Comprehensive Review of WiseBit AI

WiseBit AI is a brokerage company that positions itself as providing access to trading core financial instruments with leverage and spreads attributes. Among its additional services, it advertises analytics tools, bonuses, and trading signals. However, all the current reviews of this broker question its reputation, so in this article, we are going to try to define whether the company is really a scammer.

Highlights

Key Trading Features

WiseBit AI enables clients to perform spot and margin trading. The focus is on simple financial instruments: CFDs. It also provides clients with information on key trading parameters and support for a variety of associated services.

Depending on the privileges and services offered, a client can choose from several types of accounts. The most popular choice is the Silver account, while other options include Basic, Bronze, Gold, and VIP. The minimum deposit for a Basic account is €500. There is no maximum deposit limit, while deposits over a certain amount allow special partnership conditions with additional privileges.

When it comes to margin trading, leverage with WiseBit AI is offered in the range of 1:10 to 1:50. Spread rates decrease as the account status improves: on the Basic account the minimum spreads are set at 1.5 pips, while on the VIP account more favorable spreads are available, starting from 0.2 pips. We will explore trading commissions a bit later in this review.

WiseBit AI also provides 24/5 professional service for customers, adding a personal consultant from Bronze account level and above. Moreover, the platform advertises access to trading signals, exclusive strategies, and investment solutions, which might be attractive for new investors.

Overall, WiseBit AI accounts and terms have significant flaws. First of all, it should be noted that part of the promised bonuses and services related to analytical support are given, but not provided in fact. Also, the most important information about the terms of the partnership agreement and trading terms is mostly vague or not disclosed at all, which is suspicious.

Overview of Available Trading Instruments

The trading instruments that WiseBit AI can provide to its clients are currency pairs, indices, cryptocurrencies, and commodities. The list of available assets is presented in the company’s WebTrader.

While the brokerage firm is pretty upfront about the assets it offers for trading, its main offerings revolve around CFDs. It is worth mentioning that CFDs involve high risks and are sometimes used in manipulative ways because of potential losses one might incur or complete write-off of the account balance.

Trading Platform Analysis

WiseBit AI provides its clients with a browser-based trading platform and focuses on the following benefits: it does not require installation, is highly optimized, fully customizable, and and has fast order execution.

The functionality of the main platform is based around a central chart block, where one can review the performance of the selected asset. Further, it is possible to switch to the full-screen mode, use basic tracking tools, and apply different indicators. However, in its basic version, the order book is not provided within the platform. There are supported market trades, and an option to set take-profit and stop-loss orders.

Along with all those features, there are some crucial disadvantages identified in WiseBit AI’s platform and the overall service provided. The browser-based platform allows the possibility of cheating on trades and quotes. Also, the mobile display function of the platform does not work properly, and there is no mobile application yet. Even instant order execution, as stated by this broker, seems questionable because the liquidity on the platform is at a very low level.

Additional Services

Other services of the broker include several bonus promotions, claiming deposit bonuses from 15% up to 100% for first-time deposits. This is a bonus promotion that should raise caution flags as it is a common sign of a scam brokerage. As for other extra services, the website has a very basic FAQ section. It does not have any decent educational resources for new traders, making this website unattractive for beginners.

Fee Structure

The company charges no deposit fee if it is above €500. But for the amount less than €500, the fee has been kept at €49.99. For withdrawal, there’s a flat fee set at €50.

In return, the clients have some requirements for withdrawing funds with regard to the bonus given, such as satisfying a wagering requirement. The broker does not supply any information about its trading commission rates, so this further adds to the obscurity of its fee system.

Legitimacy of WiseBit AI

We have determined that WiseBit AI is not licensed to conduct business within the European Union and is not subject to any offshore regulatory agency oversight. This company’s website claims to be in compliance and provides us with some supposed supporting documents, however, these allegedly supporting documents turn out to be fake. Reputable brokers always indicate proper regulatory certificates with relevant, verifiable links to official registries. Meanwhile, the Certificate you see below belongs to the self-regulatory organization Crypto Conduct Authority, which is by no means an official government or financial body.

There are even more inconsistencies in the publication of the legal address and location of the headquarters, which further undermines the legitimacy of the company. For example, the address that has been provided in Zurich, Switzerland, is wrong; there are no offices or branches at that location.

This means that ‌clients can make investments with WiseBit AI at their own risk, as the chance to lose all the funds invested and personal data given during the verification process becomes very much real. There is a slight chance of recovery of the assets, especially for those clients who use crypto transfers when making a deposit.

Company History

The brand has been operating on its current domain since 2021, which in simple terms means that the platform is functional and has been around for several years. Meanwhile, the “certificate” provided by the broker does not denote the date upon which they received permission to operate. All these indications prove that WiseBit AI is probably untrustworthy, which confirms our suspicions.

The About Us section on the WiseBit AI website is short and does not contain information about the owner, management, staff, and achievements that are typically used as a basis for establishing trust in any financial services company.

Conclusion

WiseBit AI is an untrustworthy platform. Currently, the company isn’t regulated by any governmental organization that may supervise and control its activities. The trading conditions offered by this brokerage project are unfavorable. Besides, several red flags regarding trading conditions raise suspicions of fraud.

Weighing the Pros and Cons

Common Questions