Is TigerWit Regulated? Is it safe? - TU Expert review
License is the most important document you have to consider when choosing a broker. Many traders, who would like to start working with TigerWit try to check whether it is regulated. Traders Union experts have already done that. In this article, you will learn whether TigerWit is regulated, what regulatory authorities supervise the broker and whether it is safe to work with the company in general.
Short summary about the broker TigerWit
TigerWit is a holding company that comprises four STP brokers and has been operating since 2015. It is regulated by reputable international commissions such as FCA (679941), SCB (SIA-F185), and SVGFSA (181LLC2019). TigerWit specializes in Contracts for Difference (CFDs) trades and targets African, European, and Asian traders with varied investment backgrounds. The company was awarded the titles of Most Transparent Forex Broker (Africa) and Best Forex Fintech Broker (Asia) at the Global Forex Awards 2020 - Retail.
| 💰 Account currency: | USD |
|---|---|
| 🚀 Minimum deposit: | $50 |
| ⚖️ Leverage: | Up to 1:400 |
| 💱 Spread: | From 0.6 pips |
| 🔧 Instruments: | Currency pairs, CFDs on stocks, stock indices, energy resources, precious metals, cryptocurrencies |
| 💹 Margin Call / Stop Out: | 300% / 50% |
Pros and cons of TigerWit
👍 Advantages of trading with TigerWit:
•The available minimum deposit is $50 on all real accounts.
•Strong regulation in several jurisdictions, including by the British Financial Conduct Authority.
•Availability of negative balance protection for retail traders and deposit insurance from the Financial Services Compensation Scheme (FSCS).
•High leverage, the maximum size of which for currency pairs can reach up to 1:400.
•The ability to trade independently or copy the trades of successful market participants.
•Tight spreads from 0.6 pips on major currency pairs.
•Access to trading through all possible versions of MT4, as well as to work with the proprietary terminal TigerWit.
👎 Disadvantages of TigerWit:
•A fewer number of assets available for trading compared to those of its competitors.
•Limited choice of payment systems which you can use to deposit and withdraw funds.
•Broker services are currently not available in several countries, including the USA, Canada, Belgium, and Japan.
Why is it important to work with a regulated broker?
License is a document that certifies that a broker operates legally and guarantees fulfillment of its obligations to the traders. A financial license is issued by a financial regulatory authority of a country (the National Bank) or a specialized authority (for example, Securities Commission, Futures Trading Commission, etc.). It is important to choose licensed brokers for the following reasons:
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A license guarantees that the broker operates in compliance with the rules of the financial regulator that issued the document.
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In order to obtain the license, a broker must comply with certain requirements, for example, the size of the authorized capital or personnel qualification. It is simply not lucrative for scammers to comply with such requirements.
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A broker’s license provides access to real markets, and you can be sure that the quotes are real and up-to-date.
The best option is to work with a broker that holds the license of the jurisdiction, where the trader resides. You can also choose a company with a financial license of another reliable jurisdiction, for example, the U.S. or the European Union.
Is TigerWit Regulated? Broker’s license
Security (Protection for Investors)
TigerWit unites 4 companies, the activities of which are controlled by the state financial authorities of various jurisdictions. The UK division also participates in the Financial Services Compensation Scheme (FSCS), which insures client investments up to £85,000 per person.
TigerWit is regulated in the UK by the Financial Conduct Authority (FCA), in the Bahamas by the Securities Commission of The Bahamas ( SCB) and in Saint Vincent and the Grenadines by the Financial Services Authority of St. Vincent and the Grenadines (SVGFSA).
👍 Advantages
- Client funds and company capital are separated and segregated
- Retail traders have negative balance protection
- Regulators are involved in resolving disputes between the broker and its client
👎 Disadvantages
- Verification of personal documents is a mandatory procedure
- FSCS coverage only applies to UK traders
- Professional customers are not protected against a negative balance
Brokerage fees
Broker’s regulation is the most important choice criterion. However, before you start working with the broker, it is also important to analyze its commissions and fees. TU analysts have studied the commissions and fees charged by TigerWit, which you can see below.
TigerWit holds only floating spreads per trade. Currency spreads start at 0.6 pips. Islamic accounts also have a commission per lot, which is deducted if the position remains open for more than 10 days. For currencies, metals, and cryptocurrencies, it is $12.5 per lot per day, for indices it is $5. There is no commission for withdrawing funds provided that the client does not exceed the limit on free withdrawals of 4 times a month. For the fifth and subsequent withdrawals during the current month, TigerWit charges $1 for each withdrawal. The company does not charge fees for making a deposit, but the client pays the bank 2% of the payment amount when transferring via the mobile internet bank and 1.8% via the internet bank on a PC. If a trader does not trade for 3 consecutive months, then TigerWit will charge $10 as an inactivity fee.
| Account type | Spread (minimum value) | Withdrawal commission |
| Live Account | from $6 | No, for the first 4 withdrawals per month |
Brokers that are similar to TigerWit
Many brokers operate legally, obtaining relevant licenses and permissions. However, when choosing a broker, it is important to compare their trading conditions. TU experts have prepared a comparative analysis of TigerWit conditions with its closest competitors.
Comparison of TigerWit with other Brokers
| TigerWit | RoboForex | Pocket Option | Exness | TeleTrade | Deriv | |
|---|---|---|---|---|---|---|
Trading platform |
MT4, TigerWit app, TigerWit Web |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MT5 |
Deriv bot, Deriv MT5, Derivix, Deriv Trader, SmartTrader |
Min deposit |
$50 |
$10 |
$5 |
$10 |
$1 |
$5 |
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
No |
No |
No |
Accrual of % on the balance |
No |
No |
No |
No |
No |
1.00%% |
Spread |
From 0.6 points |
From 0 points |
From 1.2 point |
From 1 point |
From 0.8 points |
From 0 points |
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
Execution of orders |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
No deposit bonus |
No |
No |
No |
No |
No |
No |
Cent accounts |
No |
Yes |
No |
No |
No |
No |
The TigerWit broker is suitable for traders with different trading styles who are interested in certain CFDs, STP accounts, and working with a regulated Forex intermediary.
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Pocket Option offers a wide range of trading instruments and copy trading services. It constantly improves its service quality and expands the list of assets and trading platforms. The broker is suitable even for novice traders without significant capital due to the low initial deposit. Experienced traders who work with CFDs and binary options can also use Pocket Option’s services.
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
TeleTrade is a broker for traders who value the variety of trading instruments and trade using their PC or a mobile app. The company is a good broker both for beginners and experienced traders.
Deriv is a broker for beginners and professional traders who prefer to make trades on their own, as well as use auxiliary programs for more efficient trading.
Conclusions
TigerWit is a quite reliable broker for trading. TigerWit operates on the license of a reliable jurisdiction and its operation is regularly monitored. However, the company does not offer the best trading conditions compared to competitors. You can choose this broker and not worry about the safety of your funds, but there are better options in terms of trading conditions.
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FAQ
How difficult is it to obtain a brokerage license?
The procedure for obtaining a license differs depending on the jurisdiction, but it is very difficult and expensive to get the document in a reliable jurisdiction. This is why only reliable brokers obtain licenses.
Why is it not recommended to work with offshore brokers?
Offshore brokers have to meet minimum requirements for obtaining a license and reporting, which is why often scammers get such licenses.
Can an offshore broker be reliable?
Yes, although there are not many of such brokers. There are brokers with a good reputation, but with an offshore license. You still need to be very cautious when working with such companies.
How do I check a broker’s reputation?
In order to check a broker’s reputation, you need to read user reviews. However, it is recommended to only use independent websites for that.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.