Do not trust
35 out of 100 · 95% checked
Our investigation found it is likely a scam, and its client terms carry high risk, with 7 critical clauses.
Capped at 35 · Likely scam
We checked WM Markets on 2026-10-30 across its company record, client terms, trading offer and service, and could verify 95% of its record. The score was held at 35 because our investigation found it is likely a scam. What would move the score: withdrawal rails, all-in eurusd cost, wikilix community. Our published investigation found it is likely a scam, with 2.7 years of track record. Its client terms carry high risk, with 7 critical clauses. Trading EURUSD costs about 1.5 pips all-in, spread and commission together.
Score last calculated 2026/10/30
Wikilix independent safety report
WM Markets is a high-risk offshore broker we rate as a likely scam (70% risk): Japan's FSA has warned it, and its only licence is from Mwali's MISA. Japan's Financial Services Agency, through the Kan…
Risk scorecard · each area scored 0 (clean) to 10 (worst)
What Wikilix has recorded about WM Markets: its history, the licences it holds, its trading conditions and its fees.
WM Markets is the trading brand of WM Markets Ltd, a company registered in the Comoros under number HA00124733, with its registered office in Fomboni on the island of Moheli. Through its website, , it offers CFDs on forex, indices, shares, commodities, energies, metals, cryptocurrencies, treasuries and ETFs on MetaTrader 4 and MetaTrader 5, across three accounts: PRIME from 50 US dollars, ZERO from 1,000 US dollars and VIP ZERO for ZERO clients. It states that it is licensed by the Mwali International Services Authority (MISA), an offshore authority, and offers leverage of up to 1:2000.
The footer of the WM Markets website says WM Markets Ltd is licensed and regulated by the Mwali International Services Authority (MISA), and clause 1 of its client agreement, the , states that the company is authorised and regulated by MISA under licence number BFX2024009. The homepage also promises 'stringent multi-regulation', but the client agreement names MISA as the only regulator. A complaint WM Markets cannot resolve may be referred to MISA (clause 45.6).
WIKILIX checked the MISA register on 24 October 2026. WM Markets Ltd is listed there under registration number HA00124733, which confirms the company but is not in itself a licence. For licence BFX2024009, the register showed an active status from May 2024 to April 2025, and the most recent entry that could be read, from 24 March 2025, gave an end date of 6 February 2026. A renewal could not be confirmed, so the licence stands as the broker's claim rather than confirmed regulation.
WM Markets claims offshore regulation only. It names no licence from an onshore regulator, and the one licence it states, from MISA in the Comoros, reached its February 2026 end date with no renewal confirmed. Its client agreement is governed by the laws of the Comoros and names no investor compensation scheme.
WM Markets offers fewer protections than a broker supervised onshore. WM Markets Ltd acts as the counterparty to its clients' trades, and the client agreement warns that if the company fails to meet its obligations, clients may not recover their funds (clause 49). It says client funds are kept separate from the company's own funds (clause 8.4), yet also authorises the company to pledge, hypothecate or invest assets held for clients' accounts (clause 19.2).
The homepage advertises 'an additional insurance of $1,000,000 on client funds', a policy the client agreement does not describe. The accounts page lists negative balance protection and clause 42.8 says losses will not exceed the funds deposited, while the agreement's risk disclosure (clause 48) warns that liquidation can leave a deficit for which the client is liable. The agreement also lets the company withhold or reject withdrawals on nine listed grounds (clause 29.3), treats trade confirmations as binding unless a discrepancy is reported within 24 hours (clause 22.2), counts any trade placed after a complaint as accepting the account's status on the complaint date and settling the claim (clause 9.8), allows its terms to be changed without prior notice, and bars legal action brought more than three months after the cause arises (clause 33).
WM Markets offers three live accounts, opened on MT4 or MT5:
PRIME and ZERO share a 100% margin call level, a 20% stop-out level, a minimum trade of 0.01 lots and a personal account manager. The accounts page lists USD, GBP and JPY as account currencies, while the help centre adds EUR. Two demo accounts are available, each valid for one year.
The broker's documents disagree on swap-free trading. Its describe it as a loyalty benefit on any live account, for up to 7 days per trade at Silver status, up to 14 at Gold and an unlimited number at Platinum and Diamond, and state that swap-free accounts are available only to clients of WM Markets Ltd residing in Japan.
PRIME carries no commission. On ZERO, the accounts page charges 8 US dollars per round lot on forex and metals CFDs and on crypto CFDs, while help-centre articles updated in July 2026 apply the 8 US dollar commission to forex CFDs only. VIP ZERO charges 5 US dollars per round lot on forex and nothing on other assets, according to the help centre, and the homepage advertises no commission on shares and ETFs. Swap-free accounts pay storage charges on positions held overnight instead of swaps.
The client agreement adds a currency conversion margin of 1% to 2% (clause 11.1), possible maintenance and administration charges once an account has gone six months without trading, for which clause 21.1 gives no amount, and an administration fee on closure that zeroes any remaining balance under 50 US dollars (clause 5.4).
All three accounts offer leverage of up to 1:2000. The level is chosen when the account is opened and can be changed later in the client portal, and WM Markets also applies dynamic leverage, set in tiers by instrument.
WM Markets offers MetaTrader 4 for Windows, with MultiTerminal, and for Mac, Android and iOS, and MetaTrader 5 for Windows, Mac, Android and iOS; both also run in the browser as a WebTrader, and the installers are downloaded from the client portal. WM Copy Trading, run from the client portal, lets Followers copy Providers, who set a performance fee of up to 50% of net profits, charged weekly above a high-water mark; the broker says it may not be available in every region. The WM Markets Mobile App is used to open and fund accounts, while trades are placed in the MT4 or MT5 apps.
WM Markets names bank transfer, Visa, Mastercard and Maestro cards, Skrill, Neteller and WebMoney as payment methods, with further methods shown by region in the client portal. Withdrawals are paid only to the client, by the method used to deposit. The help centre says withdrawal requests are usually processed the same day when received during back-office hours, otherwise the next working day; the client agreement says withdrawals are generally completed within a few business days and that larger ones may take up to seven days to process, after which the payment provider's own transfer time applies.
The broker's documents differ on fees: the help centre says WM Markets covers deposit charges on cards and e-wallets, while clause 29.2 of the client agreement says any fees or costs of deposits and withdrawals are borne by the client, and no fee amounts are published. The help centre also says that any transfer or withdrawal request removes the whole deposit bonus, and the agreement treats bonuses as discretionary benefits the company may modify or discontinue.
According to the help centre, support runs 24 hours a day, Monday to Friday, by live chat on the website, by email at support@wmmarkets.com and by phone on +44 1613940573. Complaints go to the same phone number and email address: the Complaint Handling Policy page promises an acknowledgement within five business days, while the client agreement promises one within two working days and a response within 21 business days, extendable to 90 days for complex cases. The website is available in English, Arabic, Persian, Malay and Indonesian.
The main strengths are:
The main limitations are:
WM Markets pairs a low-cost PRIME account and the full MetaTrader 4 and 5 range with an offshore regulatory position that rests on a single MISA licence claim. Its client agreement does not back the homepage's multi-regulation and insurance claims, and it gives the company wide discretion over withdrawals, bonuses, complaints and its own terms, so the Business Terms are the document to read before funding an account.
8 full-page captures of WM Markets's own site, archived so what they said can still be read after the pages change.
We have not confirmed any regulation for WM Markets. Money deposited with an unregulated broker is protected only by the company itself.
Trading with an unregulated broker puts your deposit at risk.
We have not confirmed any regulation for WM Markets. An unregulated broker is not supervised by a financial authority, and money you deposit is protected only by the company itself.
What this means for you
3 account types on record. Minimum deposit from USD 50. Leverage up to 1:2000.
| Account | Min Deposit | Max Leverage | Commission |
|---|---|---|---|
| ZEROZero · ECN | USD 1,000 | 1:2000 | $8 per round lot on Forex & Metals CFDs and $8 per round lot on Crypto CFDs, $0 on all other CFDs (accounts page). Help centre, July 2026: $8 per round lot on Forex CFDs only, no commission on all other assets. |
| PRIMEPrime · VIP | USD 50 | 1:2000 | $0 on Forex CFDs, $0 on Crypto CFDs and $0 on all other CFDs |
| VIP ZEROVIP | Not recorded | 1:2000 | $5 per round lot on Forex CFDs, no commission on all other assets (help centre) |
Where WM Markets says it will and won't take clients
Confirmed blocked
Named in the broker's own terms
Covered by a parent block
Territories a blocked country carries with it
Explicitly accepted
Named as accepted — not a full list of served markets
5 ways to fund an account.
| Method | Deposit fee | Withdrawal fee | Min deposit | Withdrawal min / max | Processing |
|---|---|---|---|---|---|
Bank TransferBank TransferDeposit in the client portal: Deposit, then Bank Transfer, select the bank and open Details for the transfer details (help centre, 'How can I deposit by bank transfer?'). Business Terms v10.25 clause 12.1: margin deposits must be made by wire transfer of immediately available funds or other methods the company specifies. Fees: the help centre says deposit and withdrawal fees are charged by the payment service provider; its deposit-charge cover ('WM Markets covers the deposit charges done via Credit Cards, Skrill, Neteller and other E-Wallets') does not name bank transfers. Business Terms 29.2: the company only considers the net amount received and any fees or costs of deposits or withdrawals are borne by the client; 5.1(e) lists fees on deposits, withdrawals and returned transactions; 29.4: daily limits and processing fees may apply. No amount is published, so no fee can be stated. Processing: the help centre says withdrawal requests are usually processed the same day if received during the Back Office's working hours, otherwise the next working day, once the account status is 'Passed'. Business Terms 29.3 says withdrawals are generally completed within a few business days, and 29.4 that larger withdrawals may require up to seven days for processing, so the time shown is 7 days. These are the broker's times for processing the request; arrival then depends on the bank. No deposit time is published. Limits: the help centre says there is no minimum withdrawal amount, but payment providers set their own limits, shown per method in the client portal. Withdrawals can only be made by the method used to deposit and only to the client (Business Terms 29.6). | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | Up to 7 days |
Credit/Debit Card (Visa, Mastercard, Maestro)Credit CardThe help centre says Visa, Master and Maestro cards are accepted for deposits and withdrawals ('Which credit cards are accepted?'). Card deposits run through the client portal's E-Payment providers Powercash / Card Pay or Isignthis (PIV), according to the help centre. Documents: a colour copy of both sides of the card with all but the first 6 and last 4 digits hidden and the CVV covered; for deposits of $2000 and above also a card statement, a photo holding the card, or the bank's SMS confirmation. Business Terms v10.25 clause 28.1: card payments must be in the client's name and chargebacks are not permitted once executed; 28.4: a disputed amount may be held in reserve; 28.5: the client bears the costs of a chargeback dispute. Fees, broker conflict: the help centre says deposit and withdrawal fees are charged by the payment service provider and that WM Markets covers the deposit charges on credit cards; Business Terms 29.2 says any fees or costs of deposits or withdrawals are borne by the client and only the net amount received is credited; 5.1(e) lists fees on deposits, withdrawals and returned transactions; 29.4: daily limits and processing fees may apply. No amount is published, so no fee can be stated. Processing: the help centre says withdrawal requests are usually processed the same day if received during the Back Office's working hours, otherwise the next working day, once the account status is 'Passed'. Business Terms 29.3 says withdrawals are generally completed within a few business days, and 29.4 that larger withdrawals may require up to seven days, so the time shown is 7 days. These are the broker's times for processing the request; arrival then depends on the card provider. No deposit time is published. Limits: no minimum withdrawal per the help centre; provider limits are shown per method in the client portal. Withdrawals can only be made by the method used to deposit and only to the client (29.6). | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | Up to 7 days |
SkrillE-WalletDeposit in the client portal: Deposit, E-Payment, Pay by Skrill. On withdrawal you must send a screenshot of your Skrill account showing your name and registration e-mail (help centre, 'How can I deposit via Skrill?'). Fees, broker conflict: the help centre says deposit and withdrawal fees are charged by the payment service provider and that WM Markets covers the deposit charges on Skrill; Business Terms v10.25 clause 29.2 says any fees or costs of deposits or withdrawals are borne by the client and only the net amount received is credited; 5.1(e) lists fees on deposits, withdrawals and returned transactions; 29.4: daily limits and processing fees may apply. No amount is published, so no fee can be stated. Processing: the help centre says withdrawal requests are usually processed the same day if received during the Back Office's working hours, otherwise the next working day, once the account status is 'Passed'. Business Terms 29.3 says withdrawals are generally completed within a few business days, and 29.4 that larger withdrawals may require up to seven days, so the time shown is 7 days. These are the broker's times for processing the request; arrival then depends on Skrill. No deposit time is published. Limits: no minimum withdrawal per the help centre; provider limits are shown per method in the client portal. Withdrawals can only be made by the method used to deposit and only to the client (29.6). | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | Up to 7 days |
NetellerE-WalletDeposit in the client portal: Deposit, E-Payment, Pay by Neteller, then log in to Neteller to pay (help centre, 'How can I deposit via Neteller?'). Fees, broker conflict: the help centre says deposit and withdrawal fees are charged by the payment service provider and that WM Markets covers the deposit charges on Neteller; Business Terms v10.25 clause 29.2 says any fees or costs of deposits or withdrawals are borne by the client and only the net amount received is credited; 5.1(e) lists fees on deposits, withdrawals and returned transactions; 29.4: daily limits and processing fees may apply. No amount is published, so no fee can be stated. Processing: the help centre says withdrawal requests are usually processed the same day if received during the Back Office's working hours, otherwise the next working day, once the account status is 'Passed'. Business Terms 29.3 says withdrawals are generally completed within a few business days, and 29.4 that larger withdrawals may require up to seven days, so the time shown is 7 days. These are the broker's times for processing the request; arrival then depends on Neteller. No deposit time is published. Limits: no minimum withdrawal per the help centre; provider limits are shown per method in the client portal. Withdrawals can only be made by the method used to deposit and only to the client (29.6). | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | Up to 7 days |
WebMoneyE-WalletDeposit in the client portal: Deposit, E-Payment, Pay by WebMoney. A screenshot of your WebMoney profile showing your name and your WMID or Z purse number is required on deposit and withdrawal (help centre, 'How can I deposit via WebMoney?'). Fees, broker conflict: the help centre says deposit and withdrawal fees are charged by the payment service provider and that WM Markets covers the deposit charges on e-wallets other than Skrill and Neteller too; Business Terms v10.25 clause 29.2 says any fees or costs of deposits or withdrawals are borne by the client and only the net amount received is credited; 5.1(e) lists fees on deposits, withdrawals and returned transactions; 29.4: daily limits and processing fees may apply. No amount is published, so no fee can be stated. Processing: the help centre says withdrawal requests are usually processed the same day if received during the Back Office's working hours, otherwise the next working day, once the account status is 'Passed'. Business Terms 29.3 says withdrawals are generally completed within a few business days, and 29.4 that larger withdrawals may require up to seven days, so the time shown is 7 days. These are the broker's times for processing the request; arrival then depends on WebMoney. No deposit time is published. Limits: no minimum withdrawal per the help centre; provider limits are shown per method in the client portal. Withdrawals can only be made by the method used to deposit and only to the client (29.6). | Not recorded | Not recorded | Not recorded | Not recordedNot recorded | Up to 7 days |
3 trading platforms on record: MetaTrader 4, MetaTrader 5 and Proprietary platform.
WM Markets MT4 for Windows (plus MultiTerminal), Mac, Android and iOS phones and tablets, and an MT4 WebTrader in the browser. Installers are in the client portal's download centre. Servers: WMMarkets-REAL and WMMarkets-DEMO.
WM Markets MT5 for Windows, Mac, Android and iOS, plus an MT5 WebTrader in the browser. Installers are in the client portal's download centre. Supports hedging and netting, Expert Advisors and depth of market.
WM Copy Trading, the broker's copy trading service in its client portal: Followers copy Providers, who set a performance fee of up to 50% of net profits, charged weekly above a high-water mark.
8 domains on record. All active and served over HTTPS.
One legal entity behind the WM Markets brand.
The operating company is WM Markets Ltd. Registered in Comoros (Autonomous Island of Mwali). Registration number HA00124733.
3 other brokers on the record share what WM Markets offers — its country, regulator, account types or platforms — set beside it on the same measures.
Common questions about WM Markets
Only as a discretionary loyalty reward. WM Markets' Loyalty Program terms pay clients at Gold status or higher a yield of 0.4% to 2% a year on net equity (equity minus bonus credit), calculated daily and paid monthly in Loyalty Points, at rates the broker may change at any time without prior notice. Clause 8.5 of its client agreement says no interest is paid on funds the company holds for clients and that clients waive any right to it, and clause 6.1 treats interest as a discretionary benefit, not a binding commitment.
Trading can close the complaint: clause 9.8 of WM Markets' Business Terms says that placing any transaction after submitting a complaint or claim about your account counts as accepting the account's status as of the complaint date, and that the transaction is treated as settling the claim. Under the same clause, the client agrees not to reopen the matter once it has been resolved this way.
WM Markets offers CFDs on forex, indices, shares, commodities, energies, metals, cryptocurrencies, treasuries and ETFs. Its homepage advertises more than 45 forex pairs, 15 or more indices and over 150 share CFDs, with no commission on shares and ETFs.
Complaints can be made by phone on +44 1613940573 or by email to support@wmmarkets.com, according to both WM Markets' Complaint Handling Policy page and clause 45.3 of its client agreement. The policy page promises an acknowledgement within five business days and says the process may take up to two months, while the agreement promises a written acknowledgement within two working days and a response within 21 business days, extendable to 90 days for complex cases. A complaint WM Markets cannot resolve may be referred to the Mwali International Services Authority (clause 45.6), and the agreement bars legal action brought more than three months after the cause arises (clause 33).
It can. Under clause 21.1 of WM Markets' client agreement, an account with no trading for six consecutive months is classified as inactive, disabled for trading and may incur maintenance and administration charges, for which the clause gives no amount. Clause 5.4 adds that an administration fee may be charged when an account is closed with less than 50 US dollars in it, in which case the remaining balance is zeroed and not refunded.
Yes. WM Markets' help centre says any transfer or withdrawal request removes the whole Deposit Bonus amount, regardless of the size of the transaction. The client agreement treats bonuses as discretionary benefits that the company is under no obligation to maintain and may modify, reduce or discontinue (clauses 6.1 and 6.2).
WM Markets' homepage advertises 'an additional insurance of $1,000,000 on client funds', but its client agreement describes no such policy and names no investor compensation scheme. The agreement says client funds are kept separate from the company's own funds (clause 8.4), yet also authorises the company to pledge, hypothecate or invest assets held for clients' accounts (clause 19.2), and it warns that if the company fails to meet its obligations, clients may not recover their funds (clause 49).
WM Markets lists negative balance protection on its ZERO and PRIME accounts, and clause 42.8 of its client agreement says it ensures losses will not exceed the total deposited funds in the account. The risk disclosure in the same agreement (clause 48) warns that failing to deposit additional margin may result in the liquidation of positions and a deficit for which the client is liable.
WM Markets' accounts page offers a swap-free Islamic version of the PRIME account, but not of ZERO or VIP ZERO, while its Loyalty Program terms state that swap-free accounts are available only to clients of WM Markets Ltd residing in Japan. Those terms describe swap-free trading as a loyalty benefit on any live account, for up to 7 days per trade at Silver status, up to 14 at Gold and an unlimited number at Platinum and Diamond. Swap-free accounts pay storage charges on positions held overnight instead of swaps, and clause 17.10 of the client agreement lets WM Markets withdraw swap-free or storage-group benefits from clients who hold long-term positions with negative swap values without regular intraday trading.
WM Markets does not accept residents of the United States, and visitors from Cyprus and Greece are told that it does not accept clients from their region. Its help centre says the services available depend on the country of residence, as shown in the sign-up form's country list, and on 24 October 2026 that list did not include the United Kingdom, any EU member state, Australia or Japan.
WM Markets' help centre says withdrawal requests are usually processed the same day if received during its back-office working hours, otherwise the next working day, once the account status is 'Passed'. The client agreement says withdrawals are generally completed within a few business days and that larger ones may take up to seven days to process, after which the payment provider's own transfer time applies. The agreement also lets the company withhold or reject a withdrawal on nine listed grounds, including reasonable doubt about the activity in the account (clause 29.3).
WM Markets accepts bank transfer, Visa, Mastercard and Maestro cards, Skrill, Neteller and WebMoney, with further methods shown by region in the client portal. Withdrawals go back by the method used to deposit and only to the account holder. Its help centre says WM Markets covers deposit charges on cards and e-wallets, but clause 29.2 of the client agreement says any fees or costs of deposits and withdrawals are borne by the client, and no fee amounts are published.
WM Markets is operated by WM Markets Ltd, which its client agreement describes as a company registered in the Comoros under registration number HA00124733, with its registered office on Bonovo Road, Fomboni, Island of Moheli. WIKILIX's check of 24 October 2026 found WM Markets Ltd listed under that number on the register of the Mwali International Services Authority (MISA), which confirms the company; a company listing is not a trading licence. The agreement is governed by the laws of the Comoros.
Yes. The PRIME account charges no commission, with spreads from 1.0 pips, while ZERO has spreads from 0.0 pips plus 8 US dollars per round lot: the accounts page applies that commission to forex, metals and crypto CFDs, but help-centre articles updated in July 2026 apply it to forex CFDs only. VIP ZERO charges 5 US dollars per round lot on forex and nothing on other assets, according to the help centre. The client agreement also allows a currency conversion margin of 1% to 2% (clause 11.1).
WM Markets support can be reached by live chat on its website, by email at support@wmmarkets.com or by phone on +44 1613940573. Its help centre says customer support operates 24 hours a day, Monday to Friday, and clients can also send requests from the Contact Us section of the client portal. The website is available in English, Arabic, Persian, Malay and Indonesian.
WM Markets offers leverage of up to 1:2000 on its ZERO, PRIME and VIP ZERO accounts. The level is chosen when the account is opened and can be changed in the client portal, and the broker also applies dynamic leverage, set in tiers by instrument.
The minimum deposit is 50 US dollars on the PRIME account and 1,000 US dollars on the ZERO account, according to WM Markets' accounts page. Its help centre calls the PRIME figure a recommended minimum deposit and sets the ZERO minimum at 1,000 for USD, EUR and GBP accounts and 150,000 for JPY accounts. No minimum is published for VIP ZERO, which ZERO account holders can request.
WM Markets offers MetaTrader 4 and MetaTrader 5, each for Windows, Mac, Android and iOS and as a WebTrader in the browser, and MT4 also comes with MultiTerminal for managing several accounts. Its WM Copy Trading service runs in the client portal, where Providers set a performance fee of up to 50% of net profits, charged weekly above a high-water mark, and it may not be available in every region. The WM Markets Mobile App is for opening, funding and managing accounts, while trades are placed in the MT4 or MT5 apps.
WM Markets claims a single offshore licence, despite the 'stringent multi-regulation' its homepage advertises. WM Markets Ltd says it is authorised and regulated by the Mwali International Services Authority (MISA) in the Comoros under licence number BFX2024009, and it names no onshore regulator. WIKILIX's check of 24 October 2026 found the licence listed as active on the MISA register from May 2024 to April 2025; the most recent register entry that could be read, from 24 March 2025, gave it an end date of 6 February 2026, and a renewal could not be confirmed. MISA runs no investor compensation scheme, and the client agreement warns that clients may not recover their funds if WM Markets Ltd, which is their counterparty, fails to meet its obligations (clause 49).
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