Unregulated and Untrustworthy? The Red Flags Surrounding Forex Broker WiseMarket

Introduction

In recent times, the forex broker WiseMarket has found itself at the center of a growing controversy. A mounting number of complaints suggest that the firm has engaged in questionable practices that victimize traders. A common thread among these complaints is the issue of withdrawals not being processed as promised. One such victim, reached out to WikiFX Support to shed light on his ordeal, highlighting the company's inconsistent communication and inability to process withdrawals in a timely manner.

Timeline of Events

- August 25, 2023: Trader made a deposit of $150.1 USD into his WiseMarket account, taking advantage of their 100% deposit bonus offer.

- August 30, 2023: After trading for almost a week, Trader made his first withdrawal request for $200 USD. The request was approved by WiseMarkets internal system.

- September 7, 2023: Trader submitted a second withdrawal request, this time for $201 USD, which was also approved by WiseMarket's system.

- Ongoing: Trader made several attempts to reach out to WiseMarket's customer support through email, querying about the delay in his withdrawals. The responses he received were vague and unhelpful.

Correspondence with WiseMarket

A victim sent an email to WiseMarket, inquiring about the delays in his withdrawals, stating:

Dear WiseMarket,

Referring to the attached screenshots, I would like to know what the current status of my withdrawal is, as I had made two withdrawals on 30/8 & 7/9, both approved but up until now, no funds have been received in my bank account.

I noticed that your withdrawal procedure indicates that the withdrawal process usually takes 1 hour to 3 days to disperse the filled banking information. It would mean a lot if your side could give a much more detailed explanation if there is any issue occurring, rather than the typical response that your support team gave.

Your attention and cooperation are highly appreciated.

Thank you.

Regards,

However, the company failed to provide any substantive reply, only further muddling the issue with unclear and non-committal answers.

WiseMarket Overview and its Regulation

- Name of the Broker: WiseMarket

- Regulatory Status: Unregulated

- Trading Instruments: Stocks & ETFs, Forex, and Cryptocurrency

- Founded: 2021

- Location: Incorporated in Saint Vincent And Grenadines

What WiseMarket Claims

According to WiseMarket's official website, the company was established in 2021 and is based in Saint Vincent And Grenadines. The broker claims to be part of Wise Group, an International Information Technology company. WiseMarket boasts a management team with a diverse background, including expertise in financial markets, trading, corporate management, and digital marketing. They offer a variety of trading services and claim to provide the same level of quality to all their clients, regardless of their experience or the amount of investment.

Regulatory Red Flags

However, it's crucial to note that WiseMarket is unregulated. This means there's no governmental or independent body overseeing their activities, which generally raises concerns about the security of the investors' funds.

Moreover, the Financial Services Authority (FSA) of Saint Vincent and the Grenadines, where the company claims to be incorporated, has explicitly stated on its official website that “forex trading brokerage activities are not licensed in St. Vincent and the Grenadines.” This casts doubt on the credibility and legality of WiseMarket's operations.

Summary

This case brings to light the consistent issues surrounding withdrawals at WiseMarket. Despite getting his withdrawals approved by their system, the funds never materialized in his bank account. Multiple attempts to seek clarification from the company have been met with evasive responses. This case is a warning sign for other traders to exercise caution and due diligence when dealing with WiseMarket, as it raises significant concerns about the company's integrity and operational practices.