Wisevests Review: Six Warnings, Zero Transparency, and Still Exist
Wisevests broker is surprisingly revealing its ownership details. The company is registered in Saint Vincent and the Grenadines as GroupUp Green LLC. Predispositions for scam activities are set.
The main purpose of offshore registration is to keep anonymity at the highest level. However, some of the top-tier regulators exposed this company’s activities. To see why not to trust them and what alternatives to choose, read our Wisevests review carefully.
|Active offshore trading scam
|GroupUp Green LLC
|Saint Vincent and the Grenadines
|Financial Authorities Warnings
|Yes – FMA, CBR, CONSOB, FSMA, ATV-P, Finanstilsynet
|Phone; e-mail; web contact form
|If a withdrawal is possible
|If Active on Social Media:
|Belgium, France, Austria, Switzerland, United Kingdom
|Missing regulations; Numerous warnings and negative reviews; unclear conditions;
Missing Regulation But Not Missing Warnings
Knowing that the Financial Services Authority (FSA) can’t issue licenses in SVG, the company should opt for abroad ones. We would prefer something like FCA, ASIC, or CySEC. However, we couldn’t even find this company in any low-tier regulatory database. Not to mention the top ones.
Instead, there are numerous warnings published by trusted regulatory authorities. The list is long. In any case, after these, this broker’s faith is sealed. Institutions that published a warning against them are FMA Austria, Russian Central Bank, Finanstilsynet, CONSOB, FSMA, and ATV-P.
What Are Wisevests Reviews Saying?
Even if there were not so many warnings, you could have a clue about the company’s activities on Trustpilot. Out of 26 comments, more than 30% are negative ones. Most of those contain complaints about withdrawals and phone harassment from the company.
As it seems, there are two options with this brokerage. Either you deposit money and get scammed or change your number.
What Are Wisevests Account Types?
Even though the company’s lowest account requires $5.000, they will accept $250 as the minimum deposit. Gradually, they will build trust with customers to extort more from them later. The key is to get you on board. Anyway, the options are:
- Basic – $5.000
- Bronze – $25.000
- Silver – $50.000
- Gold – $75.000
- Platinum – $100.000
But also, there are next-level accounts like:
- VIP – $125.000
- Savings – $150.000
Available Trading Assets
Keep in mind that with unregulated companies, tradeable assets should be your last concern. Especially if they don’t offer any trusted trading software.
The main reason not to trust such firms is that pricing, fees, and profits can be easily manipulated. But also trading conditions like leverage that could wipe off your balance in seconds. However, if we ignore that, instrument availability is quite solid. You can trade:
- Forex – EUR/SEK, AUD/NZD, USD/JPY
- Commodities – natural gas, crude oil, palladium
- Shares – American Airlines, Deutsche Bank, General Motors Company
- Cryptos – BTC, ETH, XRP
- Indices – ASX 200, DAX 30, CAC 40
Trading Software and Features
Important to realize is that trusted trading software can’t make a broker trusted as well. But in general, software choice plays a crucial role in choosing a broker. Unfortunately, Wisevests’ trading platform is web-based and far from reliable. Such platforms offer developers easy access to the back end and modification of presented information. Such as profits and losses, balances, or anything else.
Even though they advertise an advanced trading platform, nothing about it is advanced. Instead, we suggest traders use MetaTrader or cTrader. Understandably, with regulated companies. But also, you can use the benefits of AI tools that are highly popular nowadays. To see what else scam companies offer, check our FXLiveCapital review.
What Trading Conditions Traders Can Expect?
The highest leverage you can get with Wisevests scam broker is 1:200. Definitely something you want to avoid if negative balance protection is not available. For example, like with this broker.
Even though the company advertises tight spreads, that’s not precise enough. Consequently, they can manipulate customers as they wish. For other fees and commissions, you can deposit money and risk it or be wise and choose another broker. A good example can be found in our Kershner Trading Group review.
Are Withdrawals Possible With This Brokerage?
After all the mentioned warnings, hidden details, and manipulations, absolutely not. Otherwise, they wouldn’t be on so many warning lists. Important to note is that the company doesn’t even reveal its funding methods. Not to mention the withdrawal policy.
But most likely, everything goes around anonymous crypto transfers. Luckily, there’s a bonus advice. Avoid crypto transfers with untrusted companies. But also, don’t bite the trick with non-existent withdrawal fees. If there are any, those could be deducted from profits. Isn’t it? The same works for taxes.
How Can I Make Money While Trading Online?
Watching kids making money while trading on YouTube can be frustrating. Everybody thinks they can do it as well. But the first time they are caught by an unregulated company, their desire for trading diminishes. Hopefully, our Wisevests Review helped you learn what signs to watch for.
In any case, once you recognize a reliable and licensed company as a good choice, there are other obstacles. With regulated investment firms, you can’t expect insanely high returns on a daily basis. Simply because platforms are not manipulated to present you that. Instead, you have to learn how to trade. Or better option, use AI Analysis Tool to do the analysis for you.
Most importantly, the control of the funds is in your hands. There are no shady automated trading options or pressure from boiler room agents. Your money, your call, and chewed-up material. To see in detail how this tool can help you improve your results and what all its capabilities are, get in touch with us. It’s your lucky day because the first meeting is free of charge.
What is Wisevests?
This is a Forex and CFD brokerage operating from Saint Vincent and Grenadines since August 2023.
Is Wisevests a Regulated Broker?
Wisevests is an unregulated offshore brokerage with numerous warnings from trusted regulators around the world. Just a few of those warnings come from the Russian Central Bank and FMA Austria.
How Can I Withdraw From My Wisevests Account?
Withdrawing funds from them in a regular way is close to impossible. In case you have any trouble, the best option is to apply for a chargeback or refund.