WiseBanc has been flagged by ASIC (Australia) for "Unlicensed (Legacy)". Phones: +44 208 0894 822
Addresses: Popovo Street 10 Lozenetz District Sofia Bulgaria 1421 This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: www.wisebanc.com.
Do not believe the bonus offer from WiseBanc. The turnover requirement is designed so you can never withdraw. I learned the hard way. I deposited after attending a webinar they hosted and the bonus terms were buried in pages of small print. My fault for not reading but their design is predatory.
Pros: Transparent fees|Competitive fees|Regular platform improvements|Fast execution
Cons: Limited cryptocurrency options|No crypto staking
The hidden fees at WiseBanc are the real scandal here. What they advertise and what they actually charge are two different things. By the time I realized how much I was paying in various fees and spreads, I had already lost a meaningful amount.
Pros: Segregated accounts|Portfolio tracking tools
Cons: Minimum deposit could be lower
After for the past year and a half with WiseBanc I requested to close my account and withdraw. They said I had to complete a 30-day cooling-off period. Then they said there was a minimum holding period for my last deposit. They make it as hard as possible to leave.
Pros: Great customer service|Helpful community forum
Cons: Limited social trading features
KYC with WiseBanc is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Clean UI|Automated trading options
Cons: Limited demo account features
The mobile app from WiseBanc is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Dividend tracking|Good mobile app|Fast deposits|Detailed reporting
Cons: Alert system is basic
I had a dispute with WiseBanc and went to their complaints process. They have an internal team that just defends the company. Then they said I could go to an ombudsman - but the ombudsman they use is industry-funded and rarely rules for the client. The system is rigged.
Pros: Educational resources|Full transparency|Dedicated account manager|Reliable uptime
Cons: Search feature is basic|Email notifications too frequent
I wanted to transfer my portfolio from another broker to WiseBanc. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Easy to use platform|Regular updates|Responsive team
Cons: Account statements could be more detailed|Nothing significant
WiseBanc changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Educational resources|Social trading features
Cons: No crypto staking
The only good thing about WiseBanc is that they remind you why regulation matters. I found them while looking for alternatives to my previous provider. They are regulated in a jurisdiction with weak consumer protection. When things went wrong I had nowhere to turn. Stick to well-regulated brokers.
Pros: Clean UI|Multi-currency support
Cons: Live chat only during business hours