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Wisebitcoin Review - is it scam or safe?

Wisebitcoin Review - is wisebitcoin.com scam or good crypto CFD broker?

RATING: 1.9 / 0 REVIEWS Wisebitcoin
Wisebitcoin is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Bitcoin spread
Standard  0.001 BTC/$5 1:100 N/A

  

As its name suggests, Wisebitcoin offers trading in cryptocurrencies. They are available in the form of CFDs on the MetaTrader5 platform. Here are our impressions of this offshore broker, after we made a thorough research on the company and its offer.

 

 

Wisebitcoin Advantages

 

Member of a group with a FCA-license holder

Wisebitcoin is part of Land Prime Group, which owns Land-FX, authorised and regulated by the UK’s Financial Conduct Authority (FCA). The FCA imposes strict rules upon licensed entities and requires that they participate in the Financial Services Compensation Scheme (FSCS). This provides significant assurance for the security of their clients’ funds.

 

 

>> Forex brokers licensed by UK’s FCA <<

 

 

The fact that one of the members of the Land Prime Group holds a license with some of the most prominent financial regulators worldwide adds certain credibility to this broker, although Wisebitcoin itself is registered offshore.

 

Access to the MT5, a lot of coins

Another advantage of this broker is that clients are offered access to the MetaTrader5 (MT5), one of the finest trading solutions on the market. The platform is highly praised for its Intuitive trading interface, top-notch charting, supports automated trading via Expert Advisors, and on top of that allows trading in exchange-traded stocks. That being said, Wisebitcoin does not offer trading in any stocks, nor indices and forex, so you may check out the below link.

 

 

>> A list of the top rated MT5 brokers <<

 

 

Although Wisebitcoin’s product portfolio id not very diversified, it includes many cryptocurrencies, including Bitcoin, BitcoinCash, Ethereum, Ethereum Classic, Litecoin, Ripple, Dash, Augur, Gnosis, Melon and many others. They are being traded against USD or other coins.

 

Low initial deposit, high leverage

It is always preferable to start out with a small deposit, which you can afford to lose. Clients of Wisebitcoin can open a Cent account by depositing just $5 (or 0.001 BTC) and make use of the leverage of up to 1:100, which is pretty high for a crypto-trading venue.

 

Keep in mind that using leverage ratios that high is very dangerous, especially for inexperienced traders. Trading on margin is risky, so make sure you understand how leverage works, before you lose everything.

 

 

Wisebitcoin Disadvantages

 

Registered offshore

Wisebitcoin is a trading name of Landprime Ltd. Although the broker claims to be regulated by the Finance Services Authority (FSA) in Saint Vincent and Grenadines, this is simply an exaggeration, to say the least.

 

Forex brokers in this offshore zone are not licensed, nor supervised by any governmental agency, and actually the FSA has explicitly stated this. Although one of the members of the Land Prime group holds a FCA license, if you contract Wisebitcoin, you are actually dealing with an offshore broker, with all the risks this entails.

 

Clients of offshore brokers have no assurance for the security of their funds, nor that the company will fulfill its part of the contract. That is why such brokers are not allowed to operate on any regulated market, including in the EU, USA, Australia, etc.

 

Spreads not announced

Furthermore, this forex broker does not specify essential trading conditions such as the cost of trading, which is always a worrisome sign. You can download Wisebitcoin’s MT5 from the broker’s website, but in order to test it in demo mode and see the spreads, you have to undergo SMS verification, which we find unnecessary.  

 

Many asset classes not offered

As we mentioned above, Wisebitcoin only offers trading in cryptocurrency CFDs. So, other popular instruments, such as currency pairs, CFDs on indices, stocks, precious metals, etc., are not available for trade on the broker’s MT5.

 

 

Conclusion

 

Although it is a part of an international group in which there is a FCA license holder, Wisebitcoin is an offshore broker and this is our main concern regarding this cryptocurrency CFD provider.

 

If you are into digital assets like Bitcoin, you may try to trade them on a reliable cryptocurrency exchange or as CFDs (contracts for difference) with a licensed forex broker.

 

 

>> Licensed Bitcoin forex brokers <<

 

 

To sum up our recap of Wisebitcoin in a few words:

 

Pros Cons
Member of a group in which there is a FCA license holder An offshore broker
MT5 offered, many cryptocurrencies available Trading costs not announced
  Many asset classes not offered

 

Latest news about Wisebitcoin
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Traders` reviews for Wisebitcoin

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