WiseWealth – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
WiseWealth - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2024
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://wisewealth.ai
Founded: 2024
Regulations: Unlicensed
Languages: English, German
Deposit Methods: Unknown
Minimum Deposit: Not Specified
Free Demo Account: Not Provided
Number of Assets: Not Specified
Types of Assets: Stocks, ETFs, Funds, Bonds, Options, Futures, Currencies, Commodities, Indices, Cryptos
Trading Accounts and Conditions
We get no information from WiseWealth about the kinds of trading accounts they may offer. We also have no information on their trading conditions from their websites. We were able to garner a little bit of information from their trading platform. We found out that the spreads for all major currency pairs (EURUSD, GBPUSD and USDJPY) are all starting from 0.0 pips. The maximum leverage for all trading instruments is at 1:10.
That is the only information we were able to glean. We do not know if there are commissions charged, or what the order execution methods may be, and so on.
WiseWealth – Advantages
There are no advantages to trading with WiseWealth.
WiseWealth – Disadvantages
Here are all the disadvantages that tell us that WiseWealth is a scammer:
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Anonymous and Unregulated Broker
The first piece of evidence that we are dealing with a scammer here is this broker’s lack of regulation and anonymity. WiseWealth tells us nothing about themselves. We do not know who their parent company is, where they are located or which authority has regulated them. The only piece of information this broker gives away is a single UK-based telephone number.
Based, on that single piece of information, we decided to check if this broker may be registered with the Financial Conduct Authority of the UK. We came up empty handed. There is no broker or company by the name of WiseWealth listed with the FCA.
With no other information to go on, we can conclude that we are dealing with an anonymous and unregulated broker, i.e., a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Blacklisted by FSMA
While investigating WiseWealth’s regulation status, we also uncovered another piece of information about this broker. We found out that this broker has been blacklisted by the FSMA.
The FSMA – the Financial Services and Markets Authority – is the Belgian financial regulator. This means that WiseWealth is targeting traders not just in the UK, but also in Belgium, and possibly in all of the European Union.
Fortunately, their scam has been uncovered by the FSMA, and the broker has been blacklisted. A warning has also been issued against this broker by this regulator. According to that warning, WiseWealth has been operating in their jurisdiction without approvals, indicating illegal and fraudulent activities on the part of the broker.
This is clear evidence that WiseWealth is a scammer.
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No Legal Documents
WiseWealth’s website has no legal documents. Despite going through their complete website, we could not find any legal documents anywhere. This is another huge piece of evidence that we are dealing with a scammer.
The legal documents on a broker’s website form the contract between traders and the broker. If these documents are missing, then the broker can take advantage of those traders that have signed up with them.
Most of us do not bother to read through the terms and conditions (and other legal documents) on a website. We usually simply click on the I Agree option and move on. And this is exactly what scammers bank on. Once we have committed our funds to them, then they can get away with scamming us and there is nothing we will be able to do since we already signed up with them without due diligence.
This is the reason why it is so important to read all legal documents before dealing with a new broker.
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Issues with Trading Platform
WiseWealth promises that you will trade on state-of-the-art trading platforms that offer professional-grade trading tools and resources. The broker also claims that they offer their clients the MT4 Margin Webtrader, and that you will be able to access this platform through your desktop or your mobile device.
All these claims are lies. There is no such thing as the MT4 Margin Webtrader. What this broker offers instead is a rudimentary web-based trading platform that barely functions. You may place orders, but there is not much else that you can do. There are no tools, charts or indicators to help you analyze your trades.
When a broker offers such a poor-quality trading platform, you know that you are dealing with a scammer.
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No Trading Conditions
WiseWealth offers no information on their trading conditions. We had to scrape out some of that information from their basic trading platform. We found out about their spreads and leverages. But that is all.
We could not find any information on what the initial deposit requirement is. We also do not know if there are commissions being charged. The zero spreads may look attractive, but then without commissions, we do not really know the exact cost of a trade.
The leverage for all asset classes is 1:10. For forex, that figure is low. In Europe and the UK, the maximum leverage is 1:30. And for cryptos that figure is much too high, when the maximum leverage is 1:2. Such inconsistencies raise more red flags.
Such lack of clarity on key information tells us that we are dealing with a dangerous scammer here.
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No Withdrawal Policy
WiseWealth continues to withhold information from everyone. There is no withdrawal policy in place. We do not know the cost of withdrawals, the time taken for processing withdrawals, if there are conditions for withdrawals such as trading turnover targets, and so on.
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Issues with Payments
WiseWealth also does not tell us how we may make payments. This blank is once again proof of their scam.
Conclusion
WiseWealth cannot be trusted. This is a scam broker and your funds are at risk if you invest with them.
WiseWealth
Pros
- None
Cons
- Anonymous and Unregulated Broker
- Blacklisted by FSMA
- No Legal Documents
- Issues with Trading Platform
- No Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more