Beware! Wiicrypto 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.
Wiicrypto is the type of broker you don’t want to deal with if you seek a transparent and fair trading experience. In the first place, this firm is absolutely anonymous, as we don’t know either its company name nor its registered address. This fact alone is worrisome enough to turn down any potential investor. But it leads to another conclusion which is even worse – this broker is obviously not regulated nor authorized by any financial authority. Trading here would mean that you can get scammed overnight and no entity would be able to help you at this point.
Maybe you wonder if Wiicrypto offers exceptional trading conditions that can lure you into opening an account here? The short answer is no. The trading platform is just average and the leverage is too risky. On top of that there are some quite unfavorable withdrawal fees that will make your jaw drop. Keep reading for more details.
Wiicrypto Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
As we already mentioned, there’s no registered address on the whole website. The only contact detail happens to be an email and that’s it. What’s more there is no company name or corporate background, so this firm is actually completely anonymous. You can imagine the potential danger of dealing with a broker with no proven reputation or credibility. We don’t know who exactly stays behind this website or the location it operates from, so it would be highly unwise to put your money on the line here.
Therefore, we are pretty sure that Wiicrypto does not hold a forex license and is not supervised by any financial watchdog. As its activities are not regulated you can expect all kinds of threats and dishonest deeds, mostly aiming to take advantage of your money or personal information.
For this reason it’s strongly advisable to invest only with regulated, trustworthy brokers who can prove their credibility. Such firms are transparent and act in a fair manner, but they must also meet a ton of requirements in order to be granted a license. For example all authorized brokers in the UK and the EU must have at least 730 000 EUR of minimum capital, which serves as a guarantee that they are out of the red. Moreover, your funds must be kept in segregated accounts where they are well protected.
Wiicrypto also claims to take good care of your money by providing a negative balance protection, however we highly doubt that. Such shady firms take care of nobodies’ interests but their own.
Wiicrypto Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|cTrader||40+ indicators||✅||✅||Android and iOS|
Wiicrypto claims to offer a user-friendly WebTrader, which allows you to trade from any browser and any operational system.
After we registered there was a simple web-based platform. Take a look:
You can see just some basic tools and indicators – certainly nothing impressive that can compensate for this broker’s illegitimacy.
Reputable brokers are not only a much safer choice, but they also provide advanced platforms like MetaTrader 4 or MetaTrader 5.
Wiicrypto Trading instruments
Wiicrypto promises you can get access to “hundreds of assets” like FX, crypto, stocks, oil, gold, indices and more. This can be seen on its trading software as well. This range of trading instruments however is nothing exceptional and can be seen with more or less all legitimate brokers around the world. So there really is no point in trading here.
Wiicrypto Spreads and cost of trading
Wiicrypto offers four account types – Beginner, Daily trader, Arbitrage and Executive portfolio. Take a look at some more details about the first two of them:
The spreads of 2.3 pips promised for the Beginner account are certainly not of your benefit. Such an amount is definitely going to be more costly at least to say.
After we saw the trading platform there were spreads of 0.2 pips of EURUSD and 0.6 pips for GBPUSD. Both of these amounts don’t seem bad at all, however don’t forget that there could be some commissions ahead that may not be at your interest. What’s more, reputable brokers tend to offer tight spreads anyway, so you have much better options than Wiicrypto.
Wiicrypto Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
The maximum leverage is said to be 1:600. This is an extremely risky amount however. We know how appealing it seems – but the possibility to strike you rich is much poorer in comparison to the risk of losing your money in a flash. Not to mention that there is a leverage restriction in most of the countries that regulate forex brokerage activities – 1:30 for the EU and the UK for instance.
If you still want to trade with high leverage, we advise you to choose some of the offshore subsidiaries of reputable forex brokers.
Wiicrypto Deposit and withdrawal methods
|Deposit time||Withdrawal time||Fee|
|Credit cards||2-14 working days||2-14 working days||$25+|
|Wire transfer||2-14 working days||2-14 working days||$50|
On its website Wiicrypto claims to accept “a variety of payment methods” which however turn out to be only three – Visa, Mastercard and Wire transfer. Or at least these options are listed at the bottom of its homepage.
After we opened an account and tried to fund it however we couldn’t see the deposit methods. After we fill in a form with our account number and desired amount to invest, a request is sent but nothing happens afterwards. We don’t know the reason for that but everything seemed rather suspicious.
In addition, the execution time is said to be between 2-14 working days for both credit/debit cards and bank transfer.
Wiicrypto Minimum deposit
There is no information about the minimum deposit this broker requires and this is yet another wake-up call. Note however that the standard amount for the sector is around 250 USD for regular accounts and around 10 USD for micro accounts.
Wiicrypto Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
Its Deposit/Withdrawal Policy there has some quite curious data that is in fact against your interests. Unfortunately not every potential trader would read this piece of information beforehand and would eventually stumble across some enormous withdrawal fees and unfair requirements.
Apparently, Wiicrypto charges 50 USD for every withdrawal with wire transfers or 25 USD for credit cards and ePayments. On top of that there is an additional 10 USD processing fee for credit cards. See for yourself:
These fees are just unacceptable, especially given the fact that most reputable brokers don’t require any withdrawal tax at all.
Moreover, Wiicrypto also requires a levy of 10% of every account that has not “executed more than 200 in turnover”. The minimum withdrawal amount is said to be 250 USD for wire transfers or 100 USD for the rest of the payment methods. Such requirements can barely be seen with genuine brokers – they just don’t expect you to meet any minimum volume requirement and don’t set such insane minimum withdrawal amounts. All of these are a clear sign of a scam whose only aim is to steal as much as it can from you.
Wiicrypto is an outright scam you have to avoid by all means!