SimpleWealthFX Review – All The Features and Conditions Exposed
In the first place, this investment firm doesn’t reveal any ownership information. Not even the headquarters country.
Therefore, there is nothing much to hope for with this broker. Still, we will be honest in this SimpleWealthFX review and present you with all the details objectively.
|Regulated by:||No regulations|
|Is This Company Safe?||No|
|Have Warnings from:||N/A|
|Trading Platforms:||Web trader|
|Trading Assets:||Cryptocurrencies, Forex, Indices, Shares, Commodities|
|Free Demo Account:||Not available|
|How to Withdraw from This Company?||Due to shady withdrawal policies including bonuses and other malicious clauses, the only withdrawal option is through the chargeback or some other alternative refund methods that our specialists would recommend.|
Legal info: Is SimpleWealthFX legit?
SimpleWealthFX broker is not licensed in the first place. We checked most trusted regulators like FCA, BaFin and ASIC, but none of them have records of this firm.
So, their fake funds security features like segregated bank accounts, are completely fictive. Not to mention that the company is lying about trading software and has quite poor customer support. If you look closer, you will see a recipe for fraud.
Who are SimpleWealthFX victims?
According to who.is, this broker has been operating since May 2023. Surprisingly, for the given time, they were mainly targeting traders from:
- South Africa
Yet, neither do they have an FSCA nor IIROC license. Therefore, if you were also one of their victims, contact our refund experts for detailed guidance on the recovery of the funds.
Leverage, Commissions, Spreads, Fees and Taxes
One of the most important trading conditions is not revealed with this investment company. That is leverage. But make sure you don’t accept anything higher than 1:30. That’s something regulators generally recommend.
With scam companies, you don’t have much freedom to choose. Apparently, the company offers spreads below 1 pip, but without free access to the platform, it’s hard to prove. Also, none of the other fees or commissions are transparent.
SimpleWealthFX Trading Features
It seems that SimpleWealthFX company promotes mostly crypto investments, whether trading, mining or staking. Yet, with their unknown technology, it can be quite a risky journey. Even though they mention desktop and mobile apps, it all looks like they only offer a web trader instead.
Is SimpleWealthFX legit?
This investment firm is far from legit. Primarily, they are hiding their ownership information and headquarters location. Secondly, they don’t offer reliable contact options.
Not to mention the lack of regulations and transparency about the trading software. Almost all of these warning signs you can easily recognize in our 24xForex review.
Available Trading Assets
Of course, this company offers anything that traders want. However, the data presented about the assets might be forged. Especially with their web-based platform. Anyway, the options are:
- Forex – GBP/USD, JPY/NZD
- Commodities – natural gas, palladium
- Indices – CAC40, FTSE100
- Shares – General Motors, Microsoft
- Cryptos – BTC, BCH
Shockingly, the company has an insanely high minimum deposit requirement of $5.000. For a company without any credibility and regulations that’s extremely high. Anyway, their account type offer is:
- Classic – $5.000
- Gold – $10.000
- Platinum – $25.000
- Diamond – $100.000
Mobile Trading App
The mobile app is allegedly a part of their offer for the accounts with higher deposit requirements. Thus, that doesn’t mean that the app is directly related to your account with SimpleWealthFX company.
Instead, it could be any other app. To understand the importance of a trusted mobile app, read our RightFX review as well.
Apparently, you can request a demo account from the company. However, that is most likely one of their aces from the sleeves to get your contact details. In any case, the company without regulations offering a demo account is not something that can help you.
As for education, the company offers educational resources and webinars. But of course, if you deposit more money you get access to premium material and exclusive webinars. Practically, they are telling you if you are not depositing more money you are meaningless to them.
The first worrying thing about withdrawal is 7 business days processing time. Practically, they can make any possible excuse in those 7 days to decline your withdrawal request. Also, the company has the right to add non-deposited funds which are tied up with the bonus policy.
So, if you hear anything about fees or taxes, know that is a trick to extort the last penny from you. Keep in mind that SimpleWealthFX doesn’t reveal any withdrawal costs. So, plenty of room for manipulations.
The only contact option with this anonymous company is their e-mail. Thus they have a disclaimer saying they can reply within 5 business days. Not something you want to hear from a broker. In any case, there are many others that you can choose and still sleep tight.
Key Information To Consider About SimpleWealthFX?
Everything about this company is a warning sign. Starting with non-existent regulations, non-transparent software or trading conditions. Not to mention poor withdrawal policy, bonuses and all the possible tricks they could use. Therefore, we suggest you stay away from this broker.
After all, it wouldn’t be the end of the world if you were scammed by them. It could happen to anyone. But it’s important what are you going to do about it. Are you going to let them go away with your money or do you want your money back? If you choose option two, contact our refund specialists now to start the refund process!
What Is SimpleWealthFX?
SimpleWealthFX is an anonymous and scam broker that has targeted clients from Canada and South Africa since May 2023.
Is SimpleWealthFX Regulated?
No. The company operates without any adequate regulations. Therefore, you can expect issues primarily with payouts. If that’s your case already, contact us for assistance with the refund.
Where Can I Access My SimpleWealthFX Trading History And View My Transaction History?