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WiseMarket Review: Avoid Trading with mywisemarket.com

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WiseMarket Review: Avoid Trading with mywisemarket.com

WiseMarket is without a doubt a high-risk investment platform with no ties to any regulator. Our mywisemarket.com review plans to expose the broker’s intention with deposited funds.

What makes WiseMarket such a risky investment platform? There are countless reasons why WiseMarket is a risky trading platform. Lack of transparency has to be the biggest red flag.

Despite claiming to reside in the UK, the broker has no valid license from the official regulator. The Financial Conduct Authority has no such broker licensed under their jurisdiction.

This points to a worrying trend where brokers are claiming to reside in one of Europe’s elite trading jurisdictions just to lure investors to sign up and deposit funds.

Our mywisemarket.com review will show you why you must stay away from such platforms. We will exploit the vulnerabilities of signing up with Wise Broker as your preferred brokerage firm.

NB: Want to find the best brokers the industry has to offer? Check out top-rated brokers who have valid licenses to operate in most jurisdictions.

About WiseMarket

In the About Us section, the broker claims to have been established in 2021. These are false claims as there are no business registry documents of any kind on the website. We have a broker who wants to take advantage of our experience.

WiseMarket Review

A broker with two or three years of experience is deemed worthy by most traders. Hence the claim of being in the industry for long.

Domain registration shows the website went live on the 6th of April, 2022. That means the broker is barely two years old. It has the address of St. Vincent and the Grenadines which is a haven for offshore brokers.

Scammers love listing and registering their platforms in such offshore locations. The reason is that there’s no one to hunt them down once they close shop.

We have seen hundreds of such scams before and the end results are the same, no one gets to withdraw funds.

There are false claims on the website and lack of proper knowledge on available services. For instance, we don’t have information on account types on the homepage.

There’s little information on the expected trading conditions once members sign up with the platform. And that’s where we draw the line with Wise Market brokerage.

Another reason to worry is the fact that there’s inactivity on their social media platforms. There’s no way a glowing broker fails to take advantage of social media channels.

There are also plenty of negative reviews going round the web. It’s a clear indicator of what’s to come and expect with this broker.

Our recommendation, stay away!

Account Types WiseMarket

You will notice there’s no information on the available tiers on the platform. However, once you sign up, there are several accounts available. The broker offers five accounts to choose from. Let’s take a closer look at each account.

Silver

It’s the most basic account with investors having to deposit $1,000 to get started. The broker claims this account is for traders looking to learn how to trade on small volumes. You can see how inconsiderate the broker is to newbies.

Industry standards have set $250 as the acceptable minimum deposit for low-level traders or beginners. We suspect the broker also offers unfair trading conditions such as unnecessary high leverage.

Gold

For the gold account holder, the investor claims to offer a welcome bonus of 20 percent the deposit amount. To get started, the broker requires a minimum deposit amount of $2,500. There’s little information on set conditions.

Traders who sign up don’t even know whether the broker offers tight spreads. Instant execution is not guaranteed with any of the accounts. The broker also offers several other features such as one-on-one sessions with a pro market analyst.

Platinum

Another account geared to service skilled traders, the acceptable minimum balance is $5,000. There’s a 50 percent welcome bonus set for traders. Don’t fall for such, the broker will just add the amount from other traders.

There are several discrepancies with this platform. These include leverage levels that are high than normal. Leverage of 1:500 on all assets is risky. That’s why the broker chose not to get a valid license from regulators.

Diamond

One of the high-level account type son offer with the broker promising 75 percent welcome deposit. You have to deposit a minimum of $7,500 to get started. To sweeten the deal, the broker claims there are no commissions incurred when trading.

Order executions are instant with the broker availing a team of experts to help guide you. The broker also promises a dedicated account manager available round the clock. Once you sign up, you find that these are all false claims.

VIP

It’s the most exclusive account with investors having to deposit $10,000 to get started. The broker promises 100 percent welcome bonus on the platform. You need to stay away due to the promise of guaranteed profits.

The broker claims to invite members to a special club where the investment guarantees weekly profit margins. Whether the broker is involved in staking or other investments that remains to be seen.

Available trading instruments mywisemarket.com

There are five trading instruments available on this platform. These include commodities, crypto, forex, indices and stocks. Commodities found on the platform include energies such as Brent oil and precious metals.

The broker pairs leading cryptos such as Bitcoin, Ethereum, and Ripple against each other. You will also find the broker pairing these coins against major currencies such as EUR, GBP, and USD.

Stay away from mywisemarket.com

There are over 40 forex instruments, major and minor pairs. The broker also offers a few exotic pairs. When it comes to furnishing traders with major instruments, the broker does offer an immense array of assets.

Indices available come from 25 of the world’s leading index markets. You also get stocks from high asset companies such as the FAANG group. The only problem is that rarely does traders get to withdraw on this platform.

Customer support

Don’t expect any support once you face a hiccup on this platform. There’s no live chat support and the broker may take days before responding to emails. That’s another reason to stay away from the platform.

MyWiseMarket also fails to list a phone number where users can make a call and ask for help. We see a broker determined to stay away from offering a helping hand to traders. That’s why you should stay away from this brokerage firm.

License and Regulation Status WiseMarket

WiseMarket is not a licensed or regulated trading platform and thus, you should stay away from it. Without a regulator present, the broker may introduces harsh trading conditions such as unnecessary high leverage.

It also means the broker won’t deliver standard trading services as they don’t adhere to industry rules. The broker is a high-risk investment option intending to throw-off investors who sign up with the platform.

Is safety of funds guaranteed by mywisemarket.com?

Safety of funds in this platform is out of the question. The broker fails to deposit the required minimum depository amount with regulators for insurance purposes. It shows no one is safe especially if the platform winds down.

The broker also fails to offer proper security measures and protocols aligned with industry standards. There’s no DDoS protection or SSL encryption on the platform.

Verdict WiseMarket

Please stay away from this broker.

Note: The best brokers offer fair trading conditions and guarantee the safety of funds.

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