Warning! WiseFunds is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
WiseFunds seems decent enough, with a worthy interface and some decent trading claims. However, we cannot rule out our suspision when it comes to most brokers, so read the review to find out if this one meets our concerns.
The broker claims that it is both regulated in Saint Vincent and the Grenadines and in Estonia. Let us explore these.
The location of the first parent company, Kleinman Services OU, is said to be in Estonia. In Estonia the Finantsinspektsioonacts (FI) acts as a regulatory entity for all financial services institutions, with all regulated companies being officially included in an online register. We went through the online registry and found no results of Kleinman Services OU, so we can conclude that the broker is not regulated in Estonia.
Next is the address in St. Vincent and the Grenadines, where the other parent company called Kleinman Enterprise LTD is allegedly registered. Even if the company is registered in St. Vincent and the Grenadines, it makes no difference. What matters is the fact that SVG does not regulate Forex and CFD brokers.
Thus we can conclude that WiseFunds is UNREGULATED, and is therefore a risk to all investments.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We opened a live account that gave us a EUR/USD spread of 3 pips on average which is a huge deal breaker. This cost of trade is simply not favorable towards users; it rewards the broker only. As for a leverage, it is capped at 1:100. The trading platform gives us the following trading assets to trade with: Forex Pairs, Shares, Indices, Crypto, and Commodities.
The client terminal is available in English, Russian, Chinese, Arabic, Italian, Spanish, and German. The website, however, can only be reached in English.
Although the client terminal offered us two platforms, namely the MT4 and the Stattus Webtrader, we were able only to log in with the Status.
The Status Webtrader is decent enough, incorporating all the basic things that a trader needs, but doesn’t really go any further to impress. There are options for customization, pending orders, multiple chart indicators, time frames, and a decent amount of trading information. However, it cannot compare to the MT4, and therefore is not well accommodated to more advanced traders.
WISEFUNDS MINIMUM DEPOSIT
Seeing that WiseFunds is unlicensed, we cannot trust any of the deposit and withdrawal info that the broker has laid out on its website. According to the client dashboard, the minimum deposit is $250 and there are only two depositing methods that we were offered: Big Wallet Credit Card and Paytrio.
This unregulated broker should not be trusted with you deposit, hence our vote against making any investments in it. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
WISEFUNDS WITHDRAWAL TIME AND FEES
Withdrаwals are processed within 24 hours, as claimed by the client area. However, we were unable to withdrawal, even to see the methods and other conditions.
The website claims that withdrawals can be made via credit/debit cards and wire transfers. This is clearly inconsistent with the depositing information, again revealing that WiseFunds is more than suspicious.
ADDITIONAL FEES AND TAXES
There are two clauses that WiseFunds has included which showcase how much of a scam it really is. We have included them in logical order.
The first claims that all non-deposited funds, defined by WiseFunds as profits made by the trader, are not property of the trader, and if a user confirms a withdrawal of non-deposited funds his/her money will be taken away by WiseFunds:
The second clause compliments the first perfectly. It’s an indemnification clause or at least one of many, that absolves the broker from any responsibility deriving from damages it has caused to traders.
Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception, the most popular one being the denial of your withdrawal request. The most common excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a chargeback. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
Filing for a chargeback is the best adviцe we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you choose to indulge them, they will disappear with the money without a hint of remorse.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
WiseFunds is a smart scam, claiming things that are not easily checked by more layman traders. We tell now that WiseFunds will never return your deposit! Do not invest in it!