Wikifolio Review & Rating 2023 » Is Wikifolio Reliable or Scam?
Is wikifolio a good broker? Anyone who wants to benefit from market developments can gain experience with wikifolio. With the wikifolios, trading beginners receive inexpensive trading ideas from proven professionals. On this page we share our wikifolio social trading experience with you. Since we have relevant experience in online trading and social trading, we know exactly what to look out for when doing a wikifolio review. In order to give you a comprehensive picture of this provider, we present wikifolio in more detail below. It's going to be a neutral review. AtoZ Markets is in no way responsible for any opinions of the writer.
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Wikifolio.com is a German social trading portal that has been on the market since 2012. The platform was developed by the well-known Düsseldorf broker Lang & Schwarz. Traders have the opportunity to communicate with other users and copy their strategies into their own portfolio. Experienced users can make their successful trades available to other traders. The wikifolio.com offer is aimed primarily at investors who do not deal so intensively with the financial markets and do not want to turn to an external investment advisor. We took a closer look at the social trading portal in our wikifolio experience.
The most important facts about wikifolio.com at a glance:
Just follow the ideas and strategies of other traders
Transparent and easily comprehensible evaluation of trading strategies
For portfolio authors only performance-based remuneration
No transaction costs when switching
Different trading styles: heavy trader, actively diversified and medium to long term
What Can You Trade at wikifolio?
The trading offer also plays an important role in a social trading portal. My wikifolio experiences are very good in this regard. The portal offers a very broad spectrum here, which is suitable for both day traders and long-term investors. Some portfolios focus exclusively on stocks with a long-term investment strategy , while others are exclusively leveraged products . The portal's investment universe - and thus the basis for creating a portfolio - comprises around 40,000 securities .
How To Register At Wikifolio?
The registration at wikifolio.com does not cause any particular problems and, in my experience, is done in a few minutes. So that the first steps go well, I have created a small step-by-step guide for the registration in this wikifolio review.
Step 1: To register at wikifolio.com, first click on the "Register" button. This is located on the top left of the start page.
Step 2: Then you go straight to the online form. The name and email address are entered here. In addition, users define a display name and an individual password.
Step 3: The user will now receive a confirmation email. This contains a link to activate the customer account. In my wikifolio experience it can happen that the mail gets stuck in the spam folder. If the message does not arrive within a few minutes, always take a look in the spam folder.
Step 4: After clicking on the link, the user will be redirected to wikifolio.com. In order to finally complete the registration, the previously selected password is entered here.
Step 5: If desired, the account at wikifolio.com can now be linked to a Facebook account. However, you can skip this page without any problems. Finally, the user can choose between “invest in wikifolio” and “publish your own "wikifolios”, so the registration is identical for investors and traders.
Is Wikifolio Trusted?
The “wikifolio” brand belongs to wikifolio Financial Technologies AG. The actual issuing of the certificates, in professional circles one speaks of an issue, is taken over by a shareholder of wikifolio AG, Lang & Schwarz AG. L&S acts as the issuer and market maker of the wikifolio certificates. For investors, this means that there is an issuer risk. This means that the economic condition of L&S AG, not that of wikifolio AG, is decisive for the security of the investment. The company wikifolio more or less only takes on the acquisition and sales.
There is no deposit insurance for securities
Issuer risk for Lang und Schwarz AG
Regulation of L&S AG by the German BaFin
Therefore, we looked at the "wikifolio regulation" in particular at L&S AG. There is no deposit guarantee for investments in securities. That would only affect current and savings balances at a bank. In order to still offer the highest possible security for investors, L&S AG has decided to provide special collateral for the wikifolio certificates.
This means that a corresponding volume of securities and financial assets is pledged to the total capital volume in wikifolios. Specifically, it looks like this: The wikifolio liabilities of L&S AG are secured to around 90 percent by securities and financial assets. The securities and cash in accounts at other banks are pledged for this purpose and checked regularly by a trustee (approx. Every 6 weeks).
Wikifolio Review: Trading Platform
image credit: Wikifolio
In this category of wikifolio review, we describe the functions that wikifolio makes available to you as a top trader or as an investor.
As far as the trading platform is concerned, there are also significant differences to other social trading providers. Due to the fact that customers do not trade via wikifolio.com, but only display their wikifolios as certificates, basically no trading platform is required.
Instead, the wikifolios are linked to the trading account of your own broker. Trading is then carried out exclusively via the trading platform of the linked broker. Thus, the trading platform plays no role in the wikifolio test.
As an investor, you have the opportunity to use various functions to search for the best wikifolios or the best traders. A whole range of filter options are available. We recommend that you do not just look at who has the highest performance, but above all how it came about. Our wikifolio social trading experience shows that you should pay particular attention to these parameters:
How long has the trader been trading (the longer the better)?
What trade history can the trader have?
With what risk was the performance achieved (several key figures are available here)?
Does the trader mainly trade leverage products (in principle that would be an indication of greater risk)?
Wikifolio Review: Account Types
This wikifolio review differs slightly from the other brokers reviews. Since this is not an online broker, no trading account can be opened. Instead, users can communicate on the portal and learn from the experiences of professional traders.
At the same time, you can follow the successful strategies and copy the trades with just a few clicks. One of the pluses at wikifolio.com is that the individual strategies are evaluated very transparently and understandably even for beginners. In addition, there are no costs for switching in the wikifolio.
Traders can look forward to various account options:
wikifolio demo account or sample deposit
Real Money Account
The two account options ensure the perfect entry. Beginners and experienced traders will find their optimal account solution. If you want to take the wikifolio test first, you can secure your access to the sample depot by registering.
The wikifolio demo account does not work like demo accounts from other providers. Virtual credit is not donated. In return, traders gain insight into the trading opportunities and can even take action themselves. With the deposit the world of the wikifolios is public.
If you want to secure access to the approx. 8,000 exchange-traded investment ideas, you don't have to fear any hidden wikifolio costs with the account. There is no basic fee. Instead, it is billed directly when trading.
Only the partner broker's demo account can be used for trading with wikifolios . Since wikifolio.com itself does not have any trading accounts , it is not possible to open a demo account. A free demo account is now standard with almost all online brokers, so this is not a particular disadvantage.
Traders who trade with real money are marked as real money traders with an investment of 5,000 euros or more. This is intended to increase customer confidence. The amount of the investment must be proven on a quarterly basis. So this is another guide for investors who want to follow another trader.
Fees and Commissions
The costs and fees are hardly available at Wikifolio. The Wikifolio website only provides information about the fees for certificates. A fixed certificate fee of 0.95% per year and a performance fee of 5% are charged. It should be noted that the broker himself may incur additional costs. However, there are no costs for registering with Wikifolio that customers would have to worry about.
The cost model at Wikifolios is therefore clearly defined, like the entire company structure, and presented transparently on the Wikifolio website. Trading Wikifolio certificates is therefore associated with low costs and the experiences of other traders are consistently positive.
Deposit and withdrawal
Wikifolio itself does not offer trading of its certificates directly through the issuer. This means that the investor himself has to look for a provider for a securities account and then buy the desired wikifolio there via the order mask. Therefore, users cannot deposit any money at wikifolio. A wikifolio withdrawal is therefore also not possible.
There is no direct trade at wikifolio
Certificates must be ordered through the house bank
That is why we cannot include this area in the wikifolio review. The payment methods that are ultimately available for the purchase of a wikifolio are therefore dependent on the house bank. Usually this will be a bank transfer. Other payment methods are rather uncommon for providers of securities accounts.
So if you do not yet have a securities account and decide to buy a wikifolio, you will in most cases not be able to do this immediately. Because the opening of an online account usually takes a few working days, although there are also a few providers with whom an immediate depot opening is possible.
Should you have any questions about your own Wikifolio or purchased Wikifolio or the platform itself, Wikifolio also offers several services and support options. There is an extensive FAQ area on the website with a large number of answered questions. Unlike other brokers or platforms, the answers on Wikifolio are much more detailed. If you still need some help with trading Wikifolios, you can first get information and knowledge from the tutorials provided. There are tutorials for both investors and traders.
Experience shows, however, that not every question can be covered via an FAQ forum. In this case, traders can contact the free hotline and the e-mail service. Wikifolio also offers a live chat function on the website.
The Wikifolio.com customer support can be reached via the following channels:
Phone: +49 (0) 211 247 907 70
Live chat: On the Wikifolio website
Compared to many other providers, support is not available 24/7. However, the team is available for traders from Monday to Friday between 8:00 a.m. and 6:00 p.m. The reason for the limited support is the trading offer or business model at wikifolio. It's not about real brokerage services, but rather about offered trading ideas.
Wikifolio Review: Regulation
The wikifolio review also deals with security-relevant topics. No trader wants to voluntarily take avoidable risk in their trading activities. What about security at wikifolio.com? Is wikifolio safe?
The social trading portal is operated by wikifolio Financial Technologies GmbH based in Vienna. Due to the corporate form, there is a membership in the Vienna Chamber of Commerce.
However, since this is neither a bank nor an online broker, the special regulations of the financial sector do not apply. In addition, the GmbH is not regulated by a financial regulator.
Nevertheless, I was able to find some points in my wikifolio review that fall into the security category. My wikifolio experiences show that the wikifolio certificates were acquired through a bank and are then almost always kept at a German institute. This gives traders at least a certain level of security.
In addition, the certificates are only traded on the controlled EUWAX exchange. This ensures that the transactions are carried out and processed properly.
It is important to note that direct trading is impossible with wikifolio because traders have to acquire the trading ideas that are processed by a partner broker. Most of these brokerages should of course have deposit insurance. Depending on its regulation, it is up to:
Some brokers even provide a voluntary deposit insurance extension.
In this in-depth wikifolio review, the social trading portal made a very transparent and professional impression. Trading through well-known partner banks and brokers as well as exchange-traded certificates make wikifolio.com safe and trustworthy. Of course, the portal has no influence on the actual development of a portfolio or the skills of the traders. Although performance is monitored electronically and a portfolio is closed if necessary, this in no way protects investors from possible loss. Nevertheless, the wikifolio opinions are absolutely positive. The offer is excellent and the diverse search functions are a real plus. The prerequisites for being successful with social trading are therefore always given.
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