Searching for an online financial trading company can take you to the WiseFXPro broker. When you access the company’s website which claims that it has been 25 years in the forex business and is a globally recognized and award-winning broker, you must ask yourself how you have never heard of them before.
Also, when the same company promises an advanced trading platform, but in reality, it has manipulative trading software instead. Then you realize that you are dealing with an outright trading scam.
Thus, please continue reading our WiseFXPro review to find out everything about this financial swindler.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Wise FX Pro Corporation|
|Supported Platforms:||MT4, MT5|
|Minimum Deposit:||9,000 USD|
|Cryptocurrencies:||Yes, Bitcoin, Ethereum, Litecoin|
|Types of Assets:||Forex, Indices, Metals, Cryptocurrencies, Commodities|
|Free Demo Account:||Yes|
|Accepts US clients:||Yes|
Is WiseFXPro a Reliable or a Fraudulent Broker?
When checking on the WiseFXPro headquarters, it can be concluded that it is registered in the British Virgin Islands. However, it lacks the necessary BVI FCS license. In fact, it doesn’t hold any trading credentials. Not only that it implies that this broker is illegal but also means that it can’t be trusted. In other words, if you invest with WiseFXPro, you can say goodbye to your money.
Why Is Trading On a Licensed Broker’s Platform Preferable?
Every broker must be licensed and regulated by a respective financial market regulator to operate legally. Without that, it is not possible to expect favorable terms, ethical services, and the safety of your funds.
For example, brokerage firms authorized by premium financial supervisory agencies such as FCA, BaFin, and ASIC are the safest for trading. It is because these authorities insist on strictly upholding the law, have stringent licensing requirements, and offer coverage against brokers’ bankruptcy (e.g., up to 100,000 USD).
Is WiseFXPro a Legitimate Broker Or A Fraud?
WiseFXPro is a broker which doesn’t hold any licenses, or regulations, and operates anonymously. Therefore, it is untrustworthy and not recommended for trading.
WiseFXPro Platforms Review
As said, WiseFXPro gives empty words about the availability of the latest platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These two programs are indeed the best in class along with Sirix and cTrader. However, scam brokers can’t provide them and fraudulently claim to offer these powerful platforms just to draw your attention. Instead of MT4 and MT5, you will get subpar trading software that will rip you off.
MetaTrader 4 and MetaTrader 5
On the basis of the foregoing, MT4 and its successor MT5 are synonyms for reliable and profitable trading. It comes with no surprise because they come with cutting-edge tools such as social trading, which allows you to copy and follow successful traders, stop loss, automated trading, fast execution, and so on. On top of that, these programs are user-friendly and enable trading on different devices. For example, you can use them as a browser-based platform or install them on your desktops and cell phones.
MT4 Mobile App
Apropos mobile trading, which allows trading on the go and is a really great feature for busy people, WiseFXPro falsely promises to have an MT4 mobile app. As previously mentioned, both MT4 and MT5 are accessible on mobile devices.
However, for this quality, you must opt for legitimate brokers that really provide these advanced trading options. In addition, MT4 and MT5 can be downloaded from Google Play Store and Apple Store, adding to their credibility.
WiseFXPro Accounts Overview
By this time, you have already realized that WiseFXPro isn’t worth your time and money. However, for the sake of information, let’s see what type of accounts this phony broker provides.
- Standard: 9,000 USD deposit, 1:200 leverage
- Core: 9,000 USD deposit, 1:200 leverage
- Swap-free: 9,000 USD deposit, 1:200 leverage
All three accounts allegedly offer trading with the following tradable assets.
- Forex: USD/EUR, USD/JPY, EUR/GBP;
- Indices: Dow Jones Industrial Average, ASX 200, Hang Seng;
- Metals: gold, silver, copper;
- Cryptocurrencies: Bitcoin, Ethereum, Litecoin;
- Commodities: crude oil, natural gas, corn.
Can The User Try a Demo Account?
Although a demo account is reportedly available at WiseFXPro, there is not much sense in trying it. It is simply because trading conditions are far from reality and are fabricated to look more profitable. By doing so, this fraudulent broker wants to lure you into investing.
For realistic demo account options, go with credible brokerage firms allowing you to test a real-life trading environment and platforms.
Speaking of a referral program, it is part of bonuses and promotions that are banned by most financial authorities. It is because fraudsters use them to tamper with traders. For this reason, WiseFXPro offers the referral program and allegedly rewards you when you bring your friend 88 USD each. This, of course, involves some unreasonable preconditions such as that both you and your referral must open a live trading account at WiseFXPro, and remind you its minimum deposit is 9,000 USD.
No Access to Legal Documents
One of the dirty tricks employed by con artists is to present lots of groundless official documents to look like a valid business. All their policies are generic and copied from legitimate websites.So, if you access the WiseFXPro web page to evaluate its formal documents, you won’t be able to do so.
Even if it had any paperwork, it would be stolen from another company’s website. Remember, there can’t be legal documents associated with WiseFXPro when it is an illegal broker.
WiseFXPro – Countries Of Service
This shady brokerage firm is not so picky in choosing its victims. It operates everywhere despite not being authorized to provide services anywhere. Offshore-based brokers are scamming traders from – no information about countries. So, you can’t track them down. Therefore, avoid trading with unlicensed and anonymous brokerage companies like this one.
Leverage, Minimum Deposit, and Fees
Without a doubt, leverage is a useful tool for making profits. However, it must be used with great caution since the higher the leverage the greater the risk. That is why many jurisdictions limit the leverage for retail traders to a certain ratio (1:30/UK, 1:50/US). Since WiseFXPro doesn’t comply with any legislation, its leverage ratio is 1:200.
Also, WiseFXPro has set a minimum required deposit at a whopping 9,000 USD. This is an outrageous and totally unnecessary risk when you can set up a live trading account for less than 10 USD with legitimate forex providers. In addition, this bogus broker claims that its accounts come with zero commissions.
What Is Known About WiseFXPro’s Trading Conditions?
More about terms of exchange at WiseFXPro, its spread floats from 1.6 to 0.2 pips. Fraudsters usually manipulate spreads to seem more appealing (e.g., tight spreads).
Additionally, funding and withdrawal methods supported by this illicit broker are reportedly credit and debit cards, bank wire transfers, Skrill, and Neteller. Deposits are without fees while withdrawal fees and processing time are not revealed.
We are sure that deposits are not an issue here since this financial swindler can’t wait to get its hands on your money. However, payoffs are not guaranteed with scammers. Anyway, read the next heading to see what you can do if you are defrauded.
Scammed by WiseFXPro Broker? – Let Us Hear Your Story
If you are one of the victims of this investment scam, you must take adequate measures instantly. First, report it to the relevant authorities. Likewise, don’t forget to share negative WiseFXPro reviews and help others avoid being scammed. Finally, you can get in touch with cyber security specialists to help you with a chargeback.
But What Is A Chargeback?
If you wonder what a chargeback is, it is a procedure for getting your money back. For example, credit/debit cards can be reversed within 540 days (VISA and Mastercard). Also, a bank transfer can be canceled until you confirm it. Electronic wallets such as Skrill, Neteller, and PayPal also offer a refund.
The most difficult to undo is a crypto wallet. That is why criminals prefer this payment method. Anyway, with professional help, even crypto payments can be annulled. If you need assistance with this, contact our company today.
What Is WiseFXPro?
It is an unlicensed brokerage firm pretending to be a legit company.
Is WiseFXPro a Scam Broker?
Yes, it is; it deceives traders by giving empty promises and then ripping them off.
Is WiseFXPro Available in the United States or the UK?
Yes, it is but is not authorized to operate in these markets or anywhere else.
Does WiseFXPro Offer a Demo Account?
Yes, it offers, but be very cautious since it will take advantage of you.