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simplewealthfx

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I want to know whether SimpleWealthFX is regulated or not. Thank you!
Iliyan Legkodukh
United Arab Emirates
2023-12-12
ANSWER SimpleWealthFX is an unregulated forex broker.Firstly, it has not provided any information about its regulatory status. This lack of transparency is a typical indicator of a scam.Secondly, it listed three phone numbers as hotlines on its website, respectively in the UK, Canada, and Australia. We searched for it in the relevant financial regulators'registries, but found no official records from these authorities to support this platform's legitimacy. This suggests that SimpleWealthFX likely does not possess any licenses.Lastly, the Ontario Securities Commission (OSC) has issued a warning against SimpleWealthFX, stating that it is not registered in Ontario to engage in the business of trading in securities. This further suggests that SimpleWealthFX is not safe.Consequently, SimpleWealthFX appears to be an unlicensed broker that poses significant risks to investors. Individuals trading with this platform may fall victim to fraud and identity theft, without regulatory protections in place. To mitigate such substantial risks, it is advisable to steer clear of SimpleWealthFX and other unlicensed brokers, and instead opt for those that are fully regulated and have solid reputations.
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Risk Warning:

FX trading is of high risk and may not be suitable for all investors. Leverage will create additional risks and loss. Before trading, please carefully consider your investment objectives, experience level and risk tolerance. You may lose part or all of your initial investment; do not invest money that you cannot afford. Educate yourself about the risks associated with FX trading. If you have any questions, please consult an independent financial or tax advisor. Any data and information are provided "as is" and only for information purpose, not for trading or recommendations. Past performance does not predict future results.

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