Wise Tradefx Review – Who Is Behind WiseTradeFX.com Broker?
Wise Tradefx, After exploring the official website, the first thing to notice is that no company name is provided. Legal brokerage sites offer insight into their legal documentation as proof to potential clients that they’re regulated. This is, of course, one of the first warning signs to someone new to the site.
The nameless company further claims to have offices in the UK and New York, while giving no detailed info to back that. When one of the crucial details about a company is an obvious lie, a user might ask themselves what is the next thing this firm could lie about.
A quick check of the Seychelles FSA database can shine another light on this shady broker. Seychelles FSA has actually published an alert concerning Wise Tradefx, which says that the claims this broker makes are untrue.
Furthermore, Seychelles FSA explains that Wise Tradefx is not regulated and possesses no valid license that allows this broker to operate.
Every trader, especially novices looking to invest, should always refer to using the services of a licensed and reliable broker, which Wise Tradefx doesn’t seem to be.
Furthermore, you should stay away from brokers who try to manipulate you, like Europa Trade Capital, Crypto1Capital, and Arkcoin.
|Address||London, New York|
|[email protected] [email protected] [email protected]|
|Leverage||between 1:100 and 1:500|
Is Wise Tradefx Legit? Regulation and Security of Funds
Considering that Wise Tradefx is an unregulated broker, the security of investors’ funds is compromised. This means that in case of theft, a client wouldn’t be able to refer to the regulators in that jurisdiction like it’s the case with legal brokers.
Wise Tradefx being an unregulated entity should probably be avoided and extreme caution is advised before dealing with this broker. Investors have to be sure that their funds are safe with a licensed broker, who is subject to strict regulations of a particular jurisdiction.
The most widely used platforms and recommended brokers are those that fall under the regulatory rules of CFTC, FCA, ASIC, and other top-tier financial market regulators. Thanks to that, investors can trade safely, knowing that their funds are secure and not at risk of being stolen.
Despite mentioning in their terms and conditions that they’re regulated by the Financial Services Authority of Seychelles (FSA), Wise Tradefx is in truth unlicensed and not regulated, therefore not trustworthy.
Available Trading Software at Wise Tradefx
After finishing the sign-up process on the Wise Tradefx site, a client will certainly try to access the trading platform.
However, when attempting to use it, no such thing is available and so this broker doesn’t even provide their clients with working trading software. Xone Trader is actually known to be used by various other fake brokers.
The point of using a fake trading platform is to convince the clients that they’re being active, trading, and growing funds. This is all fictional, though, as no actual trading is going on.
Clients are deceived into believing to be trading, while their funds are going to the wallets of the scammers.
The Key is choosing a regulated broker with a functioning trading platform, to be able to invest and trade safely. One of the most competitive trading platforms currently is MT5, which offers unquestionable functionality and richness in features.
Wise Tradefx’s Deposit and Withdrawal Methods
Individual package details on the Wise Tradefx site present different supposed possibilities tied to every type of account available. Depending on the package chosen, the client accepts transferring the minimum deposit amount which can range from $100 to $50 000.
With every more expensive package, clients would receive more advanced and personalized services, or so the site states. Some of those benefits mentioned are 24/7 customer service, a dedicated account manager, and trading control.
For the same minimal deposit amount of $100 or very often much lower, users could invest with leading brokers in the industry that are actually regulated and offer better trading conditions.
Options that should work for depositing funds on this site are actually taking the user to an error page.
Instead, clients are forced to deposit funds through cryptocurrencies. This method is most popular with scammers because that way customers would not be able to ask for a refund.
How Does the Fraud Execute
An unsuspecting victim browsing the internet in search of a reliable broker might find this site or click an attractive ad asking for a sign-up. The potential client will leave their contact information which the scammer then uses to work their way to getting money out of the client.
Constant phone calls and rainy emails are very characteristic in these situations. The scammer is very experienced and good at manipulating other people’s decision-making. The main goal of a fraudster of this kind is to convince the customer to invest.
Low risk, quick and high returns are just some of the tempting claims made by fraudsters.
Interest that investors have usually increases after hearing these kinds of claims, so they decide to invest. The scammer doesn’t stop at that. The main goal is to ensure constant depositing and money flow.
Their persistence doesn’t falter and they will still regularly contact and try to deceive the victim more. In case the victim asks for a withdrawal, it is usually sabotaged and dragged out by the scammer, as they have no intention of giving the money back.
Assistance could be provided in reporting a scammer and referring to local jurisdictions for help is also always advised.
Forex Brokers Recommendation
Despite the existing ways of getting money back from a scammer, the best cure is prevention. This is adequately done by thorough research before making any kind of investment.
Checking every broker company with top regulators is a prime step. The leaders in the industry are transparent and provide potential customers with enough information.
No anonymity is allowed with legal and licensed broker houses, so clients can rest assured that their money is in fact invested. There is always the risk of loss, but it is meant to be lowered by choosing a legal broker.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XMCom|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Wise Tradefx Summary
Compared to every leader in the industry, Wise Tradefx is an unlicensed, unreliable, and not regulated newly registered sammer broker.
Warning filed by FSA should be enough to repel potential investors, but sometimes investors try to trade without enough information about the broker. This is when scams happen.
Broker scams are a thing happening on a daily basis to many people. It’s of crucial importance for many new traders to hear the experiences others might have already had with a particular broker company. All this is in order to ensure no more investors fall victim to theft.
Asking for help from jurisdictional regulators and authorities is the first step to getting money back. More caution should be applied to picking a recovery agent, as those can engage in fraudulent schemes and are just as dangerous.
If you find yourself a victim of cyber theft, please spread the word and share your knowledge of a particular company or scammer. It helps you find a way to recover the lost funds but also prevents more scams from happening.
FAQs About Wise Tradefx Broker
What Funding Methods Does Wise Tradefx Accept?
Wise Tradefx accepts paying in cryptocurrencies only, other mentioned depositing ways do not work.
Is Wise Tradefx a Trustworthy Broker?
This company, as unlicensed and not regulated, is not a trustworthy broker.
Is Wise Tradefx Regulated?
No, Wise Tradefx not regulated by any regulatory bodies