What exactly is a SimpleFX scam and how does it work?

1. What exactly is a SimpleFX scam and how does it work? SimpleFX's motto is "Keeping it Simple," You can begin your trading career with a demo account. But, as straightforward as the SimpleFX scam appears, is it also straightforward? The broker is expanding; it now offers multi-currency trading across multiple platforms in Forex CFDs and the ability to buy and sell cryptocurrencies, indexes, and commodities. So, let's find out everything there is to know about the broker and whether simplefx is a fraud or not. And if you have invested in SimpleFX and lost money to a scam, you don’t have to worry anymore because many SimpleFX scam recovery firms have been established in recent times. These firms offer fund recovery services and have one aim i.e. to bring justice to the scam victims by recovering their lost money. What exactly is SimpleFX? SimpleFX is a CFD broker that was formed in 2014. The broker was incorporated with an International Business Company in St. Vincent and the Grenadines; it claimed to have 200,000 registered users, but it didn't have a financial regulator's license. Their advert claims that they offer investment security, a hostile balance protection policy, and customer fund segregation, among other things. Since its founding, the broker has increased, claiming to trade in 160 countries worldwide. With its web-based trading platform, SimpleFX has also made trading more beginner-friendly. In addition, professional traders can trade on the MT4 platform.

2. How does SimpleFX work? According to the broker, clients may trade freely on more than 200 various funding CFD products, practically all of which included Forex, Stocks, Cryptocurrency, Futures, and Index values. The MetaTrader4 trading platform and the SimpleFX MT4 Tools Web Trader platform for Windows were used by SimpleFX to provide these services. SimpleFX also offered an exclusive trading app for Android and iOS customers. The program allowed users to trade over 60 currency pairings, 16 cryptocurrency pairs, and a wide range of indices, commodities, and equities, all of which have various deposit choices. SimpleFX also supports five significant cryptocurrencies. SimpleFX provided all traders with 500:1 leverage, spreads as low as 0.1 pips, multi-currency accounts, and no minimum deposits. However, the most exciting feature was a trading community that allowed any MetaTrader 4 firms to participate in signal trading. They also maintained a live trading blog that covered the current market and provided commentary in real-time. They have low FX spreads on a wide variety of currency pairs. The customer service offered was excellent and prompt, leaving you with a favorable image. They also provide MT4 to their clients. It also includes space for traders who have advanced from Web platforms and want to refine their talents on a sophisticated and well-known trading tool. You can also experiment without risking your money by using the site's demo trading account. SimpleFX further claims that all quotes on demo accounts are identical to actual trading with a 5-minute delay, allowing you to practice trading in live markets accurately. Is SimpleFX a scam? An established financial organization's regulation of an online trading medium ensures its credibility. To be qualified for a license, the broker must meet the requirements.

3. Simple FX may be a fraud because the broker is registered offshore and lacks a valid license from a reputable financial body. Trading with SimpleFX is risky, and we strongly encourage you to avoid using an offshore broker. They do not offer a financial investing solution worthy of your trust. Their usage of cryptocurrencies, they claim, is the main reason for the absence of regulation. Summary Despite its intuitive layout and easy trading experience, the SimpleFX is regarded as a scam. The regulation or lack thereof indicates that it is a scam. They also do not offer any financial investment solutions that build our trust in them.