WiseFunds – Is It Safe?

| Publish date: 03/22/2020 (Last updated: March 23, 2020 12:31 PM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

WiseFunds - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Deposit
X

updated 2020

WiseFunds offers its customers a selection of 3 different types of trading accounts:

  • Basic: You need to make a minimum deposit of $250 to trade on this type of account.
  • Bronze: The minimum deposit requirement for the Bronze account is $5,000.
  • Silver: You need to make a minimum deposit of $10,000 to start using this account.

The maximum leverage ratio offered by this broker is 1:500, but we do not know what the spreads are.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Europe's #1 CFD Trading Platform

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

Website URL: https://wisefunds.co/

Founded: 2019

Regulations: Unregulated

Languages: English

Deposit Methods: Bank wire, MasterCard, Visa

Minimum Deposit: $250

Free Demo Account: None available

Number of Assets: 2000+

Types of Assets: Forex and CFDs

Trading Accounts and Conditions

WiseFunds offers its customers a selection of 3 different types of trading accounts:

  • Basic: You need to make a minimum deposit of $250 to trade on this type of account.
  • Bronze: The minimum deposit requirement for the Bronze account is $5,000.
  • Silver: You need to make a minimum deposit of $10,000 to start using this account.

The maximum leverage ratio offered by this broker is 1:500, but we do not know what the spreads are.

WiseFunds – Advantages

Here are some of the advantages of trading on WiseFunds:

  • MT4 Trading Platform Offered

One of the biggest advantages of trading with WiseFunds is that you get to use the MT4 trading platform.

This is the world’s most used platform due to its reliability, user-friendliness and added features. The software offers traders the option of charting tools, market indicators, automated trading robots, etc. And the best part is that all these features can be customized to suit your needs.

In addition to the MT4 trading platform, this broker also offers its customers a web-based trading software called Status. This platform, while not as good as the MT4 platform, is still quite good.

  • High Leverage

WiseFunds offers its customers a leverage ratio of 1:500, which is quite high by industry standards. What this means is that even traders with a high-risk appetite would be satisfied with trading on this broker’s platform.

However, we also need to warn our readers that high leverages also come hand-in-hand with high levels of risk, which is why many regulatory authorities have put a cap on how much of a leverage brokers can offer their customers.

WiseFunds – Disadvantages

Before you go ahead and invest your hard-earned money with this broker, read about the serious disadvantages of trading with WiseFunds:

  • Not a Regulated Broker

WiseFunds, on its website, claims to be owned by a group of companies, one of which is Kleinman Enterprise LTD, which is based out of St. Vincent and the Grenadines (SVG). There is also a second address given on the broker’s website – based in Tallinn, Estonia, which is the broker’s payment agent.

The problem is that a broker registered in SVG is not regulated since its government has publicly stated that it does not offer regulatory oversight to Forex brokers.

This leads us to the conclusion that WiseFunds is not a regulated broker and that your money is not safe with them.

Plus500
$100
Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade
$100
Minimum Deposit

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.

  • Warning from CNMV

The Italian watchdog, the CNMV (Comision Nacional del Mercado de Valores), has issued a warning against WiseFunds. We came across this warning while we were checking the broker’s regulatory status.

According to this warning, WiseFunds is suspected of offering financial services without being authorized to do so. It also states that this broker may be involved in scamming operations.

Financial authorities usually issue these warnings only after they have received numerous complaints from traders who have been scammed by such brokers.

This is a clear warning to all traders to steer clear of this broker.

  • Unknown Spreads

Besides telling us about the different account types available, we don’t have any other information from this broker about the spreads they offer. We don’t know what this broker is charging traders when they use their platform.

Spreads are key pieces of information that traders need to decide whether they wish to trade with a broker or not, and if they will make a profit if they do.

This lack of transparency is typical of scammers who don’t want you to know details about their operations. Thus, this is another clear warning that you need to avoid this broker.

  • No Demo Account

Another big issue we have with this broker is that it offers its clients no demo accounts, yet another example of WiseFunds’ lack of transparency.

Legitimate brokers ensure that their customers can first try out the trading conditions offered by them in a safe environment, without having to put their hard-earned cash on the line. Once they are satisfied with the trading conditions, then traders can begin investing real cash on that broker’s platform.

When this facility is withheld, as in the case of WiseFunds, then traders do not have any idea of what the cost of trading will be, which is not a fair practice.

  • Asking Clients to Install AnyDesk and TeamViewer

WiseFunds also asks its customers to install software such as AnyDesk and TeamViewer.

These software programs allow you to remotely access your PC – and all the information on it – from anywhere in the world. But considering the fact that this software would be controlled by WiseFunds if you were to download it from their website, you would be handing over all your sensitive information such as bank details, passwords, etc., to them.

This would leave you vulnerable to being seriously scammed by this broker. We say this because WiseFunds has showing all the hallmarks of a scam operation.

Conclusion 

WiseFunds is not a broker to be trusted. We can say this with certainty after going through its website, checking on its regulatory status and also finding out about the public warning against it by the CNMV. Therefore, we would recommend to all traders that they should avoid dealing with this broker completely.

If you are looking to trade online, then we would suggest you look for a broker that is regulated and transparent so that your funds are safe and the chances of your being scammed are minimal. And, in our opinion, WiseFunds is not that broker.

WiseFunds

2.4

User Experience

3.2/10

Payment Options

2.2/10

Security

2.3/10

Support

2.1/10

Reputation

2.4/10

Pros

  • MT4 Trading Platform Offered
  • High Leverage

Cons

  • Not a Regulated Broker
  • Warning from CNMV
  • Unknown Spreads
  • No Demo Account
  • Asking Clients to Install AnyDesk and TeamViewer

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade
$100
Minimum Deposit

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.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 66% 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.

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