Wisemarket Scam: The victim does not receive the funds yet all withdrawals claimed to be approved.

Background

Recently, numerous investors who trade with Wisemarket have reported approved withdrawal requests that have yet to reach their bank accounts. One investor shared his experience with WikiFX regarding this issue.

About Wisemarket

Established in 2022, Wisemarket emerged as an online forex broker offering a wide range of trading instruments, from major currency pairs to cryptocurrencies. On the surface, it appeared to provide traders with a plethora of opportunities to engage in the global financial markets. However, the lack of regulation by a reputable financial authority raised immediate concerns.

WikiFX has given Wisemarket an alarmingly low score of 1.24/10. This score reflects the numerous complaints and issues raised by traders who have had dealings with Wisemarket.

Case in Details

The most disturbing aspect of the Wisemarket scam is the ordeal faced by investors attempting to withdraw their hard-earned funds. Many victims report the same harrowing experience as WikiFX has previously warned about the risk of investing in Wisemaket. They receive an email from the broker that their withdrawal requests have been approved, only to find that the funds never materialize in their bank accounts.

One such victim recounted his experience. After making a withdrawal request, he received an email from Wisemarket confirming the approval of his request. However, despite the approval, the funds never reached his bank account. In desperation, he attempted to withdraw a smaller sum of $410 USD, only to find that it remained pending for almost a month.

The investor's repeated attempts to contact Wisemarket via email yielded no helpful responses. The answer that Wisemarket gave the investor is unacceptable. Instead of finding a way to solve the problem, Wisemarket tried to get rid of the responsibility and claimed that “the transaction duration is exclusively governed by the banking transferring system of each banks locality and jurisdiction.” According to the victim, Wisemarket doesn't even have live chat on its website, they only have the bot on the Telegram channel which is not helpful at all. The investor tried to contact customer support, but there seemed to be no human staff. The chatbot of this broker cannot solve any problem that the investor met. Investors who sought answers and resolution found themselves met with silence or automated responses that did not address their concerns.

Accountability and the Way Forward

The Wisemarket scam raises serious questions about the broker's commitment to transparency and accountability. Investors have been left in limbo, unable to access their own funds despite receiving approval for withdrawals. This situation is not only financially damaging but also emotionally distressing for those who trusted Wisemarket with their investments.

Conclusion

The growing number of complaints surrounding Wisemarket and its unfulfilled withdrawal requests is a cause for alarm. The lack of regulation and transparency is a red flag that should deter any potential investor. It is imperative that Wisemarket takes accountability for its actions and promptly resolves the withdrawal issues faced by its investors. Traders must exercise caution and conduct thorough research before entrusting their funds to any forex broker to avoid becoming victims of such scams in the future. Eventually, investors Investing in Wisemarket is not a wise decision if you dont want to leave empty-handed.