SimplexOption – Is It Safe or a Scam?

Website URL: https://simplexoption.com/

Founded: N/A

Regulations: Not Regulated

Languages: English

Deposit Methods: Bitcoin, Skrill, Perfect Money, Neteller, MoneyGram, Western Union,and Wire Transfer

Minimum Deposit: $1

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Bitcoin, Litecoin, Ethereum,. Bitcoin Cash, TRON, Ripple, Stellar and Tether

Trading Accounts and Conditions

SimplexOption introduces itself as a cryptocurrency and binary options broker allegedly regulated by the Cyprus Securities and Exchange Commission. Its core goal is to offer a plethora of trading instruments in all major cryptocurrencies such as Ethereum, Bitcoin, Litecoin, Stellar, Ripple, and so much more. It even offers to allow traders to create up to three account types.

All these considered SimplexOption seems to be like a well-branded and trustworthy platform where traders can make a good and honest profit.

As usual, we’ve taken it upon ourselves to investigate further—and our research has brought out the truth: SimplexOption is a scam under all these seemingly legitimate laurels that it has planted around itself.

So, before you explore more about trading with SimplexOption, make sure to read the review that we have prepared for you here.

SimplexOption – Advantages

We make sure that our reviews remain unbiased and fair at all times. However, we’ve already exhausted our research, and there hasn’t been a single advantage that has surfaced yet. As far as we can tell, doing business with SimplexOption is quite risky.

SimplexOption – Disadvantages

We have noted a couple of disadvantages that might dissuade traders from using this crypto-route.

Deceptive in disclosing regulatory status

As in every investigation, we set off to find out if SimplexOption has secured the very first requirement of a good trading partner: getting its licensure and adhere to regulations.

At the get-go, everything seems to check out. SimplexOption looks like it has done prior preparations before its launch: registering to be regulated by the Financial Conduct Authority (FCA), disclosing that it is based in London, and making it known that its broker has a license that’s been granted by the Cyprus Securities and Exchange Commission (CySEC).

So far so good, except that it’s a little bit unusual for the broker to be regulated by a board that operates elsewhere. So we did further digging and we found out that CySEC (duly managed by the European Union states) does not have SimplexOption registered in its list. When we checked with the FCA in the UK, the same results came through: still, no SimplexOption registered.

And so our two-step verification process has uncovered SimplexOption to be a sharp practice. Of course, it goes without saying that traders should steer clear off fraudulent brokers such as this. Without a board to regulate their actions, any kind of misappropriation in the future will be unrecoverable for everyone involved.

So, is SimplexOption legitimate or a scam? To this, we say that it definitely is, despite its attempts to throw us off its scent by listing false licenses to its name.

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

Read Review

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.

Unclear trading conditions

The trading conditions and their services are quite unclear to potential clients as well. They are advertised as traders in binary and forex options, but upon closer inspection, they seem to only work with cryptocurrency CFDs.

Unimpressive trading platform

Unlike other platforms that still turned out to be scams, SimplexOption does not even try to impress traders with a well-designed website. Sure, the interface is quite simple and straightforward but there are plenty of missing pieces that would establish it as a legitimate trading site.

We don’t always say that you should always choose a platform just by face-value, but this time we are. Your best bet is to use the industry-leading MetaTrader 4 or 5 as gauge at the very least—their interface is easy to follow and professional. Not to mention, the site is compatible with just about any device and operating system too.

High initial payment

Lastly, let’s not forget the unreasonably high initial payment that SimplexOption asks from their clients. At $500, this is twice the standard price that most regulated trading platforms ask.

While we’re on the topic of listing shady details about SimplexOption, let’s discuss its overly high admittance or starting fee. Opening a trade account should be at a standard $250 USD, give or take a little more. However, they should definitely not be double of its amount–this is a red flag and traders should learn to distinguish a too-good-to-be-true deal that often comes with becoming a member of platforms such as SimplexOption.

Limited trading portfolio

When you create an account with SimplexOption, your portfolio will simply revolve around a limited number of crypto pairs namely Bitcoin, Litecoin, Ethereum,. Bitcoin Cash, TRON, Ripple, Stellar, and Tether. Other CFD brokers offer more diversified options and even include forex, stocks, and others in their portfolio.

Conclusion

So, is SimplexOption a scam? To put it simply: all signs point to yes, SimplexOption is indeed a scam.

From what we have gathered, SimplexOption is not registered with theFinancial Conduct Authority (FCA) as it publicizes to be. Nor are their brokers regulated by the licensure board of Cyprus Securities and Exchange Commission (CySEC).

Privy to most forex trading scams, the regulatory bodies in the industry often warn us to only deal with brokers that can prove their legitimacy via providing licensure proof. Not only that, but you should also double-check with them if the license is indeed legitimate. The good thing about this is that Forex regulatory boards are forthcoming with the information that they provide regarding these scammers online.

SimplexOption

2.5

User Experience

3.0/10

Payment Options

2.5/10

Security

2.1/10

Support

2.4/10

Reputation

2.6/10

Pros

• None

Cons

• Deceptive in disclosing regulatory status
• Unclear trading conditions
• Unimpressive trading platform
• High initial payment
• Limited trading portfolio