MetalsWise.com is the website of a broker that offers trading and managed accounts in precious metals and Commodities.
MetalsWise broker is operated from the UK but claim to have a presence in countries like New Zealand and UAE.
They provide leverage of up to 1:50 and also believe their spreads are the lowest in the industry.
MetalsWise intends to reimburse any fees charged on accounts when investors place a deposit.
We believe that they’re referring to bonuses here. Otherwise, the meaning of this statement is not very clear.
MetalsWise also provides managed accounts while deducting 15% from profits each calendar month.
It’s not clear whether the broker uses high water mark principle when taking away their commission.
They also don’t say who trades these accounts on behalf of investors.
MetalsWise does not provide performance record of their managed account.
So we don’t know whether these managed accounts are profitable or not.
Also, their website was registered in January 2020 according to who.is.
Is MetalsWise broker Legit?
No, this is not a legit broker at all and there’s no way it can qualify for a place in the list of recommended Forex brokers.
Their website is not transparent and customers are not told some important things in advance.
Among the things they promise are free technical and fundamental analysis, super fast execution and quick profits from leveraged trades.
None of these things are important if we cannot establish the regulatory status of this broker.
Our research indicates that New Zealand Financial authority has also issued a warning against MetalsWise broker.
They say this broker is unregulated and dubious. Traders can only make money when they utilize professional trading resources and tools.
Can you recover money lost through MetalsWise broker?
Of course you can always recover money from scammers and this broker is no exception.
You can do so by seeking the help of this professional service.
MetalsWise seems to be a mischievous company that has an ill agenda on their customers’ funds.
This appears to be a financial trap. Investors should avoid them not only because they lack transparency, but because they don’t have a valid financial license and trading with them is super-risky.