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WiseTrader Review - is it scam or safe?

WiseTrader review - is wisetrader.com scam or good forex broker?

RATING: 2.9 / 24 REVIEWS WiseTrader
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Trading Accounts & Conditions

 

Trading Account Minimum deposit Min. trade size Maximum leverage Spreads (& Commission)
Mini $250 0.01 1:200 3.0 pips, fixed
Silver $1 000 0.01 1:200 3.0 pips, fixed
Gold $2 500 0.01 1:200 N/A
Platinum $10 000 0.01 1:200 N/A
Diamond $25 000 0.01   N/A

 

WiseTrader offers its five account types, which however, appear to offer one and the same trading conditions: commission-free trading with leverage up to 1:200. Platinum and Diamond account types offer some extra services, such as “1-on-1 Seminar" and "Portfolio Structuring".

 

Unlike most forex brokerages, WiseTrader does not offer free demo trading accounts.

 

The Company. Security of Funds

 

Company Country Regulation
F1 Markets Ltd. Cyprus CySEC

 

Launched in in October 2017, WiseTrader is a young forex broker offering trading in more than 40 forex pairs, CFDs on commodities, stocks, indices, as well as precious metals on its proprietary web-based platform.

 

The company operating the brand, F1 Markets Ltd., is licensed by the Cyprus Securities and Exchange Commission (CySEC). Therefore, it is also authorized to provide its services across the EU under the MiFID passaporting regulations.

 

Brokers licensed in Cyprus have to meet a number of requirements in order to operate legitimately. For example, they have to hold at least €730 000 in net tangible assets, keep client funds separately from the company’s operational assets, regularly report executed transactions to the commission, apply AML and KYC procedures, etc.

 

More importantly, all CySEC-regulated companies are members of the Investor Compensation Fund, covering a maximum of 20,000 EUR, if a licensed brokerage becomes insolvent.

 

Trading Conditions

 

Minimum Initial Deposit

Traders are required to deposit at least $250 with WiseTrader, which is an average initial amount. Yet, other brokers regulated in Cyprus require less. For example, one can open an account with global broker HYCM (also licensed by UK’s FCA) with $100.

 

Average Spreads & Commissions

WiseTrader is obviously a fixed-spread broker. However, while most of them provide a spread of 2 pips on majors (including HYCM), WiseTrader’s spreads on EUR/USD are fixed at 3 pips.

 

>> Real-time spreads of more than 10 major brokers <<

 

Leverage

WiseTrader offers leverage up to 1:200, which is the industry’s standard. Leverage is a powerful tool that allows a smaller investment to control an asset that has a higher value. On the other hand, high leverage ratios involve significant risk of losses.

 

That is wahy a number of financial authorities have introduced leverage caps in their countries: 1:50 in the US, 1:25 in Japan, 1:100 in Poland. The Cypriot regulator has advised all brokerages to provide default leverage of 1:50.


Trading Platform

 

If you are used to the good old MetaTrader 4 (MT4), you won't find it with this broker. Instead, As most brokers, WiseTrader offers its own web-based platform. There is no desktop downl;oad, and no mobile apps available.

 

Depending on whether you want to open the trade immediately or only when its value hits a certain level, you click on the Trade or Entry Order circle. In the latter case, a window opens below the Sell and Buy buttons. There, you can select either Stop loss or Take profit.

 

 

WiseTrader’s web platform.

 

The charting looks a bit like Trading View and there are some of the most popular technical analysis indicators, but overall, WiseTrader’s platform seems very basic. Many of MT4’s advanced features are missing, most notably the Expert Advisers, which allow automatization of trades.

 

Methods of Payment

 

WiseTrader offers its clients many payment methods to choose from: Bank Transfer, Credit Card and e-wallets Skrill, Neteller, Webmoney, Yandex, Qiwi, cashU, Sofort, and iDEAl.

 

The minimum withdrawal amount with this broker is 100 US Dollars or Euros.


Conclusion

 

A newly-launched Cypriot forex and CFD broker, WiseTrader is duly regulated by CySEC. What we don’t like about it is the high fixed spreads and its platform. In a nutshell, here are the advantages and disadvantages of WiseTrader:

 

Pros Cons
CySEC regulation High spreads
Very basic platform offered MT4 not availableNo demo accounts
No desktop platform, no mobile apps  

 

Latest news about WiseTrader
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Traders` reviews for WiseTrader

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Need Help what should i Do

they dont give me Assistance when i need help so i decide to take Money Back 490 Euro i deposit and if knot recieve Money Back what Should i do ??? whole day waiting phone call of Manager and nothing, so i decide it to stop for sure i know it is scam.

Vinicius Da Luz Pinto 05/23/2018

MICHAEL - Lasst bloß die Finger davon!!!

Michael,

You should get your initial deposit back. I was in a similar position to you. However I didn't supply any of the documents they asked for or answer any of the phonecalls. 10 days later £250 returned to my bank account. You might be lucky

Trader 1 04/29/2018

losses

Wisetrader claims to offer good advice, support and to follow your trading. i lost 12 trades all at once. Two weeks ago I lost £8oo,The last one was over £1000. I was following the trade and became concerned I contacted them and was told everything was fine and the trade would turn around. Again i contacted them and I was expecting a phone call for advice. This never came and I lost over £1000. Even though i have again contacted them i have received no phone call or e-mail. In my opinion Wisetrader does not offer good advice, support. I am pleased that I was turned down for loans I applied for when pressurised to apply for them or i might have lost that too. They claim 85% success but as you see my experience was one loss after the other.

Mr William B Andrews 04/27/2018

Lasst bloß die Finger davon!!!

FÜR ALLE IN DEUTSCH:
Nachdem ich, wie viele andere Naive auch, 250,- € eingezahlt habe, kamen mir Zweifel, weil wisetrader seeeeehr viel Informationen von mir haben wollte. Erst dann habe ich leider erst nachgeforscht und u.a. auch diese Seite hier gefunden. Man bekommt sein Geld nicht zurück! Durch dauernde Anrufe und Mails wirst du aufgefordert, noch mehr einzuzahlen, die Anrufer im Office sind sehr nett, immmer heißt es, ich verstehe dich, aber warum investierst du nicht noch mehr Geld? Definitiv ist das eingezahlte Geld jedoch weg. Bin mittlerweile froh, dass es NUR 250,- € waren...

Translated by Google:

FOR ALL IN GERMAN:
After depositing 250, - €, like many other naive ones, I was in doubt because wisetrader wanted a lot of information from me. Only then did I unfortunately only investigate and u.a. also found this page here. You do not get your money back! With continuous calls and mails, you are asked to pay even more, the callers in the office are very nice, it always means I understand you, but why do not you invest more money? Definitely, the deposited money is gone. I'm glad that it was ONLY 250, - € ...

Michael 04/25/2018

Where did the money go 2?

Well I’ve got to admit I’m shocked after the reviews I read but I’ve just had my initial deposit returned. It’s not something I would have had a lot of time to get involved with and did not supply any of the verification documents requested. Yes I had lots of phone calls and emails but it just wasn’t something for me. So this could be genuine after all

Trader 1 04/20/2018

The biggest Scam Ever

Ive made profit of 11k euro and they refuse to pay me,i found more people with the same problem as my ,legal action will be taking against them,i can not believe they are regulated by cysec and they can refuse to pay my profit ,guys stay away from them!!!!!!!!!!!!!!!!

Mircea Maties 04/12/2018

wisetrader 100% scam

a real broker has no negative reviews. The wisetrader goes into the site and leaves comments. is a fake broker will not invest money here. you will never recover money.I won honestly and fairly 5k and did not get any money. they apply terms and conditions in their favor and invent new terms and conditions if it is necessary to apologize not to pay.

reluka 04/12/2018

Where did the money go?

I got "caught" by this yesterday. They'll quite happily take your money but before you can do anything you will have to supply copies of passport, bank statements, card used to deposit initial sum. I had phonecalls in the first few minutes asking me to submit these documents which I am reluctant to do so as I feel it compromises my online security and makes it very easy to clone my identity. I immediately realised that it wasn't something for me when I was granted access to the website. I decided that I'd withdraw my funds even if I lost some of the money in the process. Apparently it would be transferred back to my card or so it was claimed. Unfortunately the computer says no so I'm at a loss how to get any of my money back. Do yourself a favour, stand on a street corner somewhere and hand out £10 notes to total strangers as opposed to this.

Trader 1 04/11/2018

Another £250 down the drain

Be very careful investing in this company. I was prepared to start off with £250 which I deposited with them. However, It became clear that they wanted me to become proficient in trading which at 75 I was not prepared to undertake, and asked for my money back. I have now made seven request for a refund and
all I get is high pressure phone calls to continue, and still no refund.

Brian 04/09/2018

Goodbye £250

They keep asking for same documentation again and again, after submitting it. Waste of time.

Kenny Allan 04/03/2018

Not a good experience...

My experience with Wise Trader is a very poor one…

They sell very hard (phone call after call every working day) all very friendly but with one clear objective to get you to invest more and more money, as they will only trade c10% of the amount you deposit (this is crazy); they just want all of your available money! … So, If like me you start with a small sum £250 is the minimum, and wish to trade a higher %…
If the remaining margin reduces during trading to a certain level they dictate they auto-close the trade on a ‘Margin Call’… thus closing the trade at a loss. Your money invested is then gone, lost forever! I lost only £160 this way but even so, it could easily have been so much more…

I think this site is great and easy to use, the individuals are friendly and credible, but I feel that the company, the hard sell and the trading terms and rules are nothing short of an elaborate scam weighted very much in their favor… Think very carefully before you invest anything here. Read their terms / rules VERY carefully! Even my remaining £44 won’t be retuned because they have a £50 minimum withdrawal policy… Not a good experience at all!!!
Quite honestly I’d rather have a good night at a casino than trade with them again.

Phil 03/22/2018

Withdraw

I don't know why people are complaining...I was able to withdraw with no problems and the people were really profesional. I like that they don't just advise you to open some trade but they explain why and how so you can learn what to look for and do it by yourself.

Tomi 03/20/2018

WiseTrader withdrawal

no way anyone can withdraw, it is a scam and I don't understand that Cysec doesn't close it down, which means that Cysec can't be trusted either

Trader 03/17/2018

I can't get my money back

Opened an account with £250 but was then convinced by Steve Ruben to invest another £1000 . I told him I didn't know anything about trading ,I am 73. He said don't worry he would help me sent all the pics and everything but have heard nothing back. Sent an email to ask if I can cancel my account and get my money back NOTHING. All I can say if they need the money more than me keep it. Thanks Steve for doing me out of my money from my pension. Hope you sleep well at night .

Margaret tricker 03/09/2018

Unwanted calls

I have been inundated with calls from your company for weeks now. I have not opened an account with you and I have repeatedly asked that you do not call again. Please STOP calling me.

Sarah Beynon 03/06/2018

Nuisance caller

Keeps getting calls thrice a day even after being told that i would like to deactivate my account and remove me from the caller list.

Ankur 02/21/2018

£250 gone

Just paid £250, the links did not work. I called wisetrader and they say i need to verify who i am. Ive had no email confirmation and they want household bills and pics of my credit card. What now? £250 gone!!

Simon Durrant 02/16/2018

After i signed in to Wise trader i got registered on Olsson Capital and Wilkins Finance

After i registered on Wise Trading... SOMEHOW it registerd me on Olsson Capital and Wilkins Finance, while i personelly did not register on Olsson Capital and Wilkins Finance, after i signed in on to Wise trader i insteantly got BOMBORMDED WITH PHONE CALLS, and they where really pushy for me to make a depossite to verify my account!!! while on forex they first ask you to upload Utillety bill pasport etc!!! NOW i receive up to 10 Phone calls per day!!! told all 3 traders to stop calling me, send allso a letter That i am not intrested anny more and still receiving stupid Phone calls with 30 calls in the last 3 day's. Funny part is when i Pick up the Phone after 2 sec they hang up. Thingk ill go to Interpol for harassment

Adil Gofman 02/14/2018

how to withdraw money

Not able to withdraw money and I have lost money I belive this is a scam who would put money in to invest and is unable to withdraw I did and burnt my fingers £1250.00 money I could not afford
.
Carmine

Carmine Davies 02/01/2018

WiseTrader Support

Dear Mr M. Manneh

I checked your account and you are already verified and still trading
with us. We keep all levels of security, our company is under CySEC authority so your full protected. I checked you sent the documents after 2 days your account was verified. If you need anything you can always contact us.

Thank you

Affiliate Manager 01/19/2018

No Keith you cannot withdraw

You may trade and make millions but you will not be able withdraw especially if Steve is your account manager. Please if you do not invest yet I advice you to stop because you will never get back your money

Bubacarr Manneh 01/15/2018

About wise trader

Hi is there any one that managed to trade and withdraw all the money back from his wise trader account? Thanks

Keith camilleri 01/08/2018

My problem was solved

I finally got my account verified with the help of Mr Steve Ruben, he really did a good job. Now my account is working well and i can be able to trade, though i tried to withdraw cash to check weather withdrawing from my account was posible and i got a message that i would be contacted by my account manager to confirm and finalize that withdrawal. once i could be able to deposit and withdraw from my account i will come back to share my best experience with everyone who would wish to check the review before trading.

Bubacarr .M. Manneh 01/02/2018

I do not think wise Trade is real broker

I have opened an account with wise trade and deposited 1000+ euros and I provided all the necessary documents for account verifications yet I could neither trade nor could I withdraw any cash from my account.

I send them 1000 emails no reply and I called them several times still my they cannot provide me with genuine reason or technical assistance.

I really doubt if it's a real broker. Unlike Bitcoin Code which I find real because they provide swift technical assistance to their customers by responding right away when customers are in need.

Bubacarr .M. Manneh 12/22/2017
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