Why Wise Banc Sucks In 50 Words
This is a carbon copy version of PrimeCFDs, which was a mediocre broker but their website isn’t accessible anymore. They are new and unregulated, with a messy website in some places. On top of all that, they quote Eleanor Roosevelt but use a lowercase letter for her last name. A bit more attention would be great.
Why Wise Banc Doesn’t Suck In 50 Words
This is where things get complicated because there’s nothing that makes this broker stand out in a good way. What I like is their up-to-date news section where they offer a brief overview of the market but that’s about it.
Is Wise Banc A Scam?
Calling a broker Scam shouldn’t be taken lightly and at the time of writing, there’s no clear proof that Wise Banc is a scam. However, I cannot recommend them either, because they don’t seem like a solid choice: the name Orion Service also appears on the PrimeCFDs website, which is a very similar brokerage that offers CFDs and FX but their site is unreachable at the time of writing. So maybe PrimeCFDs is now defunct and Wise Banc is here to replace them? We cannot know for a fact but it’s something worth mentioning.
Should I Open An Account With Wise Banc?
Wise Banc is a CFD and FX broker owned and operated by Orion Service EOOD, a company located at Popovo Street 10, Lozenetz District, Sofia 1421, Bulgaria. The company is not regulated by a major regulatory agency. They can be contacted at email [email protected] and a few phone numbers available on the site.
The broker was launched sometime in 2018, probably April according to online sources, but we cannot say for sure and Wise Banc doesn’t bother telling us. They offer CFD and Forex trading on the Tradersoft platform, which is the go-to solution for almost all new brokers nowadays. It’s definitely not bad but is better suited for beginners rather than experienced traders.
Keeping up the trend of not telling us much, Wise Banc doesn’t offer information about the amounts needed for each account type. They have 6 accounts (Basic,
Bronze, Silver, Gold, Platinum, and Diamond) and each comes with different perks, such as lower spreads, news alerts, and a dedicated account manager. As I said, the minimum deposits are not specified and there’s another problem: the spreads listed on their Accounts page do not match what you find on the trading platform and the discrepancies are huge. For example, on the Accounts page, they list a spread of 0.0007 for EUR/USD; if this were true, they would blow out of the water all major FX brokers. When you go to the trading platform, the real spread is displayed: 3 pips, which is big for this pair. Same thing with Bitcoin: they list a spread of 135 USD on the site, when in fact the spread is more than 200 USD on the trading platform.
The leverage goes up to 1:400 for currency pairs, 1:100 for commodities, and 1:10 for most cryptocurrencies. These numbers are very similar to what all others are offering and that’s about all I can say about Wise Banc: very similar to all others. They don’t have great spreads or trading conditions, they are not regulated and they are 2 months old at the time of writing. It seems we are seeing something similar to the Binary Options rush. Remember that all SpotOption binary brokers looked the same? Well, now there are tons of new CFD/Crypto brokers launched every day, all looking the same, with the same trading conditions and somehow, they are all The Leader. By the looks of things so far, Wise Banc is part of this category and I cannot recommend them.
Wise Banc Complaints
The broker is too new at the time of writing so we couldn’t find any relevant complaints.
Wise Banc Regulatory Announcements And Warnings
There are no warnings related to Wise Banc, mainly due to the fact that they were just launched. However, the other broker owned by Orion Service – PrimeCFDs – received some warnings. Read our full PrimeCFDs review here.
Wise Banc Withdrawals
All withdrawals will have a 2 business day examination period. I wonder what are they examining considering that all clients must comply with KYC and Anti-Money Laundering rules, meaning they have to send personal IDs and proof of residence. So if Wise Banc has all these very personal details, why do they need this additional 2-day examination every time I make a withdrawal?
After the 2 days, the processing begins, which takes 5 to 7 business days so you are looking at a pretty long period until you will see your money. The methods are credit cards and wire transfers. The latter method has a minimum of 500 USD and carries a fee of 25 USD.
Wise Banc Bonus
According to their homepage, Wise Banc offers a 250 USD bonus upon first deposit; however, I couldn’t find any information about it on the site and the Live Chat representative was of absolutely no help. If you accept a bonus, make sure you ask for detailed information about the strings attached.
Wise Banc Extras
They really don’t have anything out of the ordinary but I can mention an up to the date news section and a relatively good platform; however, I am not so sure these can be considered extras.
Wise Banc Ratings
User Friendliness 12/20
The website is translated into 6 languages, the platform is easy to use but it will take some time to get used to. Demo accounts are not available or at least not visible enough. They offer mobile versions of the platform. Information is confusing and conflicting (see Spreads section).
Range Of Markets, Spreads And Leverage 11/20
They offer enough assets, including stocks, indices, commodities, currencies, and cryptocurrencies (Bitcoin, Ethereum, etc.) but the advertised spreads are nothing close to the real spreads, which you can find on the trading platform: on the site, you will see a 0.0007 spread for EUR/USD (extremely low) but on the platform, you will get a 3 pip spread. BTC has 135 spread on the website and more than 200 on the platform. The leverage is okay, going up to 1:400 for Fiat currencies and 1:10 for cryptocurrencies.
Deposits And Withdrawals 13/20
The methods are credit cards and wire transfers. They list a few e-wallet logos on the website but there’s no information about how to actually deposit/withdraw through them. The minimum deposit is not specified. The minimum withdrawal is $100 for credit cards and $500 for wires.
Fees And Support 11/20
The fee for wire transfer is $25 but the bank may add extra fees (check with your bank for that). Make sure you understand all fees before depositing/withdrawing. Live Chat was relatively fast to answer but proved of no help once the rep joined.
Website Extras 11/20
An up to date news feed and lots of trading assets, including the now popular Bitcoin and other cryptocurrencies. However, nothing really stands out.