TigerWit Tiger Forex, the editor of Aihuicha remembers a time when it made consecutive headlines due to negative news. In Aihuicha, it also published two exposure articles about TigerWit two years ago.
The price has not arrived, but the account has been forcibly closed
For the past two years, TigerWit has been very quiet in China, and even the latest comments from iHuiCha TigerWit users' word-of-mouth have been stuck in January 2022. But recently, users of TigerWit have come to complain about the platform again. The following is a complaint post posted by exposed netizens:
At 10pm on May 11th, it was revealed that the user's account balance on TigerWit still had $90300 (approximately RMB), with a margin ratio of approximately 600%.
On the early morning of May 12th, the exposed user's trading orders on TigerWit were all forcibly closed, resulting in an account balance of -1287 US dollars.
After consulting TigerWit platform customer service, the customer service said that the price of Türkiye lira at that time was 21.25%, because there was a big fluctuation in the lira at that time, which caused the forced closing of positions
After checking multiple platforms, exposure netizens found that the highest price for Lira during the period of exposure was only 19.61, and one of his 19.8 orders was not sold, which also proves that the price fluctuation at that time did not even reach 19.8, let alone the price of 21.25. So, netizens suspected that it was a malicious liquidation by the TigerWit platform.
At present, the issues exposed by netizens have been reported to TigerWit through third-party media, but there has been no response from the platform at present.
Who regulates your account under multinational supervision?
From past performance, TigerWit's complaints have been extremely serious issues such as forced closing of positions, failure to provide cash for profits, and delayed receipt of cash. After two years of forced liquidation, it is unknown whether the platform returned to its old business after settling down for a period of time; Or did they damage their reputation before, and in the past two years, domestic traders no longer choose it? Regardless of the reason, TigerWit, which has a lot of negative feedback, is not a good choice for netizens.
In fact, from a regulatory perspective, TigerWit seems to be a good platform, holding the UK FCA and also having a license from the Bahamas SCB; I used to hold a Hong Kong SFC license, but it is currently in a suspended state. During its use by domestic users, there are countless instances of malicious behavior, and it is certain that Chinese users' accounts are not under the supervision of the FCA. The loose offshore supervision makes it dare to do whatever it wants.
It can be seen that even with strong supervision and multinational supervision, it is necessary to determine whether one's account is under license plate supervision with high or low regulatory effectiveness. Otherwise, one may still face difficulties in issuing funds.
