TigerWit Review 2020
TigerWit is a regulated broker offering modern online trading apps where users can trade a modest amount of assets. The broker has a limited choice of account funding options and there are limited educational resources to help traders improve their skills and knowledge.
TigerWit Review 2020, Pros & Cons
- Regulated broker
- Intuitive & flexible trading platforms that are easy to use
- Copy trading signals
- Commission free accounts
- Limited trading assets
- Limited account funding types
- Limited funding options
- Lack of educational resources
- Marked up spreads
- No US clients
In this detailed TigerWit review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
TigerWit is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including TigerWit.
TigerWit Review: Summary
TigerWit offers online trading on some of the most heavily-traded global products, delivering immediate access to the most liquid markets via an intuitive and user-friendly trading platform. Clients get complete trading and account management in their hands via the smart mobile trading app that can be personalised to meet individual trader needs.
TigerWit was founded in 2015 with one clear purpose; to bring fresh technological solutions to the online trading industry. The broker has focused all of their energy on opportunities where design, systems and processes can be upgraded and reinvented for the benefit of traders today and tomorrow. They state that they believe technology should empower its users and that no trader should be treated differently to any other regardless of their investment size or experience level.
TigerWit’s distributed trading ledger is founded upon blockchain-based trade settlement, delivering more efficiency, greater security, transparency and trust. Blockchain settlement is the essential technology upon which TigerWit has developed a distributed trading system. TigerWit’s view of the future is of a reliable, trustworthy and exciting trading environment that benefits traders, brokers and regulators. The broker is developing and deploying the technology to help make that happen today.
TigerWit Review: Regulation
TigerWit Limited is a company registered in England and Wales, with company registration number 09479466. TigerWit is authorised and regulated by the Financial Conduct Authority (FCA) with registration number 679941. The FCA is an independent, non-governmental body, that is responsible for regulating the UK’s financial services industry. The FCA can give investors the peace of mind that they are using a broker who is transparent and must abide by strict rules put in place to help protect investors.
The global brand of TigerWit Limited is regulated by Securities Commission of The Bahamas (SCB), license number SIA-F185. They provide protection to clients in accordance with the global regulatory standards. All client funds are held in segregated client trust accounts.
When you trade with TigerWit you are covered by their Negative Balance Protection policy. This means that even if your trading performance is unsuccessful, you should never owe TigerWit any monies. You cannot lose any more than your account equity.
TigerWit Review: Countries
TigerWit do not provide services to any person in any country or jurisdiction where such distribution or use would be contrary to local laws or regulations. Such residents and countries include, but are not limited to, the United States, Canada, Belgium, Japan, or any country or jurisdiction where such distribution or use is prohibited.
Some TigerWit broker features and products mentioned within this TigerWit review may not be available to traders from specific countries due to legal restrictions.
TigerWit Review: Trading Platforms
The popular MetaTrader 4 (MT4) trading platform provides real time price quotes for a wide range of trading instruments including gold, silver, foreign exchange, stock and futures markets. The MT4 platform is powerful, easy to use and packed with a wide range of tools and features to deliver an exceptional trading experience to traders of all experience levels.
In addition to providing real-time quotes and trading functions, there are 18 kinds of line drawing tools, 9 trading session chart options and 30 kinds of popular technical indicators. You can set price alert notifications and open multiple order types. MT4 supports fully automated trading systems via expert advisors (EAs). There is a built-in strategy tester to back test EAs over historical data. The MQL editor lets you create customised indicators, scripts and EAs.
The MT4 platform features include:
- Real time price quotes in market watch window
- Multiple chart types
- Multiple time frames
- Multiple order types
- Technical indicators for chart analysis
- Automated trading with expert advisors (EAs)
- Strategy tester for back testing EAs
- MQL editor to create custom indicators, scripts & EAs
- MQL community where you can share ideas and tools with other traders
- Alert notifications via SMS, email and platform pop-ups
TigerWit offers a modern, smart and global trading platform focused on forex, precious metals, oil, and indices offering anyone the opportunity to speculate on global financial markets. You can use TigerWit’s flexible app to open, manage and close your positions on the move. Trade using TigerWit’s unique technology for fast execution, competitive prices and global mobile access. The app is available for iOS and Android devices.
The app is sophisticated and nimble in capability yet also easy to use. Traders have the ability to customise and edit the interface to suit their preferences. With a better user experience at hand, traders can focus more on their trading strategies, tactics and finding opportunities.
TigerWit platform features include:
- Experience Account: One-click opening with access to $10,000 of virtual funds
- Blockchain distributed trading ledger: provides traders with verifiable execution
- Simple, intuitive and user-friendly
- Trade multiple accounts
- Forex: showing all the major pairs such as EURUSD, GBPUSD, USDJPY, AUDUSD
- Commodities: Including Oil and Gas
- Precious metals: Gold and Silver
- Indices: UK100, US30, German 30, Japan 225 etc
- Live Account: Your trading account will be quickly activated once your ID is verified
- Authority: Authorised and regulated in the UK by the Financial Conduct Authority (FCA), license number (FRN 679941)
- Liquidity: our access to deep liquidity is reflected in some of the best prices anywhere in the world
The TigerWit app offers you instant accessibility to live price feeds so you can trade around the clock 24/7, from wherever you are and whenever you want.
TigerWit Review: Trading Tools
Most of the trading tools provided by the broker are built into the trading platforms. These are likely to be more than enough for the average retail trader.
The TigerWit global brand offers copy trading where you can follow a TigerWit Master with a single click and trade using their strategies. Users pay just 20% commission to the Master. It should be noted that there are no guarantees with results from signal copying.
TigerWit Review: Education
The TigerWit blog has a good selection of frequently updated articles covering market news and analysis. These can be used to help inspire trade ideas. There are unfortunately no trading guides or tutorial videos. It would be good if the broker considered adding these in the future.
TigerWit Review: Trading Instruments
TigerWit offers some of the most popular markets for trading online when you want, the way you want. Users can access high levels of liquidity with markets covering forex across all major trading currencies: GBP, USD, EUR, JPY, CHF, TRY, etc. You can speculate from Sunday 21:05 UTC through to Friday 20:55 UTC via the brokers service on the rise and fall of valuable commodities such as precious metals, gold and silver, oil (Brent, WTI), indices (UK 100, US 30, Germany, etc) and more.
- Forex Currency Pairs
- Precious Metals
TigerWit Review: Trading Accounts & Fees
TigerWit Group offers a wide choice of trading conditions and options. Choose the one that’s right for you. There is an experience account (demo) on which to practice your trading strategies with $10,000 in virtual funds, and a live account on which to trade with real funds. You can open a Live account and use up to seven sub-accounts for self-directed and copy-trading.
TigerWit does not charge any commission – only spread. The brokers FX spreads are variable and from 0.6. Overnight swaps and financing adjustments are applied to positions held overnight. The minimum order size is 0.01 lot for FX and precious metals, and 0.1 for commodities and indices. TigerWit UK offers up to 30:1 leverage depending on the product being traded. Higher leverage is available for ‘Professional’ clients. Flexible leverage up to 200:1 is available on the global brand website.
To qualify as a professional client requires meeting 2 out of the 3 following guidelines, 1) Have a portfolio of greater than $500k (not including property or cash) 2) Have a verified history of placing significant sized positions (down to broker discretion) 3) Have worked in the capacity of a professional position related to derivatives / speculation / trading. Match any two of these requirements to qualify as a professional client.
It is important to note that negative balance protection, Investor Compensation Fund and recourse to the Financial Ombudsman Service is removed should you qualify for a professional account as you are then classified as professional trader under ESMA regulation.
As broker fees can vary and change, there may be additional fees that are not listed in this TigerWit review. It is imperative to ensure that you check and understand all of the latest information before you open a TigerWit broker account for online trading.
TigerWit Review: Customer Service
TigerWit provide customer support via online chat, telephone and email.
TigerWit Review: Deposit & Withdrawal
To fund your account, you need to register your bank card details on the app and then manage deposits in the ‘Payments’ section. You can manage withdrawals in the ‘Payments’ section of the app. You can withdraw funds at any time and TigerWit does not charge clients to make a withdrawal. Deposits are usually credited to your account immediately. They process withdrawal requests immediately and expect all funds to be returned within three working days. The minimum withdrawal is £20 and they do not charge any withdrawal fees. The minimum deposit is £50.
TigerWit Review: Account Opening
Its quick and easy to open a trading account with TigerWit. You can open an account in just a few minutes from within the trading app. You just need to download the app from Google Play or the App Store. Once you have registered you will be invited to open an Experience or a Live account. Experience accounts are opened immediately. A Live account will normally be approved within minutes; however, TigerWit may request copies of ID to complete the process. For UK residents they do not normally request copies of ID documents. For non-UK residents the broker may ask you for a copy of your passport, national ID Card or driving licence, and a utility bill or bank statement confirming your address.
TigerWit Review: Conclusion
TigerWit is an innovative and regulated trading broker that offers a modest selection of trading instruments. They have a good choice of easy to use trading platforms that can be used across multiple devices. The account types and funding options are limited. Whilst they do not charge a commission, this does mean they have spreads higher than may other brokers to compensate. Unfortunately, they do not currently have a trading academy to assist traders improve their trading knowledge and skills.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the High risk of losing your money.