Overview of WISEMARKET
Established in 2022, WISEMARKET is a forex broker registered in Saint Vincent and the Grenadines. As an online forex broker, WISEMARKET offers a range of trading instruments, including major, minor, and exotic currency pairs, commodities, indices, and cryptocurrencies. These assets provide traders with diverse opportunities to engage in the global financial markets.
Pros and Cons
WISEMARKE is an offshore broker offering a user-friendly website and a wide range of trading instruments, especially the opportunity to trading stocks and ETFs. However, it has unclear details about minimum deposits. Additionally, customer support options are not clearly specified.
Market Intruments
WISEMARKET offers a variety of market instruments for trading, including forex, cryptocurrency, stocks, and ETFs. Traders can access the forex market to trade major, minor, and exotic currency pairs. The broker also provides the opportunity to trade popular cryptocurrencies such as Bitcoin, Ethereum, and others. In addition, WISEMARKET offers a selection of stocks and ETFs, allowing traders to invest in well-known companies and diversified portfolios. With a range of market instruments available, traders can diversify their investment strategies and take advantage of various trading opportunities.
Account Types
WISEMARKET provides two types of trading accounts: a live account and a demo account. The live account is designed for traders who wish to engage in real-time trading with real money. It offers access to the full range of trading instruments and features provided by the broker.
On the other hand, the demo account is a practice account that allows traders to familiarize themselves with the trading platform and test their strategies without risking real money. It provides a simulated trading environment with virtual funds, allowing traders to gain experience and confidence before transitioning to live trading.
Unfortunately, the specific details about the minimum deposit amount for the live account are not disclosed on the broker's website. It is recommended to contact the broker directly for more information regarding the minimum deposit requirement and any other account-specific details.
How to open an account？
Opening an account with WISEMARKET is a straightforward process that can be completed in just a few simple steps:
Click on “Open Account”: Look for the “Open Account” button prominently displayed on the website. Clicking on this button will initiate the account registration process.
Fill out the registration form: Provide the required information, including your name, email address, contact details, and any other information requested in the registration form. Ensure the accuracy of the provided details to avoid any future issues.
Choose your account type: Select the type of trading account that suits your needs, whether it's a live account for real trading or a demo account for practice.
Verify your account and fund it: After completing the registration, you may need to verify your identity and address as per the broker's requirements. Once verified, you can proceed to fund your account using the available deposit methods. Be sure to review the deposit options and choose the one that is most convenient for you.
Leverage
Unfortunately, the specific leverage ratios are not explicitly stated on their website. In general, most offshore brokers may offer leverage ratios ranging from 1:100 to 1:1000 or even higher, depending on the financial instrument being traded. Leverage empowers traders to control larger positions in the market with a smaller amount of capital. By magnifying their buying power, traders can potentially maximize their profits. However, it's crucial to recognize that leverage carries inherent risks. While it can amplify gains, it can also amplify losses, making risk management an essential aspect of trading.
Spreads & Commissions (Trading Fees)
When it comes to this core part, WISEMARKET does not disclose detailed information about spreads and commissions on their website. Spreads typically vary depending on the trading instruments and market conditions. They can be fixed or variable, with variable spreads often widening during volatile market periods. Lower spreads generally indicate lower trading costs for traders.
As for commissions, WISEMARKET does not explicitly mention any commission charges. However, it is essential to note that some brokers may incorporate commissions into their spread or charge separate commissions for certain types of trades, such as ECN or DMA accounts. It is recommended to contact WISEMARKET's customer support or account representatives to obtain accurate information regarding any potential commissions.
Trading Platform
As for trading platform, WISEMARKET provide access to a Web-based platform and mobile trading app for iOS and Android devices.
Deposit & Withdrawal
When it comes to the minimum deposit requirement, WISEMARKET's official website does not explicitly disclose this information. In terms of payment methods, WISEMARKET appears to offer a limited selection. According to their website, they accept VISA and MasterCard as the primary payment methods for depositing and withdrawing funds. While these are widely recognized and commonly used payment options, some traders may prefer a broader range of payment alternatives such as e-wallets, bank transfers, or even cryptocurrency. Therefore, it is advisable to review the available payment options and ensure they align with your preferences and convenience before considering WISEMARKET as your broker.
Customer Support
WISEMARKET's customer support services seem to be limited in their scope. The primary means of communication with their support team is through email, which may not provide the immediate assistance or real-time interaction that some traders seek. The absence of online chat, frequently asked questions (FAQs), and phone support can be perceived as a drawback for traders who prefer instant responses or prefer to discuss their queries directly with a support representative.
Educational Resources
WISEMARKET does not offer educational resources at this time. Traders seeking educational materials may need to explore alternative sources or consider supplementing their trading education through external resources or courses. It's always advisable to ensure a well-rounded understanding of trading principles and strategies to make informed trading decisions.
Conclusion
In conlusion, WISEMARKET is an offshore forex broker registered in Saint Vincent and the Grenadines. It has been in operation for 2 years. While it offers trading services in forex, cryptocurrencies, stocks, and ETFs, there are several drawbacks to consider. The broker is not regulated, which raises concerns about the safety and security of funds. The lack of transparency regarding trading conditions, including leverage, minimum deposit, and spreads, is also a significant drawback. Additionally, the absence of educational resources and limited customer support options further diminishes the overall experience. Traders should carefully evaluate these factors and consider alternative options that provide greater regulatory oversight, transparent trading conditions, and robust support services.
FAQs
Q: What trading instruments are available on WISEMARKET？
A: WISEMARKET offers a range of trading instruments, including forex, cryptocurrencies, stocks, and ETFs.
Q: What is the minimum deposit required to open an account with WISEMARKET？
A: The minimum deposit amount is not disclosed on the WISEMARKET website. It is recommended to contact their customer support for specific information.
Q: What payment methods does WISEMARKET accept？
A: WISEMARKET accepts VISA and MasterCard as the available payment methods. However, the website does not provide information about other available payment options.
Q: Does WISEMARKET provide a demo trading account？
A: Yes, WISEMARKET offers a demo trading account for traders to practice and familiarize themselves with the platform and trading conditions before investing real money.
Muizz5219
Malaysia
same as another investor. Pending withdrawal. And cant login to my wisemarket account. show eror. please avoid this broker.
Exposure
2024-05-06
ichargebacks@hotmail
Nigeria
This site stopped me from withdrawing my profit now it’s even worse because the site doesn’t respond. here are my payment
Exposure
2024-05-06
crypback@hotmail
Nigeria
after much deposit, I was complaining earlier about the withdrawal, now it’s worst cause there website shows website errror, unable to load, below are my deposits receipts
Exposure
2024-05-03
Gobi9751
Malaysia
Withdrawal already approved but I still didn't receive the money in my bank account. I already email my bank statements as a proof to support.
Exposure
2024-03-10
Mus3425
Malaysia
for context i made my withdrawal on the 18th August 2023 amounting to 500usd as can be seen on my screenshot from my account on Wisemarket. on the wisemarket.com dashboard it says that the withdrawal was successfull however my bank account shows otherwise. what came next was endless follow ups asking for screenshots with no settlement of the issue. i have sent emails to support@wisemarket.com yet i only received computerised replies mentioning it is the bank’s problem as they as a broker have fulfilled their role in the transfer. you can see my frustration in the screenshots when my emails were only met with the same messages. i contacted my IB at that time but to no avail. she insisted that it was the brokers’ doing and not their fault. i just only found out that there is a mediator now available on wikifx so i am now trying to get my funds to where it belongs: my account.
Exposure
2024-02-29
MUHAMMAD ARIF FAUZI
Malaysia
already 5 month withdraw pending.. in system complete but not receive money
Exposure
2023-12-28
MUHAMMAD ARIF FAUZI
Malaysia
almost 6 month withdraw pending.. wisemarket not disburse my withdraw. pictures are my evidence
Exposure
2023-12-24
MUHAMMAD ARIF FAUZI
Malaysia
i was withdraw from 21july until now still pending.. wisemarket not responsbility for that.. chat boot and email support are same reason.. total withdraw 3400usd the picture are my evidence👇🏼
Exposure
2023-12-20
MUHAMMAD ARIF FAUZI
Malaysia
wisemarket not responsbility for my withdraw almost 6 month stil not disburse my money.. total amount 3400usd bottom picture with evident.. wisemarket scammer
Exposure
2023-12-19
MUHAMMAD ARIF FAUZI
Malaysia
haii support i want ask about my withdraw still pending almost 6 month i was chat bot and email wisemarket but still same reason. not have any action. wisemarket not responsbility to clian. many trader was scam from wisemarket.. i sent with prove on picture.. total withdraw 3400usd stil pending almost 6 month please disburse on the sport on my local bank..
Exposure
2023-12-18
NFDAYANA NFDAMIA MFZULFIQAR
Malaysia
withdrawal was made on 21 July 2023, Friday. I have contacted supprot many times but no answer from them. so far I have not received payment from this broker.
Exposure
2023-12-14
Jc8268
Malaysia
I've made the withdrawal few times then finally approved. The amount was 850usd. But they don't send me the fund to my bank account. Livechat given same reason everytime. and support don't even reply email regarding this issue.
Exposure
2023-12-14
Hlmyzant
Malaysia
I have requested a withdrawal on last Friday, now been 5 days not process. Email to CS many times and chat with their CS bot but no feedback. Only managed to received approval if WD less than 60-70usd last week, but when come to 200usd stuck till now!
Exposure
2023-12-14
Sani2042
Malaysia
This is not first case Wise market withdrawal happened to traders from Malaysia. Pls do something...to get my withdrawal. Attached is the withdrawal history ..with withdrawal ID . All my emails to support has no reply. They just ignored it.
Exposure
2023-12-14
Adeni
Malaysia
Have been contacting with the broker support but still now there is no fund have been transfer to me acc the worst ever broker !!!
Exposure
2023-12-14
Wan8559
Malaysia
Already make a withdraw request but still no received the fund. Have send email, asking to IB still no answer. Please be responsible take care your client. Very suck broker.
Exposure
2023-12-14
Mus3425
Malaysia
Withdrawal process took too long, the approval only came in after 4 days, remittance of funds to my bank account is still pending. i tried to email the support but still nothing!
Exposure
2023-12-14
Fatin863
Malaysia
No transaction to my acc after wise market approved my requested. Until now no trasaction amount into my account. Please help me
Exposure
2023-12-14
101246
Malaysia
I made two withdrawal transactions but it took so much time for me to receive. I cancel and withdraw again but it took longer time. They didnt respond to me either. Is this scam? Please do something!
Exposure
2023-12-14
Ayed
Malaysia
I have done withdrawal many times.. the time period has been more than 1 hour-3 days as stated by wise market.. this is the fault of my 1 wd which is still stuck.. ask someone to do it. can you help my problem..
Exposure
2023-12-14