BlackBerry Protect locates your phone by PIN. It has to be installed on your phone in order to work, so if you remotely wipe your phone using it, it also gets wiped. I would suggest seriously considering whether wiping the phone is the best first option to take when you lose your phone. You should first see if it can be located. Next would be to lock the phone immediately. I would then suggest posting a message on its screen with an alternate phone number at which you can be reached. Don't forget that whoever finds your phone has a maximum of ten attempts to get the unlock password right. If they don't, the phone will wipe itself. If you don't get a response from anyone after a few hours, proceeding with a phone wipe would be advisable.
I hope my suggestions help. 
