SimpleTrades

SimpleTrades gives a vibe of trustworthiness, but all it takes is some minimum research to reach a different conclusion.

The broker claims to be located in the Marshall Islands, where, as we have multiple times said, there is no financial regulator. In the Terms and Condition it says that the broker operates in accordance with the laws in Vanuatu where the financial regulator is Vanuatu Financial Services Commission.

We searched the records for a SimpleTrades, and found no results. We have to conclude that SimpleTrades is UNREGULATED, and is a risk to all that invest in it.

We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.

The leverage here is 1:100, which is quite low for an illegitimate broker. Nevertheless, a lower leverage means that traders have to deposit more, and isn’t that what shady brokers ultimately aim for provoking in traders?

The EUR/USD spread is 3 pips. This does no good to anyone.

Trading assets are claimed to be Forex Pairs, Stocks, Indices, Commodities, and Bonds. This info is taken from the website. As we shall see, the trading platform says differently.

Which is odd, because the broker claims on the website that it offers an array of trading instruments, including Forex Pairs, Stocks, Indices, Commodities, and even Bonds. None of which are present in the trading platform we opened.

The language are English, French and Spanish.

SIMPLETRADES LOGIN

The MT4 has been included with this one, and along with it comes a set of peculiarities.

METATRADER 4

The platform offers some, by now, essential tools for every trader if he or she wishes to survive today’s online trading industry: Expert Advisors, technical analysis, mobile and tablet support, simultaneous charts among many other elements.

We opened two version of the platform, one desktop and the other browser-based.

The desktop version, offers only currency pairs as assets, and operates under a different name, meaning that SimpleTrades uses a 3rd party MT4 and passes it on as its own:
The web trader on the other hand, gives us Forex Pairs, and GOLD/USD as exclusive trading assets. But again, it functions under a different server name, same as the desktop one.

It's odd that they give us only Forex pairs and GOLD/USD because the broker claims on the website that it offers an array of trading instruments, including Forex Pairs, Stocks, Indices, Commodities, and even Bonds. None of which are present in the trading platforms we opened; another clear sign of the illigitimacy of the broker's operations.

Here the EUR/USD spread is on average 3 pips, doing no good to anyone.

The leverage that was offered to us when opening an account with the desktop MT4 was 1:100.

The platform can also be accessed from Android and Apple devices, although you would probably be trading with another, unknown, broker’s MT4.

SIMPLETRADES MINIMUM DEPOSIT

We were able to proceed to checkout with just 1 of some unspecified currency. Once we arrived at the checkout page, the currency turned out to be Croatian Kuna (HRK), or to be more exact – 7,40 HRK. No matter what country we listed as our own, we always ended up with the HRK.

The methods with which an account can be funded are: Credit Card, Master Pay, Bitcoin, and Wire Transfer. These we given to us on the personal dashboard; any other methods the broker claims to offer are not accurate.

Due to the broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

SIMPLETRADES WITHDRAWAL TIME AND FEES

Before moving on, there is one thing we must share. The SimpleTrades terms and conditions have been uploaded as an image, and not as text. This has always been a sign of trouble. Furthermore, the T/Cs are the only frame of reference from which we can inform both ourselves and you of the withdrawal time, fees and additional charges.

Withdrawal requests are processed within 8 days from the day when the broker receives it.

There is no mention of any withdrawal fees.

ADDITIONAL FEES AND TAXES

The broker gives itself permission to directly debit any payable amount a trader owes them.

Furthermore, any failure to pay a sum to the broker on the due date, the broker has the right to add interest to said sum:

Finally, the company mentions that the client is responsible for paying all taxes that come from Trades (capital “T”). We are left unsure if this has to do anything with commissions, or if it’s just another made up way to charge traders.

Always be on your guard when dealing with unregulated brokers. They can easily launch incoming fees without warning. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.

If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect. Do not expect anything of the kind from this broker; it will only bring you financial anxiety.

HOW TO RECOVER

Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

SimpleTrades is one of those brokers of which the more time you spend with, the more irregularities start to appear. The just of it is that it is unregulated and is a complete scam. Don’t bother with it. pips