Abstract：SIMPLEFX, a Saint Vincent and the Grenadines-based brokerage entity, receives complaints mostly about trading chart manipulations. Generally, while researching broker reviews, complaints usually centre on hassles concerning fund withdrawals. User complaints for this broker have come from many regions, including South Asia. This SIMPLEFX review examines these user allegations and shares its regulatory framework.
SIMPLEFX, a Saint Vincent and the Grenadines-based brokerage entity, receives complaints mostly about trading chart manipulations. Generally, while researching broker reviews, complaints usually centre on hassles concerning fund withdrawals. User complaints for this broker have come from many regions, including South Asia. This SIMPLEFX review examines these user allegations and shares its regulatory framework.
ContentsSIMPLEFX Broker Market Access Explained
SIMPLEFX offers a host of brokerage products - Forex, Cryptocurrency, Indices, Commodities, Equities, and metals.
Forex traders can invest in a wide range of currency pairs. These include AUD/USD, AUD/CAD, AUD/CHF, EUR/GBP, EUR/CHF and EUR/USD.
As someone who wants to trade cryptocurrencies, you have several options, including Cardano, AAVE, ApeCoin, Arbitrum, Algorand, Bitcoin Cash, Avalanche and Vaulta.
Indices available for trading on the SIMPLEFX platform include ASX 200, SMI 20, Euro Bund, Germany 40, China A50, CAC 40, Euro STOXX 50 and IBEX 35.
Commodity traders can place bets on Brent Crude, Natural Gas, Oil, Soybean Oil, Sugar, Wheat, Soybean, Cotton, Corn, Coffee, Cocoa, Lean Hogs, Gasoline, Gas Oil and Cattle.
Meanwhile, you can trade equities of several companies across regions - Asia Pacific, Europe, Middle East, Africa, Latin America and North America. Companies listed on the SIMPLEFX platform include Hutchison Holdings, Galaxy Entertainment Group, Tencent Holdings, ABB, ABSA Group, Anglo American, Banco Bradesco, Magazine Luiza, Rumo SA, Ambev, Agilent Technologies, Apple, Airbnb, American Bitcoin, etc.
While there's no denying a wide range of products, the complaints by some users paint a disturbing pitcure. We have elaborated on the same in this SIMPLEFX review. Take a look!
What are Users Accusing SIMPLEFX of?
Chart Modification Claim Against SIMPLEFX
A user from Spain accused SIMPLEFX of modifying trading charts, deceiving him with commissions, and automatic trade order opening. The user reported the incident through this SIMPLEFX review.
Trade Manipulation & Account Block Accusation
A Bangladeshi trader reportedly blamed SIMPLEFX for manipulating trades and blocking the trading account of clients when they make profits. In another review, the same user claimed that the broker scams clients by deleting clients' trades. Take a look at the two reviews shared by this user.
No Answers Through the Broker's Chart Box
A trader from South Africa accused SIMPLEFX of failing to provide any answers on the chart box. According to the user, he could not find any option to paste the API code on the broker's home page, as told by the broker. The user highlighted the issue in this SIMPLEFX review.
Withdrawal Failure Due to the Server Issue
A user from Australia seemed to have opened the SIMPLEFX trading account under the impression of bonuses highlighted by the broker through their activities. However, the trader reportedly failed to withdraw profits because of the alleged issue in the SIMPLEFX login server. The user further shared that the customer support team gave numerous excuses when asked for an answer. Take a look at this complaint screenshot to learn more about the reported incident.
Lost Hopes of Fund Recovery
A client from South Africa claimed that one would need to wait a long time to get the fund withdrawal amount credited to their bank account. Suspecting his own case to be a scam, the trader reportedly expressed hopelessness in fund recovery by writing this negative SIMPLEFX review.
Is SIMPLEFX Regulated? Find Out in This WikiFX Report
Yes, SIMPLEFX is regulated with two licenses. It has received a forex license from the Financial Sector Conduct Authority (FSCA) in South Africa. Its license number is 53073. Additionally, it has a securities trading license from The Financial Services Commission (FSC) in Mauritius. Because of the two licenses, the broker still has a good reputation in the trading community. However, the spurt in user complaints has led to a reduction in its trust score to 5.47 out of 10.
Conclusion
SIMPLEFX, undoubtedly, has a wide range of appealing trading products to align with your investment needs. The solid SIMPLEFX regulation status, with two licenses, is another benefit. However, user allegations, despite them not being established facts, cause concerns for prospective traders. One should carefully research the broker, its regulatory structure, operational jurisdiction and user reviews before deciding to invest. You can do all this on an independent platform, i.e., WikiFX, a forex broker regulation inquiry app. Download the app now.
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