Beware! White Wings Broker is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
White Wings Broker is an offshore broker with a website having no valid SSL certificate. Such a defect certainly doesn’t look good on them. The security issues aside, we found loads of fraudulent claims and conflicting information about the products and services provided. Find what you need to know about this entity in the full White Wings Broker review.
White Wings Broker REGULATION AND SAFETY OF FUNDS
White Wings Broker originates in St. Vincent and the Grenadines, an offshore jurisdiction infamous for the lack of adequate regulation. The local financial authority doesn’t even control or license the brokers registered on the island, a big issue for the traders. The lack of regulation makes these companies unsafe to trade with. Offshore brokers may carry out fraudulent activities without being held accountable for their actions. Not surprisingly, SVG is bustling with scammers, and it’s only because of the absence of competent regulation. Your funds are not safe if you deposit with White Wings Broker because it’s unlicensed and unregulated an entity, which may as well be a scam.
Avoid this broker and see our list with CySEC regulated (EU) and FCA regulated (UK) brokers. We recommend the Europeans for the safe and predictable trading environment. These brokers have to comply with many strict rules, such as minimum capital requirements of 730 000 EUR, personnel qualification standards, segregation of the clients’ accounts etc. All of the rules mentioned are laid out as customer protection measures, but most importantly, UK and EU countries operate deposit insurance funds protecting clients’ deposits. If you trade with CySEC brokers, you can claim up to 20 000 EUR in compensation, while the British guarantees are of even up to 85 000 GBP per client. Each EU member state is compelled to create and further operate similar insurance funds seen as the last resort for traders if a Forex broker can’t meet its financial obligations.
White Wings Broker TRADING SOFTWARE
White Wings Broker provides with MetaTrader5, by far the best retail trading software alongside MetaTrader4. The lowest possible EUR/USD spread with their top tier account is 2.4 pips. At the same time, we saw them claiming that the $10 000 minimum deposit account comes with spreads as low as 0.0 pips. It turns out that even the top-notch accounts White Wings Broker offers are worse than the regulated brokers micro-accounts. In fact, the starter account displayed a spread of 5 pips on the screen, a highly uncompetitive rate. The Buy/Sell difference forms part of the trading costs, so lower spreads benefit traders. White Wings Broker is a costly broker, yet another reason to avoid this broker.
We found fraudulent claims in regards to the leverage levels provided, too. On different places throughout their website, we saw them mention highest possible spread is 1:500 and 1:1000. Actually, the highest possible leverage ratio is 1:100, a risky level whatsoever. The dangers involved made EU, UK and Australia (from 2021) force a leverage cap on the market- 1:30 as a customer protection measure while Canada and the US agreed on 1:50. Brokers offering higher ratios are not recommended due to the absence of adequate regulation, the risks aside. The Swiss brokers, are not leverage restricted, but Switzerland keeps scam away with its capital adequacy requirements- more than 22 mln USD to get an FX license.
See the regulated MetaTrader4 brokers and MetaTrader5 brokers we recommend. MT is the most popular retail Forex trading platform globally, which traders prefer for its stability and powerful features. It includes sophisticated trading tools rare to find elsewhere for free such as Expert Advisors, Algo Trading, Complex Indicators, reliable Strategy testers and even a marketplace with more than 10 000 trading apps available by the time.
White Wings Broker DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit with White Wings Broker is $100, which aligns with the industry standards. There are various Deposit/Withdrawal methods you can see on the picture at the bottom of this section. White Wings Broker is one of the very few brokers imposing deposit fees, which we find unacceptable. For example, a Qiwi transfer costs 6% of the deposit sum, indeed a reasonable argument to avoid this broker! Traders should know that Wires and Bitcoin payments are final and non-refundable. Regardless of the broker, it’s best to fund the trading accounts via bank cards for a chargeback is possible within 540 days from the transfer date. The rest of the funding methods are less secure.
There is no information about minimum withdrawal restrictions, but the fees are oversize. A Wire Transfer costs at least 30 EUR, way too expensive than the legit brokers with a license. The rest of the methods withhold a percentage of the sum in the range of 1%-3.5%. White Wings Broker is an exorbitant broker to trade with; you will waste your profits paying unreasonable fees.
There is no information about inactivity fees or dormant account policy, and that’s a flaw. Reputable brokers explicitly define how they handle the dormant accounts- no login, no trading, no deposit/withdrawals.
There are some trading incentives, but we found no comprehensive information about. Traders should be cautious when accepting a bonus because it’s not free money but a leverage tool increasing the risks.
Overall, White Wings Broker is an unlicensed offshore broker, and that’s an argument enough to stay safe and avoid this broker.
HOW DOES THE SCAM WORK
One can see hundreds and thousands of promising ads on the Internet and social media. Unfortunately, many of these are fraudulent schemes targeting to rip the people off their hard-earned money.
If you click and provide scammers with your e-mail and contact number they’d ring you immediately and will promise you anything to make you deposit money with them as quickly as possible. Most of the scammers are experienced manipulators, and before you know it, they will ask for your bank card numbers to make the deposit instead of you and save you the hassle. The urgency is a warning sign; they are always in a hurry to persuade you to start investing with them.
But the first deposit is only the beginning. Gradually they would ask for more money from you no matter the results. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and even ask you to pay them if you want to withdraw. The scammers’ mantra is “give me your money”, they’d insist every day you should deposit more and more, for no obvious reason. Legit companies do not bother you on the phone to deposit with them, so if someone urges you to start investing, it’s most probably a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to fraud. In case you got scammed, you need first to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
It’s crucial not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. They ask for an advanced payment, but do nothing to help you recover your losses and simply pocket the money you’ve sent!
Share online your experience; it’s important to protect others, as well. Be responsible!