Wise Banc Review
- Simple and easy to use trading platform
- Decent array of tradeable assets
- Good support
- Not regulated
- Very new with no reputation
- Very high commissions and fees
Wise Banc is yet another new online trading brokerage that was only recently established in 2018. The brokerage has a vision to provide traders from around the world with the safest, most convenient, and all around best trading experience ever. Wise Banc serves literally all types of traders as they cater to the needs of both beginner and experienced traders and features over 200 tradeable assets across numerous global markets. Wise Banc is owned and operated by Orion Service EOOD and is based out of Bulgaria with their headquarters located at Popovo street 10, Lozenetz district, Sofia 1421, Bulgaria. Wise Banc also has branches located in Malaysia, New Zealand, Singapore, and South Africa and provides their services in the English, German, Italian, Arabic, Russian, and Spanish languages. Wise Banc is not a licensed or regulated online trading brokerage, but they are fairly new, and this may come in time. At first glance, Wise Banc appears to be a highly competent and lucrative online trading brokerage, but are they really? Find out in our in-depth review where we investigate all aspects of this trading brokerage and discover if Wise Banc can be trusted and if they are the right online trading brokerage for you.
Trading Platform
Wise Banc has provided their traders with a proprietary web based trading platform that can be accessed from any desktop computer or mobile device via the web browser interface. No downloads or installations are required to run the platform and it can be accessed from anywhere in the world. The trading platform is simple and intuitively designed which makes for a seamless trading experience. The interface features a sophisticated charting package in the center of the screen where traders can conduct technical analysis with the use of numerous drawing tools, 17 technical indicators, 2 chart types, and 9 different time frames. One click trading is also supported and traders can place multiple order types including take profit and stop losses. The platform is not as advanced as some other trading platforms like Meta Trader 4 (MT4) and is better suited to beginner and intermediate traders. Also, Wise Banc’s trading platform does not support automated trading or social trading functions. Therefore, traders looking for more advanced functionality should seek brokerages with more advanced and reputable trading platforms.
Exchange Markets
Wise Banc provides their traders with an array of tradeable assets across the global markets for them to invest in and trade. Such assets include commodities, forex, stocks, and indices. Traders can participate in trading CFDs on these financial assets. See the markets overviewed below.
Commodities
- Gold, Silver, Oil, Coffee, Natural Gas, Copper
- Trade on high leverage of up to 1:400
Forex
- Over 35 currency pairs
- Majors, Minors & Exotics
- Tight spreads
- Highly liquid market
- Trade on high leverage of up to 1:400
Stocks
- Trade 60 stocks
- Most popular companies
- International markets
Indices
- Trade 9 indices
- Trade on high leverage of up to 1:400
Fees and Commission
The fees and commissions imposed on traders at the Wise Banc online trading brokerage are very high compared with much of the competition. For instance, the trading fees are calculated into the spreads and they are based off the account type of the trader. As well, the spreads are fixed.
See below, the lowest possible spreads for the available account types.
- Diamond Account: 2 pips
- Platinum Account: 3 pips
- Gold Account: 4 pips
- Silver Account: 5 pips
- Bronze Account: 6 pips
- Basic Account: 7 pips
Also, in addition to the spreads, traders pay a fixed clearance fee of 0.5% for both winning and losing trades, or a $5 fee for larger trades. Also, a maintenance fee of 0.5% of the balance is charged to the client at the end of each month. All in all, the fees Wise Banc traders incur are very high.
Security and Fairness
Wise Banc may not be a licensed and regulated online trading brokerage, but they still do employ many of the same security standards as regulated brokers do. For instance, client funds are held in secured and segregated bank accounts. Also, Wise Banc employs the latest SSL encryption protocols on all transmitted data and uses secure payment credit cards for payments. Wise Banc is still a very new trading brokerage and has yet to prove themselves as a reputable trading service. However, thus far they appear to be a relatively safe and secure online trading broker.
Support
The customer support provided by Wise Banc is available 24 hours a day, 7 days a week via email, live chat, and telephone. The support received is generally quick to respond but lacks depth in their responses. Additional methods of support include, an FAQ page and a trading academy section complete with webinars, news, trading strategies, and more. All in all, the support provided by Wise Banc is sufficient.
Conclusion
Overall, the Wise Banc online trading brokerage is a new and unregulated online trading brokerage that has yet to prove themselves as a reputable broker to trade with. Their proprietary trading platform is of decent quality and good for beginner and intermediate traders. They feature a decent array of tradeable assets and their fees and commissions are extremely high compared with the competition. All in all, we would advise trading with another online trading brokerage with lower fees and more experience.
Wise Banc Q&A
The following are the common questions that customers inquired about Wise Banc.
Is Wise Banc regulated?
No, it is not regulated by any reputable regulatory authorities.
Is Wise Banc a scam?
Not sure, Wise Banc is a very new online trading brokerage who has yet to prove themselves.
Where is Wise Banc based?
Wise Banc is based at Popovo street 10, Lozenetz district, Sofia 1421, Bulgaria.
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