Frequently Asked Questions | TigerWit | Powered By Blockchain

FAQ’s

  • Open an account
  • Deposit and withdrawal
  • Trading
  • Swaps
  • Copy-trading
  • TigerWit MT4
  • Liverpool FC
  • Contracts for Difference trading
  • Technology

Open an account

What types of accounts are available?

TigerWit offers a free Demo trading account for users to practice trading with virtual funds, and a Live account on which to trade with real funds. Both accounts are accessible online, or via our intuitive, easy to use app.

How do I open an account?

Once you have registered, either online or via the app, you will be invited to open a Demo account or a Live account.

How long does it take to open an account?

Online trading Demo accounts are opened immediately, and a Live account will usually be approved within minutes post satisfying TigerWit’s account opening requirements to include mandatory accunt opening questionnaire and providing verification of identity.

What documents do I need to provide?

You are required to provide a copy of your passport, national ID card or driving licence, as well as a utility bill or bank statement that confirms your current address. Please note that you may be required to provide additional information such as evidence of Source of Funds and Source of Wealth.

Deposit and withdrawal

How do I place funds into my account?

You can manage your deposit in the ‘Deposit’ section of your account. Deposits can be made by telegraphic transfer or through Neteller via the app, or via PaySec in the ‘Deposit’ section of the website.

How do I withdraw funds?

You can withdraw funds in the ‘Withdraw’ section of the app. Funds can be withdrawn at any time and transferred to the point of origin, though there are specific regulatory minimum margin maintenance requirements for all retail clients with open positions*.

How long does it take to transfer funds?

Transferred funds are usually credited to a user’s account immediately, and funds via Neteller and PaySec should be returned within three working days. Funds transferred through telegraphic transfers may take up to five days.

What is the minimum deposit amount?

The minimum deposit amount is USD50.

What is the minimum withdrawal amount?

The minimum withdrawal amount is USD30.

Are there any withdrawal fees?

TigerWit supports multiple methods of withdrawal. The withdrawal fees charged by the payment channel are borne by the client. TigerWit does not charge any withdrawal fees. When you withdraw funds, the system will prompt for specific fees.

Trading

Which markets can I trade?

TigerWit offers a comprehensive range of markets trade on, such as FX pairs, precious metals, commodities and global indices.

When am I able to trade on the platform?

Clients can trade on the platform from Sunday 21:05 (UTC) through to Friday 20:55 (UTC).

Where can I find the product specifications?

Product specifications are listed in the ‘Markets’ section of the TigerWit app. For detailed product information, simply select a product and open a trade window, then click on the ‘?’ icon.

What trading fees do TigerWit charge?

TigerWit does not charge any commission – we only charge spread. Our FX spreads are variable and from 0.6. Overnight swaps and financing adjustments are applied to positions held overnight.

What is the minimum order size?

TigerWit’s minimum order size is 0.01 lot for FX and precious metals, and 0.1 for commodities and indices.

What leverage do you offer?

TigerWit Global offers up to 400:1 leverage, depending on the product being traded.

What is slippage and when might it occur?

Slippage refers to the difference between the expected price of a trade, and the actual price when the trade is executed. The term ‘slippage’ can be applied to any scenario in which a participant receives a different execution price than intended.
Slippage can occur when an order is not filled at a specified price, generally because of low liquidity, or price gaps.

Is there a time limit on holding a position, or a limit on the number of orders I can have open at any one time?

There are no time limits to open orders, however, please ensure that you maintain enough funds to cover margin requirements and swap adjustments.

Swaps

What is a swap?

A swap reflects the interest and financing adjustments applied to a position that is held overnight. Swap adjustments can take the form of a credit or a debit to your account, depending on the direction of the trade, and the position held. Swaps are not applied to trades that are opened and closed on the same day.

When are swap adjustments applied?

Swap rates are calculated at 22:00 (UTC) and applied to eligible accounts shortly afterwards. If a position is held over a weekend, swap rates will increase to reflect that.

Where can I check what swap rates TigerWit applies?

TigerWit’s swap details can be found on the ‘product information’ page of each product. Swap rates are based on prevailing market rates and are usually updated daily.

Where can I check what swap fees I have paid or received?

A client’s accumulated swap adjustments are detailed in ‘Trade History’ on the app, in the ‘Closed positions’ section.

Copy-trading

How do I become a TigerWit Master Trader?

In order to be a TigerWit Master Trader and make commission from your trading strategies, you’ll need to open a TigerWit Live account and complete the I.D. verification process. Once a Live account has been opened, we will assess each application before deciding on a Master list.

What are the requirements to become a Master?

In order to qualify for Master status, a trader must:
Make the minimum initial deposit of USD50, and self-trade for at least 20 trading days.
Achieve a 30-day rate return greater than 20%.
Maintain an account balance of at least USD500.

What do you base your Master selection on?

TigerWit ranks each Master on three specific areas:
Total Profit Rate: The trader’s trading income ratio.
Order Quantity: The number of trading orders.
Accuracy: The proportion of profitable orders.

Do TigerWit Master Traders get commission?

TigerWit Master Traders receive 20% of the value of successful trades made by their followers. The amount is credited to the Master’s account automatically.

How is commission paid?

The commission a follower pays for replicating a Master’s successful trade is deducted automatically.

How do I unfollow a Master?

If you decide to unfollow a Master, your position will remain open unless you select ‘Cancel following and force close your order’, or if the Master you are unfollowing closes their original position. If a Master closes their position, you can keep your position open by selecting ‘Do not follow to close’.
If you select ‘Cancel following but do not close order’, your position will remain open until the Master’s order you were following is closed by the Master. If you select ‘Do not follow to close’ your position will remain open until you close out manually. Users remain liable to commission at whatever point the position is closed.

TigerWit MT4

What is MT4?

MT4, or MetaTrader 4, is a widely used electronic platform for traders to view real-time currency prices, open or adjust their positions and gain access to key technical analysis on the gold, silver, forex, stock and futures markets.
MT4’s powerful, easy to use systems and customisable charts allow less experienced traders to spot breakout patterns. It also offers a wide choice of currency pairs and indicators to select from. Its internationally recognised technical indicators and warning prompts are advantageous for traders and brokers.

How do I download MT4?

To download TigerWit MT4, simply visit our ‘MT4 download’ page and select the operating system that you want to use. Alternatively, you can also use the TigerWit MT4 web version.

How do I login to my MT4 trading platform?

When you open a TigerWit Demo account or a TigerWit Live account, you’ll receive an email containing your TigerWit MT4 login details, and a temporary password.
To change your temporary password, please visit the personal centre on the website and select ‘Settings’ followed by ‘Security’. Your new account password will then work across both your TigerWit trading account and your TigerWit MT4 account.
You can login to the TigerWit MT4 terminal via the menu at the top left corner of the MT4 terminal screen by clicking on ‘File’ and then ‘Login’.

Where can I find my TigerWit MT4 ID?

When you open a TigerWit Demo account or Live account, you will receive an email containing your login details. You can find your TigerWit MT4 ID by logging onto the ‘Trading Account’ section of your account on the website or the app.

Where can I find more information about using TigerWit MT4?

For more information about using TigerWit MT4, please visit the ‘Help’ section within TigerWit MT4.

Liverpool FC

What is TigerWit’s relationship with Liverpool FC?

TigerWit is proud to be the Official Online Foreign Exchange Trading Partner of Liverpool FC, one of the world’s most legendary football clubs.
This prosperous new relationship between our two globally recognised brands ensures Liverpool’s worldwide fanbase will generate even more exposure for TigerWit’s efficient and more transparent trading platform across our core markets in Europe, Asia and the UK.

Contracts for Difference trading

What is CFD trading?

Contracts for Difference trading (or CFDs) allows a client to speculate on the rise and fall of fast-moving global markets. Clients can buy or sell a contract, or several contracts, at a specific amount.
A Contracts for Difference trade is an agreement between two parties to exchange the difference in value of a contract.

Technology

What is blockchain?

Harnessing the power of blockchain’s innovative technology is the foundation upon which we have cultivated the TigerWit distributed trading ledger.
All transactions are instantly recorded onto the blockchain ledger, where it cannot be modified, only added to. The blockchain is accessible for clients, partners and regulators via their Live account.

How does blockchain make trading safer and more transparent?

Blockchain is immutable. It cannot be changed. And it is instantly verifiable to Live clients, for more trust and transparency for traders.
Live TigerWit account users can confirm their transaction data on the blockchain, which verifies the presence of the digest value. Any change to the ledger results in a new value of the digest being displayed for verification purposes and ensures the integrity of the original transaction data.