GWG

GWG Broker Overview

GWG was a Cyprus based forex and CFD brand that traded under the name GWG (Cyprus) Ltd from the website gwglobalfx.com. It offered around 80 currency pairs alongside metals, indices, commodities and cryptocurrencies, on MetaTrader 4 and through the ZuluTrade copy trading service, across four account tiers starting at a 100 USD minimum deposit. The brand's website no longer responds, and the Cyprus company that stood behind it has since been renamed, so GWG should be read as a dormant or discontinued brand rather than an operating broker.

GWG Regulation and License

GWG has been presented as a Cyprus Investment Firm authorised by the Cyprus Securities and Exchange Commission under licence number 291/16, held by GWG (Cyprus) Ltd. WIKILIX found no confirmation of that licence in this research, and the brand's own regulation pages are no longer reachable, so the authorisation stands as a claim and not as a confirmed licence. No other authority, jurisdiction or licence has been identified for the brand.

Is GWG Regulated?

No confirmed financial regulation was established for GWG. The CySEC authorisation attached to the brand could not be confirmed, and a Cyprus company registration is not a substitute for it.

GWG (Cyprus) Ltd and TSG BROKERS LTD

The company behind the brand is registered in Cyprus under number HE 342580 and was registered on 21 April 2015. On the Cyprus Department of Registrar of Companies and Intellectual Property register the company is live, but GWG (CYPRUS) LIMITED is recorded as a former name only. The company was first GAMETECH (CYPRUS) LIMITED, then GWG (CYPRUS) LIMITED, then NENX LIMITED, and now stands on the register as TSG BROKERS LTD, at Athalassas 54, Floor 3, Flat/Office 302, 2023, Nicosia, Cyprus. Anyone dealing with the GWG name today is dealing with a name the company itself no longer uses.

Is GWG Safe?

GWG cannot be treated as safe on the evidence available. The brand's website does not respond, its regulatory standing is unconfirmed, its operating company trades under a different registered name at a different address from the one published for the brand, and the register shows annual company returns outstanding since the filing made in July 2020. A prospective client has no working route to the firm and no confirmed supervisor to complain to.

GWG Account Types

Four tiers were offered. Standard required 100 USD and charged no forex commission, with spreads from 0.9 pips. Gold required 1,000 USD at 7 USD per lot, VIP required 5,000 USD at 3.50 USD per lot, and Professional required 10,000 USD at the same 3.50 USD per lot, the latter three quoting spreads from 0 pips. Accounts were denominated in USD or EUR.

GWG Leverage

Maximum leverage was 1:200 on the Professional account and 1:30 on Standard, Gold and VIP.

GWG Trading Platforms

MetaTrader 4 was the brand's platform, offered for Windows, macOS, iOS and Android, with ZuluTrade available for following other traders' positions.

GWG Deposits and Withdrawals

Funding ran through bank wire with Bank of Cyprus and Eurobank, the Skrill and Neteller wallets, the Trustly and Przelewy24 banking transfers, and the Decta and EcommPay card processors. Deposit and withdrawal fees were stated as zero, and bank wires took one to three business days. Bank wire withdrawals were allowed only where the client had deposited by the same route, and were returned to the originating account.

GWG Support

Support was offered 24 hours a day on weekdays by telephone on +357 22008100 and by email at support@gwglobalfx.com.

GWG Pros and Cons

• A named Cyprus company with a real registration number that is still on the public register.
• A conventional platform and funding line up, with zero stated deposit and withdrawal fees.
• No confirmed financial regulation, so client money carries no established protection.
• The website does not respond, leaving no working route to the firm.
• The operating company no longer uses the GWG name and is registered at a different address from the one published for the brand.

GWG Review and Assessment

GWG reads as a brand that has been retired rather than one a client can open an account with. The trading terms it published were unremarkable for a Cyprus retail broker, but the two things that decide whether money is safe are both missing: a licence anyone can confirm, and a company that still answers to the name on the door. Neither the CySEC authorisation nor a live website could be established here, so no deposit should be made to the GWG brand or to any site presenting itself under that name.