Investing in financial markets has become very popular over the past few years. With the emergence of various trading platforms and the ease of access to financial instruments, more and more people are interested in making profits from the financial markets. However, with the growing popularity of trading, there has also been a rise in the number of scam brokers that deceive their clients and make them lose their money. One such broker that has recently come under scrutiny is simplex-finance.com. In this review, we will take a closer look at this broker and explore whether or not it is a scam.
Company Overview
Simplex-finance.com is a forex and CFD broker that claims to offer a wide range of financial instruments for trading. However, upon further investigation, we found that the company does not provide any information regarding its ownership or management team. This lack of transparency is a major red flag and raises questions about the legitimacy of the broker.
Broker Name | Simplex Finance Ltd./ Simplex Financial |
Website | https://simplex-finance.com |
Address | Not specified |
Regulation | Not regulated |
Warning | FINMA, CONSOB |
Team
We did thorough research to find out the people behind this broker. Especially the tech team and business managers. But we did not find any information on this. Without this information, you should not trust this broker. Cause, we will don’t know who are you dealing with and what are their credibilities.
Services or Products
Simplex-finance.com claims to offer a wide range of financial instruments for trading, including forex, stocks, commodities, and cryptocurrencies. However, the website does not provide any information about the trading conditions, such as spreads, leverage, or commission. This lack of transparency makes it difficult for potential clients to evaluate the services offered by the broker.
Trading Platforms
The broker claims to offer the MetaTrader 4 trading platform, which is a popular platform used by many traders worldwide. However, we could not find any evidence of the broker offering a demo account or any trading activity on the platform. Without doing a demo trade, you should go for any trader. You need to understand the features, and accuracy of this trader.
License and Regulations
License Status
Upon researching, we could not find any evidence of simplex-finance.com being licensed by any financial regulatory authority. This lack of regulation makes it difficult for clients to trust the broker and raises concerns about the safety of their funds.
Regulation Status
The website claims to be regulated by the Vanuatu Financial Services Commission (VFSC). However, upon further investigation, we found that the VFSC does not regulate forex brokers. After doing further investigation, we found several warnings were published by FINMA and CONSOB.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Why Dealing With Unlicensed Brokers Is Risky?
Dealing with unlicensed brokers is risky for several reasons. Firstly, unlicensed brokers are not required to adhere to any regulatory standards, which makes it easy for them to engage in fraudulent activities. Secondly, unlicensed brokers do not provide any investor protection, which means that clients have no recourse in case of any disputes or losses. Thirdly, unlicensed brokers often have poor trading conditions, such as high spreads or low leverage, which can make it difficult for traders to make profits.
Legal Warnings Against simplex-finance.com
FINMA from Switzerland issued a warning against this broker. They showed this broker is not regulated or authorized to do business in Switzerland. Another warning has been issued by CONSOB and confirms that this broker is also not authorized to do trading in Italy too.
Client Feedback About simplex-finance.com
About Trading
We searched through different social media and online forums. We did not find any positive reviews from their previous traders and they are not happy at all. The main complaints are withdrawal issues, account bans, and non-responsive account managers.
About Customer Service
We found several negative reviews about simplex-finance.com’s customer service. Clients reported that the broker was unresponsive to their queries and did not provide adequate support when needed. This lack of customer service highlights the risks of dealing with a broker that does not value its clients.
How Can FX FXfarmupdate Help You If Get Scammed By Simplex Finance?
If you get scammed by this broker, simply submit your case through our website form. We will provide you with a free consultation and service recommendations to help you in retrieving the lost funds.
Final Thoughts
Simplex-finance.com raises several red flags that suggest it may be a scam broker. The lack of transparency about the ownership, management, and regulation status of the broker is a major concern. In case of any doubts or concerns, it is always advisable to seek the advice of a professional financial advisor or to consult with a reputable forex review website such as FXfarmupdate, which can help you avoid scams and make informed decisions about your investments. Ultimately, it is important to conduct thorough research and due diligence before choosing a broker to ensure that your investments are safe and secure.
