Simpler Fx Trade – Can You Trust Them?

Website URL: https://simplerfx.trade

Founded: 2021

Regulations: Unregulated

Languages: English

Deposit Methods: MasterCard, PayPal, Western Union, MoneyGram, Cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash)

Minimum Deposit: $300

Free Demo Account: Not Available

Number of Assets: Not Specified

Types of Assets: Cryptocurrencies, Indices, Forex, Commodities, Stocks

Trading Accounts and Conditions

Simpler Fx Trade does not seem to have different types of trading accounts. Instead, clients are offered Investment Plans. Here is what they offer:

• Starter: The investment range is from $300 to $1,499. You are promised up to 2.5% in daily profits.
• Platinum: The investment range is from $1,500 to $4,499. You are promised up to 5% in daily profits.
• Bronze: The investment range is from $4,500 to $9,999. You are promised up to 7% in daily profits.
• Gold: The investment range is from $10,000 to $14,999. You are promised up to 10% in daily profits.

There is no mention of trading conditions.

Simpler Fx Trade – Advantages

We could not find any positives in Simpler Fx Trade’s offerings. This is a broker that is out to scam unwary traders and it would be best to stay away from them.

Simpler Fx Trade – Disadvantages

Here are all the reasons why we have concluded that Simpler Fx Trade is a scam operation:

• Unregulated Broker

Simpler Fx Trade makes a lot of claims on its website. It claims to be based in two locations – the US and in Dubai in the United Arab Emirates. The broker has posted a license that shows that they are certified by the Dubai Financial Services Authority (DFSA).

We checked the online register of the DFSA and found that there is no broker by this name registered with this regulator. Therefore, this claim – and their so-called license – is a lie.

Furthermore, the US address provided by the broker is another false lead – another attempt at conning traders into believing they are regulated in the United States. The US is one of the most difficult forex markets to enter. The regulations are so stringent that most brokers do not even attempt entering this market. We also checked the NFA’s (National Futures Association) online database just to make sure – and we were right in our assumption that this broker was not registered with the US regulator either. Therefore, its hint at being a licensed US broker is also just a lie.

We also found out that in the broker’s Terms and Conditions section, Simpler Fx Trade states that they are governed by the laws of St. Vincent and the Grenadines and that they are registered in the Seychelles. Both these countries are offshore locations, and are known for their lax laws around forex markets.

Offshore brokers are mostly anonymous entities that provide fake information – just like Simpler Fx Trade has done.

This is the first – and most telling – clue that this broker is a scammer.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

Start Trading

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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• Blacklisted by FCA

While checking on Simpler Fx Trade’s legal status, we found out that this broker has actually been blacklisted by the United Kingdom’s financial regulator – the FCA (Financial Conduct Authority).

We found out about this when checking on the US address that this broker had provided on its website. According to the warning on the FCA’s website, this broker has been targeting UK clients without the requisite authorization from the FCA.

There is no bigger indication of a scam than a warning from one of the world’s foremost financial regulators.

• Simplistic Trading Platform

The trading platform offered by Simpler Fx Trade is nothing more than a basic, web-based software that can only be used for binary trading of only a limit set of stocks.

There are two issues that need to be highlighted here.

First, Simpler Fx Trade promises a huge range of assets to its clients – forex, cryptos, indices, commodities and so on. However, all you get on this platform is just a few cryptos and stocks – and that too only for binary trading.

Second, binary trading is a highly risky form of trading that has been banned in most parts of the world because of the fact that it is more gambling than trading. It is also something that can be easily manipulated by brokers.

The fact that this broker offers such a poor platform with a banned form of trading is yet another sign of a scam.

• No Trading Conditions Mentioned

Another huge red flag is the lack of trading conditions. We know the minimum deposit (or minimum investment) is $300. Beyond that, we don’t know what the spreads are or what leverage is offered. There is a very vague reference in one single point of the Terms and Conditions that there is a maximum leverage of 1:100, but it is not mentioned in the trading platform or anywhere else.

Even if we take that single line to be true, then a leverage of 1:100 is too high, especially considering the fact that Simpler Fx Trade targets clients in the UK, where leverage over 1:30 are illegal.

• Promises of Guaranteed Profits

This broker does not offer trading accounts with fair trading conditions. Instead, customers are enticed with Investment Plans that offer guaranteed daily profits of as much as 15%.

There is no broker that can promise profits to their clients. The forex market is so volatile that most traders lose more money than they make, which is why governments insist that broker publish how many of their clients have lost money while trading. On average, most regulated brokers show that 75% to 85% of their clients lose money when trading in these markets.

Therefore, promises of sure profits are lies designed to lure unwary novice traders into parting with their funds.

Conclusion

Simpler Fx Trade is a scammer that is best avoided. It would be wise to find a regulated and transparent broker to trade with instead.

Simpler Fx Trade

2.4

User Experience

3.0/10

Payment Options

2.4/10

Security

2.5/10

Support

2.0/10

Reputation

2.2/10

Pros

• None

Cons

• Unregulated Broker
• Blacklisted by FCA
• Simplistic Trading Platform
• No Trading Conditions Mentioned
• Promises of Guaranteed Profits