In Dec 2021, Consob issued a warning against forex and crypto broker SimpleFX (https://simplefx.com). The German BaFin followed on 23 Feb 2022. SimpleFX Ltd, registered in St. Vincent & The Grenadines, is allegedly the operator of this illegal broker. Deposits are only possible via cryptocurrencies. No chargeback here! SimpleFX is super-aggressively active on Facebook, TikTok, and other social media and message platforms. The broker is trying to acquire new deposits with aggressive emails. Please do not fall for it.
Key data
| Brand | SimpleFX |
| Domain | https://simplefx.com |
| Social media | LinkedIn TikTok |
| Legal entity | SimpleFX Ltd |
| Jurisdiction | St. Vincent & The Grenadines |
| Warning | BaFin, Consob |
Scam narrative
SimpleFX attacks consumers on social media. On Facebook, more than 66,000 people follow the broker. On TikTok, SimpleFX entertains its more than 6,500 followers with fun videos and has received more than 236,000 likes. Currently, SimpleFX is chasing after new deposits with bonus pledges through social media and email campaigns. SimpleFX promises to double your initial deposit! Bonuses are the poison pills of brokers. They are associated with many conditions that prevent customers from withdrawing deposits or winnings.
Clients can deposit only with crypto through the Bitcoin Blockchain, the Binance Smart Chain, and the Lightning Network. So there is no chargeback option and no possibility to follow the funds.
Don’t be stupid!
The truth, however, is that SimpleFX is an unregulated broker. Clients are not insured against losses if the broker disappears. We strongly recommend avoiding SimpleFX. CFD, forex, and cryptocurrencies are high-risk investments. Additionally, when depositing cryptocurrencies, you do not have any chargeback opportunity. You know that, right? Of course, you do!
You can lose your money with them, even with regulated brokers, if you don’t know your way around. Why should you take the additional risk of an unregulated broker? Just because he does massive advertising on TikTok, Facebook, et al.? That would be stupid! And you are not stupid, are you?
Share information
If you have any information about SimpleFX, please share it with us through our whistleblower system, Whistle42.
