Customers can choose from 6 types of trading account packages at Wise Banc. Significantly, all account plans can be managed as swap-free Islamic account versions upon request. The size of the initial deposit to Wise Banc, determines which of the packages customers can qualify for. The higher the amount of the initial deposit, the more benefits and advantages given to clients on the trading platform. Whilst we were informed that the minimum deposit size required to open a Basic account is $250, the minimum needed to access each account plan is not indicated on the website. Traders who are unsure about which plan suits them, are invited to contact Wise Banc for guidance. Nevertheless, we could see that the spreads across all asset types become tighter for the superior account plans, with the Diamond account having the tightest spreads of all. Moreover, all account plans offer currency pairs trading with the fifth decimal point, cutting down the amount that traders pay on spreads. Hedging is possible with any of the trading accounts and withdrawals are processed within one business day for all Wise Banc customers, irrespective of account type.
Wise Banc Basic Account
The Wise Banc Basic account is available as a regular or Islamic account. Swap discounts are not offered to Basic account holders. However, spreads on major currencies such as the EUR/GBP are from 0.0007 pip.
Wise Banc Bronze Account
The only difference between the Basic and Bronze account is the slightly narrower pip spreads on the various asset classes. The spread on the EUR/GBP is 0.0006, slightly tighter than the Basic account.
Wise Banc Silver Account
As with the Bronze account, traders with a Silver account do not enjoy additional benefits other than slightly narrower spreads. The EUR/GBP spread is 0.0005 rather than 0.0006 as seen in the Bronze account.
Wise Banc Gold Account
With a Gold account, spreads across asset classes are narrower with EUR/GBP at 0.0004. We did not see any other additional benefits over the Silver account.
Holders of the Platinum account receive the services of a dedicated account manager, 25% discount on swaps and narrower spreads. We saw the EUR/GBP spread at 0.0003, similarly on the EUR/CHF and the AUD/USD currency pairs.
The most benefits are offered to Diamond account holders at Wise Banc. Spreads are tight with EUR/GBP at 0.0002 and traders get a 50% discount on swaps. Along with a dedicated account manager, customers benefit from free VPS (free virtual server) services, news alerts concerning financial markets and hedging.
Followers of the Muslim faith can choose to open an Islamic account which conforms with Sharia law, by clicking on the Islamic account tab. Importantly, Islamic accounts enjoy all the features of regular trading account plans at Wise Banc, but they are swap-free. Subsequently, traders do not receive or pay interest in the form of swap or rollover fees on positions held open overnight or over weekends.