Beware! This is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Wise Banc is an unregulated broker that offers trading in forex and various CFDs. Although it provides a bunch of account types (including swap-free one), its trading offer is not made perfectly clear. Besides, the spreads are very high, fixed at 7 pips on EUR/USD, and the broker uses some unknown web-based platform that is too simple and lacking any analytical tools. Most traders prefer using the MT4 or the MT5 platforms, both of which offer advanced trading features.
Wise Banc Regulation & Safety of Funds
According to the information on its website, this broker is owned and operated by Orion Service EOOD. The company is allegedly based in Bulgaria and has branches in Malaysia, New Zealand, Singapore and South Africa.
As Bulgaria is a part of the EU, regulation there is pretty solid, and all financial services operators must be licensed by the local Financial Supervision Commission (FSC). Orion Service EOOD, however, is not among the firms under FSC’s regulatory oversight. Actually, Wise Banc is one of the many shady unregulated brokers in the forex sector, large percentage of which are pure scammers.
Wise Banc Deposit/Withdrawal Methods and Fees
According to Wise Banc’s website, the minimum deposit for the most basic account comes at $250 which is pretty much the industry average. The payment methods supported by the broker are Wire transfer, credit cards, and e-wallets (such as Skrill, CashU, Neteller, Yandex).
In order to become a client of Wise Banc, you must provide a scanned copy of you ID, prof of address and proof of payment – a scanned copy of your credit card, front and back. The broker says that it requires these documents as a part of Anti-Money Laundering laws and regulations. Considering that Wise Banc is not licensed, we would strongly advice you against providing this broker with any of the aforementioned documents. Many of these “brokers” are involved in all kinds of scams, including, but not limited to phishing scams, identity fraud, credit card scams, etc.
How Does Scam Work?
Forex scams draw investors in with all kinds of tricks – advertisements on internet websites, TV or radio. Most often, they lure investors into scams with promises of high returns with low risk.
We went through a number of user feedback on Wise Banc, all of which is extremely negative. An investor complained on a popular website that he was tricked into registering a Wise Banc account by an ad off Coindesk. The add promoted an automatic trading solution for Crypto currencies. After depositing $250, however, the investor was provided with an average trading app that doesn’t have any automatic trading features, nor even the option to trade Bitcoin.
Then, he was bombarded with emails requesting color copy of his Visa credit card, including the PIN code plus signature, ID document, etc. Such documents would obviously give the so called “broker” the opportunity to keep using the investor’s credit card. Fortunately, the man guessed their intention and never sent those copies, but other clients of Wise Banc have not been so cautious and fortunate.
Another client of this broker shared with the public that he was denied withdrawal and his account manager said that the reason for this is because he was given a bonus (which the client says he never asked for). Most other comments simply say that Wise Banc is a scam and warn investors to stay away from it. Some users suggest that the people behind Wise Banc are the same scammers that operated the OptionsXO binary options brand, which has also defrauded a number of investors.
What to do if scammed?
Most of us have to tendency to think that that sort of thing happens only to other people. However, forex fraud schemes are sometimes so sophisticated that even experienced traders fall victims to them. So, you’d better be well-informed and prepared, so that you act in a timely and adequate manner if this happens to you.
The first thing you should do if scammed is call your bank or credit card provider to report the scam and file a chargeback. Note that you can do that only within six months of the initial deposit.
In case you have provided the scammer with your credit card details, immediately cancel your credit card.
Also, beware of potential calls from self-proclaimed “recovery agencies”! They are on a hunt for scammed investors, offering help, but You will end up just losing more money with an upfront payment without receiving any service.