Thinking of getting into business with Simplified Finance Market? Here is what you must know about this broker. Carefully read this review to find out if simplifiedfinancemarkets.com is the trading platform you will want to trade with.
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About Simplified Finance Market Broker
Simplified Finance Market is an offshore brokerage company with a lot of promises for traders. The broker location cannot be found on the webpage. To begin with, this is a red flag that tells us everything we need to know about this broker.
The broker claims regulation from Cyprus Securities and Exchange Commission (CySEC).
To clarify, in spite the trading instruments Simplified Finance Market claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
Here is a warning by CySEC. See below.
simplifiedfinancemarkets.com: Reasons to Avoid This Broker
Firstly, simplifiedfinancemarkets.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because CySEC has blacklisted the broker has unlicensed entity.
Secondly, we noticed simplifiedfinancemarkets.com has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
Further, the importance of legal documents cannot be de emphasized especially when doing due diligence. Truly, we could not assess the broker’s legal documents as we found it missing on the webpage.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, the broker provides no information on withdrawal fees nor processing days on each withdrawal. Truly, this broker is a scam and its fraudulent schemes are clear.
Minimum Deposit
Minimum deposit is not provided by this broker.
As for the payment methods, the broker accepts Debit/Credit cards, Bank Wire and e-Wallets. But, you should not consider making any payment with this broker because it is a risk. So beware!
Simplified Finance Market Platform
The broker offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, the broker provides no information. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Simplified Finance Market Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
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Conclusion: Is simplifiedfinancemarkets.com a Reliable Broker?
No, simplifiedfinancemarkets.com does not seem like a reliable broker for traders even though it promises offers that look good to be true. The broker has shown to us that legal documents are not important to the public.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.