Breaking: WISEMARKET Delays the Investor’s Withdrawal

WISEMARKET is a newly established broker registered in Saint Vincent and the Grenadines. Recently, this broker attracted our eye as an investor told WikiFX that WISEMARKET delayed his withdrawal. The withdrawal has taken more than the claimed three days and the investor still cant get his money back right now.

About WISEMARKET

Established in 2022, WISEMARKET is a forex broker registered in Saint Vincent and the Grenadines. As an online forex broker, WISEMARKET offers a range of trading instruments, including major, minor, and exotic currency pairs, commodities, indices, and cryptocurrencies. These assets provide traders with diverse opportunities to engage in the global financial markets. WISEMARKET is not regulated by a reputable financial authority. WikiFX has given this broker a low score of 0.24/10.

The Case in Detail

On 14th August, the investor wanted to withdraw from WISEMARKET and submitted a withdrawal application to WISEMARKET, WISEMARKET then sent the investor an email, in which WISEMARKET said that their system was already processing it. However, the investor needs to wait 1 to 3 business days.

Unfortunately, the investor waited more than three business days. On 18th August, he still didnt get his money back. When investors contacted the broker again, WISEMARKET attributed it to a “strictly banking system”. Because users are located in different parts of the world, the process of receiving funds by users is limited by their respective geographical locations. When the investor wanted to talk to the broker further, WISEMARKET disappeared into thin air, no longer responding to any investor concerns.

We think this is unacceptable as WISEMARKET has explained in the previous email that it will return the user's funds within 3 working days, and they should have already considered this so-called geographical location factor. This indicates that the broker is not very good at risk management, or we can say that the “strict banking system” is just an excuse to deceive investors and delay withdrawals.

The last email the investor received was below.

Below is the telegram group of a trader who uses the broker. If observe the chat, you can see that the admin mentioned that there was maintenance but the victim checked his email including spam, and there was no announcement on said maintenance.

An initial request for withdrawal was on the 14th of August.

The victim sent a message to WISEMARKET support on the 29th of August to ask for an update on his case, Attached is this brokers reply.

This is the account for the admin of the IB that the victim signed up with. The victim has been messaging them since last week, no reply till now yet the account is still active.

In the end, the investor reported WISEMARKET's fraud to WikiFX, hoping WikiFX could offer some help.

Conclusion

We can see here that this broker is getting involved in a scam. WikiFX exposed this case to the public to remind all traders of the potential risks. No matter whether WISEMARKET is on the edge of collapse or tried to abscond with the money, it should give investors' hard-earned money back as soon as possible and stop making excuses.

WikiFX is actively reaching out to the victim and other traders hoping to find more evidence to help resolve the problem. Please stay tuned for more information.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!