Wise Investments – Can You Trust Them?

Website URL: www.wiseinvestments.io

Founded: 2020

Regulations: Unregulated

Languages: English

Deposit Methods: Cryptocurrencies

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: N/A

Types of Assets: CFDs, Cryptocurrencies

Trading Accounts and Conditions

Wise Investments offers its clients the following trading accounts:

• Basic: To use this account, you need to make a minimum deposit of $250. The minimum spread offered is 2.4 pips.
• Standard: The minimum deposit you need to make to use this account is $1,000. Spreads start at 1.4 pips.
• Pro: The minimum deposit requirement to use this account is $10,000. The spreads start at a minimum of 0.4 pips.
• VIP: The minimum deposit is $100,000 and the spreads start at 0.4 pips.

While in the Account Types section gives no information on the leverage ratios offered. But when we checked the websites legal section, the maximum leverage offered is 1:300.

As for the spreads, when we checked this broker’s trading terminal, we found out that the spreads actually started at 3 pips.

Wise Investments – Advantages

There are no advantages that we found about Wise Investments.

Wise Investments – Disadvantages

Here is the list of disadvantages of trading with Wise Investments:

• Unregulated, Anonymous Broker

Wise Investments has not provided any corporate information about itself. We do not know the name of the company that owns and operates the website. When you check their Contact Us page, the section that should provide the telephone numbers is filled with xx xxx xxx xxxx. Therefore, the only way you can get in touch with them is through the online form or via a vague email address.

The only reference this broker makes on its website about regulations is when it claims that it operates under the laws of the MiFID (Markets in Financial Instruments Directive) of the European Union. This is just a lie because to operate legally, a broker must be licensed by a financial regulator.

Thus, we can conclude that Wise Investments an anonymous broker that is operating illegally in the market. And it would be unsafe to invest with such a broker.

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• MT4 Software Offered by Third Party

Normally, when a broker offers its clients support for the MetaTrader 4 software, we consider it a huge advantage. However, in this case, it’s another black mark against this broker. This is because of the fact that this software is offered by a third party company called Mullerenterprise.exe.

Furthermore, when we tried to access this software, we found out that it was just the default demo account offered by MetaQuotes. It was not real trading software.

All we could access on this broker’s website was a basic web-based trading terminal. The only thing that this terminal is good for is fooling novice traders.

• Only Payment Method is Cryptocurrencies

The only way you can make deposits in your account is via cryptocurrencies. This in itself clearly shows us that this broker is scamming its clients. Payments made using cryptocurrencies are irreversible. This means that even if you have been scammed, there is no way to get a chargeback. Your money can only be returned to you if the broker is honest enough to return your money through another transaction.

Cryptocurrency payments are also anonymous, and when you are dealing with an anonymous broker like Wise Investments, it is a very bad idea to carry out transactions with them.

• Unfair Withdrawal Conditions

While it is normal for brokers to charge withdrawal fees, the sums charged by Wise Investments are on the higher side. You need to pay $50 for a wire transfer, $35 for a withdrawal through credit card and $25 for e-payments.

We could have overlooked the high fees if it weren’t for the fact that this broker insists that you meet a trading turnover requirement before you will be allowed to withdraw your money.

According to their withdrawal terms, you need to transact a volume of 200 times your deposit before you will be allowed to withdraw your funds. And if you do withdraw your funds, you will need to pay a 10% surcharge.

There is also a lack of clarity on the time it takes to process withdrawals. In one section of the conditions, the broker states that it will take 3 days to process your withdrawal request. Then, in another part of the legal document, it says it will take 7 days. And finally, in yet another section, the broker claims to take only 24 hours to process your request.

• Bonus Withdrawal Conditions Unfair

The first thing that we feel is a red flag is that Wise Investments offers bonuses. Bonuses have been banned in the UK, the EU and the US because of their unfair terms. And that is exactly what we find with this broker’s terms of using bonuses.

If you accept the bonus offered by Wise Investments, then you will need to transact a volume of 25 times the bonus you accept and your base deposit. Such a high amount is almost impossible to achieve, most traders will never see the money they have invested.

Furthermore, this broker has a proviso called the Non-Deposited Funds Clause. According to that, you will not be allowed to withdraw any profits you make from trading on the bonus amount.

• Account Termination

Wise Investments also states that it has the right to terminate your account without notice and without giving you a reason for doing so.

Conclusion 

Wise Investments is a scammer and if you invest with them, you will lose your money. This broker is anonymous, unregulated, allows payments only in cryptocurrencies, has very poor terms of service and doesn’t even have a decent trading platform. All of these are typical hallmarks of a scam operation.

Wise Investments

2.6

User Experience

3.4/10

Payment Options

2.4/10

Security

2.5/10

Support

2.5/10

Reputation

2.3/10

Pros

• None

Cons

• Unregulated, Anonymous Broker
• MT4 Software Offered by Third Party
• Only Payment Method is Cryptocurrencies
• Unfair Withdrawal Conditions
• Bonus Withdrawal Conditions Unfair