Wise Market is a forex broker that claims to offer a variety of trading services, including forex, cryptocurrencies, stocks, and ETFs. However, there are a number of red flags that suggest that Wise Market is a scam broker.
Company Overview
Wise Market is a relatively new broker, having been founded in 2021. The company is registered in Saint Vincent and the Grenadines, which is a well-known offshore financial center. Wise Market does not have any licenses or regulations from any reputable financial authorities.
Does Wise Market Have Any License?
No, Wise Market does not have any licenses or regulations from any reputable financial authorities. This is a major red flag, as it means that the broker is not subject to any oversight or regulation. This leaves traders with no recourse if they lose money or experience fraud.
Is Wise Market Regulated By Any Authority?
No, the Wise Market is not regulated by any authority. This is another major red flag, as it means that the broker is not subject to any oversight or regulation. This leaves traders with no recourse if they lose money or experience fraud.
Pros and Cons
Pros:
- The minimum deposit is low.
- The spreads are competitive.
Cons:
- The broker is not regulated.
- There is no customer protection.
- There have been complaints of fraud and scams.
How Does Wise Market Reach To Their Prey?
Wise Market uses a variety of methods to reach out to potential traders, including:
- Social media: Wise Market has a strong presence on social media, including Facebook, Instagram, and Twitter. The company uses these platforms to post promotional material and attract new traders.
- Affiliate marketing: Wise Market partners with affiliate marketers to promote its services. These marketers are paid a commission for each new trader they refer to Wise Market.
- Cold calling: Wise Market also uses cold calling to reach out to potential traders. This is a high-pressure sales tactic that can be very aggressive.
Technical Details
Minimum Deposit:
The minimum deposit at Wise Market is $200. This is a relatively low minimum deposit, which makes it accessible to a wider range of traders.
Trading Platform:
This website uses the MetaTrader 4 platform. This is a popular and well-respected trading platform that is used by millions of traders around the world.
Spreads:
The spreads at WiseMarket are competitive. The average spread for EUR/USD is 1 pip.
Leverages:
Wise Market offers leverage up to 1:500. This is a high level of leverage, which can magnify profits and losses.
Packages and Products They Offer
Wise Market offers a variety of packages and products, including:
- A basic package that offers access to the MetaTrader 4 platform and the ability to trade forex, cryptocurrencies, stocks, and ETFs.
- A premium package that offers additional features, such as access to live market analysis and educational resources.
- A VIP package that offers the highest level of service and support.
Withdrawal and Deposit Method
They offer a variety of withdrawal and deposit methods, including:
- Credit card
- Debit card
- Bank wire transfer
- eWallets
What Do Their Previous Traders Say?
There are a number of complaints about Wise Market online. Some traders have complained about the high spreads, while others have said that they have had difficulty withdrawing their funds. There have also been some reports of fraud and scams.
Summing Up- Why Should Not You Trust Wise Market
There are a number of reasons why you should not trust Wise Market. The broker is not regulated, which means that there is no protection for traders if they lose money or experience fraud. There have also been complaints about the high spreads, the difficulty of withdrawing funds, and the potential for fraud.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have lost money with Wise Market, you may be able to get your money back with the help of a financial recovery service. If you want to choose the right recovery service, you can contact us. We will provide you with a free consultation call to provide you with some professional guidance and recovery service recommendations.
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Final Thoughts
This is a risky broker that should be avoided. The lack of regulation and the numerous complaints about the broker makes it a very risky proposition. If you are looking to trade forex, cryptocurrencies, stocks, or ETFs, it is best to choose a regulated broker with a good reputation.
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