Warning! SimpleXOption is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Does SimpleXOption have what it takes to make it your next go to binary options trader, or is this one not worth your time and attention. Read on to find out.
The state of the website seems quite professional, but as of writing this, we have adapted our senses to fight off any suspicious. Well SimpleXOption has its rough edges that seem to propel it on a downward spiral. First and foremost, the broker claims to be regulated by CySEC which is a brash claim, and one that applies a sense of professionalism to SimpleXOption. However, SimpleXOption does not show up in the CySEC online public registry, meaning that SimpleXOption is UNLISENCED, and therefore a risk to all traders.
And seeing the state of the website and the information that kept revealing itself to us, we are not surprised that SimpleXOption is illicit.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
Furthermore, there is actually no legal documents that bind the broker with the client, which simply means that the company can easily bend the rules to their own liking.
We registered and were greeted by the fact that SimpleXOption is in fact a binary options trader (illicit brokers usually lie about such things) The fact that SimpleXOption is a binary options trader, means that there is no leverage and no spread. Users can bet on crypto currencies only.
The only language available is English.
The binary trader here is pretty standard, if not slightly underwhelming, stuff. Users can bet on if the price of a crypto currency will rise or fall, which is the essence of binary brokers.
That’s pretty much it. There are no spreads and leverages, and users are limited to only betting on crypto currencies. The last thing worth a mention is that the platform is solely browser based.
SIMPLEXOPTION MINIMUM DEPOSIT
The minimum deposit as per the personal dashboard is $1, meaning that there isn’t really a minimum deposit requirement.
Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
AnyDesk and TeamViewer software are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
SIMPLEXOPTION WITHDRAWAL TIME AND FEES
Apart from the withdrawal button in the client area, the broker offers no other withdrawal related material. And even when we clicked on the withdrawal button we were redirected to the deposit page, meaning that we have to first deposit and then (hopefully) withdrawal.
Without any other withdrawal info, we are unfortunately left with no choice than to continue without providing the usual info.
ADDITIONAL FEES AND TAXES
Because there are no legal documents we cannot give you any additional fees or concerning clauses. Be aware that no legal documents always speak volume for the fraudulent nature of a broker.
Nevertheless, reader should be aware that unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. And seeing that every day there are many who fall victim to their plans, one must realize that these people are smart and fully capable realizing their schemes, either by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.
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.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
The only thing that is left to do is to file for a chargeback, and hope that the minimum amount of damage has been inflicted on your account.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
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!
SimpleXOption is a laughable attempt at luring clients and taking their money. We urge readers to stay away from this one. We assure you that if you deposit you will never see your money again.