This Simplii Cryptos review aims to show you all the dangers of trading with anonymous brokers. You can suffer severe monetary losses while also experiencing much worse consequences.
Before investing even a penny, you have to do due diligence and get all the information. And if you already fell victim, let us help you out by providing crucial details.
Verifying the regulation is the best way to judge a broker’s legitimacy. If a company is licensed to conduct business, it’s a good sign. Hence, we checked the Simplii Cryptos website for this information.
Sadly, the web presentation is quite obscure. It doesn’t contain the owner’s name, and every other detail is phony. Namely, the company says it operates from the UK under Estonian governing law. It makes absolutely no sense, considering that the two have different regulators and adhere to different monetary rules. Just in case, we checked if Simplii Cryptos is legit in any of these countries. The answer is no. There’s no regulation from the FCA, FI, or any other authority, as a matter of fact.
While there are not many reviews on Trustpilot (only five at the time of writing), 100% of them are 1-star. And that says a lot. Customers are disclosing a connection between this brokerage and another scam we exposed earlier, Admirria.
Once you sign up for their social media ad, you’ll be pressured to deposit the money right away without having the time to do due diligence. This is a common tactic of fraudulent brokers and something you should watch out for.
Since we have already established that this company is unregulated, getting your money back might be a real hassle.
Simplii Cryptos’ contact information is fake, as you can tell. The phone number +2 333 444 555 seems pretty much phony as everything else. The only way to reach out is through email or the web form; in both cases, you risk being ignored.
The company offers links to download Zoom, Telegram, and WhatsApp. Allegedly, your account manager will contact you through one of these. And we believe it’s true. They will send you messages and financial plans and ask for more money every week. Yet, once you say it’s enough and request a payout, you won’t be able to access your funds.
Unsurprisingly, this brokerage doesn’t offer a quality trading platform. Instead of providing its clients with MT4, MT5, or cTrader, they only offer WebTrader.
Simplii Cryptos login is only possible through a web browser on your desktop or mobile device, which is rather inconvenient. It means you’ll waste valuable time trying to get to your trades. In addition to being impractical, this solution is not good because it lacks advanced features such as EAs, social trading, Autochartist, and more.
While the platform is nowhere near satisfying, the offer of tradable assets is not as bad. You can access the following markets:
Solid, but not enough, considering the lack of authority approval.
Let’s go through all six account types and see what you can get for your money.
The leverage ranges from 1:10 to 1:100, depending on the type. Additionally, you are only entitled to trading education and live sessions with your account manager from the Diamond account.
The minimum deposit is exceptionally high, knowing that other companies offer you to start with as low as $10. In addition, no Demo account would enable you to test the system for free before paying this substantial sum.
Many clauses are preventing Simplii Cryptos’ withdrawal. One of them is a bonus clause, requiring you to have a minimum trading volume of 30 times the deposit plus the bonus amount before getting a payout.
Furthermore, the company says to charge withdrawal processing and handling fees but without specifying the amounts. In addition, your account will be subject to a 10% dormant fee in case the account is inactive for more than 30 days.
As per available payment methods, the T&C lists the following:
While rather limiting, this is not so bad. Both methods have their own procedures for fund recovery, such as chargeback and recall. You can contact your bank for any issues and request a refund.
Let us know if you were scammed by Simplii Cryptos or any similar fraudulent trading brokerage. Our chargeback experts will evaluate your case during a free consultation to help you find the best method to recover your money.
It’s not all lost. Act now, and we’ll do our best to assist you with this matter. You’re not alone!
Simplii Cryptos is an unregulated online trading brokerage to avoid. If, however, you invested your money, allow us to help you with the chargeback procedure.
You can trade crypto and other CFDs, such as commodities, indices, and shares.
Simplii Cryptos didn’t specify how long it takes for you to receive your withdrawal.
Simplii Cryptos is an unregulated online trading brokerage to avoid. If, however, you invested your money, allow us to help you with the chargeback procedure.
You can trade crypto and other CFDs, such as commodities, indices, and shares.
Simplii Cryptos didn’t specify how long it takes for you to receive your withdrawal.
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