Read our Wilton Option review to see if this broker is a scam or legit. Just to clear doubts, this is a wiltonoption.com review.
Hunting for an online broker to start trading? Many people are jumping on the trading bandwagon, so the demand for these brokerages has also gone up. You will certainly find hundreds, if not thousands of them, offering their services over the internet, but not every company will be able to deliver quality.
Even though they appear to be just the perfect fit on the surface, you will come across plenty of shortcomings that show they are not even remotely close to what they have advertised. It is just a ruse that many scammers use to fool people, as this Wilton Option review shows.
Those who are unable to see through the ruse have to suffer the consequences when they end up losing their hard-earned money. It can be devastating, not to mention demotivating to find out that you have been swindled by a fraudulent brokerage.
Many people lose their confidence and are unable to trust another broker, which means they are denied the opportunities that online trading can offer. Unless you want the same to happen to you, it is a good idea for you to exercise caution when you go on the hunt for a broker.
Making decisions based on the first impression of a broker’s website can be a big mistake because they can present a good front. This is what Wilton Option does as well. At first glance, you will find that its website looks rather convincing as it presents itself as a Swiss forex and CFD broker that offers you state-of-the-art services for your online trading journey.
You are promised access to a host of trading instruments that are spread across forex currency pairs, indices, commodities, bonds, shares and cryptocurrencies.
The Wilton Option website also promises excellent trading conditions and a user-friendly trading platform that can help you enjoy profits. It sounds quite appealing, but this is where you have to take a step back and evaluate because it is nothing more than a ruse. You will find this quickly enough when you start looking into Wilton Option’s offering more closely. Ready to do so? Let’s get started:
Licensing and regulation
The first place to start looking into any brokerage is with their licensing and regulation. You should be aware that an online brokerage needs to have a license to offer its services to people in the jurisdiction where it is based.
This is issued by the regulatory authority of the jurisdiction and companies have to meet certain requirements in order to get this license. It is a promise that clients can get quality services, combined with security and transparency.
Of course, this is exactly what traders want because it keeps them safe from scams, so you should make sure that Wilton Option also has a license and is thoroughly regulated. The broker claims to be based in Zurich, Switzerland, which is one of the world’s well-regulated regions.
The Swiss Financial Markets Authority (FINMA) is responsible for issuing licenses, but when you check its register for Wilton Option, you will be disappointed.
This essentially means that Wilton Option cannot be based in Switzerland at all because it has to have a license to do so. If it does have an office there, it is operating illegally, which does not incite any trust in the brokerage. However, you cannot just take their word for it, which means you are dealing with a virtually anonymous brokerage that you know nothing about. They have no credibility, whatsoever because there is no license.
Does that sound like a company you should trust with your money, or your information? Knowing how the internet is rife with scams, it is best for you to not give Wilton Option the benefit of the doubt.
Online trading is only possible through a trading platform that the brokerage has to provide. But, this does not mean that any platform will do. The trade execution and the tools vary from platform to platform and every trader wants to have access to the best. You will see that Wilton Option promises a user-friendly yet advanced desktop and mobile trading platform to its clients, which will certainly impress anyone.
But, when you check the actual trading platform available at Wilton Option, you will find that it is not even close to what is advertised. It is a basic web trading platform that is neither proven nor reliable. It is oversimplified and does not provide even half the tools that an MT4, or MT5 can offer, which are recognized as the top platforms in the market.
You should always check trading conditions of a brokerage to know if it is competitive and can help you make profits. Scammers often promise good conditions to lure people in, which is what Wilton Option also does. You will find that it is promising extremely high levels of leverage, which might attract a lot of people.
After all, who does not want leverage as high as 1:400, but you have to remember that leverage is a double-edged sword and can magnify your losses, not just profits.
Moreover, Wilton Option claims to be based in Switzerland, which is part of the European Union. Brokers in the EU cannot offer leverage of more than 1:30, yet Wilton Option is certainly doing so. This also confirms that the company does not have a license and cannot operate from Switzerland.
When you are going through the Wilton Option website, you will notice that it has logos of Team Viewer, AnyDesk and AeroAdmin, which may seem benign. But, you should understand that these are remote desktop applications that are used for accessing your home PC environment from anywhere.
These are being offered at Wilton Option and they will ask you to share installation details, which means they will have access to your PC details. They can steal your passwords and banking information and leave you high and dry.
All of these aspects make it clear that you should not fall for the ruse that Wilton Option is putting up because you will lose your money.