WiseTrader offers its five account types, which however, appear to offer one and the same trading conditions: commission-free trading with leverage up to 1:200. Platinum and Diamond account types offer some extra services, such as “1-on-1 Seminar” and “Portfolio Structuring”.
Unlike most forex brokerages, WiseTrader does not offer free demo trading accounts.
The Company. Security of Funds
Launched in in October 2017, WiseTrader is a young forex broker offering trading in more than 40 forex pairs, CFDs on commodities, stocks, indices, as well as precious metals on its proprietary web-based platform.
The company operating the brand, F1 Markets Ltd., is licensed by the Cyprus Securities and Exchange Commission (CySEC). Therefore, it is also authorized to provide its services across the EU under the MiFID passaporting regulations.
Brokers licensed in Cyprus have to meet a number of requirements in order to operate legitimately. For example, they have to hold at least €730 000 in net tangible assets, keep client funds separately from the company’s operational assets, regularly report executed transactions to the commission, apply AML and KYC procedures, etc.
More importantly, all CySEC-regulated companies are members of the Investor Compensation Fund, covering a maximum of 20,000 EUR, if a licensed brokerage becomes insolvent.
Minimum Initial Deposit
Traders are required to deposit at least $250 with WiseTrader, which is an average initial amount. Yet, other brokers regulated in Cyprus require less. For example, one can open an account with global broker HYCM (also licensed by UK’s FCA) with $100.
Average Spreads & Commissions
WiseTrader is obviously a fixed-spread broker. However, while most of them provide a spread of 2 pips on majors (including HYCM), WiseTrader’s spreads on EUR/USD are fixed at 3 pips.
WiseTrader offers leverage up to 1:200, which is the industry’s standard. Leverage is a powerful tool that allows a smaller investment to control an asset that has a higher value. On the other hand, high leverage ratios involve significant risk of losses.
That is wahy a number of financial authorities have introduced leverage caps in their countries: 1:50 in the US, 1:25 in Japan, 1:100 in Poland. The Cypriot regulator has advised all brokerages to provide default leverage of 1:50.
If you are used to the good old MetaTrader 4 (MT4), you won’t find it with this broker. Instead, As most brokers, WiseTrader offers its own web-based platform. There is no desktop downl;oad, and no mobile apps available.
Depending on whether you want to open the trade immediately or only when its value hits a certain level, you click on the Trade or Entry Order circle. In the latter case, a window opens below the Sell and Buy buttons. There, you can select either Stop loss or Take profit.
WiseTrader’s web platform.
The charting looks a bit like Trading View and there are some of the most popular technical analysis indicators, but overall, WiseTrader’s platform seems very basic. Many of MT4’s advanced features are missing, most notably the Expert Advisers, which allow automatization of trades.
Methods of Payment
WiseTrader offers its clients many payment methods to choose from: Bank Transfer, Credit Card and e-wallets Skrill, Neteller, Webmoney, Yandex, Qiwi, cashU, Sofort, and iDEAl.
The minimum withdrawal amount with this broker is 100 US Dollars or Euros.
A newly-launched Cypriot forex and CFD broker, WiseTrader is duly regulated by CySEC. What we don’t like about it is the high fixed spreads and its platform.
WiseTrader Review Conclusion
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