Wise Market Forex Review 2024: Is This Broker Trustworthy？

What is Wise Market?

Wise Market, also known as Wise Group, is a CFD broker registered in Saint Vincent and the Grenadines. The broker offers a variety of financial asset trading services including Forex, stocks, and Exchange-Traded Funds (ETFs). As a client-centered brokerage, Wise Market is dedicated to providing investment services, portfolio management, and consulting expertise. It also focuses on offering advanced information technology solutions and consulting services. Wise Market utilizes the MetaTrader 4 (MT4) platform, popular among traders for its user-friendly interface and wide application. The platform is available in both desktop and mobile versions, catering to diverse user needs. Furthermore, Wise Market primarily serves the Asian market, including Singapore, Malaysia, Vietnam, the Philippines, Indonesia, Australia, India, and Laos.

Recently, two Middle Eastern companies have expressed their intentions to acquire Wise Market, with the acquisition estimated at 50 million USD. This plan aims to position Wise Market as a major player in the global market, involving a strategic transformation. Although currently focused on the Asian market, this move signifies potential global expansion for Wise Market. The broker offers high leverage options up to 1:1000 and various incentives like deposit bonuses, aiming to provide a comprehensive trading experience for its traders.

Is Wise Market a legit or scam forex broker?

Wise Market is a brokerage established in 2022, with its corporate entity being Wise Group LLC. The broker is registered in Saint Vincent and the Grenadines, with the specific address being Suite 305, Griffith Corporate Centre, Beachmont, Kingstown. The registration number of Wise Market is 2065, and its postal code is VC0100 SVG. Wise Market is well-recognized in the international market and has shown professional strength in information technology and digital marketing.

Wise Market claims to be regulated by the Mwali International Services Authority (MISA), holding a corresponding regulatory license, with the license number being T2023255. Mwali Island has legal autonomy in financial regulation and is not under the supervision of the Central Bank of Comoros. The regulatory oversight of MISA is often considered to be lenient, particularly in aspects like debt protection and trading leverage, without strict limitations, allowing some brokers registered here to offer extremely high leverage. As MISA is a smaller and less well-known regulatory body, its regulatory standards may differ from those of mainstream financial centers.

Wise Market is not regulated by the National Futures Association (NFA) of the United States. The NFA is an industry-wide regulatory body in the United States, responsible for overseeing the futures market, forex trading, and derivatives. Financial service providers in the U.S., especially those involved in futures and forex trading, typically need to be registered with and adhere to the regulations of the NFA. WISE GROUP LIMITED is registered as a non-member entity with the NFA, meaning that the company is not a member of the NFA and, consequently, is not under its supervision. Companies not regulated by the NFA may not be protected under U.S. law, and investors trading with these companies should exercise caution.

Trading Products：

Wise Market offers a diverse range of trading instruments, including stocks, ETFs, forex, and cryptocurrencies, providing traders with a wide array of choices and investment opportunities. The stock market encompasses over 19,000 stocks distributed across more than 40 global exchanges, allowing investors to diversify risks and seek potential growth opportunities. Additionally, this broker offers trading in over 40 forex currency pairs, including major and minor pairs. This provides investors with ample opportunities, yet it also necessitates careful risk management and the formulation of appropriate trading strategies.

Trading Platform：

Wise Market's primary trading platform is MetaTrader 4 (MT4), which offers real-time quotes, technical indicators, and automated trading features. Investors can engage in forex and CFD trading via the MT4 platform. Additionally, the MT4 can be downloaded from the official website or the client area. Wise Market also provides mobile applications for iOS and Android, supporting trading on smartphones and tablets to meet the needs of various traders. This enables investors to more easily seize market opportunities and manage their investment portfolios.

How to open an Wise Market account？

Opening an account with Wise Market is a straightforward process. First, visit the official Wise Market website and find the 'Sign up' button to click. Next, follow the instructions to fill in your personal information, including your first name, last name, email address, phone number, and country. Create a password that meets security requirements and confirm it again. Make sure to read and agree to the customer agreement, and then check the box to confirm you are of legal age. Click 'Continue' to submit your information.

Subsequently, you will need to complete the account verification process as guided by the website, which may involve uploading documents such as proof of identity and proof of address. Once your documents are uploaded and approved, your account will be activated, and you can start trading with Wise Market. If you need assistance at any point, you can contact their customer support through the provided email.

Leverage：

Wise Market offers a leverage ratio of 1:1000, which means that it allows investors or clients to trade with up to 1000 times their own capital. This high level of leverage is common in the trading of forex, Contracts for Difference (CFDs), and other financial derivatives. It enables investors to participate in large trades with a relatively small amount of capital, potentially resulting in significant gains or losses from even minor fluctuations in the market. While such high leverage can significantly increase potential investment returns, it also substantially raises the risk. Therefore, appropriate risk management strategies are crucial in such high-leverage trading, especially for experienced investors who can tolerate high risks. Before deciding to use these high-leverage products, investors should fully understand the specific terms and associated risks of the product.

Spreads and Commissions

Wise Market advertises tight spreads, yet the exact figures are not openly disclosed on their website. In financial trading, a spread is the difference between the buy and sell prices, which typically indicates market liquidity and transactional costs. A narrower spread means lower trading costs. However, without specific data on spreads from Wise Market, it becomes more difficult to precisely evaluate and compare their spreads.

As for Wise Market’s commission structure, there is a lack of detailed public disclosure. Commissions are a standard cost for traders, which may be charged as a fixed amount or a percentage of the total trade volume. The absence of clear information on commissions could significantly influence traders' decisions, as it directly relates to the estimation of trading costs and factors into the selection of a broker.

Deposit and Withdrawal and Minimum Deposit

Information on deposit and withdrawal methods at Wise Market is currently somewhat limited. The platform mainly accepts two types of payment methods: VISA and MasterCard. However, it seems to lack support for other payment channels, such as e-wallets or services from specific banks. This limitation might cause inconvenience for users in terms of payment options, especially for those accustomed to using a variety of payment methods, potentially finding the options too restrictive."

Customer Support

Wise Market offers its clients two primary methods to obtain support and address issues. Their customer support mainly includes contact through telephone and email. The telephone support allows clients to call the company's customer service hotline and speak with a representative in real-time, providing immediate assistance with products, services, and other inquiries. Additionally, Wise Market offers email support, where clients can send their questions, concerns, or feedback to a designated email address and await a response from the customer service team. These customer support methods are designed to provide clients with convenient ways of contacting and resolving any issues or needs they may encounter.

Pros and Cons of Wise Market

Pros:

• Utilizes MetaTrader 4 (MT4) Platform: Wise Market employs the MetaTrader 4 platform, offering traders an advanced and user-friendly trading environment.
• Diverse Trading Instruments: Wise Market supports a variety of trading options, including Forex, stocks, ETFs, commodities, oil, gold, silver, Bitcoin, and other cryptocurrencies.

Cons:

• Lack of Transparency: Wise Market lacks transparency in critical information such as fees, minimum withdrawal amounts, and trade volume requirements, which may impact traders' ability to make informed decisions.
• Anonymous Website: The website lacks detailed information about the company, including its background and management team.
• Absence of Effective Regulation: The lack of effective regulation means there are no necessary safeguards for fund security and business transparency.
• Unrealistic Profit Expectations: The company may offer unrealistic profit expectations, which could mislead traders to some extent.
• Limited Customer Support: The customer support options are limited and may not suffice for immediate communication needs of all clients.
• Lack of Educational Resources: No trading education materials or tools are provided, making it less friendly for beginners or traders with less experience who wish to improve their trading skills.
• Withdrawal Issues: There may be obstacles in withdrawing funds, such as high withdrawal fees or deliberate communication barriers during the withdrawal process.

Conclusion

Wise Market is a brokerage firm registered in Saint Vincent and the Grenadines in 2022, offering diversified financial asset trading services, including forex, stocks, and ETFs. The company utilizes the MetaTrader 4 platform and offers high leverage trading options up to 1:1000. However, Wise Market is not regulated by the U.S. National Futures Association (NFA) but holds a more leniently regulated MISA license. The company falls short in terms of transparency, lacking clear information about spreads and commissions. Customer support is primarily provided through phone and email, with no instant messaging option available.

Wise Market FAQ

Q: What trading instruments does Wise Market offer?

A: Wise Market provides a variety of trading instruments, including Forex, cryptocurrencies, stocks, and ETFs. These tools are designed to meet the needs and preferences of different traders.

Q: What is the minimum deposit required to open an account with Wise Market?

A: The minimum deposit amount is not explicitly disclosed on the Wise Market website. It is recommended to contact Wise Market's customer support for specific information regarding the minimum deposit requirements.

Q: What payment methods does Wise Market accept?

A: Wise Market accepts VISA and MasterCard credit cards as payment methods. For information on other available payment options, please refer to the Wise Market official website or contact their customer support for more details.