Simple Trade Cryptos website encourages individuals to enhance their potential earnings by becoming clients of this brokerage. However, upon closer examination, it becomes evident that there are numerous reasons why this proposition may not be advisable. Simple Trade Cryptos lacks credibility as a financial services provider, and entrusting them with your funds would likely be unwise. Let’s delve into the specifics of why this is the situation and explore more reliable alternatives for investing in financial instruments.
Simple Trade Cryptos Regulation
The initial cause for concern regarding Simple Trade Cryptos is the complete anonymity surrounding the identity behind the website. Nowhere is there a mention of a company name, not even within the legal documentation. Moreover, crucial details such as a contact address or information regarding regulatory licensing are conspicuously absent.
Reputable forex brokers typically furnish clear and comprehensive information regarding the legal entity that owns and operates their platforms, including their location, licensing, and regulatory oversight. The absence or improper presentation of such information serves as a significant warning sign indicating potential fraudulent activity.
Although the Terms and Conditions cite Estonia as the jurisdiction, an anonymous website like Simple Trade Cryptos would not likely operate as a broker within a highly regulated jurisdiction such as the European Union. There is no brokerage authorized by Estonian financial authorities utilizing the trade name and domain of Simple Trade Cryptos. Additionally, financial authorities in the Canadian province of Alberta have issued warnings or blacklisted Simple Trade Cryptos.
Trading Software
Although Simple Trade Cryptos offers basic order placement functionality, it falls short in comparison to the comprehensive capabilities provided by industry-standard platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
It’s important to emphasize that the existence of a trading software does not necessarily indicate the legitimacy of a broker. Financial fraudsters frequently employ manipulated trading platforms to deceive victims into believing their funds are being invested. However, in reality, the trading activity is entirely fabricated, and the funds are funneled directly into the scammers’ pockets.
Trading Instruments
The trading software offered by Simple Trade Cryptos encompasses instruments from all major asset classes, including forex, commodities, indices, equities, and cryptocurrencies. However, as previously mentioned, there is little basis to trust that the trading activity facilitated by this platform is legitimate. Engaging with dubious websites such as Simple Trade Cryptos poses unnecessary risks when there are licensed brokers available to work with.
Simple Trade Cryptos Spread
On the trading platform, a remarkably low spread of 0.1 pip is apparent. Such a narrow spread typically suggests that the broker levies some form of commission. However, Simple Trade Cryptos fails to furnish any information regarding the costs incurred by the client.
Simple Trade Cryptos Leverage
According to the account type descriptions, Simple Trade Cryptos offers leverage up to 1:100, yet the trading platform advertises an even higher leverage of 1:200. This inconsistency suggests that Simple Trade Cryptos is likely not a licensed broker operating in Estonia or any other regulated jurisdiction within the EU. High leverage presents the potential for greater profits but also amplifies the risk of sudden and substantial losses. Major regulatory bodies impose restrictions on leverage for retail traders, with the maximum leverage capped at 1:30 in the EU.
Another indication of Simple Trade Cryptos’ dubious nature is its claim to offer bonuses. Regulated brokers are prohibited from providing bonuses and promotions, as such incentives can lead to unfair practices. Scammers often utilize promises of seemingly generous bonuses to ensnare potential victims into unfavorable conditions.
For those willing to assume the risks associated with high leverage and seek to benefit from bonuses and promotions, a preferable option may be to invest through an offshore division of a reputable and established brand.
Deposit and Withdrawal Methods
This brokerage firm asserts that it facilitates credit card deposits and wire transfers, yet upon inspection, there are no active payment methods listed in the deposit menu.
It’s a common tactic among fraudulent brokers to advertise traditional payment methods while steering clients toward cryptocurrency transactions. This approach ensures anonymity for the scammers and prevents victims from seeking refunds or chargebacks.
In contrast, reputable brokers typically provide clients with a variety of transparent payment options, including established e-wallets such as PayPal, Skrill, or Neteller.
Minimum Deposit
The homepage of the Simple Trade Cryptos website indicates a minimum deposit requirement of 2,500 USD. However, the deposit menu displays a minimum deposit of 250 USD. In contrast, with as little as 5 or 10 USD, you could commence trading with some of the industry’s leading brands.
Withdrawal Requirements
The Deposits and Withdrawal Policy of Simple Trade Cryptos reveals several familiar tactics employed by scams to hinder withdrawal requests. For instance, an account that hasn’t met the vaguely defined minimum traded volume requirement of “200 in turnover,” presumably indicating 200 lots or 20 million currency units, will incur a 10% levy.
Furthermore, withdrawal fees range from 25 to 50 USD/GBP/EUR depending on the payment method, alongside additional processing fees. Legitimate brokers typically do not impose transaction fees, and when they do, these fees are considerably lower.