In this Wisetrader.com review, we look at the different features of the broker that will help traders make informed decisions. Wisetrader.com is a relatively new FX broker. According to the official website, the company is based in Limassol, Cyprus. It is registered and regulated by CySec and its license number is 267/15. The company boasts of having more than 180 assets to trade in on its platform. Traders can also trade in CFDs and cryptocurrency. But besides what Wisetrader.com Forex broker says, there is what the customers know based on the service it offers as compared to other platforms.
A deeper look at Wisetrader.com
We have already established that the broker is duly registered by one of the world’s renowned regulators, CySec. However, when we took a closer look at the company, we discovered that you should not just stop at establishing if a broker is regulated. Wisetrader.com has five different types of accounts. There are the Mini, Silver, Gold, Platinum, and Diamond accounts.
You will be asked to deposit $250 minimum deposit for the Mini account which is a bit high compared to what other brokers are asking. The Diamond account requires that you deposit $25,000. Other than receiving one-on-one seminar and help with portfolio structuring for the Diamond and the Platinum account, everyone gets to enjoy more or less the same type of service. For a deposit of $25k, we would expect more from Wisetrader.
Is Wisetrader.com a scam?
This is a question that many traders ask themselves especially when they try to find more reliable information about the company. The broker’s presence online is not much. Its official website gets around 3,700 unique visitors daily and around 15,000 page views. According to Alexa Ranking, the website ranks at 283,000 which is not a good indicator when you are searching for an FX broker that has many customers and is trusted. These are low figures considering this is a trading platform which is global. In our Wisetrader.com review, we have found that this website which is hosted by GoDaddy has been around since 2000. All this information point to one thing, when going to Wisetrader, approach with caution.
Trading on Wisetrader
When you deposit funds into your account, you should enjoy leverage of up to 1:200 for the more than 180 assets the platform has to offer. The leverage offered for cryptocurrency is 1:5. The spreads offered by the Mini and the Silver accounts are 0.3 pips and are fixed. Unlike many other FX brokers in the market that offer demo accounts, Wisetrader.com doesn’t. This is of concern given that the broker is relatively new and traders are not given a chance to explore the platform.
Traders experience on Wisetrader
Wisetrader scam reports are increasing by the day especially from dissatisfied customers. Top on the list of complaints is that the broker requires $250 minimum initial deposit yet other CySec regulated brokers ask for a fraction of this. At Wisetrader, you will not find Meta Trader 4 but rather a web-based platform. While the company’s web-based platform comes with its own benefits, it looks basic and traders get to miss out on key MT4 features such as expert advisers. Even though the minimum withdrawable amount is $100, there are complaints from traders that the company freezes traders’ account or does not allow traders to withdraw their winnings.
Is Wisetrader legit?
In this www.wisetrader.com review, we come to the conclusion that traders should be extra careful when seeking the services of this company. The many complaints from customers especially regarding withdrawing money from their accounts is a good indication that Wisetrader is not to be trusted. There is also the issue of not affording traders a demo account. This denies beginner traders a chance to learn the ropes and reduce the chance of losing all their money on the first day of trading.