Beware! WiseCapitalLimited is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
It would be best to start this review by stating that WiseCapitalLimited is a scam – the proof for that can be found within a warning that the FCA has issued on the broker:
It seems that the company has been trying to present itself as another, legitimate broker. This is called a “clone firm” and it is sadly an all too common sight nowadays. Make no mistake – WiseCapitalLimited has absolutely nothing to do with whatever company it presents itself as!
What’s more, this revelation that the company is a scam demands a more thorough look at it:
WiseCapitalLimited regulation and safety of funds
WiseCapitalLimited is not regulated whatsoever – earlier we saw that the company has been pretending to be an entirely different entity to appear more legitimate. The regulatory body that has exposed is is the UK’s Financial Conduct Authority – and it has created one of the most robust regulatory environments out there. For example, if a broker wishes to provide its services on the UK markets, it would need to have over 730 000 euro to its name to qualify for an FCA license. And once it has been credited with one, the company would need to keep proving it is operating in good faith and not trying to run a scam – that is done by reporting on a daily basis on open and closed trades.
This is far from an extensive list of the measures the FCA demands brokers take to provide their services in the UK – but as you can hopefully see, trading with licensed brokers is smarter than trusting ones like WiseCapitalLimited.
WiseCapitalLimited trading software
WiseCapitalLimited provides access to a custom platform. We were quite curious to see what kind of platform that is and how it stacks up to Metatrader 5, the industry standard. However, any attempt to install the software was met with the following warning from our Windows Firewall:
We do not recommend installing software that gets flagged as a virus! Sadly, this means that we cannot know what leverage the broker offers and if its spreads are within the acceptable bounds.
WiseCapitalLimited deposit and withdrawal methods and fees
WiseCapitalLimited accepts deposits via credit cards and the Skrill e-wallet. The good news is that both of these payment options have chargeback options available – the bad news is, you might have to use these options. Just take a look at WiseCapitalLimited’s Bonus policy:
Before any withdrawal is made from an account, credited with a bonus, a certain turnover is required. That turnover is a mini lot for each unit of currency WiseCapitalLimited grants – so if you have been credited with as little as $10, you would need to achieve a turnover of $100 000 to withdrawn not only the bonus, but any of your profits and initial deposits.
In addition to that, WiseCapitalLimited has fees in store for you, as you can see below:
And, what’s worse, the company reserves the right to change these fees without having to notify you – therefore, WiseCapitalLimited can simply charge you as much as it pleases any time it wants to!
How does the scam work?
WiseCapitalLimited is not only running a scam, but doing so following a scheme we are quite familiar with. Here is how it plays out:
If someone sumbles upon the website the scammers run from, they are prompted to make an account, leaving a phone number in the process. Once the scammers have that, they start calling around the clock, demanding deposits. There is no limit to their greed and they will only stop demanding more and more money once their victim realizes what is going on and stops pouring money with them. At this point, they will simply not contact that victim ever again and move on to other targets.
What to do when scammed?
If what we described above sounds familiar, you need to do the following:
First off, restore your privacy! That is best done by recalling what sensitive information the scammers had access to – credit cards, forms of ID and so on, and immediately getting new ones issued. Also, remove all remote control software the scammers had you install on your PC.
Once that is done, you should contact your bank and ask if you are eligible for a chargeback. But if you are contacted by some third party – i.e. a recovery agency, which demands upfront payment for its services, know this is simply another scam!
Finally, please leave a comment below, detailing your experience with WiseCapitalLimited – by doing so you will be helping us raise awareness of the scheme, which is the best way to fight it!