Wise 4X Review – What Kind of Broker is it?

Wise 4X Review

If you do some research, you will come to know that there are countless people in the world who have managed to achieve a degree of success in the financial markets. Some of these people have accumulated massive amounts of wealth over the years, while others have made substantial returns. There are also those who have suffered from hefty losses as well. This can happen because of numerous reasons, one of which is not opting for the right broker. It should be your utmost priority to find one that is the best fit for you because it can offer you everything you need for a smooth and successful trading process. Where does this Wise 4X review come in?

When you have decided to start trading in the financial markets and begin your search for an online broker, you will be flabbergasted by the stupendous number of companies that have been launched over the years. As a matter of fact, this number seems to be increasing with each passing day, which means you have an endless list to choose from. The fact that many of these platforms are fraudulent and impostors can also up the pressure because you do not want to end up becoming their next victim.

The likelihood of this happening are high if you are going to take shortcuts, which you should avoid. This means you should not make any hasty decisions when you are looking at brokers. It will take you a bit of time to figure out whether a particular broker is legitimate, mediocre, or a fraud. None of them will come with flashing signs telling you the category they belong to. You have to do some homework to find out what kind of broker they are. Taking this approach in the case of Wise 4X is also necessary and it does pay off because it saves you from making a big mistake. How?

When you first come across Wise 4X, you will be impressed because it is advertised as a fully authorized and licensed forex and CFD brokerage that gives you direct market access. Their trading conditions seem to be excellent, as spreads start from 0.8 pips and the leverage goes as high as 1:500. The fact that it is operating in 48 countries spread across five continents is a plus. However, the most notable claim is that of being licensed by some of the world’s most reputable financial authorities. This would automatically inspire trust, but things turn out different once you start digging. Let’s go:

Licensing and regulation

It is best to begin figuring out a broker’s reality by checking out their licensing and regulation. In the case of Wise 4X, we have already learnt that they have made some big claims and you are undoubtedly impressed. But, this does not mean that you just take their word for it and do not do your own research. It is essential to follow up because you want to be certain that you are dealing with a genuine company. Unfortunately, this does not seem to be the case with Wise 4X and this shows that checking up is always a good idea.

As per their website, Wise 4X is a broker registered with some of the top regulatory authorities in the world. This includes the Financial Conduct Authority (FCA) of the United Kingdom, the Federal Financial Supervisory Authority (BaFin) in Germany and the Cyprus Securities and Exchange Commission (CySEC). When you check the FCA’s register, you will come to know that there is indeed a company named Wise About Money Limited listed.

The same company name is mentioned in Wise 4X’s presentation, but it becomes apparent that it has nothing to do with the brokerage. If you check the corporate background of Wise 4X, you will find that it claims to have its headquarters in London, United Kingdom. But, its website shows a map of Melbourne, Australia and the phone number on their website is very peculiar which makes it obvious that it is not legitimate.

Moreover, this shows that there is nothing that links Wise About Money Limited with Wise 4X and has just stolen its license details. The former has a completely different number mentioned on its website. Another claim that Wise 4X has made is being regulated by an authority called the International Financial Market Supervisory Authority (Ifinma), but no such authority exists either.

Withdrawal Conditions

A look at the withdrawal conditions offered by Wise 4X will also alarm you because they have clearly stated that they are not committed to any time frame when it comes to processing your withdrawal requests. This is a big concern because it shows that the broker may not approve your requests at all and you will not be able to do anything about it because they have not committed to a specific period of time. No authentic brokerage would ever have such conditions.

Trading Platform

The most important feature that an online broker offers is called the trading platform and it is used for trade execution. You obviously want the best one in the market and Wise 4X promises you the MT4, which is known as one of the leading ones that can be found. Unfortunately, you will discover that the MT4 platform that Wise 4X is offering belongs to a third party company named Finansysfx.io Ltd. This does not make any sense because technically the broker should have its own branded version of the MT4, but it does not and this is definitely a cause for concern because you know nothing about the company offering the platform to you.

Leverage

Another issue is the high leverage ratio of 1:500 that Wise 4X is offering, which seems attractive, but is extremely risky and cannot be offered by brokerages in most jurisdictions. In fact, the FCA, CySEC and BaFin have all imposed a cap on the leverage that can be offered.

Ending Thoughts

All of these issues make it obvious that Wise 4X is not a genuine and legitimate broker and is a scam.