The first domain from this fraudulent circle got bombed into oblivion by the numerous regulatory warnings issued against it. As soon as the authorities shut down the first site, the swindlers hurried up and opened a new one.
The entire scheme is still alive and kicking, and still presents a great danger to unwary investors. Keep informed with our WiseCapitalX review, and keep your money where it’s safe.
| Regulated by: | Unregulated Broker |
| Is This Company Safe? | No, this is a multiple times blacklisted conduct so better keep off! |
| Known Websites: | wisecapital-x.comwisecapitalx.com – inactive |
| Have Warnings from: | ASC, BCSC, FMA, IOSCO, CSA |
| Registered in: | Marshall Islands |
| Operating since: | 2023 |
| Trading Platforms: | N/A |
| Maximum Leverage: | 1:300 |
| Minimum Deposit: | $250 |
| Deposit Bonus: | Hinted, undisclosed |
| Trading Assets: | N/A |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Book a free consultation with our experts to learn about recovery options. |
Far From a Legitimate Entity
Knowing that the WiseCapitalX broker operates out of Marshall Islands is an immediate red flag. Offshore online financial services providers aren’t reliable in terms of fund security, compensation options and other standard conditions.
As a confirmation of that, we’ve found multiple warnings posted by BCSC, ASC, FMA, CSA and IOSCO. All of these authorities have labeled the UIT Solution Ltd firm as a fraudulent entity that doesn’t prove proper investment conditions and even steals clients’ deposits.
Speaking of blacklisted companies, please make sure to also avoid FinInsider, an illicit brokerage platform we’ve also reviewed.
Swindlers Employ These Strategies
The earlier of the two domains, wisecapitalx.com, was first created in August 2023 and lasted until March 2024. In order to close the gap in as little time as possible, the swindlers opened wisecapital-x.com in April 2024.
Since the WiseCapitalX website is only the facade of the entire operation, the target areas remained the same even after the switch:
- Austria
- Switzerland
- Germany
Fraudulent companies like this one or GGCCFX for instance, rely on boiler room agents to do their dirty work. In the case of this particular fraud, the agents use phones to contact the marks directly.
The premade sales pitch has them pretend to be finance experts from a leading brokerage. They have two main goals: get the victim to invest money, or gain access to their computer via TeamViewer or AnyDesk software.
In each of these cases the victim gets ripped off, either through an investment scheme, or through unauthorized bank transactions. If you believe to have fallen victim to one such scheme, contact our legal team for help.
Fake Reviews Hide the Truth
In order to maintain an illusion of an honest business, the schemers have employed review seller networks. As the name suggests, these are groups of people that spam sites like SiteJabber with fake testimonials.
Boiler room agents then use these fake WiseCapitalX reviews to persuade some more suspicious marks, stating that the firm does indeed have a good trust score. The few comments that are critical of the platform show just how ruthless and efficient these charlatans can be.
What Charges Apply
By default, the company charges a 1% clearance fee on every executed trade. Furthermore, there’s also a standard quarterly fee of $75 for account maintenance.
As for deposits and withdrawals, the company claims not to charge anything. However, keep in mind that the fraudsters also say in legal documents that additional fees may be introduced at any time without prior notice.
Trading conditions present on the platform include leverage of a maximum ratio of 1:300 while the spreads remain unknown.
Dysfunctional Trading Environment
Even though the first impressions seem good, the beauty is only skin deep with this one. None of the WiseCapitalX trading amenities actually work, as the login server denies any attempts to create or use an account. Any advertisements about trading apps, instruments, account types and such are just for show.
Unknown Trading Software
If blatant lies were enough to make profit, we’d all be rich from trading on this platform. The WiseCapitalX app is not shown anywhere. All you will ever see about it are advertisements that promise an ultimate trading experience in a most technology advanced environment.
Unfortunately, the whole scheme is driven by lies and that’s all it remains – the software can’t be previewed or downloaded from anywhere.
Nothing to Buy and Sell
When no one can sign up for the platform and there’s no trading software solution provided, nothing can be traded. The firm doesn’t even bother to discuss the available tradable assets groups.
There isn’t a single piece of information on the website that could tell us anything about what trading instruments can be bought and sold on here. Therefore, it’s better to avoid this website entirely.
More Unrealistic Promises
Features like signals, risk-free trades, premium education, live lessons and account managers are allegedly included in almost every package. That’s only on paper, however, as it only serves for the purpose of attracting unsuspecting victims.
In reality, none of these tools and options are actually provided. These empty words are just put together to justify the insane pricing:
- Basic – 10.000 $
- Gold – 100.000 $
- Platinum – 500.000 $
- Vip – 1.000.000 $
Convoluted Payout Conditions
There is some conflicting information between the client agreement and the withdrawal policy documents on the site. For instance, the payout processing time is 5 business days per withdrawal policy, and 7-10 days per client agreement.
The entire ordeal is fashioned in such a way to prevent any actual payout. For example, the minimum deposit is $250, while the minimum withdrawal by bank wire is $1,000, necessitating further deposits. Granted, bank cards require a minimum of $100.
The WiseCapitalX account must pass AML verification 90 days prior to any withdrawal request. This means that the account is subject to the quarterly fee either way, which would reduce any amount for a payout.
Remote Support Only
Besides using remote access software to allow alleged support agents access to your machine, you won’t have any other way to contact them.
There are no email addresses or phone numbers you could use to establish any form of communication. That leads us to the conclusion that the help desk or the client support office doesn’t even exist.
How to Contact Us
Do you need support in order to safely withdraw funds stuck on the WiseCapitalX scam site? Then please don’t hesitate and contact our chat agents immediately.
Friendly operators will lead you through the process of booking a free consultation with our recovery professionals. We’re always at your disposal, so contact us at your convenience.
FAQ Section
What is WiseCapitalX?
It is a fake online broker scheme, designed to lure and entrap beginner traders.
Is WiseCapitalX Legit?
No, this broker is completely illicit. It has been placed on numerous regulatory blacklists for their predatory behavior.
Can I Withdraw Profit From My WiseCapitalX Account?
The company does not allow withdrawals. To get your money out of this scheme, consult with our legal experts and start a recovery procedure.
Source: https://scambrokersreviews.com/other-financial-alerts/wisecapitalx-review/
