Don’t be stupid! Social media broker SimpleFX chased after your money!

In December 2021, the Italian regulator Consob issued a warning against forex and crypto broker SimpleFX (https://simplefx.com). SimpleFX Ltd, registered in St. Vincent & The Grenadines, is allegedly the operator of this illegal broker. Deposits of potential victims are only possible via cryptocurrencies. SimpleFX is currently 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

Scam narrative

SimpleFX is massively active 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.

Deposits can only be made via Crypto through the BTC Blockchain, the Binance Smart Chain and the Lightening Network. So there is no charge back option and no possibility to follow the funds.

Are you 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. 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.