WINGO

Overview of WINGO

WINGO, established in 2023 and headquartered in Cyprus, operates under the regulatory authority of FCEN. This trading platform caters to a diverse range of traders, offering multiple account types including Standard, ECN, Raw, and VIP accounts, each tailored to different trading needs. The platform requires a minimum deposit of $100 and provides leverages of up to 1:400. Trading occurs across various markets, including cryptocurrencies, forex, commodities, indices, and stocks, offering traders a comprehensive range of tradable assets. WINGO operates primarily on the MT5 trading platform, providing traders with access to sophisticated trading tools and features. The platform offers competitive spreads, starting as low as 0.03 pips, enhancing trading efficiency.

Is WINGO Legit or a Scam？

The WINGO Financial Crimes Enforcement Network is currently regulated by the United States under a Crypto-License, with the license number 31000253973445 issued to Wingo Group Ltd. The effective date of this regulation is September 21, 2023. The licensed institution's address is specified as Number 6, Vasili Vryonides str., Gala court chambers, 5th floor, office 503, Limassol 3095.

Pros and Cons

Pros:

1.Low spreads: WINGO offers competitive and low spreads, which can benefit traders by reducing the cost of each trade.

2. No commissions: The platform's absence of commission fees could be advantageous for traders as it avoids additional costs per transaction, potentially improving overall profitability.

3. High leverage: The provision of high leverage allows traders to amplify their positions with a smaller initial capital investment. This can magnify potential profits (as well as losses), offering increased market exposure.

4. Easy-to-use trading tools: WINGO likely provides user-friendly tools that simplify the trading experience. These tools might include intuitive interfaces, charting capabilities, and order management systems that cater to different trading styles.

5. Regulated: The platform operates under regulatory oversight, ensuring adherence to compliance standards and potentially providing a sense of security and trust for users.

Cons:

1.Limited cryptocurrency variety: WINGO might offer a restricted selection of cryptocurrencies available for trading, limiting the options for those interested in diverse crypto assets beyond the offered few.

2. Restricted regional access: Certain geographical regions might face limitations or restrictions in accessing WINGO's services, potentially excluding traders from specific locations.

Market Instruments

WINGO offers a diverse range of trading assets across various categories:

1. FOREX: With ultra-low spreads as tight as 0.1 pip, trade 182 FX spot pairs and 140 forwards spanning majors, minors, exotics, and metals.

2. METALS: Diversify your portfolio by trading gold, silver, copper, and platinum with spreads starting from 0.8 pips.

3. COMMODITIES: Trade a wide range of commodities including USOIL, with spreads starting from 0.3 and the flexibility to engage in CFDs, futures, options, spot pairs, and more.

4. INDICES: Access over 100 instruments with spreads as low as 0.4 on US500, allowing both long and short positions across various indices with low commissions.

5. STOCKS: Gain access to stocks across core and emerging markets with spreads starting from $3 on US stocks, encompassing major exchanges globally.

6. CRYPTO: Engage in crypto trading with remarkably low spreads as low as 0.01%, ensuring competitive rates and minimized commissions for crypto enthusiasts.

Account Types

Venturing into a variety of account types, WINGO caters to traders of all experience levels and preferences.

Standard Account: Positioned as the most favored choice among beginners, this account requires a minimum funding of $100. It offers a balanced trading environment with no commission charges, normal spreads, leverage up to 1:400, access to 200 instruments, and execution through market orders. Ideal for those seeking a stable and introductory trading experience.

ECN Account: Tailored for seasoned traders, the ECN account demands a minimum funding of $500. It presents competitive conditions with low commissions, tight spreads, leverage up to 1:400, the capability to access 1000 instruments, and boasts the highest order execution speeds, making it the preferred choice for those valuing swiftness and efficiency.

Raw Account: Designed for experienced traders, the Raw Account sets the minimum funding at $2,000. It features very low commissions, raw spreads, leverage up to 1:400, access to 1000 instruments, and executes orders via market execution. This account type caters to traders seeking more control over their trading environment.

VIP Account: Regarded as the pinnacle in trading conditions, the VIP Account necessitates a minimum funding of $10,000. It presents tight commissions, raw spreads starting from 0 pips, leverage up to 1:400, and access to 1000 instruments. Tailored for traders seeking the most favorable and premium trading environment offered by the company.

How to Open an Account？

Here's a step-by-step guide on how to open an account with WINGO:

1. Visit the WINGO Website: Access the official WINGO website through your web browser.

2. Click on 'Create Account': Look for the 'Create Account' or 'Sign Up' button on the website's homepage. Click on it to initiate the account creation process.

3. Fill in Personal Information: Enter your personal details accurately in the registration form. This typically includes your full name, email address, phone number, and country of residence. Ensure the information is correct to facilitate the verification process.

4. Choose Account Type: Select the type of account you wish to open based on your trading preferences and experience level. Options may include Standard, ECN, Raw, or VIP accounts.

5. Complete Verification: Follow the prompts to complete the verification process. This often involves providing identification documents to comply with regulatory requirements.

6. Fund Your Account: Once your account is verified, proceed to fund it using the available deposit methods, such as bank transfers or credit/debit cards. Ensure you meet the minimum deposit requirement for your chosen account type.

Remember, the specific steps might slightly vary or include additional requirements based on the platform's current procedures or regulatory obligations. Always review and adhere to the instructions provided by WINGO during the account creation process.

Leverage

WINGO offers a maximum leverage of up to 1:400 for traders. Leverage allows traders to amplify their position size with a relatively small amount of capital. A 1:400 leverage means that for every unit of capital in the trader's account, they can open a position in the market that is 400 times larger.

While higher leverage can magnify potential profits, it also escalates the risk, as losses are also amplified. WINGO provides this leverage option to enable traders to potentially increase their market exposure, but it's crucial for traders to understand and manage the associated risks before utilizing high leverage ratios in trading.

Spreads &Commissions

WINGO boasts competitive spreads and a commission-free structure for its traders. The spreads at WINGO start as low as 0.03 pips, indicating minimal differences between the buying and selling prices of assets. This low spread is advantageous for traders as it can reduce trading costs. Additionally, the absence of commissions on trades helps traders avoid additional charges per transaction, enabling them to potentially enhance their profitability. These favorable spread rates and zero-commission structure are intended to attract traders by offering cost-effective trading conditions across various assets on the platform.

Trading Platform

WINGO offers traders access to MetaTrader 5, a cutting-edge platform designed by Metaquotes. This platform is tailored for traders seeking state-of-the-art features and functionalities. It boasts numerous advantages, including 21 timeframes for a comprehensive view of market movements, support for 6 pending order types, and the flexibility of both hedging and netting options. Moreover, it includes a multi-thread strategy tester for expert advisors (EAs), allowing users to test trading strategies efficiently and effectively. Overall, MetaTrader 5 provides a robust and advanced trading environment for users on the WINGO platform.

Deposit & Withdrawal

Payment Methods: WINGO offers diverse payment methods to accommodate traders' preferences. You can deposit funds via bank transfers or credit/debit cards, ensuring a flexible approach to funding your trading account.

Minimum Deposit: The minimum deposit required by WINGO is tailored to suit various traders, offering accessibility with a minimum deposit amount that aligns with market standards. This enables users to start trading without significant financial constraints.

Payment Fees: WINGO distinguishes itself by providing transparent and competitive fee structures. While specifics may vary based on the chosen payment method, WINGO aims to keep its fees at a reasonable and competitive level. However, it's advisable to review the platform's fee schedule or contact customer support for precise details on associated payment fees.

Payment Processing Time: The platform prioritizes efficient processing times for deposits and withdrawals. Typically, deposits through credit/debit cards may reflect instantly or within a short processing time, while bank transfers might take slightly longer due to interbank processing procedures. Withdrawal processing times often adhere to industry standards, ensuring timely and secure transactions for users. For precise timelines, traders can refer to the platform's guidelines or reach out to customer support.

Customer Support

WINGO offers multifaceted customer support through varied channels. Contact them via email at support@wingomarkets.com for comprehensive assistance. Additionally, their hotline at +35725591367 provides direct access to knowledgeable representatives, ensuring swift resolution of queries. For immediate assistance and real-time guidance, an online chat option is available. This multi-pronged approach emphasizes responsiveness, providing users with diverse avenues to seek help, guidance, and solutions to concerns or inquiries.

Educational Resources

WINGO offers educational resources through FAQs and a blog. The FAQs section provides concise answers to commonly asked questions, offering clarity on platform features, trading processes, and general inquiries. The blog serves as a repository of insightful articles, updates, and analyses, enriching users with market insights, trading strategies, and updates on trends. Both resources aim to enhance users' understanding of trading concepts, market dynamics, and platform functionalities, fostering informed decision-making and skill development in the trading realm.

Conclusion

WINGO presents a compelling platform for traders with its advantageous low spreads, absence of commission fees, high leverage options, user-friendly trading tools, and adherence to regulations, offering a sense of security.

However, limitations in cryptocurrency variety and restricted regional access might deter some users seeking a broader range of digital assets or residing in certain locations. Overall, WINGO provides a reliable and regulated environment conducive to trading success, but the constraints in asset variety and access could be limiting for specific trader preferences or geographical locations.

FAQs

Q: What is the minimum deposit required to open an account with WINGO？

A: The minimum deposit to start trading on WINGO is $100.

Q: Which trading platform does WINGO offer？

A: WINGO offers the MetaTrader 5 platform for traders, equipped with advanced features and multiple tools.

Q: Are there any commission fees charged for trades on WINGO？

A: WINGO operates on a commission-free model, allowing traders to execute trades without commission charges.

Q: What types of payment methods does WINGO accept？

A: WINGO accepts payments through B2B Pay and AdvCash for account funding and withdrawals.

Q: Is WINGO regulated？

A: Yes, WINGO is regulated by the Mwali International Services Authority (M.I.S.A.) of Comoros Island.

Q: How many tradable assets are available on WINGO？

A: WINGO offers access to over 160 CFDs, encompassing cryptocurrencies, forex, commodities, indices, and stocks for trading.