In this review, we will describe why SimpleTrades is a scam that you should avoid at all cost !
Is SimpleTrades Legit?
Looking at SimpleTrades website, it shows that they are owned by Trade Up Ltd . Trade Up Ltd is located on the Marshall Islands, a well-known offshore zone and a preferred location for shady brokerage. SimpleTrades is an unregulated broker. Problem with unregulated brokers is that they are not reliable and abuse the regulations. Make sure to stay away from this broker as they are anonymous and that they can disappear any time without notice.
To make sure you are dealing with a regulated and known broker, you should be able to find easily who is the CEO of this brokerage firm, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why SimpleTrades is a dangerous broker to deal with.
Are Funds Safe with SimpleTrades ?
With such lack of information and SimpleTrades being unregulated, funds are not safe. Security of funds is a huge problem with unregulated brokers. A red flag that we noticed is SimpleTrades is withholding vital information to users.
SimpleTrades could go bankrupt from one day to another since there are no banking information about this broker.