WiseWealth, Operating under the guise of offering global trading opportunities to both retail and institutional investors, this platform asserts its right to engage in deceptive practices, ultimately exploiting and defrauding its customers.
The values of integrity, professionalism, and innovation, which the platform prominently promotes, are nothing more than hollow claims meant to create an illusion of legitimacy and credibility. However, a closer examination reveals the falsity of these assertions.
Adding to the skepticism surrounding this platform is its recurrent appearance on blacklists in multiple jurisdictions. The fact that regulatory authorities have officially confirmed the fraudulent intentions of this firm only serves to heighten our concern. In light of these findings, it becomes imperative for us to fulfill our duty by cautioning and informing our audience, thereby unraveling the criminal activities perpetrated by this platform in our detailed WiseWealth.ai review.
The Financial Conduct Authority (FCA) has also published a warning about this company.
Regulators Say WiseWealth is a Scam:
Despite the absence of corporate information or any identifiable details about the entity behind WiseWealth’s website, the Financial Markets Authority (FMA), which has blacklisted this particular entity, asserts that it purports to operate from the United Kingdom. Adding to the concern, two other regulatory bodies, CONSOB and CNMV, have independently verified that the company lacks the necessary licensing for the promotion and sale of online financial services.
The glaring lack of regulatory approval raises alarming questions about the legitimacy of the entity. It suggests the possibility that the entity called WiseWealth may not be registered at all, operating instead as a dubious website that promotes both institutional and retail brokerage services without adhering to industry standards.
This lack of official registration implies that fund safety is not guaranteed through segregated bank accounts, and customers are likely deprived of access to compensation plans. Investors who choose to engage with this platform should be prepared for potential risks, including unexpected fees and unfair treatment, akin to the issues observed with Firedexen. This underscores the importance of thorough due diligence before considering any financial engagement with such entities.
Bad Ratings Piling Up:
At a certain juncture, this self-proclaimed WiseWealth brokerage attempted to bolster its reputation through the enlistment of review seller networks. However, their efforts to manipulate reviews spiraled out of control as the extent of their fraudulent activities expanded. A clear manifestation of this can be observed on the TrustPilot review platform.
Presently, a staggering 47% of all clients have assigned the lowest possible rating to the WiseWealth company. The majority of these dissatisfied clients lament not only the outright theft of their deposited funds but also the alarming compromise of their data and the invasion of their computers’ privacy by these cyber criminals.
In our comprehensive WiseWealth.ai review, we will delve further into the fraudulent strategies employed by this WiseWealth entity, shedding light on the disturbing tactics they employ. Additionally, we will explore potential recovery options for those who have fallen victim to the illicit activities of this unscrupulous brokerage.
Perpetrators of Cybercrime in Action:
The emergence of the WiseWealth.ai website is a recent development, as it came into existence only after August 2023. The nefarious activities orchestrated by this scheme primarily target nations such as the United Kingdom, Canada, Germany, and Belgium. Drawing parallels with the Veptex scheme, the modus operandi involves the utilization of boiler room agents who actively pursue potential victims via phone communication. These agents employ high-pressure tactics, going to the extent of issuing threats if the targeted individual refuses to make a deposit.
What sets this WiseWealth scheme apart is the evident use of AnyDesk software, a remote desktop application, as a key tool to gain unauthorized access to victims’ computers. The perpetrators leverage this access to unlawfully extract sensitive information, including credit card details, exacerbating the extent of the victim’s losses.
While the situation is dire, there is a glimmer of hope for those who have fallen prey to this scheme. Recovery of lost funds is a possibility, but time is of the essence. Victims are strongly encouraged to reach out to legal experts. Taking swift action is crucial to maximize the chances of recovering funds and holding the perpetrators accountable for their fraudulent activities.
Purportedly Affordable and Adaptable Pricing Structure:
Initially, WiseWealth’s online presentation gives the impression of being sufficiently detailed. However, a critical observation reveals the absence of concrete information regarding leverage, spreads, and commission fees.
Upon closer examination of the WiseWealth platform, it becomes apparent that the default starting leverage is limited to 1:10, leaving much to be desired in terms of flexibility. Additional costs are mentioned, including 0.40% management fees and 0.35% administration fees. Unfortunately, the specifics of what these fees apply to and how they are charged remain shrouded in mystery, raising concerns about transparency and clarity in the overall cost structure. As potential investors seek clarity on the financial implications, the lack of detailed information poses a significant hurdle in understanding the true affordability and flexibility promised by the company.
Subpar Trading Tools and Limited Features:
The deficiencies of a Forex dealer become glaringly evident when there is a lack of substantial offerings. Despite initial assurances of a feature-rich MT4 web platform, users are met with the disappointment of an unresponsive web terminal. This discrepancy raises concerns about the reliability and functionality of the platform.
Compounding the issue, the absence of specialized account types further highlights the limited options available to users. The omission of any provision for Demo testing adds another layer of concern, depriving potential users of the opportunity to familiarize themselves with the platform’s functionalities in a risk-free environment.
In essence, the dearth of advanced trading tools, coupled with the absence of account variety and Demo testing, diminishes the overall user experience and raises questions about the platform’s commitment to providing a comprehensive and user-friendly trading environment. Investors and traders alike may find themselves questioning the efficacy and competence of a platform that falls short in delivering on its promises of robust trading features.
Basic Web Trader Functionality:
Attempting to engage in profit-making endeavors on this trading portal proves to be a futile undertaking. The trading terminal, intended to mimic the esteemed MT4, falls woefully short in terms of functionality and responsiveness.
Frequently found on unscrupulous brokerage websites, these trading terminals are designed to deceive traders into believing they are generating profits. In reality, no actual profits are being accrued, given that the entire trading process is artificial and meticulously controlled to manipulate outcomes.
Built-In Instrument Selection:
Having encountered similar counterfeit software in the past, it is evident that the financial products offered on this platform are consistently limited and predictable. These include stocks such as 3M, Alibaba, Nvidia, Netflix, and Caterpillar; cryptocurrencies like BTC, ETC, LTC, BNB, ADA, and DOT; currencies featuring EUR/USD, EUR/JPY, and USD/PLN; commodities encompassing coffee, sugar, wheat, and soybean; and indices including Nasdaq, Dow Jones, DAX, and Ibex.
Lack of Account Information:
While creating a trading account is seemingly accessible to anyone, the ambiguity surrounding what the WiseWealth.ai account actually entails raises significant concerns. The absence of distinct account types and the incapacity to create sub-accounts through the main WiseWealth.ai login leaves clients constrained with a generic account. This lack of account diversity and functionality compounds the issues, restricting clients from optimizing their trading experience, diversifying investments, or implementing risk mitigation strategies. The absence of transparent account information further erodes confidence in the platform’s commitment to providing a user-friendly and comprehensive trading environment.
Opaque Financial Transactions:
The absence of legal documents on the website leaves users in a precarious position, as vital information regarding transfers, methods, and associated fees remains elusive. Even the withdrawal panel, purportedly offering the option to process payouts to credit cards, lacks certainty and clarity.
Despite claims of facilitating withdrawals, the process is shrouded in ambiguity. The presence of a mandatory 0.75% fee is disclosed, but other potential expenses are concealed, setting the stage for unpleasant surprises such as unexpected charges and undisclosed trading volume requirements. This lack of transparency in financial transactions underscores the importance of seeking out honest and clear-cut Forex brands to avoid potential pitfalls.
Inaccessible Customer Support:
Characterizing the customer support of this platform as non-existent would be an understatement. The absence of a live chat feature and the omission of messaging services compound the challenge of seeking assistance. Furthermore, the provided phone number proves non-functional, leaving clients with limited options—relying on a contact form or email.
Regrettably, attempts to reach out via email or the contact form result in unanswered messages, leaving clients stranded without recourse in times of need. This stark lack of effective customer support adds another layer of concern, emphasizing the importance of choosing a Forex platform that prioritizes transparent communication and responsive assistance for its users.
What to Do If You Fell Victim to the WiseWealth Scam:
A. Stop All Engagement with the Platform
Cease any further engagement with the company, including accessing the website, replying to emails, or contacting customer service representatives.
B. Document All Your Activities and Losses
Gather evidence by taking screenshots of your account, transaction receipts, emails, and message logs. Create a record of damages, including money, crypto, or personal data lost.
C. Report the company to All Relevant Authorities
File reports about this company, its social media channels, and associated payment processors to local and international authorities, including the police, FTC, CFPB, social media platforms, domain registrars, and cryptocurrency exchanges.
D. Reset All Account Passwords
Immediately reset passwords for your email, financial accounts, crypto wallets, and other sensitive logins. Enable Two-factor authentication for additional security.
E. Run a Malware Scan
Check your devices for malware using a trusted antivirus program to remove any viruses or spyware from the scam site.
F. Install an Ad Blocker
Install an ad-blocker to block malicious ads or phishing attempts, providing an additional layer of protection.
G. Warn Others about the Scam Dangers
Spread awareness about the tactics of the company and similar crypto scams in your social circles and online communities. Share your story to prevent others from becoming victims.
H. Consult Legal Options for Potential Recourse
Discuss your case with an attorney to explore potential options for pursuing the scammers and recovering stolen funds. While challenging, victims have sometimes gained restitution through civil lawsuits and class action cases.
FAQ Section:
1. What is WiseWealth.ai?
– It is a fraudulent scheme designed to steal from clients while masquerading as an online trading platform.
2. Is WiseWealth Legit?
– No, the company is not registered or licensed and has been added to the blacklist of multiple financial regulators.
For more genuine reviews on this kind of company, visit the website at www.marketrefree.com