SimpleFX Review – All Dirty Tricks Exposed

SimpleFX broker creates a bad reputation itself for many years. Since 2014 they are practicing FX and CFD trading services. But what’s important is that they are an offshore company. Generally speaking, St. Vincent and Grenadines is known as a hub for shady corporations.

Thus, if SimpleFX under the ownership of SimpleFX Ltd is honest find in this latest SimpleFX review.

SimpleFX Regulation and Fund Security

With so many shady brokerages SVG decided not to provide FX trading licenses anymore. Therefore, all companies should opt for a license where they mainly operate. In fact, website analysis says those countries are Spain, Mexico and Argentina. Not only that they don’t have any of their licenses, especially CNMV. But also they don’t have any other Tier 1 license.

For instance, upon searching for a SimpleFX broker in the database of FCA, BaFin and CONSOB we didn’t find anything. Except for warnings. Italian CONSOB has issued an official warning against this offshore scam broker. Similar steps followed the Norwegian Finanstilsynet.

Above all this company has numerous negative reviews on Trustpilot. Most of them claim the same thing. With all this in mind and the exposed investment scam, you should reconsider your decision to invest here.

SimpleFX Trading Software

What we have proven numerous times, we will do again. In general, licensed brokers mainly offer trusted third-party software. For instance, cTrader or Meta Trader. Surprisingly, SimpleFX did some effort to provide traders with MT4. With high reliability and numerous options, it quickly became the number 1 choice. However, if the broker is not legitimate the effectiveness is minimized.

On the positive side, the MT4 platform can’t be manipulated. Like some proprietary web-based software. Thus, many brokers don’t allow traders to withdraw their profits. So, this broker will attract you with trusted software. You can use all the advanced features. For example, social and copy trading, advanced charting, pro indicators and many more.

But, if the profits made with those tools will be transferred to you it’s questionable. Instead, you should opt for a Tier 1 licensed broker. Primarily due to funds security. Secondly because of transparency and peace of mind.

Available Account Types at SimpleFX

SimpleFX scam broker doesn’t have a classic account type division. In general, all traders get the same trading conditions. With a minimum deposit requirement of $1, it’s not something that people can’t afford. However, the consequences of depositing even $1 with this investment scam are quite big.

Firstly, this broker offers insanely high leverage. It goes up to 1:500. On the other hand, all EU regulators limit leverage to 1:30 for retail traders. The reason for that is the huge risk that traders take with high leverage. Secondly, this broker has a margin requirement of 50%. This means that every time you get below 50% you’ll be called by their aggressive agents.

Lastly, the spreads that the company offers with these accounts are average. Nothing that you can’t get with a licensed broker. But with way better security.  On the positive side, same as many licensed brokers you can get a demo account first.

Deposit and Withdrawal Process

What raises suspicion, even more, is their funding policy. The only available option is crypto transfer. Thus, through numerous crypto options. Generally speaking, crypto transfers are hardly traceable. Also, they are anonymous. That’s what scam brokers use to hide themselves. In addition to that, they are not regulated. There is no reason to look for other red flags because you already have too many.

Withdrawal methods are the same. But there is a slight difference. The deposit processing time is 1 minute. But withdrawal processing time is 24 hours. The main reason behind it is to find an excuse why not to allow withdrawal. As we can see from many SimpleFX broker reviews.

The safest option for a first-time deposit is to use a debit or credit card. In that case, you can get a chargeback. Whilst crypto transfers can’t be reversed.

How the Fraud Has Been Perpetrated

Primarily, the broker will target certain countries with fake ads. Once you apply for a quick money scheme, you will be persuaded by their agents. The only goal for them is to get you on board. Once you become their client everything becomes easier.

They can present you with numerous things that you never heard of. But if you are greedy you will fall for it. Until you realize that they are just extracting money from you. Even though, some brokers let you withdraw small amounts to build up their fake story. But the first time you want to get all the funds out, there is a problem.

It’s worth checking how PNL Advanced and BizzTrade are also scamming their traders. If t his or any other broker stole money from you, feel free to get back to us. Our specialized fund recovery team is available for consultation. Get your first consultation for free today!

SimpleFX Summary

• Broker without credibility.
• Multiple warnings were issued against the SimpleFX broker.
• Many negative reviews about the company.
• Only crypto funding methods are available.
• Shady withdrawal policy.

FAQs About SimpleFX Broker