The offshore broker WiseBanc’s official website does not provide any valuable information, and it is one of the worst broker websites we have come across. The broker offers a total of six different trading accounts. We only know the minimum deposit required to open a basic account that is $250. The same account has spread unimaginable at seven pips. We have several other concerns about this broker, and in this WiseBanc review, we will explain them one at a time. Your active involvement while reading is appreciated. Read the full WiseBanc review here.
One of the strongest points of WiseBanc is its diversified product portfolio. The broker offers many FX pairs and CFDs on indexes, commodities, stocks, and cryptos. The CFDs on cryptocurrency is the latest addition to WiseBanc’s offerings, and they include Bitcoin, Ripple, Ethereum, Litecoin, Dash, and many others. The cryptocurrency above mentioned can be traded against US Dollar, AU Dollars and Euros.
Another possible strong point of WiseBanc can be an Islamic Swap-free trading account. This account is modified, keeping in mind the need of Muslim Traders. Also, the broker provides a higher leverage ratio of 1:400. However, higher leverages are controversial, as they are risk-oriented but simultaneously provide higher earning capacity.
In this particular section, we will talk about the weak points of WiseBanc. The owner of WiseBanc is Orion Service EOOD a Bulgaria based company. It also claims to have branches in the countries like Malaysia, Singapore, New Zealand and South Africa. Unfortunately, the local financial regulator of Bulgaria, the Financial Supervision Commission does not regulate WiseBanc. It is a red flag and makes WiseBanc unreliable broker.
The spreads provided by WiseBanc on EURO-USD FX pair is far wide at seven pips. This spread is unimaginable. Also, it is two-three-fold higher than the market average spreads. Due to these high spreads cost of trading at WiceBanc is far from what a regular trader could expect. Besides, the broker does not provide trading on MetaTrader platform. The popularity of MetaTrader is such that many traders turn their backs to the broker without MetaTrader trading platform.
Furthermore, the trading conditions of every account is not appropriately disclosed. An uninformative broker always turns out to be a scam. Many negative user feedbacks can be seen on the social media about WiseBanc and its worrying fact.
Is WiseBanc scam or legit?
The trading conditions of WiseBanc are ordinary and nothing special in it. On top of that, the broker is unregulated. Leverages and spreads provided are exceptionally high. In our view, the WiseBanc is yet another potential Australian trading scam. Keep a safe distance from it.