WiiCrypto – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
WiiCrypto- DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://wiicrypto.com
Founded: 2023
Regulations: Not Regulated
Languages: English
Deposit Methods: Credit Cards, Wire Transfers
Minimum Deposit: Unknown
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Crude Oil and Other Energies, Agriculture, Gold and Other Metals, Shares, Indices, Cryptos
Trading Accounts and Conditions
WiiCrypto offers their clients the following trading accounts:
- Beginner: The trade amount is 1. The spreads start from 2.3 pips. Leverage is 1:600. Lot volume is 0.0001. Lot size is 1,000 million. You can only trade Forex and precious metals.
- Daily Trader: The trade amount is 3. The spreads start from 1.3 pips. Leverage is 1:500. Lot volume is 0.01. Lot size is 100,000. You can trade Forex, Gold, Silver, and Shares.
- Arbitrage: The trade amount is 5, and you get access to limited arbitrage deals. Spreads are 0.3 pips. Leverage is 1:200. Lot volume is 0.1. Lot size is 100,000. You can trade Forex, Gold and Silver, Shares and Cryptocurrencies.
- Executive Portfolio: The trade amount is 24/7, 365 days a year. Spreads are 0.3 pips. Leverage is 1:100. Lot volume is 0.1. Lot size is 100,000. You can trade Forex, Gold and Silver, Shares and Cryptocurrencies.
We are not told what the minimum deposit requirement is. We also do not know what the commissions and fees are.
WiiCrypto – Advantages
There are no advantages to trading with WiiCrypto.
WiiCrypto – Disadvantages
Given below are all the red flags that tell us that WiiCrpyot is a scammer:
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Anonymous and Unregulated Broker
WiiCrypto claims that they were established as an online trading service provider in 2015. However, this broker does not tell us the name of their parent company. Even in their legal documents, the broker only states that the agreement is between the trade (you) and them (WiiCrypto). There is also no address or contact information provided. We do not know where this broker or their parent company is located. And there is no way to contact them, except via a single email address.
The broker also does not mention their regulation status. The only hint we get is in their Terms and Conditions, where the broker claims to be governed by Estonian Laws. This implies that the broker is regulated by the Estonian financial regulator, the Finantsinspektsioon (Financial Supervisory Authority).
We checked the FSA’s website and found that there is no broker or company by the name of WiiCrypto registered with this regulator.
All of this information tells us clearly that we are dealing with a broker that is anonymous and unregulated – and that makes WiiCrypto a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Poor Trading Platform
WiiCrypto claims to offer their clients their trademarked WiiCrypto WebTrader trading platform. The broker claims that this platform is available to all their live account holders and that you can trade using this software from any operating system and any browser. The broker also states that their trading platform is fully customizable, without you having to install any additional software. They then go ahead and list all the pros of using their trading platform.
We registered for an account to verify these claims for ourselves. We were quite disappointed.
Instead of the state-of-the-art platform WiiCrypto promised, we were presented with a basic web-based trading software will few functionalities. All this platform has is a few market indicators and analytics tools. There is nothing much that you can do on this broker’s trading platform.
Since the trading platform is a broker’s main offering, brokers invest the most in this software. This means that brokers usually offer their clients the MetaTrader 4 or MetaTrader 5 platforms. If these are not offered, then you will definitely see another good quality platform – even if it is internally developed.
Therefore, when you see a broker offering you a basic, barely-functional trading platform, you know you are looking at a scammer.
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Issues with Trading Conditions
Another indicator of a scam is a broker’s poor trading conditions. And WiiCrypto has really poor trading conditions – and they are incomplete too.
This broker does not bother with information such as the minimum deposit requirement, commissions they charge or any other trading fees they may have in place. We also do not know what the order execution method is.
And to get competitive spreads, you need to invest in one of the really expensive account types. Otherwise, the Beginner account has very unfair spreads, starting at 2.3 pips. The market average for spreads is between 0.5 pips to 1.5 pips. So, 2.3 pips is quite expensive. Added to that, we do not know if this broker charges commissions, so the real cost of trade is unknown.
The maximum leverage of 1:600 is too risky and illegal. Since this broker has invoked the laws of Estonia, it means that they are targeting customers in the European Union. And in the EU, the maximum legal limit for leverage is 1:30. So, the leverage ratio WiiCrypto offers is illegal.
We also have issues with the fact that the trading conditions are incomplete. All of this tells us that this broker is a scammer.
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Issues with Payments
When you see their website, WiiCrypto displays the following payment options – Maestro, Wire Transfer, MasterCard, Visa. This means that you can either use your credit card or do a wire transfer money to your account.
The problem is that when you go to the deposit menu of your account, then there are no deposit options at all. All you are asked to do is fill in a form where you need to mention your account number and the amount you wish to invest. And then you need to submit this request. Apparently, the broker will get back to you about how you can deposit your money.
This is a typical scam, where the scammer cherry picks their victims – especially targeting novice traders who do not know any better.
Conclusion
WiiCrypto is an anonymous and unregulated scammer. You cannot trust them, and your money is not safe with this broker.
WiiCrypto
Pros
- None
Cons
- Anonymous and Unregulated Broker
- Poor Trading Platform
- Issues with Payments
- Issues with Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.