Do you want to try trading Forex and CFDs? You’ll need broker! One of the numerous brokers in the market is Wise banc. We will review this broker to help you determine if it the right one for you. Enjoy!
Who is behind the broker?
Orion Service EOOD launched Wise banc in 2017. The company runs its operations in Bulgaria and has branches in areas South Africa, and New Zealand. Wise banc is a new broker that has been in operations for less than two years. Unfortunately, wise banc is not licensed or regulated.
What sort of trading do they offer?
Wise banc gives you an opportunity to specialize in different financial areas like stocks, commodities, indices, and forex. The broker keeps up with the latest trends in the trading industry.
What trading platforms are available and supported?
Wise banc has a web-based platform. You don’t have to download extra installation packages to start trading. The problem with Wise banc is that it fails to support Meta Trader.
What types of accounts are available?
If you choose to trade forex with this broker, you can work with different accounts. They offer types such as mini account, gold, silver, diamond, and platinum. To open a mini account, you must deposit $ 250 which is the minimum amount they accept.
Deposit and withdrawal options
Wise banc gives you different options to withdraw and deposit money. You can use debit cards, credit cards, e-wallet options or bank wire transfer. Wise banc also operates in various currencies like GBP, EUR, and USD increasing flexibility for traders.
Spreads, Leverage, Commission
The brokers offer high leverage of up to 1:400 which opens large positions for a lot of Traders. The high fixed spreads make it hard for traders to make significant returns. They, however, offer low commissions.
Once you make your first deposit, the broker offers you a welcome deposit which you can withdraw after accumulating some trading points. When you trade with the platinum and gold account types, you receive free signal service.
Traders like their customer support. The broker makes use of professionals in their support team to offer you good quality customer service. You can contact them through live chat if you want instant feedback or even email and phone.
Numerous financial instruments
Unlike other brokers, Wise banc excels in the number of financial instruments they offer. The broker allows you to trade in various currency pairs and different CFDs such as stocks, commodities, indices, and cryptocurrencies.
Offer Islamic accounts
The broker targets Muslim traders, therefore, avail Islamic accounts to them. They also support swap-free accounts.
They are not regulated
Though the broker provides all the relevant information on their website, the lack of being regulated reduces their reliability.
No MT4 platform
The broker offers a web-based platform which lacks some important tools. For instance, it lacks technical analysis tools and automated trading strategies. The lack of the Meta-Trader platform discourages some traders since they feel limited.
Wise banc is an unregulated broker that is relatively new in the industry. They provide simplified tools on a web-based platform and offer numerous financial instruments. Trading with them exposes you to different account types and diverse payment options. Though Wise banc has high leverage, the lack of being regulated should convince you to trade elsewhere.