Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
9/10 · CriticalOnly an offshore MISA licence (BFX2024009) whose renewal after 6 Feb 2026 is unconfirmed, and Japan's FSA warned the company in Nov 2025 for unregistered solicitation.
Identity & transparency
5/10 · ModerateEntity, company number and licence are disclosed in the client agreement, but the Windsor-linked operators are not, the address is shared with other warned firms, and the record carried another name in 2024.
Withdrawals & conduct
5/10 · ModerateSix withheld-profit or balance-removal reports on three platforms, not a confirmed pattern, set against many reports of quick withdrawals.
Reputation
6/10 · HighNet-positive app ratings (4.4 and 4.6) with bursts of generic praise, a Trustpilot profile of one-star reviews under an affiliate domain, and an official warning in Japan.
Website claims
7/10 · HighClaims stringent multi-regulation and $1M client-funds insurance on a single offshore licence, and promises bankruptcy-proof funds that its own terms contradict.
Operational history
5/10 · ModerateOperating since early 2024 (company record Jan 2024, licence Feb 2024), stated honestly; the older wmmarkets.com domain was held by resellers until at least 2021.
Who they are
A quick desk file on the company behind the brand.
- Brand: WM Markets
- Legal entity: WM Markets Ltd, company number HA00124733. In February 2024 the MISA company record showed the name Wtrade Ltd, with one Jordanian national listed as director and beneficial owner from 24 January 2024.
- Registered: Bonovo Road, Fomboni, Island of Moheli (Mwali), Comoros Union. Japan's FSA notes that more than ten other firms it has warned use the same or a very similar address.
- Website: en.wmmarkets.com, with Arabic, Persian, Malay and Indonesian versions. A Japanese version, jp.wmmarkets.com, now redirects to the English site. Accounts are opened at km.mywmportal.com.
- Only licence: MISA brokerage licence BFX2024009, issued 6 February 2024. The regulation page gives no number or register link. The number appears only in the client agreement.
- Offers: CFDs on forex, indices, commodities, shares, crypto, treasuries, metals and ETFs through MT4, MT5 and its own app, with leverage up to 1:1000 and deposit bonuses worth up to $60,000. The company is the counterparty to every client trade.
- Not accepted: residents of the United States, according to the site footer.
- Age claim: says it was established in 2024, which matches the company and licence records.
- Who runs it: the app is published by WIT IT Solutions Ltd of Limassol, Cyprus, the company that operates windsorbrokers.com, and the live chat runs on Windsor's support account. A Belize company, Infinity Markets Ltd, uses the WM Markets brand at wmmarkets.bz and says it holds a Belize FSC licence. That company is separate, and its licence does not cover accounts opened at en.wmmarkets.com.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
Mwali International Services Authority (MISA), Comoros
Why we reached this verdict
How the evidence adds up.
We rate WM Markets a likely scam because a major regulator has formally warned the company, and nothing else in its profile gives clients real protection. It is a working broker with real clients, not a clone. The risk comes from where and how it operates.
- A regulator warning. On 27 November 2025 Japan's Kanto Local Finance Bureau, part of the FSA, warned WM Markets Ltd for soliciting OTC derivatives trading over the internet without registration. IOSCO's alert network lists the same warning against jp.wmmarkets.com, and the FSA list updated on 23 October 2026 still includes the company.
- It kept soliciting. An archived copy of jp.wmmarkets.com from 18 February 2026 shows a full Japanese site with live account sign-up, almost three months after the warning. The subdomain now redirects to the English site.
- A weak licence of uncertain status. MISA is the registrar of one Comoros island, not a recognised financial supervisor. Comoros national authorities have warned against unauthorised offshore forex licensing. WM Markets' licence was renewed once, to 6 February 2026, and we could not confirm a later renewal.
- Safety claims that do not hold up. The site advertises 'stringent multi-regulation', 'robust regulation' and $1,000,000 insurance on client funds. Its help pages say client money is untouched in a bankruptcy. Its own client agreement says that if the company fails, you may not recover your funds.
- Terms that favour the house. The company takes the other side of every trade. Its terms let it remove gains it calls unjust, delay or deny withdrawals, close dormant accounts, and bar legal claims after three months. The regulator website it gives for complaints, mwaliregestrar.com, is misspelled and does not work.
- Complaints about withheld profits. Between May 2024 and May 2026, six clients on three platforms said bonus profits could not be withdrawn, money was taken from their balance, or their account was closed after quick gains. Few give amounts or dates, so the pattern is not confirmed. Complaints about slow support, logins and slippage are service problems and did not drive the rating.
- History that carries over. WM Markets runs on Windsor Brokers' systems. Persian-language sources and a client's own comment say Windsor moved its Iranian accounts to WM Markets in 2024. In March 2012 a US federal court, in a CFTC case, ordered Windsor Brokers Ltd to pay $140,000 for soliciting US customers without registration. That is the same kind of conduct Japan has now flagged, and a new brand does not reset it.
- A young operation. The company record and licence date from January and February 2024, so the business is under three years old. The wmmarkets.com domain is older, but resellers were offering it for sale until at least late 2021.
Our six-part score averages about 64 out of 100. Under our method, a formal warning from a major regulator that names the company sets a floor of 70, which places WM Markets in the likely-scam band.
Evidence ledger
Every finding, with its source and how strongly it points.
E1Japan's Kanto Local Finance Bureau, part of the FSA, warned WM Markets Ltd on 27 November 2025 for soliciting OTC derivatives trading over the internet without registration. The notice gives the Bonovo Road, Fomboni address and the service name WM Markets. The FSA's list of warned firms, updated 23 October 2026, still includes the company.
E2IOSCO's I-SCAN alert record 47557 carries the same Japanese warning and names the broker's own subdomain, jp.wmmarkets.com, under the category of unregistered or unlicensed entity. It is the same warning as E1, not a second one.
ModerateIOSCO I-SCANE3An archived copy of jp.wmmarkets.com from 18 February 2026 shows a full Japanese-language WM Markets site with live and demo account sign-up and a claim of strict multi-regulation, almost three months after the Japanese warning. The subdomain now redirects to en.wmmarkets.com.
E4An archived copy of MISA's verification page, captured 24 March 2025, lists WM Markets Ltd, company number HA00124733, licence BFX2024009, issued 6 February 2024, end date 6 February 2026, status Active, website wmmarkets.com. The company holds a real MISA licence for this domain, so it is not a clone.
E5MISA's brokerage list, archived 24 April 2025, still shows WM Markets Ltd (BFX2024009, issued 06/02/2024) as Active. An earlier copy of the entry, from May 2024, printed an end date of 6 February 2025, so the licence runs in yearly terms. We found no readable register copy after April 2025, so renewal past 6 February 2026 is unconfirmed.
E6MISA's company record for the same entity, archived 29 February 2024, named the company Wtrade Ltd and listed one Jordanian national as both director and beneficial owner, appointed 24 January 2024. By May 2024 the record carried the name WM Markets Ltd. This points to a company formed in early 2024 under a different name.
E7WM Markets' client agreement (Business Terms, version 10.25) names WM Markets Ltd, HA00124733 and MISA licence BFX2024009. It makes the company the counterparty to every trade, lets it remove gains it calls unjust and delay or deny withdrawals, and bars legal claims after three months. It also treats trading after a complaint as accepting the account's status, and gives a misspelled regulator website, mwaliregestrar.com, that does not work.
E8WM Markets' help page says client funds are fully segregated and, in a bankruptcy, not affected. Its own client agreement says the opposite: counterparty risk is inherent, and if the company fails to meet its obligations, clients may not recover their funds.
E9The home and insurance pages advertise 'stringent multi-regulation', 'robust regulation' and an additional $1,000,000 insurance on client funds. The site says the policy is underwritten at Lloyd's and covers errors, omissions, negligence and fraud. The company has one offshore licence, and the cover it describes reads as company liability insurance rather than a guarantee of client deposits.
ModerateWM Markets insurance pageE10WM Markets offers deposit bonuses of up to $60,000, up to 100% of a deposit, tied to loyalty tiers based on traded lots. Several client complaints concern bonus-related profits that could not be withdrawn.
ModerateWM Markets deposit bonus pageE11The WM Markets app on Google Play is published by WIT IT Solutions Ltd, contact devopsteam@windsorbrokers.com, 53 Spyrou Kyprianou, Mesa Geitonia, Cyprus. In September 2025 the developer told a WM Markets user to write to support@windsorbrokers.com. The App Store listing carries a 2024 Windsor Solutions Ltd copyright and sits alongside Windsor Brokers apps from the same seller.
E12windsorbrokers.com states it is owned and operated by WIT IT Solutions Ltd, and its live chat uses the same customer-support account (org 00D58000000KE6b) as en.wmmarkets.com. Windsor's site excludes residents of Iran and Malaysia, while WM Markets runs Persian and Malay sites.
Strongwindsorbrokers.comE13In March 2012 a US federal court, in a CFTC case, ordered Windsor Brokers Ltd of Limassol to pay a $140,000 civil penalty for soliciting US customers to trade forex without registration. WM Markets runs on Windsor's systems and took over Windsor client accounts, so this history carries over.
ModerateCFTC press release 6196-12E14The WM Markets app has about 1,400 Google Play reviews averaging 4.4, with 500,000+ downloads, and 68 App Store ratings averaging 4.6. Many reviewers report deposits and withdrawals completed quickly, and the developer replies in public. Some five-star reviews arrive in bursts of one-word praise, for example between 22 and 28 March 2025.
E15A Trustpilot profile for wmmarkets.info carries five reviews about WM Markets, all one-star. A French client says a withdrawal from the bonus programme, requested on 24 July 2025 after meeting the volume rules, went unanswered for weeks. Two others describe large slippage, one with an MT5 account number and ticket numbers.
E16Comments on wmmarkets.info, an independent Persian-language affiliate site, include three fund complaints. One client says a $30 bonus grown to $150 could not be withdrawn (March 2025), another says profit and capital were taken after two months (February 2025), and another says the account was closed twice after growing quickly (August 2025). An April 2024 comment says the writer's Windsor account had been moved to WM Markets.
Moderatewmmarkets.info reader commentsE17Trustpilot has no reviews at all for wmmarkets.com or en.wmmarkets.com.
WeakTrustpilotE18The current registration of wmmarkets.com dates from 31 October 2019, and domain resellers listed it for sale in August 2019 and December 2021. WM Markets content appears from 2024. The client-portal domain mywmportal.com was registered on 20 January 2024. The broker says it was established in 2024, which matches.
E19MetaQuotes stopped issuing new MetaTrader licences to Comoros-registered brokers from February 2026. Comoros national authorities have warned against unauthorised offshore forex licensing.
ModerateBrokersView news, 5 March 2026E20en.wmmarkets.bz says Infinity Markets Ltd operates the WM Markets brand under a Belize FSC licence. It uses the same client portal and support account as en.wmmarkets.com, but it is a different company, and its licence does not cover WM Markets Ltd's Comoros accounts.
Moderateen.wmmarkets.bzE21WM Markets' regulation page says only that WM Markets Ltd is licensed and regulated by MISA. It gives no licence number and no link to the register. The number appears only in the client agreement.
E22The Persian-language site fa.wmmarkets.com links to Instagram, Telegram and Aparat, an Iranian video platform, and repeats the multi-regulation claim. Google Play reviewers describe the broker as suited to Iranians who face restrictions, and the affiliate site wmmarkets.info says WM Markets was set up by Windsor to serve Iranian users.
Moderatefa.wmmarkets.com
The other side
The strongest case in this broker’s favour.
The best case for WM Markets is that it is a real, functioning broker run by experienced people, and that many clients say it pays out.
- Not a clone. MISA's register listed WM Markets Ltd with the website wmmarkets.com and licence BFX2024009. The client agreement names the same company, number and licence.
- Experienced operators. Its app, website systems and support desk are shared with Windsor Brokers, a brand operating since 1988. According to its website, Windsor's group companies hold licences in Seychelles, Jordan, Kenya and the British Virgin Islands.
- A positive client footprint. The app has about 1,400 Google Play reviews averaging 4.4 and 68 App Store ratings averaging 4.6. Many reviewers describe deposits and withdrawals completed within minutes or hours, and the developer replies to complaints in public.
- Honest on the basics. It says it was founded in 2024, which is true. Its client agreement discloses the legal entity, company number, licence number and governing law.
- The Japanese warning is about registration. It does not say WM Markets cheated anyone, and the Japanese site now redirects to the English one.
None of this removes the core problem. A MISA licence protects clients very little, and the Japanese warning stands. The safety claims overstate the protection on offer, and the withheld-profit complaints match powers written into the company's own terms. Some of the five-star reviews also arrive in short bursts of one-word praise, which lowers their weight.
What would change this
What we would need to see to revise the verdict.
These facts would move our rating, in either direction.
- A current MISA record showing licence BFX2024009 renewed beyond 6 February 2026. That would settle the licence status, though not its low value.
- Japan's FSA removing WM Markets Ltd from its warning list, with no new warning elsewhere.
- Accounts opened at en.wmmarkets.com being held by a company with a meaningful licence. The Belize sister company, which says it holds an FSC licence, does not cover them today.
- WM Markets removing the multi-regulation claim, publishing the actual insurance terms, and correcting the regulator contact in its client agreement.
- A public statement of the company's relationship with Windsor Brokers.
- On the other side, a second regulator warning, or several specific and dated reports of refused withdrawals in a short period, would raise the rating.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
MISA verification page for WM Markets Ltd
MISA's own entry for licence BFX2024009. WM Markets publishes no link to it.
Japan FSA warning notice (Kanto Local Finance Bureau)
The 27 November 2025 warning naming WM Markets Ltd
Japan FSA list of warned unregistered firms
Current FSA list that still includes WM Markets Ltd
IOSCO I-SCAN alert 47557
International alert record of the Japanese warning, naming jp.wmmarkets.com
WM Markets regulation page
The broker's own one-line licence statement
WM Markets client agreement (Business Terms v10.25)
Names the contracting company, its number and licence, and the withdrawal terms
CFTC press release on Windsor Brokers Ltd (2012)
US penalty against the Windsor company whose systems WM Markets uses
WM Markets app on Google Play
Shows the app publisher, its Windsor contact details and user reviews
Frequently asked questions
Quick answers about this broker’s safety.
Is WM Markets a scam?
We rate WM Markets a likely scam, with a 70% risk score. It is a real, working broker and not a clone, but Japan's Financial Services Agency formally warned the company in November 2025 for soliciting Japanese residents without registration. Its only licence is an offshore MISA permit whose renewal after February 2026 we could not confirm, and its website overstates the protection clients get.
Is WM Markets a fraud?
We found no regulator or court finding of fraud against WM Markets. What exists is a formal warning from Japan's FSA for doing business there without registration, plus client complaints about withheld profits that do not yet form a confirmed pattern. We assess the risk of losing money with this broker as high.
Is WM Markets regulated?
Only by the Mwali International Services Authority (MISA) in the Comoros, under licence BFX2024009 issued on 6 February 2024. MISA is an island registrar, not a recognised financial regulator. The newest register copy we found, from March 2025, printed an end date of 6 February 2026, and we could not confirm a renewal. WM Markets claims no licence in the EU, the UK or the US, and Japan's FSA says it is not registered there.
What is a MISA licence worth?
Very little. MISA is the registrar of the autonomous island of Mwali (Moheli), there is no compensation scheme, and Comoros national authorities have warned against unauthorised offshore forex licensing. From February 2026 MetaQuotes also stopped issuing new MetaTrader licences to Comoros-registered brokers.
Can I withdraw money from WM Markets?
Many app reviewers say withdrawals arrive quickly, sometimes within minutes. Six clients on three platforms say bonus profits could not be withdrawn, money was taken from their balance, or their account was closed after fast gains. The client agreement lets the company refuse withdrawals in several situations and remove gains it calls unjust, so avoid bonuses and test a small withdrawal first.
Is my money safe with WM Markets?
Not in any regulated sense. The company is the counterparty to your trades, there is no compensation fund, and its own client agreement warns that you may not recover your funds if it fails. The advertised $1,000,000 insurance is described as covering errors, omissions, negligence and fraud, which reads as company liability cover rather than a deposit guarantee, and only a confirmation-of-cover image is published.
Who owns WM Markets?
The contracting company is WM Markets Ltd, registered on Mwali in the Comoros under number HA00124733. MISA's company record lists one Jordanian national as director and beneficial owner from January 2024. The app and support systems are run through WIT IT Solutions Ltd of Limassol, Cyprus, which also operates the Windsor Brokers website.
Is WM Markets connected to Windsor Brokers?
Yes. Its app is published by WIT IT Solutions Ltd, the company that operates windsorbrokers.com, and its live chat runs on the same support account as Windsor's. The app developer has also directed a WM Markets user to a windsorbrokers.com support address. Persian-language sources and a client's own comment say Windsor moved its Iranian accounts to WM Markets in 2024.
How long has WM Markets been operating?
Since early 2024. MISA's company record dates from January 2024 and the licence from 6 February 2024, and the broker itself says it was founded in 2024. The current registration of wmmarkets.com dates from October 2019, but domain resellers were offering it for sale until at least late 2021.
Is WM Markets a clone of another broker?
No. MISA's register tied WM Markets Ltd to wmmarkets.com, and the client agreement uses the same company and licence numbers. Watch for look-alike sites: wmmarkets.info is an independent Persian affiliate site, and wmmarkets.bz belongs to a separate Belize company that uses the same brand.
Does WM Markets accept clients from Japan or Iran?
Japan's FSA warned the company for soliciting Japanese residents, and its Japanese site stayed open until at least February 2026 before being redirected. WM Markets also runs a Persian-language site with Instagram, Telegram and Aparat channels and has many Iranian reviewers, even though Windsor Brokers' own website excludes Iran. Check whether your own country allows trading with an unregistered offshore broker before signing up.
What should I check before depositing with WM Markets?
Check which company will hold your money and whether its licence covers your country. Search your own regulator's warning list, avoid deposit bonuses that tie withdrawals to trading volume, and make a small test withdrawal before adding more. Keep copies of every statement and support ticket.
What should I do if I have a problem with WM Markets?
Send a written complaint to support@wmmarkets.com and ask for a reference number. The client agreement promises a reply within 21 business days, or up to 90 for complex cases. If that fails, contact MISA through mwaliregistrar.com and your own country's financial regulator. Ignore anyone who asks for an upfront fee to recover your money.
What we recommend
The practical takeaway from everything above.
We recommend not opening an account with WM Markets, and treating any balance you already hold there as at risk.
- If you live in Japan, do not trade with WM Markets. Japan's FSA has warned that the company is not registered there.
- If you already have an account, withdraw what you do not need for trading. Keep copies of statements, tickets and emails.
- Do not accept deposit bonuses. The complaints we found centre on profits that could not be withdrawn after a bonus.
- Test a small withdrawal before any larger deposit.
- Complain in writing to support@wmmarkets.com and ask for a reference number. Escalate to MISA through its real website, mwaliregistrar.com (the client agreement misspells it), and to the financial regulator in your own country.
- Ignore anyone who offers to recover lost funds for an upfront fee. Recovery offers like that are a common follow-up scam.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 24, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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