WikiFX Broker Assessment Series | WCG Markets: Is It Trustworthy?

In this article, we will conduct a comprehensive examination of WCG Markets, delving into its key features, fees, safety measures, deposit and withdrawal options, trading platform, and customer service. WikiFX endeavours to provide you with the essential information required to make an informed decision about utilizing this platform.

Background:

Founded in 2018, WCG Markets Ltd (WCG Markets) operates as an online brokerage specializing in the trading of exchanged CFDs, particularly focusing offering low spreads and high liquidity.

WCG Markets provides a diverse range of tradable assets, covering currency pairs, metals, energy, cryptocurrencies, and global indices.

Meanwhile, WCG Markets features an introducing broker (IB) program, enabling individuals and businesses to earn commissions by referring new clients to the company.

It is important to note that, at present, WCG Markets does not extend its services to British Columbia, Quebec and Saskatchewan, the Democratic Peoples Republic of Korea (North Korea), Iran, the United States and Hong Kong.

Types of Accounts:

WCG Markets claims to offer several account types; however, the specific details of these accounts are not readily available on its official website.

Deposits and Withdrawals:

Currently, WCG Markets does not provide readily accessible information regarding its deposit and withdrawal procedures on its public platforms. However, according to available details, withdrawal requests are processed during two daily time windows: from 11:00 AM to 12:00 PM, and from 2:00 PM to 5:00 PM. Withdrawals are processed once per hour within these periods and, under optimal conditions, funds may be credited within two hours. Standard processing time may take up to one business day.

Customers should note that if funds are deposited but no trading activity occurs before a withdrawal request is made, a handling fee of 3% will be applied to the withdrawal amount. This fee is waived once the customer meets a minimum trading volume based on the most recent deposit amount. For example, a deposit of USD 1,000 requires a minimum of 1 traded lot to qualify for a fee-free withdrawal. Similarly, deposits of USD 2,000 and USD 5,000 require 2 and 5 traded lots, respectively, to waive the fee.

If the required trading volume is not met and the customer still proceeds with the withdrawal, a fee will be charged equal to 3% of the deposited amount, adjusted according to the number of traded lots. Customers must acknowledge this fee upon withdrawal; otherwise, the request will be rejected.

Trading Platforms:

WCG Markets provides the MetaTrader 4 (MT4) trading platform, available on PC, mobile, and web, is widely used in the industry. MetaTrader 4 is an advanced trading platform offering a comprehensive suite of features and tools for precise trading analysis. With one-click trading, quick order execution, VPS hosting, and up to four pending order types along with trailing stops, it provides a highly customizable interface with thousands of online tools to plug in. The platform supports fully customizable and in-depth charts, in-depth trading history, and allows users to build or import Expert Advisors (EAs), enabling the automation of trading strategies.

In addition, WCG Markets offers a Multi-Account Management (MAM) system designed to simplify and enhance the trading experience for asset managers. This system enables the efficient management of multiple client accounts through a single, user-friendly interface, providing flexibility through a range of allocation methods. Asset managers can allocate trades based on various criteria, including proportional allocation by net asset value, percentage-based allocation, and proportional allocation by account balance. Additionally, the MAM system supports allocation of profits and losses either according to predefined ratios or in proportion to each accounts balance. These features allow for precise and customizable trade distribution, making it easier to implement and manage diverse investment strategies across multiple accounts.

Research and Education:

WCG Markets offers a ‘Learn Trade’ section that provides educational resources for beginner, intermediate, and advanced traders in the form of articles.

WCG Markets also provides an economic calendar that highlights important economic events, which may lead to increased volatility in the financial markets.

Customer Service:

WCG Markets provides customer service support in several foreign languages, including English, Vietnamese, Malay, Bahasa Indonesia, Thai, Arabic and Chinese. Clients can reach out to WCG Markets through email at support@wcgmarakets.com or by submitting an inquiry via the broker's question form.

Conclusion:

To summarize, here's WikiFX's final verdict:

WikiFX, a global forex broker regulatory platform, has assigned WCG Markets a WikiScore of 7.86 out of 10.

Upon reviewing WCG Markets' licensing credentials, WikiFX confirmed that the broker is regulated by the Hong Kong Gold Exchange. Additionally, WikiFX has verified the authenticity of this license.