Do You Want to Know If WiseFundsUK Is Legitimate or a Scam Broker?
It’s awful to discover someone isn’t who you thought they were. The same is true of brokers. What can be even more upsetting is that if you have done your due diligence, conducted research and tried to find out everything you could about a broker– and it turns out they intentionally gave false information on their website.
This is true of the clone broker WiseFundsUK. The Financial Conduct Authority (FCA) has issued an alert that the public should stay away from WiseFundsUK, because they are a clone of an FCA registered broker and they falsely claim they are registered. The case of WiseFundsUK emphasizes why it’s so important not to simply take information on the website at face value, but to visit the regulator’s site and verify all data–including name (with the same spelling), address and when it was founded.
There Are Some Problems with WiseFundsUK
The two main problems with WiseFundsUK is it is pretending to be a licensed broker. This is a particularly severe problem, because they are profiting from another broker’s licensing and positive reputation.
The other issue is that it is unregulated. We research thousands of brokers. The one thing that many fraudulent financial services have in common is that they aren’t regulated. Although there is no guarantee that a licensed broker will be 100% safe, verifying a license is one of the best ways to protect your funds from trading scams.
In addition to WiseFunds UK there are also similar sites WiseFunds.co and WiseFunds.eu that are also unlicensed and have other issues. WiseFunds.co guarantees that its clients will receive a 21% return on their investments monthly. This is an extremely unrealistic amount. They are also quite vague about what they are offering people. For instance, they urge people to get involved in “loan investment projects” but provide no details.
Red Flags that WiseFundsUK Could Be a Scam Broker
- Clone broker
- Flagged by the FCA
- No license
- No transparency
- False claims
- Bad reviews
If You Need Fund Recovery from WiseFundsUK, Talk to Us
We create these reviews to warn consumers about brokers and schemes that may be fraudulent. If you have an account with WiseFundsUK, close it and request a withdrawal. If you are not given your money back, contact Broker Complaint Registry right away. We will consult with you, work to track down your funds and create investigative reports, and will assist with fund recovery efforts.
