The Wise Network Exchange or Wisenex is an Estonian-based cryptocurrency exchange platform that allows traders to automatically buy major virtual currencies like Bitcoin, Ethereum, Litecoin, and more using a credit card or direct bank transfer.
Is Wisenex Legit?
As regards the legitimacy of the platform, Wisenex appeared to be lacking.
While the website provided a virtual currency exchange activity license number and a virtual currency wallet activity license number, we can’t find any solid proof of regulation anywhere in and outside the website.
Moreover, if you try to go to the link, wisenex.com/license, the link will only take you to a certain page of the website where there is a 404-error message.
Wisenex stated on its About Us page that it has been serving clients for five years, although information from domain register, namecheap.com, showed that the platform registered on September 2019, making the website barely a year old.
Its corporate information cannot be trusted as well. The platform claimed that is owned by TORSAEST GROUP OU, but it seems to be a nonexistent company. Its address is anonymous, as a PO Box was used. While its registration country is Estonia, its registrant city was in Panama.
Customer feedback posted on Danish consumer review platform, Trustpilot, stated that Wisenex is apparently owned by Daniel Huber, owner of RoyalsFX, a web-based, offshore broker whose services has been widely recognized as a scam.
That’s another reason why you should watch out for Wisenex.
Should I Register with Wisenex?
Taking the aforementioned information into account, it might be best for you to find another crypto exchange platform rather than hand over your money to Wisenex.
Dealing with cryptocurrencies is already a high-risk business where, in most cases, initiating a chargeback is not allowed. Given the volatility of digital coins like Bitcoin, promoters would grab just about any opportunity to make profit.
Moreover, another client feedback on Trustpilot have warned that the platform will only take your investments and deal with unlicensed entities such as RoyalsFX. Wisenex’s possible affiliation with Huber and RoyalsFX is already a major red flag that you need to consider.
Additionally, the website doesn’t have a Security page, despite providing a link for that page. The link only reloads the current page that you’re on. You can find and check the said link on the About Us page under the Legal and Security section.
Wisenex: Deposit and Withdrawal
Wiesenex has set several levels of verification, and completion of every level increases the transaction limit of a client’s account.
Buying cryptocurrencies on the platform requires a 4-step process where you must first state the amount for which you would like to purchase the cryptocurrency of your choice and your email address as well.
Once the first step is done, you will receive a verification email along with a link to proceed. The link will then present you with another form asking for your personal and billing information.
Please take note that while that part is often accompanied with promises to protect such data and justified with the need to comply with the KYC and AML policies, critics have warned that the risk of your sensitive information ending up in the hands of other vendors or hackers remains high.
To secure the safety of your private information, we recommend sticking with crypto exchanges that have been in the industry for a long time and are in jurisdictions where there are strong client data protections.
Bottom Line – Is Wisenex Legit or Scam?
Considering the website’s unclear corporate information and licenses, empty links, as well as its possible connection with RoyalsFX owner, Daniel Huber, Wisenex is a cryptocurrency exchange platform that you should steer clear of.
If you are going to register with a crypto exchange platform, make sure that you are working with a legit, well-known exchange when buying and selling virtual currencies. Remember to do your due diligence before disclosing any personal or financial information to any cryptocurrency exchange website.
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