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Is WiseBanc a scam broker?

Overview:

WISEBANC provides the services on Forex and CFDs. The broker is owned and operated by the Bulgarian firm. The information available on the website is very restricted. This broker has international offices in Malaysia, New Zealand, Singapore, and South Africa. WISEBANC features five different accounts. Before trading with this company let’s dive in, to find out the overall performance of the company as the forex broker.   

About the  WISEBANC :

On investigation, it is found that the broker is non-regulated by Bulgarian authority FSC. The bonuses and promotional offers are attractive. WISEBANC assures a $250 signup bonus to all of its account holders. But the catch is, to withdraw this bonus, there are some conditions associated with it. On research, it is found that traders must gather equivalent points to be qualified for the withdrawal of the bonus.  WISEBANC is equipped with five trading accounts like Basic, Bronze, Silver, Gold, and Platinum. These accounts can be accessed with the minimum deposit of $250, $1000, $2500, $5000 and $10000 with the leverage of 1:500. Furthermore, these accounts provide fixed spreads of 7, 6, 5, 4, and 3 with the welcome bonuses of percentage 40, 50, 60, 80 and 100 respectively.  The forex signal service is associated only with gold and platinum account users. The spreads available on USD/EUR are quite high. Also, the deposit of $250 is quite high considering the unregulated nature of the broker.  The only advantage of the WISEBANC is the leverage of 1:500, which is not provided by many brokers. The world’s most-loved trading platform MetaTrader4 is not provided by the WISEBANC. This is the notable drawback of this broker.  Instead, traders are forced to use the broker’s own platform. This platform lacks many essential features like charts on the current market conditions, etc. There are several negative comments associated with this broker. WISEBANC approves deposit and withdrawal by debit and credit cards, Neteller, wire transfers and many more.

Is WISEBANC scam or legit??

Our research suggests that there is no reason to trade with WISEBANC. There is nothing special about WISEBANC.  It provides currency pairs and a range of CFDs on its own web platform, spreads are high and fixed. The company behind it is not trustworthy and the broker’s unregulated, unlicensed nature is worrisome. It is pointless to trade with this broker as there are several regulated and licensed brokers are present in the market.