According to statistics, for every ten brokers, nine are illegal. While the statistics are not meant to scare you, they serve as a wake-up call to be cautious in this investment line. As forex regulators tighten the noose on brokers, scammers are becoming more calculating, and sophisticated, and causing irreparable damages. So as you consider venturing into this space, brace yourself for the possibility of being confused by scammers like Wisefxpro.
The broker claiming to be in the market for over two decades allegedly offers a platform to trade forex, commodities, cryptos, metals, and indices. Contrary to these claims, the broker’s website misrepresents or omits license, address, and trading terms details. The blurry logo does not help and looks like an afterthought. Worse still, this broker impersonates another broker, Oanda.
In the subsequent review, we share some subtle signs indicating that this broker is crooked. Also, we share the bare minimum standards that all straight-up forex brokers must meet. Read on to find out more about this broker.
Going by its website, Wisefxpro Corporation owns and operates this brokerage company. The broker claims to have earned several awards, such as Best Forex and CFD broker 2020 and Best Retail FX platform in 2018. Turns out these accolades belong to Oanda. Do not take this bait as, besides riding on another broker’s glory, they use deception to dupe their customers into believing the broker is credible and experienced.
Traders on the platform will allegedly access an intuitive interface, tier-1 bank prices, tight spreads, and one-click trading. Also, traders will have complementary resources such as an economic calendar, technical analysis, and premium tools for trading. Thes terms would work well for you if they were true, and unfortunately, they are inaccurate.
According to whois, the broker registered on 21 January 2022. Since it brags about a 25 years track record, why wait till 2022 to register its domain? You guessed right; it was inexistent till 2022 and is a newbie in the market. When considering broker alternatives, opt for those with a verified track record and reputation.
Wisefxpro is allegedly in the British Virgin Islands. The only ways to contact them are via email or live chat, neither of which is handy for traders in need of urgent assistance with their accounts. While the one-way channels do not work for you, they are perfect for a con keen on doing its “business” quietly and on its terms.
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Genuine brokers have comprehensive customer service support. The support infrastructure includes telephone contact to guarantee access at any time of the day. This is based on creating mutual trust between the two parties. Since Wisefxpro misses the point, try legit brokers who take communication seriously.
Policy on Deposits & Withdrawal
Most trustworthy brokers offer a variety of deposit options, including wire transfers, credit cards, Visa cards, and e-wallets. When dealing with forex brokers, choosing those with a low minimum financing requirement is advisable.
On its website, Wisefxpro states that it accepts wire transfers, credit cards, Skrill, and Neteller. Upon visiting its deposit menu, we noticed that all these channels were unavailable. Instead, the broker asks you to deposit via Bitcoin. Scammers prefer crypto deposits as they are untraceable and irreversible. The implication is two-fold; fraudsters’ identities are withheld, and victims cannot get a refund.
Wisefxpro offers three investment options. The first option is the standard account. Whereas the broker states that it accepts a minimum of $10. Despite the broker promising transparency on fees, a specific funding threshold for this account is not available. Standard investors supposedly access 81 trading instruments. Next, the core account also avails 81 trade instruments and rewards a $40 commission. The third plan is the swap-free account which has 26 tradable instruments.
The fact that the broker is unclear on funding thresholds is a red flag. In as much as we insist on engaging brokers with low deposit requirements, this only applies to law-abiding brokers. The $10 minimum deposit should not fool you that the broker is affordable. As for Wisefxpro, affordability should not compel you to try them as it points to a shady broker desperate for money.
Genuine brokers always delight in and emphasize the trading technologies they provide. This is because they know that the platform’s technology will be used to gauge the quality of its services. Also, they want to ensure that their clients have the tools necessary to succeed.
WiseFXPro asserts that they offer MT4/MT5 trading platforms. They also provide a user with comprehensive information on all the fascinating features of the MT4 and MT5 platforms. Surprisingly, it offers a lousy binary options platform as its trading platform. All oversight agencies have forbidden binary options services except in the U.S.; even in the U.S., brokers have to be licensed to offer such services. So, besides providing the wrong trading platform, the service is illegal.
Wisefxpro Trading Conditions
The links to Wisefxpro legal documents are broken. This implies that you will get into this investment contract without all the material information. This would be unwise, considering how delicate online engagements are.
One alarming condition on its website caught our attention; the broker does not require verification documents for deposits below $9000. This tells of a broker with lax oversight, reckless, and desperate. Notice that we are taking $9000, which is not a small amount. So why does the broker not verify your identity or financial status? It does care, provided you give the money the broker badly needs.
Financial ombudsman frown upon incentives, such as bonuses, due to their oppressive conditions. The broker also offers a $40 commission for core accounts and $88 as a referral commission, another sign that the broker is unregulated. Although we could not access the broker’s withdrawal terms, be sure you won’t access your funds if you get the bonus. This is because the enjoined trading volumes will be hard to meet.
The broker advertises a leverage of 1:200. This leverage is not favorable for you as it exposes you to unnecessary and significant losses. Also, the broker’s 1.6 pips spread is not narrow enough, implying your profit prospects are not as competitive.
Regulation Status of Wisefxpro
WiseFXPro alleges to be registered in the British Virgin Islands and even shares the BVI Financial Services Commission registration number. Besides missing the broker’s credentials in the FSC database, we realized that the broker gave the registration number of a different broker-OANDA.
Despite its effort to convince us that it is legitimate, we could not miss the signs revealing it is unregulated and offshore. Such a combination breeds an extremely risky broker who can decimate your investment in one wrong deposit.
Also being unregulated, your funds are not safe without the zero balance protection or compensation guarantee. This is because offshore countries shield lawless brokers from international litigations. Again being an offshore broker, it will be pointless to look for legal redress.
Wisefxpro fits the bill for a scammer. The broker omits vital information such as T&Cs and also impersonates another broker. The fact that it is unregulated also serves as a disclaimer.
It’s better to be safe than sorry, and nowhere is the saying more applicable than online investment. Despite its allure, there are inherent hazards. Therefore, investors need to exercise caution when choosing brokers to trade with. You must be very alert in this venture to ensure you only deal with straight-up forex brokers.