Beware! BankWisse is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
BankWisse is not a reliable trading partner – the broker is not licensed and has an impressively malicious set of Terms and Conditions. We suggest you stay away from the company – and if you need further convincing, we have expanded on these points and examined the rest of BankWisse’s failings in the review below:
BankWisse regulation and safety of funds
BankWisse is not a regulated broker – and it lies about its address too, stating it operates on the one below:
There is no way for the company to operate in the US without the approval of the two regulators that oversee the States markets – the NFA and the CFTC. And BankWisse contradicts their policies on leverage, as it provides amounts higher than 1:200 to retail clients.
The States are a robust regulatory jurisdictions, with a high barrier to entry – brokers are required to hold over $20 million, as well as report on a daily basis on open and closed trades on a daily basis, which makes market manipulation impossible. If you are interested in trading with an actual States broker, here is a list of our top-rated ones!
But the truth of where BankWisse operates from is darker – here is what the broker has to say about its applicable law:
The Marshall Islands do not regulate their markets – and scammers love them for it, with hundreds flocking to the island nation to run their schemes unopposed!
BankWisse trading software
BankWisse provides access to a rather basic web platform – compared to industry standard Metatrader 5, it lacks any automated trading, for example. Here is what the broker’s software looks like:
The spreads on it are too wide – way over the generally accepted divide of 1 pip on FX majors like the EURUSD – and the leverage is too high. Amounts like the 1:200 that BankWisse offers have been banned by regulatory bodies around the world – so most companies that still have them available only do so to be able to attract more clients!
BankWisse deposit and withdrawal methods and fees
BankWisse accepts deposits via credit cards – quite fortunate, as it means you will be able to file a chargeback on any transaction within 540 days. Given BankWisse’s restrictive withdrawal policies, that will be the only way you can get your money back at all! Here is the policy in question:
BankWisse states that before any withdrawals are made, you need to achieve a certain turnover – that turnover is as high as 20 000 times the bonus. This is not a fair policy – and it is not possible for anyone to reliably achieve it. Companies that offer bonuses do so to control client withdrawals – and that is the case here is well!
Such a policy also explains why BankWisse does not charge withdrawal fees – it simply does not need to! But, that does not mean the broker does not charge fees – here is the one it has on inactive accounts:
This fee is quite high, and no legitimate broker would charge as much as $36 monthly!
How does the scam work
BankWisse is definitely running a scam – and what’s more, we believe it to be following the scheme outlined below:
First off, someone stumbles upon the website the scammers run – and are prompted to make an account, leaving their phone number in the process. If the scammers get their hands on it, they will start calling around the clock to demand deposits from the victim. More and more money will be taken from them, until they are either bled dry or realize what’s going on – at which point, the scammers will simply cut them off and move on to new targets!
What to do when scammed?
If you have been scammed, we suggest you do the following to make sure you do not suffer further financial losses:
First off, reissue whatever forms of ID and credit cards the scammers had access to – and get rid of any remote control software they had you install on your PC!
Secondly, contact your bank and see if you can file a chargeback – and if you cannot, do not trust any recovery agency that might contact you and demand an upfront payment – these agencies are simply running another scam!
Finally, please consider leaving a comment below – that will help raise awareness of the scam, which is an excellent way to combat it!