review: High Risk (Suspected Fraud)

TraderKnows
TraderKnows
05-10

Wingo Markets, a forex platform founded in 2023, is evaluated in this article, covering regulation, trade types, software, security, funding, and leverage.

Wingo Markets Company Overview:

Wingo Markets' official website indicates that the company is registered in the Comoros Union and the Marshall Islands. TraderKnows verified through the Mwali International Services Bureau website, confirming the company's registration in the Comoros Union. However, upon checking the INTERNATIONAL REGISTRIES, INC website, it was found that the company's registration information in the Marshall Islands has expired. Additionally, Whois query results for the website domain show that the company's official website domain was registered on April 25, 2023, less than a year ago.

官网显示公司注册信息

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官网域名注册信息Whois查询

Is Wingo Markets Compliant and Legal? Does it hold relevant financial regulatory licenses?

Wingo Markets' official website states that the company holds a Financial Crimes Enforcement Network (FinCEN) Money Services Business License (MSB License) from the U.S. Department of the Treasury. Although the query results on the FinCEN website confirm the authenticity of this information, it's important to note that FinCEN is the U.S. financial intelligence agency, primarily tasked with facilitating the detection, prevention, and deterrence of money laundering and the financing of terrorism. It does not regulate or authorize forex brokers.

官网显示公司监管信息

官网显示公司监管信息查询

Trading Instruments Offered by Wingo Markets:

The Wingo Markets official website indicates that the company provides trading services for financial products such as forex, metals, commodities, stocks, and indices.

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Trading Software Provided by Wingo Markets:

Wingo Markets offers MetaTrader 5 (MT5) trading software for investors, supporting desktop versions (Windows), web versions, and mobile versions (IOS/Android).

官网显示交易软件信息

Fund Security:

Wingo Markets has not disclosed any third-party fund regulatory information on its official website, raising concerns about the security of user funds.

Deposit and Withdrawal Channels:

While Wingo Markets' official website lists potential deposit and withdrawal methods, including B2BinPay and Advcash, it does not provide information on supported currencies, deposit and withdrawal fees, and processing times.

官网显示存取款信息

Leverage Ratio:

The broker discloses a leverage ratio of 400:1, which is considerably higher than the typical leverage ratios of 10-100:1 for compliant brokers.

官网显示保证金比例信息

Summary:

Wingo Markets is a forex broker engaging in potentially illegal financial activities without proper forex regulatory licenses. The broker has not disclosed critical information related to user fund security. TraderKnows warns you that Wingo Markets is a highly risky forex broker, and it is advisable to stay away from this platform to avoid potential financial losses.

Currently, Wingo Markets is flagged with "Suspected Fraud" on TraderKnows.

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Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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Pig Butchering Scam

The 'Pig Butchering Scam' is a type of financial fraud that originated in Southeast Asia, but has now become prevalent globally. The name stems from the scammers' method of dealing with their victims: similar to raising pigs, they first 'fatten' them by building trust, and then 'slaughter' them by swindling away all their money.

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