Simplii Cryptos Review – Frauds Hastily Shutter Their Virtual Doors

As Canadian regulators closed in, one fraudulent operation was forced to shut down. This Simplii Cryptos review unravels the unsettling narrative of how this fraudulent broker vanished, leaving numerous victims destitute and betrayed in the aftermath.

Read on to learn about methods to potentially retrieve your capital lost to financial swindlers.

Is Simplii Cryptos a Scam Broker?

What do we know about Simplii Cryptos’ regulation? Not much because this website is anonymous, i.e. there is no mention of any company, address or legit phone number (the one on the website is most likely fake).

We opened the Terms and Conditions only to read a different broker name in it – Crypto FM. Moreover, the jurisdiction under which Simplii Cryptos operates was not disclosed.

Taking all of this into account, it’s safe to say that Simplii Cryptos is a pure scam broker, just like Volofinance. Instead of trusting these schemes, you better invest in a reliable provider that is regulated by a Tier 1 authority such as the FCA (UK), ASIC (Australia), CFTC (US), IIROC (Canada), ESMA (EU), etc.

Financial Authorities Alert Traders

Company that has headquarters in one country, claims to operate under the laws of another state, yet is particularly focused on an entirely different area of operation, immediately raises eyebrows. This alleged UK firm, unregulated by FCA, claimed to abide by the Estonian financial regulations, yet was mostly operating in Canada. 

While checking various databases in search for license information, we found no data published by FCA, FINMA, BaFin, CySEC and ASIC. However, what we did find speaks no good of this shady business. Almost every jurisdictional regulator in Canada has blacklisted Simplii Cryptos broker for preying on Forex novices. 

The authorities that have published official alerts on this fraudulent project are CSA, MSC, FCNB, BCSC, ASC, OSC, and AMF.

The Opinions of Traders On Simplii Cryptos 

We checked several review pages to see what traders think about Simplii Cryptos. Are there any complaints against the broker?

You can bet on it. Unfortunately, Simplii Cryptos has defrauded several traders, which is why we are determined to stop this trading scam.

They accessed our bank account through our computer and e-transferred themselves everything from all accounts WITHOUT PERMISSION, including a joint account and line of credit. Over 12,000$ total. They target vulnerable people.

– Trustpilot user, May 1, 2023.

On the website, there is a Zoom download link. We assume that’s how Simplii Crypots was able to gain access to all this information.

Simplii Cryptos’s Platforms

Simplii Cryptos offers a browser-based trading platform. This online trading terminal can be accessed via both desktop and mobile systems.

However, WebTrader is usually a lackluster and ineffective platform. There are some rudimental charts, graphs and indicators but not much else. This is typical of scammers such as Simplii Crypto and Bitsterzio. Neither broker supports valid third-party software such as MT4, MT5, or cTrader.

Which Financial Instruments Does The Platform Include?

Here’s an overview of the trading instruments Simplii Cryptos promises:

• Forex currency pairs – EUR/USD, GBP/USD, AUD/CAD…
• Indices – S&P500, NASDAQ100, FTSE100…
• Commodities – gold, silver, crude oil…
• Stocks – Apple, Google, IBM…
• Crypto – BTC, ETH, USDT…

Simplii Cryptos’ Areas Of Activity

When it comes to the areas, i.e. domains in which Simplii Cryptos tried to provide services, we compiled a list:

• United States;
• Canada;
• South Africa.

As you already know, Simplii Cryptos is blacklisted all over Canada. The other two domains are off-limits to this scammer. Residents of these domains, beware!

Account Options Offered by Simplii Cryptos

Simplii Cryptos offers six different trading account types:

• Bronze – 2,500 $;
• Silver – 10,000 $;
• Gold – 25,000 $;
• Diamond – 100,000 $;
• Private Wealth – 500,000 $;
• Legacy – 1,000,000 $.

This is outrageous; Simplii Crypots demands 2,500 $ as the initial deposit?! There are many legit brokers that will allow you to open a Micro account for just 10 $.

If you invest this money, you will most likely never see it again, unless you seek professional help in getting a refund.

Can a Trader Use a Demo Account?

There is no demo account. Simplii Cryptos thus reduced the chances of someone seeing right through the lies.

The reason there’s no demo account is that Simplii Crypto wants to lock onto that deposit and steal it before you notice this website is fraudulent. On the registration page, we saw a promo code option, which means the scammer sends this code to targets.

Leverage, Spreads and Fees

We don’t know anything about the spreads and commissions. As for the leverage, it ranges from 1:10 to 1:100, depending on the account type.

Keep in mind that the regulatory cap in Europe and Australia is 1:30 for retail clients. In the US and Canada, that limit is 1:50. Simplii Cryptos offers well beyond that cap, which is why you cannot trust this broker.

Terms of Service for Simplii Cryptos

We already mentioned that the entire Terms and Conditions document belongs to an entity called Crypto FM. We searched for this entity and found a dissolved UK company by that name but there’s no correlation between it and our little scammer. 

This text even omitted key information such as the governing law in force and the jurisdiction under which the broker operates. If a broker has copied the most important file on the website, imagine to what lengths the scammer will go to steal your money. Simplii Cryptos cannot be trusted.

Simplii Cryptos Withdrawal Issues

Forged legal documentation didn’t help traders determine what withdrawal terms existed on this online trading portal. 

No concrete information was disclosed pertaining to fees, taxes, processing time and additional conditions, like the notorious trading volume requirements. Even the minimum withdrawal amounts and channels supported were a total secret!

These are just some of the issues in play while others relate to the victims not being able to even issue a payout request ever since the site went blank. What we wholeheartedly advise you to do is contact out legal professionals that can lead you through the process of chargeback.

What Should I Do If I Got Scammed By Simplii Cryptos?

If you’ve been scammed by Simplii Cryptos, keep your head up. There’s no time to waste, you must act quickly.

Get in touch with us as and we will explain to you how a chargeback works. Book a free consultation with our team to learn how to get your money back!

Contact us today and start your chargeback process.