Is this broker reliable?

Shiek

Master Trader
Sep 11, 2014
164
0
47
I am thinking of starting account with TradeWiseFX, so is there anyone using or have used them in the past and can give me some feedback on them? I am looking at couple of other brokers as well, but this seems to be most attractive to me. So what’s your take on this are they reliable?
 

GazFx

Banned
Nov 13, 2012
478
73
74
62
Melbourne, Australia
www.youtube.com
Registered in St. Vincent and the Grenadines with the local Financial Services Authority under the number 22868IBC2015. Address First Floor, First St Vincent Bank Ltd Building, James Street, VC0100 Kingstown, St Vincent and the Grenadines. Only 2 reviews on Forex Peace Army, both positive, with one from the Ukraine used on the TradeWiseFX website as a testimonial. You tell me!
 

radex78

Banned
Nov 15, 2015
676
17
54
45
I think better also looking vote on different forum, forexpeacearmy might is popular site which there many review broker posted, but not all review givng trust information, some of people they voted because get earning
 

GazFx

Banned
Nov 13, 2012
478
73
74
62
Melbourne, Australia
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I think better also looking vote on different forum, forexpeacearmy might is popular site which there many review broker posted, but not all review givng trust information, some of people they voted because get earning

Absolutely. I think this is applicable to ALL forum reviews, so it is really good practice to view multiple forums. I also apply a rule that requires a broker to have at least 50+ reviews before I take the reviews seriously.
 

Pipboy

Newbie
Apr 15, 2016
1
0
1
42
I believe it comes down to personal preferences. Large regulated brokers almost went belly up with the franc move. No regulation even by the FCA UK helped them. So people blindly trusting only large brokers are doing themselves a disservice. But again choices. With well managed risks a small boutique can sometimes give you what you need. I would not dissregard this broker TradeWiseFX yet, will try it out and keep you updated.
 

GazFx

Banned
Nov 13, 2012
478
73
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Melbourne, Australia
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I believe it comes down to personal preferences. Large regulated brokers almost went belly up with the franc move. No regulation even by the FCA UK helped them. So people blindly trusting only large brokers are doing themselves a disservice. But again choices. With well managed risks a small boutique can sometimes give you what you need. I would not dissregard this broker TradeWiseFX yet, will try it out and keep you updated.

I think this is a very valid point. Both large and small brokers can, and do, go belly-up, and no amount of regulation will save them. However, clients can protect capital by using brokers that maintain segregated client trust accounts, and provide "negative balance policies" designed to protect clients from events such as the Swiss Franc fiasco. Capital protection really must be your first consideration!
 

Shiek

Master Trader
Sep 11, 2014
164
0
47
I have done a lot of research and there are so many brokers with that registration, so I won’t really say it’s anything to worry really. As per having 50+ reviews I think there are really few suitable for me in those types. All these features are available on TradeWiseFX, so does this means they are reliable? I have traded with brokers like InstaForex, FreshForex and such in past, but my experience was not so good, so now I am switching to this, but want to see if anyone already is working with them or not.
 

GazFx

Banned
Nov 13, 2012
478
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Melbourne, Australia
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At the very least you should confirm registration and license details with the FSA. If you take the time to do this you will discover that TradewiseFX is not listed on the FSA website, and requests for confirmation go unanswered. Still, it's your money!
 
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Shiek

Master Trader
Sep 11, 2014
164
0
47
At the very least you should confirm registration and license details with the FSA. If you take the time to do this you will discover that TradewiseFX is not listed on the FSA website, and requests for confirmation go unanswered. Still, it's your money!

I am obviously not investing million, but somewhere between 50-100 bucks, so that’s not really huge, but yes I do want a long term solution since no one feels happy chopping and changing into brokers. I haven’t visited FSA Website, but will definitely give a look. If you don’t mind please provide me the link of that FSA site, so perhaps I can have a look at it. I also contacted their (TWF) support service and they told me they’re working on getting proper regulation.
 

GazFx

Banned
Nov 13, 2012
478
73
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Melbourne, Australia
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I am obviously not investing million, but somewhere between 50-100 bucks, so that’s not really huge, but yes I do want a long term solution since no one feels happy chopping and changing into brokers. I haven’t visited FSA Website, but will definitely give a look. If you don’t mind please provide me the link of that FSA site, so perhaps I can have a look at it. I also contacted their (TWF) support service and they told me they’re working on getting proper regulation.

SVGFSA: http://svgfsa.com/fin_institutions.html

I get where you are coming from, and understand your initial investment will be small. It's not just the amount being deposited, it's also about making withdrawals down the track when your account balance might be much larger. It worries me when a broker claims to be regulated but I am unable to find their registered details with the regulating authority, and they provide only a certificate of incorporation as evidence. Anyone can register a company! Cheers, Gary!
 
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radex78

Banned
Nov 15, 2015
676
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I am obviously not investing million, but somewhere between 50-100 bucks, so that’s not really huge, but yes I do want a long term solution since no one feels happy chopping and changing into brokers. I haven’t visited FSA Website, but will definitely give a look. If you don’t mind please provide me the link of that FSA site, so perhaps I can have a look at it. I also contacted their (TWF) support service and they told me they’re working on getting proper regulation.
I am also have small capital only and start less than with one hundred dollar in my account, if we can increasing good profit from small capital hence we will also important to look review broker so if later will withdraw money still processed smoothly because will vain able making good profit biut when to withdraw broker not paid
 

Wanja

Active Trader
Dec 15, 2015
117
0
32
28
In Think one should at least confirm registration and license details with the FSA. If you take the time to do this you will discover that FreshForex is listed on the FSA web
 

GazFx

Banned
Nov 13, 2012
478
73
74
62
Melbourne, Australia
www.youtube.com
In Think one should at least confirm registration and license details with the FSA. If you take the time to do this you will discover that FreshForex is listed on the FSA web

Perhaps I am looking in the wrong place, because I cannot find FreshForex (Riston Capital Ltd) listed with the SVGFSA. Like TradewiseFX, two certificates are shown on their website confirming company registration and company of good standing, but they do not appear in the list of Licensed Financial Institutions on the SVGFSA website. Just be careful, OK? Cheers, Gary.
 

Enivid

Administrator
Staff member
Nov 30, 2008
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Odesa
www.earnforex.com
Any other list which includes brokers?

No that I am aware of.

So brokers are not being captured by the regulator, and if so, that is the concern. How is the client protected? Just a thought!

Captured? They are still regulated by the FSA. They just do not require a license to operate.

Correction: SVG FSA ensures compliance of the IBCs with the obligations under the International Business Companies Act, but does not supervise the Forex trading activities of such companies.
 
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Shiek

Master Trader
Sep 11, 2014
164
0
47
That's because Licensed Financial Institutions only include Banks, Insurers, and Mutual Funds. That list does not include brokers.

Firstly thanks Myfxpt for taking time for replying and your honest suggestion which I really appreciate. I believe Enivid is right since I also was finding it strange that while going through the list I was not finding any broker, I mean it’s understandable if it was about TWF or other brokers not listed, but not even one broker that I read or hear about listed there made me confused, so I believe Enivid said it correctly. I am really thankful to our Admin for clearing it.

Enivid, i just like to know your opinion about TWF? what do you think?
 

Jason Watson

Trader
Nov 29, 2015
8
0
7
34
I think reliable and credible trading broker does not restrict any kinds of trading techniques with scalping approach that brings profit in a short time. They always make sure best trading environment for using any kinds of trading strategies by providing lowest trading spreads. So, we the traders have to choose in regulated reliable trading platforms.