Wise Tradefx wants you to believe it is a licensed, reputable, and award-winning forex broker located in one of the most important financial centers around the world. This website is a reminder to us all that we should always verify the claims we read online, especially if we are putting our money at risk.
Let's examine the evidence that Wise Tradefx does not claim to be a legitimate financial services provider.
First, you should check the website of a forex broker to see which legal entity it is run by, where it is located, and what regulatory oversight it is subject. A comprehensive set of legal documentation is required for licensed companies.
A company name cannot be found on the website or in the Wise Tradefx Terms Conditions. This is a red flag that this company is a scam.
Wise Tradefx, according to its website homepage has offices in London and Wall Street in New York.
These claims are a clear lie because they lack specific information about the owner company. As you might expect, there is no financial regulator in either country that can find any authorised broker using the domain and brand.
We see in the Terms and Conditions that the unnamed company behind Wise Tradefx has been authorised and regulated by the Financial Services Authority (FSA), Seychelles.
A broker would not be able to offer its services in the UK or the US if it was registered in this offshore zone. The situation is worse. The FSA database does not show a licence, but warns that Wise Tradefx is not authorized in this offshore area.
We don’t trust any information on Wise Tradefx. You should not invest in financial instruments if you’re a novice trader and you should only use licensed brokers who are based in strong regulatory jurisdictions.
Depending on where you live, it’s a good idea to choose a company that is regulated under an institution like the Commodity Futures Trading Commission CFTC in the US, Australian Securities and Exchange Commission , UK Financial Conduct Authority or another EU regulator such as the Cyprus Securities and Exchange Commission .
These brokers offer protections to their clients, such as segregation of client funds from broker funds and negative balance protection. Brokers in the UK and EU must participate in guarantee programs that cover a portion of the trader’s investment in the event of insolvency. These guarantees can be up to 20 000 EUR in Europe and 85 000 GBP for the UK. The likelihood of such bankruptcy is low, however, because regulators have high net capital requirements for companies – EUR 730 000 in UK, Cyprus and AUD 1000 000 in Australia, and at least 20,000,000 USD in the United States.
Wise Tradefx uses a less well-known trading platform called Xone Trader. This software has been used by many fake brokers, as we have seen. The Wise Tradefx website provides links to desktop, mobile and web versions of the platform. However, the login credentials that were provided after account registration are not accepted. Wise Tradefx doesn’t actually have a functioning trading software at the time this review was written.
The presence of any kind of trading software does not necessarily mean that it is a legitimate broker. To fool their victims, financial scammers often use trading platforms. This trading is fictitious, and the money goes straight into the pockets of the scammers.
Legitimate brokers offer clients a wide range of trading software, including desktop, web, and mobile apps. MetaTrader4 (MT4) and MetaTrader5 (MT5) are the most popular platforms in the industry. These platforms are the industry standard for their wide range of features.
Visit the website of a licensed broker to find different types of trading accounts that are suitable for investors with different preferences. You will also find detailed descriptions of trading parameters such as minimum deposit, order execution methods, leverage, spreads, commissions, and other financial instruments.
Instead of such a listing, Wise Tradefx offers a list of trading packages. The descriptions contain only information about the minimum deposit of 100 US dollars. You could trade through a licensed broker for the same amount or a much smaller amount , which includes some of the most respected brands in the industry.
Wise Tradefx dashboard allows you to choose between 1:100 and 1:1500 leverage. This is yet another indication that this broker could not legally be operating in the UK or US.
Retail traders are not allowed to trade with brokers that are licensed. High leverage trading carries the risk of losing a lot of money and can be dangerous. In the United Kingdom and the European Union, the maximum leverage is 1:30. In the United States, it is 1:50.
There are two options in the deposit menu: credit cards or cryptocurrencies. If we select the traditional payment method, we get an error message saying “page not found”. Therefore, deposit is only possible through cryptocurrencies.
Scammers prefer cryptocurrency transactions because they are not subject to refunds. There are legitimate brokers who accept digital currencies such as Bitcoin. However, they also accept other transparent payment methods like credit/debit card or bank transfer.
Many people want to invest in the financial market but lack the knowledge and experience. They are vulnerable to being conned by scammers on the internet pretending to be brokers or investment intermediaries. These scams have been growing alongside the cryptocurrency boom.
If you trust this website and provide your personal information, scammers will contact you offering easy profits. Scammers will often offer to manage all aspects of investing, and sometimes even encourage you to install remote access software. After you have invested a small amount, they will convince your that you are already making amazing profits and encourage you to invest more.
You will not get the promised profits and you will not be able get your money back. You will need to meet extremely high trading volume requirements or pay large fees if you want to withdraw funds. It is possible for fraudsters to disappear simply because they hide behind shell companies or fake names in offshore locations that are not subjected to regulation and control.
You have a few options to try to get some of your money back if you find yourself in this situation. This is only possible if the transaction was made with a credit card or debit card. Scammers often use cryptocurrencies or dubious electronic wallets to make it difficult to get your money back.
You should never trust websites or people who promise to magically reimburse your money. This is a well-known scam. This scammer could even try to trick you again.
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Wise Tradefx is an anonymous financial swindler. If you cannot get your money back, contact us for assistance with the recovery procedure.
The company says it takes one day to process the request, but the time necessary for the funds to appear in the bank account varies. Quite vague.
No, since Wise Tradefx broker has no regulation. Your funds are not safe with this scam brokerage.
Broker provides only a proprietary web trader for its clients, desktop and mobile.
