Minimum Deposit: $250
Maximum Leverage: 1:500
My Score: 1.4
Wise Banc is a Forex/CFD broker that owned and operated by Bulgaria based company Orion Service EOOD. I can say there is not much information about the company on the internet and on their website.
This is a serious problem because I want to know all information about the company that I’m going to work with.
Also, they are saying “Trade with an Award-Winning Broker” but their awards looks fake. Actually, there is no information who gave those awards to them.
They are headquartered in Sofia, Bulgaria and have branches in Malaysia, New Zealand, Singapore and South Africa. Demo account option is available so you can try this broker by yourself without deposit any money. However, if you are too lazy for that you can continue reading my Wise Banc review 🙂
What is the minimum deposit limit in Wise Banc? How many different account types are available? What are the spreads, the maximum leverage ratio they offer? How many deposit/withdraw methods are available? Is Wise Banc reliable or scam broker? Let’s talk about it.
WiseBanc is an unregulated forex broker. They are headquartered in Bulgaria, but they are not regulated by Bulgaria’s financial regulator Financial Supervision Commission (FSC).
So, your money may not be safe if you choose to work with this broker. There are many licensed and reliable brokers all over the world. That’s why it is pointless to work with this kind of scam brokers.
Regulators like Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC) and Cyprus Securities and Exchange Commission (CySEC) are the most reliable watchdogs in the world.
However, some brokers may choose to get licenses from Vanuatu Financial Services Commission (VFSC) or International Financial Services Commission of Belize (IFSC) because getting licensed by FCA, ASIC or CySEC can be a very difficult process.
I can understand this decision but I never recommend you to work with an unregulated broker.
Bonus & Promotions
Wise Banc offers $250 cash welcome bonus to all of their investors. This bonus can be withdrawn, however, there are some conditions to do it.
I found it on their Terms & Conditions page: “To withdraw your bonus, you will be asked accumulate trading points equal to 1 point for every $/€/£10 of bonus funds.” Also, if you withdraw your money, your bonus will be removed.
You can review my article on this topic to see more advantageous bonus campaigns.
There are 5 different account types at Wise Banc: Basic, Bronze, Silver, Gold, Platinum.
|Account Types||Minimum Deposit||Maximum Leverage||Spreads||Welcome Bonus|
Minimum deposit limit is $250 for Basic account, $1.000 for Bronze account, $2.500 for Silver account, $10.000 for Gold account and $25.000 for Platinum account. If you start trading with Gold or Platinum account types Wise Banc offer free forex signal service.
EURUSD spread for basic account is fixed at 7 pips and it is quite high when compare it with other brokers. There are many regulated brokers exist that offering much lower spreads. Low spread costs are important for profitable trading. I’ve listed brokers offering low spreads for you.
So, $250 minimum deposit limit is higher than the average also spreads are not competitive. If Wise Banc was a licensed broker, I would understand the $250 minimum deposit requirement.
Because if you want to open an account with such brokers, you want to try it without risk. For example, forex brokers like FXTM or XM offer nano accounts to try without risk. You can trade using nano lot in nano accounts. You can trade dozens with a nano account that you can open with $5 deposit.
However, $250 is too high as the minimum deposit limit for an unregulated broker. If you want to review forex brokers with low minimum deposit, I have a list for this.
Maximum leverage ratio is 1:500 and I can say this can be their only advantage.
World’s most popular trading platform MetaTrader is not supported and this is another big disadvantage of Wise Banc. Instead of MetaTrader4 or MetaTrader5, you must use their own web-based trading platform if you want to work with them. And their platform is too simple for both new or experienced traders and lack of most used features.
Also, I found too many negative comments on the internet about Wise Banc.
Deposit and withdrawal methods like Credit/Debit Card, BitSend, Neteller, BPay and Wire Transfer are available at Wise Banc. The fastest transfer method is usually to use a credit card.
I think there is no reason to choose to work with Wise Banc. Spreads are very high, Minimum deposit limit is high($250) and MetaTrader is not supported. Also, most importantly, they are an unregulated broker. So if you encounter a problem there is nothing you can do.