There are numerous Forex brokers popping up every other day at every turn. In order to engage with such a broker, you will need to first establish some ground rules. Top on the list the broker must be registered and licensed by a renowned regulatory body. Such a regulatory body will protect you from falling victim to the ever-lurking unscrupulous brokers. Wisetrader.com is a relatively new FX broker started in 2015 but licensed in the latter half of 2017. In our Wisetreder.com review, we will look into its license, registration, platform, and opinion of real customers so as to come up with an objective piece.
An overview of Wisetrader
First things first; Wisetrader.com appears to be a very well designed website. The graphics and the content are all in tune with the theme of the website. But hardly can one see what is written there. Take the disclaimer part for example; the writings are extremely small and dimmed that one has to really struggle to make out what is written. Of course, that is a negative for the website because much as the clients rarely read the fine print in terms and conditions, any obvious effort made by the broker to hide anything leads to suspicions.
Wisetrader.com Forex broker is owned and operated by F1Markets Ltd. The registered address is Tassou Papadopoulou 6, Nicosia, Cyprus while the head office is at Kalonakiou Avenue 434103 AY, Athanasios Limassol Cyprus. Wisetrader is licensed and regulated by CySec. The license number is 267/15.
Trading on the Wisetrader platform
Opening an account at Wisetrade.com is easy. However, the least account which is Mini requires an initial deposit of $250. This is pretty high given that there are well-established platforms that ask for as low as $50. There are five different types of accounts the highest which is Diamond asks for an initial deposit of $25,000. Given that the company is new and the deposits asked very high, one can’t help but wonder is Wisetrader.com a scam. This is especially so because the broker doesn’t have demo accounts. It must be hard for a beginner trader to invest $250 and not be allowed to practice. The chances of losing the whole amount is very high and no doubt the company gains that way.
There are Wisetrader reviews from many traders who say that they are never able to withdraw their winnings. While such claims are not rare, it is especially disconcerting that a new broker in the field will attract such complaints. The standard leverage on FX pairs such as EUR/USD is 200:1 which is one of the highest especially given that new and stricter regulations were introduced by CySec in 2017. The spreads for the same is 3 pips.
Is Wisetrader.com legit?
There are many Forex brokers out there that offer clients exclusive deals and bonuses. Many of the traders reap big but there is also a large number of traders who lose out. Much as the traders get unlucky and lose money, there are brokers that are looking to fleece people. In this www.wisetrader.com review, we see how some of the traders have lost money or are about to money. Given the website’s design and the many Wisetrader reviews from disgruntled traders, it is easy to see why you should avoid engaging with this broker.