Simplex Option Review – 5 things you should know simplexoption.com

Simplex Option Review – 5 things you should know simplexoption.com

Beware! Simplex Option is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

Simplex Option is presented as a CFD broker, focused on the crypto market, that says to be offering over a hundred trading instruments, with underlying assets like Bitcoin, Ethereum, Litecoin. Bitcoin Cash, Ripple, TRON, Stellar and Tether. All of that with a choice of three account types and a web based trading platform.

Unfortunately the broker turned out not to be regulated, despite their claims for the opposite, so if you are about to deposit any funds with them be sure to read the following paragraphs first.

Simplex Option regulation & safety of funds

Simplex Option says to be owned and operated by SimplexOption Limited, which, we are told, is based in London, the UK. And the broker also says to be duly regulated in another EU country – Cyprus, by the Cyprus Securities and Exchange Commission (CySEC).

In fact, that would have been enough to guarantee them the right to operate in all the 28 European Union member states – a license issued in one EU country works for all the others.

Unfortunately, when we checked the CySEC registers we were unable to find Simplex Option, so basically what we have here is a unregulated broker, deliberately trying to mislead investors that they are legit and licensed. Needles to say, but Simplex Option are not regulated by the Financial Conduct Authority (FCA) in the UK neither.

Bear in mind that trading with unregulated companies in general is a recipe to get scammed, so our best advise here is to deal only with brokers authorized by reputable institutions like the FCA in the UK, CySEC in Cyprus or the Australian Securities and Investments Commission (ASIC).

Simplex Option deposit/withdrawal methods and fees

Although Simplex Option, says they accept payments in various ways, including several e-wallets like Skrill, when we proceeded with our registration it turned out the only payment methods available are crypto wallets, bank wire and Western Union, and actually you do not have an option to pay with Skrill, despite what Simplex Option says in their presentation.

Bear in mind that about a year ago Skrill adopted a new anti scam policy, according which they partner only with properly regulated brokers, and as we already established, Simplex Option does not have a license whatsoever.

And their minimum deposit requirement is also twice higher than what traders would usually find acceptable with a standard account – 500 USD, so once again we will repeat our general advice to trade only with properly licensed brokers, and to avoid, unregulated, virtually anonymous websites like Simplex Option altogether.

How does the scam work?

You may see such an ad on the social networks like Facebook or Instagram, or just somewhere on the Internet. It might be about the booming crypto market or some innovative trading platform. In any case, if you follow the link you may end up on one of the so called robo scam websites, like Bitcoin Revival and Bitcoin Profit, which are especially designed as traps for gullible investors. And there usually you will watch a video that will present you with a “once of a life time” investment opportunity – guaranteed, fast and easy returns, and all you have to do is register with your e-mail and phone.

Now, if you do that, instantly you will be transferred to the web page of a unregulated, offshore scam broker, where you will be offered to open a trading account with about 250 USD.

Bear in mind that scammers will do anything to make you deposit as much as you can, so naturally they will be manipulating your trading account in a way that your initial trades will seem amazingly successful. And you will be getting lots of phone calls as well – it will be your “senior account manager”, or “adviser”, who basically will be telling you exactly this – look, if you really want to make some proper money, you surely have to invest more – like at least 10 000 USD.

And believe it or not but at that stage most people do invest that kind of money, without realizing they have been scammed until the very day they decide to withdraw a portion of their funds. Than all of a sudden it turns out they have no right to withdraw, because of some minimum trade volume requirement, possibly linked to their welcoming bonus. he pretext for the cancellation of the withdraw request might certainly be different, but the result will always be the same – scammers will refuse to pay anything back.

What to do if scammed?

If you are a victim of a scam the only good option you might have is to file for a charge back with your bank in case you have payed with VISA or MasterCard. The good news here is that according to their new anti scam policies both VISA and MasterCard will allow you to do that within 540 days.

And if for some reason you have revealed to scammers your personal banking details like your credit card number or online banking password, immediately change the password and cancel your card.

Finally, if you are approached by the so called recovery agencies, do not trust them, they will not recover your money, but simply will charge you some fees in advance, basically scamming you a second time.

Rich Snippet Data
Review Date
Reviewed Broker
Simplex Option
Broker Rating
11stargraygraygraygray

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1 Comment

  1. Simplexoption victim

    Dear Sir,
    the same company also scammed me. first they asked me to open an account with 300 USD. when i opened account with BTC worth 300 USD, in five working days my account from 300 USD grew to 4536 USD, when i submitted my withdrawal request then they said that we have to disconnect your account from the auxillary trade software and it will cost 780 USD. then they lower the price for me to 430 USD. when i pay the 430 USD and requested the withdrawal then they said that your account is dormant and you have to pay the dormant fees which is 280 USD. and now they are demanding 280 USD. they are a pure scam.

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