SimpleFX is a seemingly easy-to-use online trading platform with access to Forex and cryptocurrency markets. Many red flags indicate that the broker may not be very reliable. The platform is unregulated, only accepts deposits in cryptocurrencies, and has records of delayed withdrawals, manipulation of trades, and unresponsive customer support. There are many complaints of account blocks or deletion of trades without clear explanations. With questionable promotional strategy and simulated social media activity, SimpleFX has clear indications of being a high-risk or even fraudulent broker.
Website: https://simplefx.com/
Website Availability: Yes
Address: 11th Floor, NeXTeracom Tower 1, Cybercity Ebene 72201, Mauritius.
Warning Notices: Not recommended by the review website like Lycan Retrieve
Domain Blacklisted Status: It seems there is no direct mention of this domain being on a blacklist.
Questionable Practices and Manipulated Trades
Most of the clients of SimpleFX have stated that the platform is manipulating trade activities. In their opinion, the platform deletes trades or stops instruments at will without notice. The irregular hours of operation for various instruments further add to the doubts about the authenticity of the broker. Some users also state that they lost their funds because of unfair decisions made by the platform. Even the promotional campaigning is said to have been plagued by fake bots and client accounts, giving an impression of false legitimacy. There were complaints regarding insufficient multilingual support and lack of multiple account types, which are warning signs of offshore brokers.
Technical and Security Risks
According to cybersecurity threat platforms, SimpleFX stores data-sensitive services on dedicated servers, in turn creating security risks for the users’ personal and financial information. Some reports claim the domain is blacklisted or identified as high-risk by threat intelligence entities.
FAQ
Q1. Does being a regulated broker apply to SimpleFX?
No, since it is not regulated by any monetary authority, it is said to increase investors’ risk.
Q2. Is withdrawal of funds easy for users?
Multiple people have complained about withdrawal problems, particularly when using regular banking channels.
Q3. Does customer support speak in more languages?
No, users have complained that SimpleFX is not multilingual, and thus, non-English speakers cannot easily get their issues sorted out.
Take Informed Action
Have you been scammed by SimpleFX or another scam broker? At Lycan Retrieve, we help you explore your options for recovering your losses and offer a free consultation to get you started. Regaining your trust and recovering your losses is our team’s top priority! We can help you recover what is rightfully yours and get your money back! Contact us right now! Lycan Retrieve is here to help at every turn!
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