Caution Investors WiseWealth – Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.)
Overview:
WiseWealth is a website that claims to offer automated trading solutions for cryptocurrencies, forex, stocks, and commodities. The website promises high returns, low risk, and easy access to the financial markets. However, there are several red flags that suggest that WiseWealth is not a trustworthy or reliable platform. In this review, we will examine the regulation and compliance, customer reviews, products and services, location, and customer service of WiseWealth, and explain why you should avoid investing with this provider.
Regulation and Compliance:
One of the most important factors to consider when choosing an online investment platform is whether it is regulated and compliant with the relevant authorities. Regulation ensures that the platform follows certain standards of security, transparency, and fairness, and protects the rights and interests of the customers. Compliance means that the platform adheres to the rules and regulations of the jurisdictions where it operates.
WiseWealth is not regulated or compliant with any authority. In fact, it has been warned by the Financial Market Authority (FMA) of Austria on 10 Oct 2023 for carrying out unauthorized banking transactions in Austria. The FMA stated that WiseWealth is not permitted to trade on a commercial basis on its own account or on behalf of others, and advised investors to avoid transactions with this provider. You can find the official warning here: https://www.fma.gv.at/en/wisewealth/
Customer Reviews:
Another way to assess the credibility and reputation of an online investment platform is to look at the customer reviews. Customer reviews can provide valuable insights into the quality, performance, and satisfaction of the products and services offered by the platform. They can also reveal any issues, complaints, or problems that the customers have faced or encountered.
WiseWealth has very few customer reviews online, and most of them are negative. The customers have reported various issues such as poor customer service, withdrawal difficulties, hidden fees, false promises, and account closure without explanation. Some customers have even accused WiseWealth of being a scam and a fraud. Here are some examples of customer reviews from Trustpilot:
– “This is a scam. They took my money and never let me withdraw it. They keep asking for more documents and fees. Stay away from them.”
– “I invested with WiseWealth and made some profits. But when I tried to withdraw my money, they blocked my account and stopped responding to my emails. They are thieves.”
– “WiseWealth is a joke. Their trading software is useless and their customer service is rude and unprofessional. They charge you for everything and give you nothing in return. Do not waste your time and money with them.”
Products and Services:
WiseWealth claims to offer automated trading solutions for various financial instruments such as cryptocurrencies, forex, stocks, and commodities. The website states that the trading software uses artificial intelligence and machine learning to analyze market trends and execute trades on behalf of the customers. The website also claims that the software has a high accuracy rate of over 90% and can generate consistent profits for customers.
However, these claims are not backed by any evidence or proof. There is no information about how the software works, what algorithms or strategies it uses, or what results it has achieved. There is also no demo account or free trial available for the customers to test the software before investing. Moreover, there is no guarantee or assurance that the software will perform as advertised or that the customers will receive their returns.
Location:
WiseWealth does not disclose its physical location or address on its website. The only contact information provided is an email address ([email protected]) and a web form. This makes it difficult to verify the identity or legitimacy of the provider or to reach out to them in case of any issues or disputes.
According to some sources, WiseWealth has its registered address in Cheshire, UK. However, this address is not confirmed by any official registry or database. Furthermore, WiseWealth does not have a license or authorization from the Financial Conduct Authority (FCA) of the UK to operate as an investment platform.
Customer Service:
WiseWealth has a very poor customer service record. The customers have complained about the lack of communication, responsiveness, and professionalism from the provider. The customers have reported that they have not received any support or assistance from WiseWealth when they face problems with their accounts or withdrawals. The customers have also claimed that WiseWealth has ignored their emails, phone calls, or messages.
Conclusion:
Based on our review, we conclude that WiseWealth is not a scam or a legitimate investment platform. It is an unregulated and non-compliant provider that has been warned by the FMA of Austria for carrying out unauthorized banking transactions in Austria. It has also received numerous negative customer reviews for its poor customer service, withdrawal difficulties, hidden fees, false promises, and account closure without explanation. We advise you to avoid investing with WiseWealth and to look for other regulated and reputable platforms that can offer you reliable and secure trading solutions.
