At first it might seem like Wisebanc is a legit broker. However, many things can go wrong with this broker especially if you consider that they are offering a service that is regulated in many countries where they target clients.
Furthermore, Wisebanc is a broker whose trust rating is extremely low. Some Wisebanc reviews out there have called them a scam.
These accusations could be coming from the fact that the broker makes a lot of promises which they cannot fulfill, and most of them are lies.
For instance, when they claim that they’ve won many awards, I can’t help but wonder because there is no external link anywhere on the site pointing back to the place where those certificates were issued and published.
There are many things that this broker is promising their clients, including awards that were allegedly won by their company since 2014.
Most of these things cannot be confirmed, and it almost begins to look like Wisebanc is taking us for a ride.
On the footer of the site, they claim that Wise Banc is a broker whose mother company is called Orion Service EOOD.
Orion Service EOOD owns a number of scam brokerages including one notorious brokerage called WMOption. They are based out of Bulgaria.
Wise Banc is just among the many different types of brands which they are using to steal money from their customers. These are accusations based on solid facts.
Also, the FCA recently confirmed that Wise Bank was a scam. What these guys do is to continue soliciting funds from clients who are based in regulated countries.
There are 5 types of accounts offered by Wise Banc, and I will explore them shortly.
Wise Banc Review: features and supposed benefits
They are enticing their clients with generous deposit bonuses of up to 100% which is very unrealistic given that brokers are into this business to make money and not to give free money.
In addition to this, they are offering live webinars, an education center, a video analysis and daily market overview with all account types.
In terms of trading platform, Wisebanc uses their own Wise Bank-branded trading software for desktop (Wisebanc webtrader), Android and iOS.
The other supposed advantage is that Wise Banc is offering a wide range of asset pairs like Currencies, CFDs, commodities, Cryptocurrencies, stocks, indices and many more.
Wisebanc is offering an opportunity to trade Cryptocurrencies like Bitcoin, Ethereum, Dash. Monero and many others against popular fiat currencies like the USD, EUR or the AUD.
In addition to this, Wisebanc is offering swap-free Islamic accounts to target Muslim traders.
This is a very common feature among most brokers on the internet. This is not even a feature to marvel about, but rather an ordinary feature which we expect every broker to have in place.
Leverage for Wise Banc is as high as 1:500. They are at least generous when it comes to the amount of leverage they want to give you.
But this is by no means something you should dwell on. Many scam brokers do have leverage as high as 1:1000.
Now, as for their 5 different account types, I do not see a significant difference in their features. While they claim to be offering Forex pairs for trading, there is no information about spreads or commission.
Wisebanc simply lacks the level of transparency which is expected from all professional brokers.
However, there are many more ugly things about Wise Banc, and once you read them, you will change your minds altogether.
Wise Banc review: the bad side
The number one concern here is that Wisebanc broker isn’t regulated. It is owned and operated by a shady entity based in Bulgari called Orion Service EOOD.
This shady company has branches in nearly all places around the world which include Singapore, South Africa, New Zealand and Malaysia.
Since their main operation base is Bulgaria, we expect Orion Service EOOD to have the relevant license from the main financial regulator which is called FSC. But so far they do not have a license with these guys.
Wisebanc is connected with many scams
I have investigated this brokerage and found a number of connections with entities that are considered scams. WMOption is a confirmed scam and there are many reviews and complaints from people who claim this entity snatched money from them.
I do not think these people could be wrong, especially when I’m dealing with a broker who isn’t regulated.
There are also many software vendor who have been linking to this scam broker through deals that see them earning some commission when they send clients to register with their referral links.
We are seeing very exaggerated numbers which the site is claiming to represent the number of users on their platform and the number of successful traders which have been executed here.
These numbers cannot be independently verified, plus any webmaster can give us digits of their choice when they want to convince us.
Wisebanc is not accepting withdrawal requests
This has always been the purpose and intention of a broker who has refused to be regulated. They want to steal your money as soon as you wire it into their bank account.
I have come across many reviews and complaints from people who claim that their withdrawal requests were refused and they never got to access their money afterwards.
So that means real customers are encountering issues with this unregulated scam broker.
Wisebanc is a scam, and there is no doubt about this. There is no reason why they shouldn’t be licensed if they have good intentions. Keep off Wise Banc at all cost.