Beware of Unregulated Wise Group! Traders Complain of Failure to Receive Withdrawals

In late August, BrokersView received three complaints in a row against forex broker Wise Group. The three clients reported basically the same problem they encountered with Wise Group, all saying that they had submitted withdrawal requests which were approved later, but they have been delayed in receiving the funds until now.

The first client submitted his withdrawal requests for $1,157 and $500 on August 21 and August 24, respectively, for a total withdrawal of $1,657. Later, he received an email from Wise Group stating that the withdrawal requests had been approved, but his funds were not credited to his bank account. He then initiated an inquiry with Wise Group, but the broker attributed the cause to local banks’ transfer system, claiming that the timeframe was beyond their control and assuring the client that the funds would be deposited into his account.

The second client's withdrawal request was also approved, but he said that he had not received the funds in his bank account for almost three weeks.

The third client shared the details of his withdrawal process. He made a withdrawal request for $500 on August 14th, and Wise Group approved his request on August 18th, but more than ten days have passed without receiving the funds. The client also made several attempts to contact the broker's customer support team but just received automatically sent replies attributing slow processing to the local bank, which made him feel concerned and uneasy. 

He later contacted the support team of a trader from whom he was accepting education in trading. The information learned from this trader was that Wise Group was having maintenance this month, which affected the withdrawal system, and that the broker was currently processing withdrawals on a case-by-case basis. However, the information did not match the email responses from the Wise Group support team. 

BrokersView has contacted Wise Group and conveyed the complaints to the broker but has not yet been responded to.

BrokersView Reminds You

Wise Group is registered with the Financial Services Authority (SVG FSA) of Saint Vincent and the Grenadines (SVG FSA), which does not regulate Forex, so we have flagged it as Risk Level 1. In fact, the broker is not regulated by any regulatory body.

We also found a suspicious point on Wise Group's website, where the leading trading platforms it supports cover a crypto security company, a blockchain platform, a coworking platform, and even the Samsung Group, which clearly have nothing to do with forex trading. This indicates that the broker has low credibility.

While it is possible that legitimate brokers also have withdrawal issues, unregulated brokers that have been reported by multiple users having withdrawal issues are a big problem, as there is a high possibility that investors will not get their funds back. Investors should be wary of Wise Group and try not to deal with it.

If you have any concerns about your potential broker, ask us a question. BrokersView will answer for free.