WiseTrader Review 2020

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WiseTrader Review

The online trading industry is overwhelmed with an influx of new online trading brokerages, making it very difficult to find the one which is right for you. Traders must be careful when making an important decision such as choosing a broker to deal with because many of the online trading brokers available today are fraudulent or scam brokers. Therefore, it’s of the utmost importance to do your due diligence and research the online trading brokerages you’re interested in. We know this can be a lot of work, which is why we have taken the time to thoroughly review the online trading brokerage known as WiseTrader. So keep on reading and discover all the aspects that make up this online trading broker and whether or not they can be trusted.

Company Information

WiseTrader is a fast growing online trading brokerage offering clients the opportunity to participate in the trading of Contracts for Difference (CFDs) on stocks, commodities, indices, and forex on global exchanges. WiseTrader is a young online trading brokerage who was only just established in 2020. While this brokerage may be young, the founding company who owns and operates WiseTrader is F1Markets Ltd, a well-established investment services company regulated by the Cyprus Securities & Exchange Commission (CySEC) under License number 267/15. The WiseTrader brokerage operates on an international basis, has offices around the world, and accepts traders from nearly every country, excluding the United States, Australia, and Canada. Since WiseTrader is an international broker, they offer their services in English, Spanish, Italian, and Dutch, and have their main headquarters located at 1 Ayias Zonis & Thessalonikis Street, Nicolaou Pentadromos Center, Office 908 A & B, 9th Floor, CY-3302 Limassol, Cyprus.

The WiseTrader brokerage is known to be innovative and disruptive in the online trading space and this is partly because they feature their very own proprietary web-based trading platform. The platform is very well designed and intuitively incorporates numerous advanced tools and features. While the platform is highly advanced, it is still easy to use and navigate as the interface is well designed. Some of the advanced features include an array of charting tools and technical indicators which allow traders to easily spot market trends and an assets volatility. Both beginner and advanced traders will find this platform to be more than sufficient for their needs as it’s simple yet intricate and rich with features. Also, this web-based platform is compatible with most browsers and can be accessed from any desktop computer or mobile device. Therefore, traders can make important decisions and manage their portfolio while on the go.

While WiseTrader’s platform and brokerage services are exceptional, the broker has yet to win any awards. However, WiseTrader is still young and is bound to win some awards if they continue to provide reputable services and a great trading experience.

Assets Available

WiseTrader prides themselves on offering an impressive array of tradeable assets, including assets in which many traditional brokers do not yet offer. One such tradeable asset class is cryptocurrencies. In addition to this innovative asset class, WiseTrader provides their clients with access to a wide range of CFD instruments including Forex, Commodities, Indices, and Stocks. In total there are over 180 top-class assets available to trade with leverage of up to 1:400 and competitive spreads. See below an overview of each asset class.

  • 45 tradeable currency pairs including Majors, Minors, and Exotics
  • Spreads as low as 0 pips
  • Trade with leverage of up to 1:400

  • Trade 3 of the top cryptocurrencies (Bitcoin BTC, Ethereum ETH, Ripple XRP)
  • Trade with Llverage of up to 1:5
  • Various spreads for each cryptocurrency asset
  • 5 equity indices from the most lucrative markets in the world (United States, European Union, and the United Kingdom)
  • Spreads as low as 0.9 pips
  • Trade with leverage of up to 1:100
  • 5 commodities (Gold, Oil, Brent, Silver, Coffee)
  • Various spreads from as low as 0.05 pips
  • Trade with leverage of up to 1:100
  • 94 of the most successful individual stocks
  • Blue chip company stocks
  • Mostly U.S. market stocks

Bonuses & VIP Program

Unfortunately, WiseTrader does not offer their clients any bonuses or promotions. This is largely due to regulatory reasons as they are regulated by the Cyprus Securities & Exchange Commission (CySEC), which do not permit their brokerages to offer bonuses or promotions.

Mobile

WiseTrader launched their very own proprietary web-based trading platform which is compatible on all smart mobile devices, including Apple and Android smartphones and tablets. The platform is fully optimized for mobile browsers, meaning it keeps the same functionality as the desktop version, but compacts the features to work on a mobile screen and device. The mobile platform operates surprisingly well and maintains the same look and feel as the desktop version. All in all, the mobile platform does not disappoint, however, it would be nice to see a mobile application as the user experience tends to be better than browser-based platforms.

Deposit & Withdrawals

WiseTrader provides their clients with a variety of deposit and withdrawal methods. Each method is subject to fees on the payment methods end, but no fees are imposed by WiseTrader. Regarding deposits, the minimum deposit amount is $250 and for withdrawals, the minimum withdrawal amount is $50. There are no maximums in which how much a client can deposit or withdrawal. The payment methods supported are the same for both deposits and withdrawals and they are; all major Debit and Credit Cards, Bank Wire Transfers, and various Electronic Wallets including Qiwi, Neteller, Skrill, Yandex, and iDeal. The currencies which are accepted via these methods are Euros, US Dollars and British Pounds. Whichever currency a client deposits, is the same currency they must withdrawal.

Customer Support

WiseTrader provides their clients with exceptional and personalized customer support. The brokerage truly cares about their clients and their success, which is why they take customer support so seriously. Support representatives can be reached 24 hours a day, 5 days a week from Monday – Saturday. The support options available include email, online contact form, live chat, and telephone. The support representatives are very friendly and professional and fairly quick with their responses. Other methods of support include communication through the brokerages social media channels which include Facebook, Twitter, LinkedIn. YouTube, and Google+. Also, traders can find support from the extensive FAQ page which is filled with comprehensive information that’s easy to find and navigate.

Extra Features & Resources

While WiseTrader provides clients with an excellent trading platform and exceptional brokerage services, they also go above and beyond by offering traders access to their rich trading academy. Here, clients will find loads of educational material and resources such as training videos, price charts, comprehensive courses, eBooks, market news, and trading tools which show traders how to identify and capitalize on market opportunities. The educational academy is accessible by anyone, meaning users are not even required to set up an account and make a deposit. WiseTrader wants their clients to be fully informed and educated when trading with them as their client’s success is just as important as theirs.

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Conclusion

Overall, WiseTrader has proven to be an attractive and lucrative online trading brokerage who offers great services and a wide selection of tradeable assets, but there are also some prominent downsides as well. The web-based trading platform is very well designed but lacks the familiarity that many forex and CFD traders are used to. Also, while the brokerage features a wide array of tradeable assets, it is still lacking in comparison with some of the more prominent online brokers. One more downside to WiseTrader is that there are no bonuses or promotions, which can be disconcerting to traders who hope to be further rewarded for their success. Other than that, the WiseTrader brokerage is great and will do everything they can to help their clients succeed.

Verdicts

  • Excellent proprietary web-based trading platform
  • Dedicated customer service
  • Regulated and trusted broker
  • Wide selection of tradeable assets across numerous markets
  • Support is only available in 4 languages
  • No mobile trading application
  • Relatively new online trading brokerage

Is WiseTrader regulated?

Yes. WiseTrader is regulated by the Cyprus Securities & Exchange Commission (CySEC) under License number 267/15.

Where is WiseTrader based?

WiseTrader is based at 1 Ayias Zonis & Thessalonikis Street, Nicolaou Pentadromos Center, Office 908 A & B, 9th Floor, CY-3302 Limassol, Cyprus.

How does WiseTrader make money?

WiseTrader charges trading fees through commissions and spreads.

How do I deposit in WiseTrader account?

WiseTrader accepts all major Debit and Credit Cards, Bank Wire Transfers, and various Electronic Wallets

How do I withdraw money from WiseTrader?

You can withdraw from WiseTrader through the same methods as deposits.

Can I trade on WiseTrader with my mobile device?

Yes, you can use your mobile device to trade on WiseTrader through the mobile devices web browser.

Is WiseTrader reliable?

Is Wise Trader a scam?

No. WiseTrader is a very legit broker and is not a scam.

WiseTrader Review

This Broker is Out of Business!

WiseTrader was a CySEC licensed CFD & Forex broker which opened in October 2020, and is now closed.

Complaints and withdrawal problems with this broker should read this.

WiseTrader Review

WiseTrader gives their investors a trading platform for CFD and Forex trading called TraderSoft. Available for trading are hundreds of underlying assets from Forex, Stocks, Commodities and Market Indices. Standard leverage on Forex pairs like EUR/USD is 200:1, and the spread is 3 pips.

Like many Forex broker, they also have Crypto Currency CFD trading available. The spreads on BTCUSD are pretty wide at $200.

Right now, Wise Trader is only offering their web based desktop trading platform, and will soon hopefully release mobile apps and MetaTrader 5. Their minimum deposit for a new trading account starts at $250, and their website is localized into English and Japanese.

WiseTrader Forex Trading Platforms

WiseTrader License & Regulation

What we look for when we review CFD or Forex brokers to determine if they are a legit broker or a scam broker is very simple. Are the licensed and regulated by a competent government financial regulator like CySEC in Europe or the F.C.A. in United Kingdom. Trading with a licensed broker ensures you will not have issues withdrawing your investment, read more.

WiseTrader is licensed and regulated by CySEC in Europe, with license number 267/15.

When choosing a new Forex broker, it is very important to verify that they are in fact licensed for investors from your country of residence.

Compare WiseTrader

The best forex broker is a very general statement, because each investor has their own needs and requirements from their broker. However, a smart investor will always have their main broker, and another broker as a backup. You can see our list of most popular brokers.

ForTrade is a very popular Forex broker, regulated both in Australia and England by the FCA and ASIC, see here.

Register your Free Trading Account at: ForTrade.com.

What was your experience like investing with WiseTrader? Please leave your review in the comments below.

WiseTrader Review – is it scam or safe?

Trading Accounts & Conditions

Trading Account Minimum deposit Min. trade size Maximum leverage Spreads (& Commission)
Mini $250 0.01 1:200 3.0 pips, fixed
Silver $1 000 0.01 1:200 3.0 pips, fixed
Gold $2 500 0.01 1:200 N/A
Platinum $10 000 0.01 1:200 N/A
Diamond $25 000 0.01 N/A

WiseTrader offers its five account types, which however, appear to offer one and the same trading conditions : commission-free trading with leverage up to 1: 2 00. Platinum and Diamond account types offer some extra services, such as “ 1-on-1 Seminar” and “Portfolio Structuring” .

Unlike most forex brokerages, WiseTrader does not offer free demo trading accounts.

The Company. Security of Funds

Company Country Regulation
F1 Markets Ltd. Cyprus CySEC

Launched in in October 2020, WiseTrader is a young forex broker offering trading in more than 40 forex pairs, CFDs on commodities, stocks, indices , as well as precious metals on its proprietary web-based platform .

The company operating the brand, F1 Markets Ltd., is licensed by the Cyprus Securities and Exchange Commission (CySEC). Therefore, it is also authorized to provide its services across the EU under the MiFID passaporting regulations.

Brokers licensed in Cyprus have to meet a number of requirements in order to operate legitimately. For example, they have to hold at least €730 000 in net tangible assets, keep client funds separately from the company’s operational assets, regularly report executed transactions to the commission, apply AML and KYC procedures, etc.

More importantly, all CySEC-regulated companies are members of the Investor Compensation Fund, covering a maximum of 20,000 EUR, if a licensed brokerage becomes insolvent.

Trading Conditions

Minimum Initial Deposit

Traders are required to deposit at least $ 2 50 with WiseTrader , which is a n average initial amount . Yet, other brokers regulated in Cyprus require less. For example, one can open an account with global broker HYCM (also licensed by UK’s FCA) with $1 00 .

Average Spreads & Commissions

WiseTrader is obviously a fixed-spread broker. However, while most of them provide a spread of 2 pips on majors (including HYCM ), WiseTrader’s spreads on EUR/USD are fixed at 3 pips.

WiseTrader offers leverage up to 1:200, which is the industry’s standard. Leverage is a powerful tool that allows a smaller investment to control an asset that has a higher value. On the other hand, high leverage ratios involve significant risk of losses.

That is wahy a number of financial authorities have introduced leverage caps in their countries: 1:50 in the US, 1:25 in Japan, 1:100 in Poland. The Cypriot regulator has advised all brokerages to provide default leverage of 1:50.

Trading Platform

If you are used to the good old MetaTrader 4 (MT4), you won’t find it with this broker. Instead, As most brokers, WiseTrader offers its own web-based platform. There is no desktop downl;oad, and no mobile apps available.

Depending on whether you want to open the trade immediately or only when its value hits a certain level, you click on the Trade or Entry Order circle. In the latter case, a window opens below the Sell and Buy buttons. There, you can select either Stop loss or Take profit .

The charting looks a bit like Trading View and there are some of the most popular technical analysis indicators, but overall, WiseTrader’s platform seems very basic. Many of MT4’s advanced features are missing, most notably the Expert Advisers, which allow automatization of trades.

Methods of Payment

WiseTrader offers its clients many payment methods to choose from: Bank Transfer, Credit Card and e-wallets Skrill, Neteller, Webmoney, Yandex, Qiwi, cashU, Sofort, and iDEAl.

The m inimum withdrawal amount with this broker is 100 US Dollars or Euros.

Conclusion

A newly-launched Cypriot forex and CFD broker, WiseTrader is duly regulated by CySEC. What we don’t like about it is the high fixed spreads and its platform. I n a nutshell, here are the advantages and disadvantages of WiseTrader:

Pros Cons
CySEC regulation High spreads
Very basic platform offered MT4 not availableNo demo accounts
No desktop platform, no mobile apps
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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