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.
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.
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.
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).
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.
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.
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.
