WiseMarket Review – 5 things you should know about mywisemarket.com

Beware! WiseMarket is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

WiseMarket is an unregulated offshore broker – exactly the kind that is best avoided. Trusting such brokers is just about the worst thing you can do so if you are currently considering opening an account with them, think twice.

WiseMarket Regulation and Safety of Funds

WiseMarket does not hide the fact that it is an offshore broker. The company Wise Group LLC is based in St. Vincent and the Grenadines – which means that the broker does not have any sort of legitimate license. The local financial regulator of St. Vincent and the Grenadines does not regulate the activities of forex brokers and does not impose any sort of laws in the sphere of trading. This means that pretty much anyone who has set up a company in the country – which is easy to do – can simply start offering complex financial services without having met any requirements or without answering to any financial authority. That is also the reason why so many scam brokers choose to set up companies in St. Vincent and the Grenadines specifically.

Our recommendation is to only work with brokers licensed by strict financial authorities such as the FCA (the UK), CySEC (Cyprus), or ASIC (Australia). These authorities have many requirements for brokers and demand that they follow many laws strictly. That is also the reason why such regulated enterprises are far more reliable.

WiseMarket Trading Software

WiseMarket provided access to a platform that is a true classic in the trading world – MetaTrader 4:

Although it has been on the market for decades, MT4 is still one of the most beloved platforms in the world of trading. This is mostly due to the fact that the platform is both user-friendly and packed with a number of features that could contribute to a smooth, efficient trading experience.

What we would recommend, however, is to try MT4 with a broker that has proven its legitimacy and reliability. Opening an account with scammers just because they can offer a decent trading platform is not worth it in any way.

WiseMarket Trading instruments

WiseMarket offers access to a limited range of trading instruments – around 40 forex pairs, as well as stocks, ETFs, and CFDs on cryptocurrencies.

In contrast to that, legitimate brokers would let you trade thousands of instruments – not only the ones mentioned above but also commodities (including metals and energies), indices, futures, bonds, some types of options, etc.

WiseMarket Spreads and cost of trading

WiseMarket offered extremely competitive spreads – 0.3 pips on EURUSD, 0.2 on GBPUSD, and 0.5 pips on USDJPY.

It might be tempting to start trading with such great spreads considering the fact that the industry average is 1.5 pips. However, this broker is unreliable – investing with them would probably turn out to be extremely dangerous. What we would suggest that you do instead is check out some affordable legitimate brokers.

WiseMarket Maximum leverage

WiseMarket claimed that the maximum leverage clients can get access to is 1:1000 on forex majors. Trading with such high leverage might seem tempting but you should be cautious. Trading with high leverage can potentially result in far bigger losses.

WiseMarket Deposit and withdrawal methods

WiseMarket would not allow us to deposit – or even allow us to see which deposit methods it accepts – before our account had been verified. According to its Terms and Conditions, the broker accepts payments made with a credit/debit card, via wire transfer, or with different (unspecified) e-wallets.

If this is actually the case, we have some good news. Visa and MasterCard transactions can easily be reversed within 540 days. If you have deposited using this transaction method, ask for a chargeback as soon as you can. It is not, however, common for scam brokers to accept such payments. In fact, they prefer to receive deposits in crypto – since such transactions are both anonymous and irreversible. Do not deposit in crypto unless you are completely sure you can trust a certain broker since chargebacks would be impossible at a later point.

WiseMarket Minimum deposit

WiseMarket did not specify a minimum deposit amount. No legitimate broker would allow such a lack of information – such brokers generally strive to do everything as transparently as they can.

Instead of wasting your time on scammers, check out some affordable legitimate brokers. Starting to trade with as little as $10 is completely possible these days.

WiseMarket Withdrawal requirements

WiseMarket did not mention anything about the specific withdrawal requirements it has for its customers. You should keep in mind, however, that such shady brokers often do have such requirements. Some of them would ask you to pay enormous withdrawal fees while others have very high trading volume requirements. Sometimes, such brokers would not allow you to withdraw before you have reached a turnover of hundreds of lots – which is not something a legitimate broker would ever do.

What such scammers actually strive to do is prevent clients from withdrawing their funds too soon – so they could have more time to disappear with it.