Wise Banc (Formerly PrimeCFDs and WMOption; also connected to Olympus Markets)
Wise Banc is an unregulated online broker specializing in forex. They previously also ran an online binary options scam under the name of WMOption, as well as a CFD scam under the name of PrimeCFDs. These have been discontinued. Wise Banc and its various aliases have been the subject of numerous binary options, CFD, and forex scam complaints.
Given the fact that Wise Banc is NOT regulated by any legitimate entity, we can tell you that your money is definitely not safe with them. If you were the victim of a Wise Banc scam, file a complaint by filling out the form above and we will do our best to get back to you as soon as we can.
Orion Service EOOD or Orion Solutions SRL. Previous ownership may have been TLC Consulting Ltd.
The PrimeCFD and WMOption websites are no longer accessible. Olympus Markets may have spun off into a currently unrelated company.
TLC Consulting Ltd: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960
Orion Service EOOD: 39 Aleko Konstantinov Street, Sofia, Bulgaria
Offices have been said to exist in Bulgaria, Finland, Malaysia, The Netherlands, Nigeria, Norway, South Africa, and Ukraine, but it is unclear if all were physical facilities or just virtual ones. At least one published report stated the company was based in London.
The Financial Conduct Authority (FCA) in the UK issued a public warning regarding Wise Banc in November 2018, a month after the Central Bank of Ireland’s similar warning.
The Financial Markets Authority (FMA) of New Zealand did the same the following month.
Germany’s Federal Financial Supervisory Authority (BaFin) followed suit in April 2019.
PrimeCFDs claimed to be regulated by the Vanuatu Financial Services Commission (VFSC) under license number 14793, which was granted to Arrow Capital Limited, a management firm based in Oceania. Among Arrow’s clients is Orion Service EOOD, one of the purported owners of PrimeCFDs. But licenses such as these are not generally transferable.
Both Britain’s Financial Conduct Authority (FCA) and the Australia Securities & Investments Commission (ASIC) issued warnings about PrimeCFDs. In addition, the Manitoba Securities Commission in Canada accused the site’s predecessor, WMOptions, of “selling” services it cannot actually provide as described on its website after a couple in a rural area of the province lost $180,000 using the site.
English, French, German, Italian, Polish, Russian, Japanese, Spanish, and Arabic
Wise Banc offers five different account types. Each has its own unique features.The minimum deposit was $250.
The Terms & Conditions page stated:
“Our site provides attractive reward features to its new and regular clients. Bonuses and one time trading credits are part of our site promotions program. These bonuses are limited by time and the conditions related to any bonuses are subject to change. To withdraw your bonus, you will be asked accumulate trading points equal to 1 point for every $/€/£10 of bonus funds… Bonus funds can be withdrawn only when the foregoing stipulation has been fully respected and fulfilled. Any withdrawal of funds from an account made before completing the terms of bonus will be immediately canceled and removed from the account. Any indication of fraud, manipulation, cash back arbitrage or other forms of deceptive or fraudulent activity based on the provision of the bonus will invalidate the account and any profits or losses collected.”
The support team is available 24/6.
A monthly account maintenance fee of 0.5% could be charged. In addition, accounts inactive for two or more months were assessed a fee of €£$50 per month. A clearance fee of 0.5% was also charged on every trade up to $1,000, whether you won or lost. A fixed $5 fee applied to every trade in excess of $1,000.
Methods of Payment
Credit card, debit card, Neteller, BPAY, and wire transfers.
Euros, British pounds and U.S. dollars
Refunds and Withdrawals
A service fee of 3.5% or €/£/$30 was charged on all withdrawals capped at €/£/$3,500. Withdrawals could take up to eight days before they appeared on account statements.
Is Wise Banc Trading a scam or legit broker?
Wise Banc has been suspected as a scam broker. We don’t recommend to trade with them and if you are trading with Wise Banc contact them immediately and try to get your fund out. If the Wise Banc has done the following, you have probably a victim of Wise Banc scam broker.
Reason to suspect a scam broker is in action:
The broker froze your account
The broker blocked your account
You cannot login back into your account
Money has been taken out from the account
The broker doesn’t take your calls
The broker shut down his website
You noticed the broker took money out from your bank account with out your permission
The broker is offering you a bonus
The broker is offering you to fund more money into the account after you lost a large sum
Don’t give up. You can fight back and get your money refunded. Start by filling the form above and we will get in touch with you and provide you with information on how to start the process.