Simplewealthfx SCAM Full Review
Have you made a deposit with Simplewealthfx and have concerns that you might have fallen victim to a scam? Explore our review of Simplewealthfx to understand why we do not recommend them as your trading broker.
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Who is Simplewealthfx ?
It’s essential to grasp the enormity of transactions among FX (foreign exchange) dealers, often involving hundreds of millions of dollars. Given the involvement of two currencies and associated sovereignty issues, the foreign exchange market operates with minimal regulatory oversight.
Simplewealthfx falls into the category of UNREGULATED forex brokers. When choosing a trading broker, caution is warranted if the company lacks regulation by any overseeing agency. This should serve as a warning that your funds may not be secure, and there’s no protective regulatory framework. Unregulated entities can potentially abscond with your money without being held accountable.
Moreover, when a website, like Simplewealthfx’s, promotes “Automated Trading Software” from another affiliated site, it raises suspicions of a scam. Such websites are notorious for engaging in fraudulent schemes.
How does the scam unfold?
Scammers employ persuasive tactics to convince you to make an initial minimum deposit. They entice with promises of doubling the deposit within 24 hours and similar claims. After obtaining the initial deposit, more experienced scammers may be brought in to extract additional funds. The cycle persists, but it is possible to put an end to it, even if you’ve fallen victim to their deceitful promises.
Did that happen to you too?
If you discover yourself in such a predicament, take the subsequent measures to recover your funds:
Maintain communication with the scammers: This step is vital, especially if you are seeking external assistance.
Promptly initiate a written withdrawal request: Act swiftly to formalize your request for fund withdrawal in writing. Be vigilant, as scammers may employ various excuses to delay the process.
Initiate a chargeback: If your payment was made through a credit or debit card, instigate a chargeback to effectively reclaim your money. This action underscores your genuine efforts to retrieve your funds.
For wire transfers: In cases where money was sent via wire transfer, issue a stern warning to the scammers about reporting them to the authorities. If necessary, follow through by composing a detailed letter to the regulatory agency for forex brokers in your country, outlining the fraudulent activities.
Post reviews on alternative platforms: Contribute to warning others by sharing your experience through negative reviews on various platforms. This serves as a precautionary measure to prevent others from falling victim to the same scam.
Conclusions
We hope this review was helpful and gave you the information you needed.
If you have any more questions or requests, please don’t hesitate to contact us at info@globalfraudreviews.com or here.