Moneywise has been flagged by Financial Conduct Authority for "Unauthorised". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I gave Moneywise a fair chance. After since the beginning of the year of usage, I can say with confidence that there are far better options available. The interface is clunky, the fees are higher than competitors, and the customer support team seems overwhelmed or understaffed.
Pros: High security standards|Clean UI|Full transparency
Cons: Spreads widen during volatile periods
After using Moneywise since I retired last year, I decided to move my account elsewhere. The platform was unreliable, withdrawals took an unreasonable amount of time, and I could never get a straight answer from customer service. Frustrating experience overall.
Pros: Instant funding|Fast execution|Regular updates
Cons: Mobile app could be improved
Moneywise seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Educational resources|Market news feed|Dedicated account manager|Segregated accounts
Cons: Live chat only during business hours|Nothing significant
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Moneywise is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Pros: Initially responsive customer service
Cons: Withdrawal fees demanded|Communication cut off|Not authorized