WikiFX Review: things you should know about Wise Tradefx

Before engaging with a broker, there is quite a lot to consider. For instance, is the company able to provide you with the trading conditions that are comfortable to you, what its trading software looks like, are its deposit methods actually convenient to you and so on. On the other hand, dealing with a firm like Wise Tradefx (wisetradefx.com), an unlicensed one, will add to that list of questions ones like: “Is this broker actually trying to scam me？”

Unfortunately, when it comes to Wise Tradefx, the answer to that last question is a resounding “yes”. The firm has even become the subject of a regulatory warning from the regulatory body on the Seychelles, meaning it cannot be up to any good. At the same time, if you feel like you need to know more about the company, check out the following review of it, in which every aspect of it is discussed:

First lets search “Wise Tradefx” on WikiFX APP to take a look at the details page. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/3428719681.html), Wise Tradefx currently has no valid regulatory license and the score is rather negative - only 1.24/10. WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

WikiFX also paid a visit to the brokers website to learn more. According to its website homepage, Wise Tradefx has offices in the City of London and Wall Street in New York.

The lack of specific details about the owning company makes these claims an obvious lie. As might be expected, no authorized broker using this brand and domain can be found on the records of financial regulators in either country.

In the text of the Terms and Conditions, we see a statement that the unnamed company behind the Wise Tradefx is regulated and authorized by the Financial Services Authority (FSA) of Seychelles.

Registration in this offshore zone would not give a broker the legal right to offer its services in the UK and the US. But the situation is even worse. A check of the FSA database reveals not a licence but a warning that Wise Tradefx is not even authorized in this offshore zone (source: https://fsaseychelles.sc/media-corner/regulatory-updates/alert-wise-trade-fx).

Obviously we cant trust anything on the Wise Tradefx website. If you have decided to invest in financial instruments, and especially if you are a novice trader, you should use the services of a licensed broker which is genuinely based in a jurisdiction with strong regulations.

In addition, Wise Tradefx claims to have some kind of web-based trading platform, which was, quite unfortunately, completely non-functional. Here is the error page which showed up when WikiFX tried to access it:

Of course, even if the platform were available, it would hardly be trustworthy – scammers like this one often manipulate their trading software. The goal is to make it seem like client money is being traded. In reality, the activity on the software is completely fictitious and your funds will be stolen as soon as you deposit them!

Furthermore, on the Wise Tradefx website WikiFX finds a list of “trading packages” whose descriptions only give specific information about the minimum deposit of 100 USD. For the same or often a much lower amount you could start trading through a duly licensed broker, including some of the industrys leading brands. There is no detailed description of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc.

In the Wise Tradefx dashboard you can choose a leverage between 1:100 and 1:500. This is further evidence that this could not be a legitimate broker operating in the UK and US. Regulated brokers do not offer such levels to retail traders as trading with high leverage carries risks of sudden and excessive losses. A maximum leverage of 1:30 is allowed in the European Union and the United Kingdom and 1:50 in the United States.

In the deposit menu WikiFX sees two options – credit cards and cryptocurrencies. But if the conventional payment method is selected, we get an error message “page not found”. Deposit is therefore only possible via cryptocurrencies.Scammers prefer cryptocurrencies because these transactions are not subject to refunds!

In a nutshell, it's not wise to invest in Wise Tradefx. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing.

You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.

Don't trust individuals or organisations who claim to be able to get your money back - they may be selling hope and scamming you again. This is especially true if they ask you to pay in advance, which is a “recovery scam”.