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Wise Trader
Binary Option Programs Award
Min. Deposit
Min. Investment
0.01 lot
Regulated Broker

WiseTrader Broker Review

  1. Launched in 2017, WiseTrader is a regulated Forex and CFD broker offering trading in currencies, commodities, stocks, indices and precious metals. Customers in South Africa and beyond can choose from 6 types of trading account from $250, gaining access to a web-based trading platform with competitive fixed spreads and flexible leverage. To find out more about the trading conditions at WiseTrader, including customer service and payment methods, read our in-depth review below.

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    WiseTrader Special Features

    With six levels of trading account to choose from, customers can opt for the account that suits their personal trading goals and experience. Moreover, before opening a trading account with WiseTrader, prospective customers must fill in a questionnaire detailing their trading experience. This information determines the level of leverage made available initially by the broker.

    Fixed spreads on major currency pairs start from 3 pips and leverage up to 1:200 is available at WiseTrader, where the minimum trade size is 0.01 lot. We were disappointed to see that WiseTrader does not offer a Demo account for risk-free practice trading. We recommend that traders in South Africa and all over the globe, gain some experience before investing real money with a broker, and where there is no Demo account, it’s preferable to invest the smallest amounts possible whilst becoming familiar with the trading platform features and settings.

    We noticed that the one-on-one coaching sessions offered by WiseTrader, with the trading accounts are only available on request. So, it’s up to the customers to ask for the training sessions, so as to hone their trading skills at no extra cost, using the expertise of WiseTrader analysts. To find out more about the trading rules at WiseTrader, we recommend that customers in South Africa and around the world, read the company’s terms and conditions.

    WiseTrader Basic Account

    With an initial deposit of $250, customers can open a Basic account with WiseTrader. Clients receive 24/5 support and access to a broad range of learning resources to enhance their trading skills rapidly. We saw that traders can refer to materials in the Trading Academy, including video tutorials and webinars as well as receive news and analysis.

    WiseTrader Bronze Account

    Customers are required to make an initial deposit of at least $1,000. As with the Basic account, they are given access to the trading academy and the learning resources, as well as 24/5 support. Additionally, new customers get a one-on-one coaching session about trading and using the platform, and trading signals on the platform.

    WiseTrader Silver Account

    A minimum initial deposit of $2,500 is needed to open a Silver account at WiseTrader. Customers have all the educational benefits of the Bronze account, free signals and one-on-one learning sessions every three months.

    WiseTrader Gold Account

    To open the WiseTrader Gold account at WiseTrader requires a minimum deposit of $10,000. Unlike the three accounts described above, the Gold account operates in an ECN trading environment. Importantly, traders in South Africa get support from analysts and assistance with portfolio structuring as well as trading signals. Additionally, clients have access to the Trading Academy together with webinars and personalized coaching sessions every three months.

    WiseTrader Platinum Account

    A minimum deposit of $25,000 is required to set up a WiseTrader Platinum account. It incorporates the features of the Gold account with all the learning resources and trading signals, as well as webinars and unlimited one-on-one coaching. Notably, Platinum account holders get access to some exclusive tradeable assets and 3% extra payout on successful trades.

    WiseTrader Rhodium Account

    With a minimum deposit of $30,000, customers can opt for a Rhodium account at WiseTrader. It provides all the advantages described in the Platinum account review above. However, clients in South Africa and overseas, receive a Rhodium debit card to facilitate deposits and withdrawals from their trading accounts at WiseTrader.

    Tip: Trade with IQ Option instead, the best regulated broker for South African traders with a minimum deposit of only $10!

    WiseTrader Trading Software Features

    Clients at WiseTrader get instant access to the TraderSoft trading platform for easy trading from day one. It’s a web-based platform which means there is no need to download software or trading apps to desktop or mobile devices. The trading platform is conveniently accessible through the browser of any internet connected device from anywhere in the world.

    The platform is very basic compared to the most popular platform in the world the MetaTrader4. There are some popular technical analysis indicators and charts on the platform suitable for novice traders. However, we found the lack of automated trading opportunities disappointing, as modern Forex traders have a tendency of relying on auto-trading when they are away from their terminals. With the MT4 platform, traders have a massive range of technical indicators and Expert Advisors for formulating algorithmic trading strategies.

    On the other hand, we were pleased to see that the WiseTrader platform does feature important risk management tools, the Stop Loss and Take profit settings. Moreover, traders can decide whether they want to open a trade immediately or later, by using the Entry Order or the Trade tab. To place delayed orders, a window opens under the Buy/Sell buttons on the interface.

    WiseTrader Cryptocurrency Trading

    Clients interested in trading in cryptocurrencies at WiseTrader, will find a broad range of digital currencies, including Bitcoin, Litecoin, Ethereum and Ripple on the assets list, under the Forex section of the trading platform. The crypto assets are paired with traditional currencies, allowing clients to trade in the market movements without owning the underlying assets. The greatest advantage of trading in cryptocurrency CFDs is that customers can close positions at any time they want without relying on liquidity in the markets. Moreover, traders can profit from the upwards and downwards movements of the crypto markets, where volatility opens the way for making larger potential rewards.

    WiseTrader Forex and CFD Trading

    Clients can have a diverse portfolio of investments at WiseTrader. The CFDs section provides commodities, indices and stocks for trading 24/5 on global markets. The products are listed in a straightforward way, and to the right side of the screen are the charts displaying movements in the asset prices. Notably, to exit a trade, clients can do so directly from the charts.

    WiseTrader Mobile Trading

    We were disappointed to see that WiseTrader does not have a dedicated mobile trading app for smartphones and tablets. Whilst the trading platform is accessible through the browser of any smartphone or tablet, the interface is not adjusted to small screens and touch trading is not possible. Modern traders require the most cutting-edge technology from their trading platforms, and mobile apps are part of the traders’ expectations.

    WiseTrader Customer Support Information

    Customers at WiseTrader have access to support throughout the day, through the Live Chat helpline on the interface, a phone number and an email address. Clients in South Africa would do well to use the free support services which we found, work very well. When we initiated a live chat session, we were assisted immediately by a polite and efficient support agent. We saw that WiseTrader has account managers, technical support and experienced traders available to assist customers. Additionally, the brokerage provides a trading academy, webinars and video tutorials, as well as one-on-one coaching to account holders.

    WiseTrader Payment Methods

    Customers can operate their trading accounts with either the EUR or USD as the base currency. Importantly, once the currency has been selected, it’s no longer possible to change it. WiseTrader supports popular credit cards and bank wire transfers for the funding of trading accounts. We were disappointed to see that electronic payment methods are not accepted. Moreover, some potential customers in South Africa may be put off by this as E-Wallets are fast and convenient. Importantly, withdrawals need to be a minimum of $100 and must be made by the same method used to deposit, due to anti-money laundering regulations.

    Whilst deposits to WiseTrader are not charged processing fees, all withdrawals pay a 3.5% withdrawal fee capped at $3,500 per transaction. Processing of withdrawal requests is completed within one business day, but the money is only sent to the customers once they have validated their accounts by providing the required documentation. For the validation process, clients must send copies of a government-issued ID document, utility bill or bank statement showing their name and address. Anybody using a credit card to fund their trading account, must copy the card front and back, blocking the security code and all but the last 4 digits of the card number.

    WiseTrader is owned by F1 Markets Ltd, a company licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) under the license number 267/15. The company is located at 43, Kolonakiou Avenue, CY 4103, Ayios Athanasios, Limassol, Cyprus. Under the European Union MiFID regulations, WiseTrader is permitted to provide financial services to countries in the EU. The company is a member of the Investor Compensation Fund providing customers with up to €20,000 in case of the company becoming insolvent. Moreover, WiseTrader keeps customers’ funds in segregated bank accounts so that they are not used for company business operations.

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