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SimpleTrades Review - is it scam or safe?

SimpleTrades Review - is simpletrades.com scam or good forex broker?

RATING: 1 / 0 REVIEWS SimpleTrades
SimpleTrades is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account  Min. deposit Max. leverage Spread
Standard N/A 1:200 3 pips

    

SimpleTrades presents itself as a MetaTrader4 forex broker. It doesn’t seem to offer its clients a choice of account types, but actually, what this broker lacks most is reliability. Be sure to check out at least the first point of the negatives section, if you are going to skim through the review.

 

 

SimpleTrades Advantages

 

MT4 available, good selection of assets

Clients of SimpleTrades are allegedly offered access to both the MetaTrader4 (MT4), the finest and most popular trading solution on the market. The platform is highly praised for its Intuitive trading interface, top-notch charting, automated trading via Expert Advisors, extensive back-testing environment and customization options.

 

Besides, it seems that SimpleTrades’ offer is quite broad in terms of tradeable assets – it offers trading in many currency pairs, as well as CFDs on indices, commodities, precious metals and stocks. However, this broker does not provide a freely downloadable version of the MT4, and we could not register a demo account either, so you might search for better options for trading on this platform.

 

 

>> Choose some of the best MT4 brokers <<

 

 

Up to 1:200 in leverage

Another possible benefit of this broker (provided that it is not a con-artists) is that it offers leverage of up to 1:200. These are solid leverage ratios which will suffice the needs of most traders. The downside of using high leverage is that it can be risky and those who are not experienced in trading could lose their entire investment in a matter of seconds.

 

 

SimpleTrades Disadvantages

 

No financial regulation

According to the information on the broker’s website, SimpleTrades is a trademark of Trade Up Ltd., a company registered on the Marshall Islands, which also operates Đ¢rades.com.

 

Forex brokers registered on this offshore zone are not subjected to mandatory licensing, nor to any oversight whatsoever, which brings along significant risk to their clients. Needless to say, offshore brokers like SimpleTrades are not allowed to operate on any regulated financial market, such as the EU, USA, Canada, Japan, Turkey, and more.

 

Could not open a demo

All decent forex brokers provide free demo accounts in order to prove the transparency of their services. This, however, is not the case with SimpleTrades, which raises yet another red flag. Not providing a free testing service is very typical of scams and another reason why we gave this broker such a low rating.

 

High spreads announced

The broker’s website features some information on trading costs, however, they seem quite high – the benchmark EUR/USD spread being 3 pips. This is at least two times higher than the average in the industry.

 

Click on the image to zoom in.

 

Most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair. For further information and comparison, check out the below link:

 

 

>> Compare the spreads of top forex brokers <<

 

 

Conclusion

 

SimpleTrades is one of the many offshore brokers whose credibility level is close to zero. It is not licensed by any financial authority, nor is transparent with its services.

 

We must emphasize that the lack of financial regulation brings together with it uncertainty regarding the most crucial aspect of a brokerage – the safety of clients’ funds. When dealing with unregulated brokers traders as clients are not protected if something goes wrong. Furthermore, in many cases such brokerages simply stop answering your emails and calls and disappear with your heard-earned money.

 

As always, we recommend that you only deal with well-established and licensed forex brokers. That being said, one of the most trustworthy authorities in Europe are the UK’s Financial Conduct Authority and the Cyprus Securities and Exchange Commission (CySEC).

 

 

>> Trade with a broker regulated in Cyprus <<

 

 

 

And finally, here are the highlights of the present review of SimpleTrades:

 

Pros Cons
MT4 available, good selection of assets No financial regulation
Up to 1:200 in leverage Could not open a demo
  Announced spreads high

 

Latest news about SimpleTrades
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Traders` reviews for SimpleTrades

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Cons

 

 

Summary

Pros

Cons

 

 

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