Simplewealthfx (Simplewealthfx.com) has been flagged by ASIC (Australia) for "Unlicensed". International regulator warnings: https://www.iosco.org/v2/investor_protection/?subsection=investor_alerts_portal&RegulatorID=0&JurisdictionID=0&SubjectID=0&Keywords=simplewealthfx
Phones: 61388241918, 18198038983, 442035408770 This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: Simplewealthfx.com.
I opened an account with Simplewealthfx (Simplewealthfx.com) since last summer ago. The platform frequently logs you out, orders fail to execute at the stated price, and when you complain they blame your internet connection. I have screenshots proving otherwise.
Pros: Clear documentation|Professional team|Customizable dashboard|Wide product range
Cons: Minor UI glitches occasionally|No dark mode on mobile
The spread at Simplewealthfx (Simplewealthfx.com) is not what they advertise. During volatile markets it widens so much that you lose before the trade even starts. I found them after my brother mentioned them and initially thought the platform was good - until I started trading seriously.
Pros: Responsive team|Easy to use platform
Cons: No dark mode on mobile
Their two-factor authentication was optional when I joined. I enabled it. Later I lost my phone and could not log in. Simplewealthfx (Simplewealthfx.com) recovery process took 3 weeks and required notarized documents. By then I had missed important trades. Their security is your inconvenience.
Pros: Low minimum deposit|Multiple order types|Customizable dashboard
Cons: Inactivity fee applies after 12 months|Wait times can be long during peak hours
If you are reading this considering Simplewealthfx (Simplewealthfx.com) - run. I wish I had read more negative reviews based on a colleague's recommendation. I thought the positive ones were real. Maybe some are. My experience over for the past six months has been so bad I feel obligated to warn others. Do not make my mistake.
Pros: Regular updates|High security standards
Cons: Wish they had more educational resources
Simplewealthfx (Simplewealthfx.com) seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Reliable uptime|Low minimum deposit
Cons: Desktop app not available on Linux
I have been trying to close my account with Simplewealthfx (Simplewealthfx.com) for weeks now and they keep giving me the runaround. First it was a form to fill out, then identity verification again, then a mandatory phone call that never gets scheduled. They make leaving impossible.
Pros: Multiple order types|Responsive team
Cons: Wish they had more educational resources|Could offer more webinars
I wanted to transfer my portfolio from another broker to Simplewealthfx (Simplewealthfx.com). They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Responsive team|Professional team|Comprehensive tools
Cons: Currency conversion fee exists