In this review of WisecapitalX, we’ll explore the claims of this broker that proudly labels itself as “Broker Level One.” While such an ambitious self-designation might pique curiosity, it’s essential to approach such assertions with skepticism. Hence, we are about to delve into the depths to determine whether this company truly lives up to its self-proclaimed excellence or if it’s merely another addition to the ever-growing list of scam companies.
- WisecapitalX General Information
- Registration and Client Portal Review
- WisecapitalX Trading Conditions
- Account Types Review
- Trading Platform
- WisecapitalX — Deposit and Withdrawal of Funds
- Additional Options
- Is WisecapitalX a Scam?
- Legal Information and License
- Wisecapitalx.com Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
WisecapitalX General Information
|Leverage||Up to 1:200|
Registration and Client Portal Review
The official WisecapitalX website adopts a rather simplistic appearance. It features a concise white-and-green design, a user-friendly menu, and is available exclusively in English. Remarkably, there is very little information readily available about the broker on this website. Most essential details are notably scarce, requiring a diligent investigation. Furthermore, the site heavily relies on template techniques and clichéd phrases, such as praising the broker’s excellence, which, upon closer examination, often reveal themselves to be nothing more than empty words.
To open an account with WisecapitalX, you’ll need almost nothing at all. Just fill out a form with your first and last name, phone number, and email. Surprisingly, there are no verification messages sent to your email. The broker completely disregards the rules of verifying contact details. This is problematic for several reasons. The lack of verification may expose your personal information to potential breaches, as there’s no assurance of data protection. Without proper email verification, there’s a heightened risk of unauthorized or fraudulent account creation. It leaves your account vulnerable to misuse.
The Client Portal is seamlessly integrated with the client portal, providing a user-friendly experience. You can easily update your personal information, including name, contact details, and preferences. Also, the platform supports various non-trading functions, allowing you to deposit or withdraw funds, access transaction history, and manage your financial resources efficiently.
The simplicity of the design is intended to make navigation and access to key functions as convenient as possible for users.
WisecapitalX Trading Conditions
To be known as a broker of the number one caliber, it is essential to provide a multitude of benefits and features to your clients. Let’s take a closer look at whether WisecapitalX lives up to this standard.
Account Types Review
The broker offers four types of accounts, which are named fairly standardly: Basic, Gold, Platinum, and VIP. These accounts differ in several parameters, such as the minimum deposit, leverage, and additional services. For instance, in the Basic account, you only need to deposit $250, while in the VIP account, you’d require a deposit of $500,000. The leverage varies from 1:10 to 1:200. Interestingly, lower-level accounts have lower leverage, while it strangely increases as your deposit grows. This suggests that WisecapitalX does not actually execute orders in the interbank market, as leverage of 1:200 is not typically found there. Furthermore, accounts above the basic level may offer a swap discount of up to 75%, but the specific commission rates and spreads are not provided in the account descriptions.
The trading terminal offered by WisecapitalX leaves much to be desired, especially for those traders who are accustomed to comprehensive, feature-rich trading platforms. It’s important to note that this is a web-based version; there is no desktop or mobile application available.
The terminal provides a minimal set of basic functionalities with a lack of more advanced tools that experienced traders often rely on. This limitation becomes evident when compared to industry standards.
First and foremost, the absence of a desktop or mobile app means you can only access the terminal through your web browser. This lack of versatility can be inconvenient for traders who prefer a more flexible and responsive experience.
In terms of indicators, the platform offers only the most basic ones. You’ll find moving averages, Bollinger Bands, and perhaps a couple of oscillators like RSI or MACD. These are essential, no doubt, but they constitute a limited toolkit for those who depend on a more diverse range of technical analysis tools.
Furthermore, charting capabilities are rudimentary at best. The charts are often not as customizable as those offered by other reputable brokers, and you might not have access to multiple time frames or advanced drawing tools.
WisecapitalX — Deposit and Withdrawal of Funds
WisecapitalX offers rather limited options for funding your trading account. In the website’s footer, you can find references to Visa and MasterCard as the only available payment methods. Unfortunately, there is a complete lack of information regarding the fees associated with withdrawals. The broker doesn’t disclose any details about the time it takes to process withdrawal requests either.
This lack of transparency can be a significant concern for traders, as they might end up facing hidden fees or unexpected delays when attempting to withdraw their funds.
WisecapitalX offers a verification process within its user portal. This procedure is essential for confirming the identity of traders and is a common practice among legitimate brokers. The verification process at WisecapitalX involves several steps, as outlined below:
- Traders need to provide personal information such as their full name, date of birth, and contact details.
- To verify their identity, traders must submit a copy of a valid government-issued photo ID, such as a passport or driver’s license. This helps confirm that the account holder is indeed the person they claim to be.
- Traders should also provide proof of their residential address. This can be done by submitting a utility bill, bank statement, or any official document that displays their name and address.
Verification may extend to payment methods used for deposits and withdrawals. Traders may need to provide additional documents, such as a copy of the credit card used for deposits or a bank statement showing the transaction.
WisecapitalX offers an array of additional services, although upon closer inspection, their practicality may be questioned. Let’s delve into some of these services to get a better understanding.
WisecapitalX provides access to a “wealth manager.” However, one might wonder what a wealth manager can truly offer, especially to traders who are accustomed to managing their own investments. Do you really need someone else handling your account? For many traders, the answer is a resounding “no.”
WisecapitalX also boasts 24/7 account monitoring by specialists. But does your account really need constant surveillance? It’s more likely that traders prefer autonomy in managing their accounts, without feeling like someone is perpetually looking over their shoulder. In fact, some might say that their accounts prefer a little more privacy.
In general, it appears that many of the additional services offered by WisecapitalX might not be as indispensable as they initially seem.
Is WisecapitalX a Scam?
Now, let’s delve into a topic of no less significance: the overall legitimacy of this broker’s operations.
Legal Information and License
We were very interested in the legal information about WisecapitalX. In the footer, the company’s name is provided, along with the mention of its registration in the Marshall Islands. We cross-referenced this with the Marshall Islands’ corporate registry and indeed found a company with the same name, incorporated back in 2021. However, the registry from the Marshall Islands is sparse in information, and we couldn’t gather much more. Nonetheless, one thing we know for sure is that forex brokers in this jurisdiction are not licensed. In essence, this intermediary lacks any documented authority to provide brokerage services.
Wisecapitalx.com Domain Info
We have serious doubts as to whether the company mentioned has any relation to the subject of our review. As we mentioned earlier, this company was incorporated in 2021. Meanwhile, WisecapitalX only began operating in August 2023. A simple domain check confirms this. So, what kind of “Broker Level One” only started two months ago?
As for their contact methods, it’s a complete mess with WisecapitalX. The website only provides a contact form. What is that? Do reliable brokers ensure customer support through such means? Absolutely not; it’s absurd. However, what else could we expect from a broker that has only been in operation for a couple of months?
On the flip side, WisecapitalX has thoughtfully arranged remote access to your computer. They suggest downloading software like AnyDesk or TeamViewer. We strongly advise against doing this. Allowing remote access to your computer poses significant security risks. You’re essentially giving a third party access to your personal data and, in some cases, control over your computer. This opens the door to potential security breaches, data theft, or unauthorized actions on your system.
Pros and Cons
- WisecapitalX offers a low minimum deposit requirement, making it accessible to traders with limited capital.
- Lack of regulation.
- Sparse website.
- Poor user experience.
- Limited contact options.
- Dubious software downloads.
Frequently Asked Questions (FAQ)
WisecapitalX claims to offer online trading services in various financial instruments, including Forex and cryptocurrencies.
According to their trading conditions, the minimum deposit requirement for WisecapitalX is $250. However, it’s essential to proceed with caution when investing with this offshore broker, as there are significant concerns about their legitimacy and transparency.
No, WisecapitalX cannot be considered a safe option. It operates as an offshore broker with limited regulatory oversight.