Wingo Markets

The Wingo Markets broker is a very young brokerage that has been operating since 2023 and targets Iranian traders with a Persian website, Persian support, MetaTrader 5 and low minimum-deposit accounts. In this overview, we review Wingo Markets' licenses, accounts, payment methods and risks based on Teagle's data so you have a realistic picture before opening an account.

What kind of broker is Wingo Markets?

In Teagle's data, Wingo Markets is registered in Cyprus, and it describes its mission as giving everyone access to financial markets through modern technology with a focus on financial literacy. The broker cites receiving the "Best ECN Forex Broker" award at the Forex Expo Dubai 2024, but according to Teagle's expert, such awards, alongside a track record of about 3 years, do not add much credibility, and most of the broker's promotional claims cannot be verified. Wingo Markets offers forex, international stocks, indices and cryptocurrencies on MetaTrader 5.

Wingo Markets licenses and credibility

According to Teagle's latest review, the broker has two active registrations:

• Mwali International Services Authority (MISA) Mwali (Moheli), Comoros, number T2023302, status active;
• US FinCEN as an MSB, number 31000253973445, status active.

Teagle's expert stresses that the main regulation under which Wingo serves Iranians is the Mwali license; a weak, offshore Tier-3 license that does not guarantee strong financial security. The MSB registration is simply a money services registration and is no substitute for oversight by a top-tier forex regulator. If you are not familiar with the difference between these two types of oversight, read the article The difference between offshore and onshore brokers .

Does Wingo Markets serve Iranians?

Yes. According to Teagle's data, Wingo Markets' website and support are in Persian, identity verification is instant, and no IP change is needed to access the site. One Teagle user reported that support described the execution model as NDD, while the client agreement states that the company may act as the counterparty to trades; to understand this difference, the article What are B-Book and A-Book brokers is helpful.

Wingo Markets trading accounts

Wingo has four accounts on MetaTrader 5; all of them have floating spreads, maximum leverage of 1:500, a 100% margin call and a 30% stop-out:

• Social Trade account: minimum deposit $5, commission of $10 per lot, spreads from 0.5 pips and more than 300 symbols.
• Starter account: minimum deposit $50, no commission, spreads from 1.5 pips and more than 200 symbols.
• ECN account: minimum deposit $500, $6 commission, spreads from 0.5 pips and more than 900 symbols.
• Pro account: minimum deposit $5,000, $4 commission, spreads from 0.1 pips and more than 300 symbols.

The key point is that the Islamic (swap-free) version is only available on the Pro account, and no cent account is offered either. If you want to practice with small amounts of real money, see the list of brokers suitable for cent accounts . To gauge the real cost of a commission-based account, read an introduction to the ECN account and how it compares with other accounts . Scalping, hedging and the use of Expert Advisors (EAs) are allowed with this broker.

Wingo Markets platform and services

Wingo's only trading platform is MetaTrader 5. The broker's additional services include rebates, copy trading, social trading and support for trading bots. The Social Trade account makes it easy to get into copy trading with $5; we have explained the steps in the Wingo Markets copy trading guide . On the other hand, according to Teagle's review, tools such as an economic calendar, a virtual private server (VPS) and bonuses are not offered by this broker.

Deposits and withdrawals at Wingo Markets

Three methods are recorded in Teagle's data: Tether (USDT), Advcash and bank card (Debit Card). For all three methods, the broker's deposit and withdrawal fees are listed as zero and the minimum deposit as $100, and card withdrawals take up to 72 hours. Processing times for the other methods are not specified in Teagle's data. Note that the $100 minimum deposit in this table does not match the accounts' $5 and $50 minimums; ask support for the exact requirement before depositing.

Wingo Markets' rating and risk on Teagle

Wingo Markets' overall rating on Teagle is 2.3 out of 5: Trustpilot 3.3, Teagle users 3, Teagle expert 2 and WikiFX 0.9. The Teagle Eye risk score for this broker is 57 out of 100, in the "medium risk" category; its short track record and offshore license have pushed this number up, while relatively positive user reviews have balanced it somewhat.

Pros and cons of the Wingo Markets broker

• Pro: Persian website and support, and access without changing IP
• Pro: low-cost entry into copy trading with the $5 Social Trade account
• Pro: freedom to scalp, hedge and use Expert Advisors on MetaTrader 5
• Con: very short track record and reliance on the offshore Mwali license
• Con: Islamic account only with a $5,000 deposit, and no cent account
• Con: no VPS, economic calendar or bonuses

Who is Wingo Markets suitable for?

In the view of Teagle's expert, Wingo Markets is worth considering for traders interested in international stocks, indices and copy trading in a Persian-language environment. It is not suitable for large capital, for those who require the protection of a Tier-1 regulator, for traders who need a swap-free account with small capital, or for beginners who want a cent account. Before deciding, look at it in the Wingo Markets vs Vitavers comparison alongside another young broker.

Conclusion

The Wingo Markets broker has made a good start in terms of accessibility and Persian-language services, but its short track record and weak license mean you should proceed with caution. Start with a small amount, make a test withdrawal, read the trade execution model in the client agreement, and follow the latest warnings on Teagle's risk warning page .