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Wise Banc
Rating:
Binary Option Programs Award
Min. Deposit
$250
Min. Investment
N/A
Regulated Broker
No

  1. Wise Banc

    Launched in 2017, Wise Banc is a leading, non-regulated Forex broker offering a user-friendly trading experience on a convenient web-based platform. Customers have access to 200 diverse products for simple options trading, across traditional currency pairs, cryptocurrencies, commodities and indices, in English, German, Arabic, and Spanish languages.

    Wise Banc Trading Account Types

    Traders at Wise banc are given a choice of 6 trading account packages with increasing benefits accruing to customers who opt to deposit larger amounts of money to set up their accounts.  Whilst the exact amount needed to access each account plan is not published on the Wise Banc website, we were informed that $250 is required to set up a Basic account.

    Information about the minimum deposits needed for the remaining five accounts is given by the support team to potential customers, along with guidance about the type of plan suitable to traders needs and experience. Notably, the biggest advantage of superior account plans are the tighter spreads across all asset classes. We were pleased to see that all accounts permit hedging and the spreads on currency pairs are reduced through trading to the 5thdecimal point.

    Wise Banc Basic Account Features

    • Spread for EUR/GBP at 0.0007 pips
    • Hedging permitted
    • Trading to the 5thdecimal
    • Available as an Islamic account
    • Withdrawals processed in 2-5 business days

    Wise Banc Bronze Account Features

    • Spread for EUR/GBP at 0.0006 pips
    • Hedging permitted
    • Trading to the 5thdecimal
    • Available as an Islamic account
    • Withdrawals processed in 2-5 business days

    Wise Banc Silver Account Features

    • Spread for EUR/GBP at 0.0005 pips
    • Hedging permitted
    • Trading to the 5thdecimal
    • Available as Islamic account
    • Withdrawals processed in 2-5 business days

    Wise Banc Gold Account Features

    • Spreads tight with EUR/GBP at 0.0004 pips
    • Hedging permitted
    • Trading to the 5thdecimal
    • Available as an Islamic account
    • Withdrawals processed in 2-5 business days

    Wise Banc Platinum Account Features

    • Tight spreads with EUR/GBP at 0.0003 pips
    • Dedicated account manager
    • Hedging permitted
    • Trading to the 5thdecimal
    • 25% discount on swaps
    • Available as an Islamic account
    • Withdrawals processed in 2-5 business days

    Wise Banc Diamond Account Features

    • Tight spreads with EUR/GBP at 0.0002 pips
    • News Alert
    • Free VPS
    • Hedging permitted
    • Dedicated account manager
    • Trading to the 5thdecimal
    • 50% discount on swaps
    • Available as an Islamic account
    • Withdrawals processed in 2-5 business days

    Wise Banc Islamic Account Features

    By clicking on the Islamic Account tab, customers who follow the Muslim faith can set up an Islamic account at Wise Banc very easily. Notably, the Swap-free Islamic account conforms fully to Sharia law whilst providing all the features of regular Wise Banc trading accounts. The Islamic account ensures that traders do not pay or earn any interest on positions left open overnight or over weekends.

    Wise Banc Trading Software Features

    The web-based platform provided by Wise Banc for simple, easy to understand trading, appears to be the well-known TraderSoft options platform. It’s instantly accessible without software download, from any internet connected device, 24 hours a day, 7 days a week. The software was developed for fast execution of CFDs, Forex and Cryptocurrency options trading from a single wallet. Moreover, beginners to online Forex and crypto trading in South Africa can choose the FXSimplified list of assets for uncomplicated trading.

    On the Wise Banc platform, traders can choose from 50 Forex currency pairs including cryptocurrencies, commodities, indices, and stocks with the green indicating the rising of a price and red indicating the falling of a price. The maximum investment amount varies according to the type of option selected. For Binary, Pairs, and Long-Term options, traders can invest up to $1,500, whereas for Ladder and 60-second options, traders can invest up to $250 per position, and for one-touch options, customers can invest up to $500 per position.

    The Wise Banc trading platform stands out for its smart activity dashboard and real market price data feeds provided by Reuters. Traders in South Africa and across the globe, get access to multiple charts and analysis tools, as well as risk management tools for safe trading. We were impressed to see that in-depth information is given with each tradeable asset on the platform covering leverage, initial margins, and maintenance margins, buy and sell rollovers as well as trading hours and minimum trading levels. Importantly, the rates which are the quoted prices of the underlying assets, don’t always reflect the exact market prices but can vary by several pips. The rates shown in the trading boxes are those at which Wise Banc is willing to open and close contracts on the platform.

    Wise Banc Trading Account Fees

    Traders at Wise Banc must be aware that both winning and losing trades up to $1,000 are liable to a 0.5% clearance fee from Wise Banc. Trades exceeding $1,000 are charged a fixed $5 clearance fee. Moreover, at the end of every calendar month, Wise Banc takes 0.5% from customers’ accounts (including bonus payments awarded by Wise Banc) as a maintenance fee, a substantial amount in our opinion.

    Wise Banc Customer Support Services

    Customers can get in touch with customer support 24/7 over the live chat portal on the interface, by phone or email. Branch offices of Wise Banc exist in South Africa, New Zealand, Singapore, and Malaysia with technical support staff and account managers always available to answer customers’ questions. We were pleased to see that customers can submit a contact form from the website and request a free call back over the phone, at a convenient time.

    South Africa +27160040084

    Singapore      +6531080254

    Malaysia        +60327884417

    New Zealand +6498010605

    In addition to the customer support provided by the customer services team, traders at Wise Banc receive educational support through the Trading Academy on the website. We saw that Wise Banc provides daily, weekly and monthly market performance summaries for currencies, commodities, stocks, and indices. Moreover, regional financial news is published by Wise Banc showing how global markets are affected by financial policies together with simple analysis charts, updated throughout each day. We were impressed to see that a program of upcoming webinars is published on the website with dates and times enabling traders to plan their participation.

    Wise Banc Payment Methods

    Customers can choose from several payment methods to fund their Wise Banc trading accounts. We saw that the credit/debit cards Visa, Mastercard, and Maestro, are welcome along with various electronic payment methods, including Skrill and WebMoney, as well as bank wire transfer. Customers in South Africa can choose from several payment methods popular in the region when they set up a trading account with Wise Banc.

    Whilst USD, GBP, and EUR are the base currencies for maintaining trading accounts, Wise Banc accepts deposits in other currencies and converts them at the current exchange rate.  Notably, within 24 hours of setting up a trading account and making a deposit, customers are requested to submit a color copy of an official ID document, utility bill showing name and address, a deposit confirmation form, as well as the front and back of any credit card, used to fund the Wise Banc trading account. Importantly, clients are instructed to cover the CVV security code and all but the last 4 digits of the credit card number before making a copy for Wise Banc and submitting all the documents to the compliance department. It’s important to realize that providing personal ID documents to verify trading accounts is a standard procedure for online financial services providers and necessary to comply with anti-money laundering regulations in South Africa and worldwide.

    Withdrawals from Wise Banc are initiated by customers at their own discretion on their personal account page. Whilst deposits are free of processing fees, Wise Banc charges a hefty service fee of 3.5% on all withdrawals with the minimum fee set at $30 and the maximum service fee at $3,500.

    Wise Banc is an unlicensed broker, owned and operated by Orion Service EOOD, Popovo Street 10, Lozenetz District, Sofia 1421, Bulgaria.

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