Beware! Trade-Simple is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
On the Trade-Simple website we read claims that it is a regulated forex and CFD broker operating in one of the leading global financial hubs. But what Trade-Simple actually is is an example of why we should always verify the information we see online. This is especially important when choosing an investment intermediary. Such verification shows that Trade-Simple is not what it says it is – we’re actually dealing with yet another fake broker.
TRADE-SIMPLE REGULATION AND SAFETY OF FUNDS
Legitimate financial services providers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.
Even when this information is available, it is imperative to verify that it is correct. claims to be based in London, United Kingdom.
To operate legally there, a broker must have the appropriate licences from the local regulator, the Financial Conduct Authority (FCA). The home page of the website states that Trade-Simple is owned by a company named Apollo MS Ltd. But the Terms and Conditions state an additional company name – Trade-Simple Ltd. Both cannot be found in the records of the FCA.
There are other tell-tale signs that Trade-Simple could not really be a broker in the UK, which we discuss below. But the lack of a licence is more than enough reason to stay away from Trade-Simple.
If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the Financial Conduct Authority (FCA). They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.
TRADE-SIMPLE TRADING SOFTWARE
Advanced trading software is a selling point for any genuine forex broker. But on the Trade-Simple website, we don’t even find mention of trading platforms. After registering an account, we get access to a quite rudimentary web platform consisting of a basic buy and sell menu and charts taken for free from the data provider TradingView.
Actually, this platform looks more like an imitation to us than a functioning trading software. The platform is a far cry from the advanced functionality you’ll find in platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are used by the majority of brokers worldwide. These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
But even if Trade-Simple had a more convincing platform, that would not make this website credible. Fake brokers use trading software to mislead their victims that their money is really being invested. But this trade is entirely sham.
TRADE-SIMPLE TRADING CONDITIONS
At this stage we have no doubt that Trade-Simple are common scammers and offer no real trade. But the terms described on the website provide us with further clues that the Trade-Simple are not what they claim to be.
Trade-Simple claims to offer different types of trading accounts, but the descriptions of these accounts lack information about the fundamental trading parameters. Only a minimum deposit of 250 USD is specified. For the same or often lower amount you could open a starter account with a legitimate broker and start trading under fair conditions.
Trade-Simple claims to offer trading in all asset classes, including cryptocurrencies. But brokers in the UK cannot offer such a service to retail traders because the FCA prohibits trading in crypto derivatives.
Another practice that is prohibited to regulated brokers, not only in the UK, is to offer bonuses and promotions. However, Trade-Simple claims to offer bonuses, though it does not specify their specific terms.
In the questionable trading platform, the leverage level can be adjusted up to 1:50. Regulated brokers do not offer such levels to retail traders as trading with high leverage carries risks of sudden and excessive losses. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.
TRADE-SIMPLE DEPOSIT/WITHDRAW METHODS AND FEES
Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Neteller Sofort or iDeal. Trade-Simple allows money to be deposited only through unknown payment processors such as trdapps.com and wisenex.com.
The website and the Terms and Conditions do not specify fees and conditions for deposit and withdrawal of funds. However, Trade-Simple states that if the account has received a bonus, the withdrawal of money is subject to the fulfilment of related conditions. But as stated, Trade-Simple does not specify the terms of the bonuses. Scammers typically tie supposedly generous bonuses to impossible-to-meet minimum trading volume requirements and extortionate fees.
HOW DOES THE SCAM WORK
Many people have a desire to invest in the financial markets but lack the necessary knowledge and experience. This makes them a potential victim of the many internet scammers posing as brokers and investment intermediaries. These types of scams have exploded alongside the cryptocurrency boom.
If you trust such a website and give them your personal information, you will be contacted by experienced scammers who will entice you with promises of easy profits. The scammers usually offer to take over all aspects of investing for you, sometimes even prompting you to install remote access software on your personal computer. After investing an initial low amount, they will convince you that you are already making incredible profits and urge you to invest more.
But you will never get the promised profits, nor will you be able to get your money back. If you want to withdraw funds from your account, you will find that you have suddenly lost everything in the market, or that you have to meet impossibly high traded volume requirements, or that you have to pay huge fees. It is also possible that fraudsters simply disappear because they hide behind fake names and shell companies in offshore areas that are not subject to any control and regulation.
WHAT TO DO WHEN SCAMMED
One of the few options to get at least some of your money back in such a situation is to ask for a chargeback. But this is only possible if you have used a credit or debit card for the transaction. Scammers typically use cryptocurrencies or dubious e-wallets that make it impossible to get your money back.
Under no circumstances should you trust people and websites that promise to magically refund your lost money for an upfront fee. This is also a well established scam. You may even fall victim to the same scammers again.
