Simply Bit has been flagged by British Columbia Securities Commission for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
My card was charged twice by Simply Bit on the same day. I had to dispute it with my bank. Simply Bit then froze my account and said I had a negative balance because of the chargeback. They created the problem and then punished me for it.
Pros: Transparent fees|Fast deposits|Reliable uptime
Cons: Search feature is basic
I invested $3,500 with Simply Bit after seeing their professional-looking website. At first, everything seemed fine - they showed me impressive returns on my dashboard. But when I tried to withdraw, they kept making excuses. First it was "processing time," then "verification needed," then "you need to pay a tax fee first." I never got my money back. I have since reported them to British Columbia Securities Commission.
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
After spending since the beginning of the year trying to make Simply Bit work for me, I have given up. The platform has too many limitations, the fees are not competitive, and the quality of their market data is questionable. There are much better options available.
Pros: Good mobile app|Helpful community forum|Competitive fees
Cons: Wish they had more educational resources
After for about five months with Simply Bit, I can only describe the experience as death by a thousand cuts. No single issue was catastrophic, but the constant stream of small problems, slow responses, and missing features wore me down until I finally left.
Pros: Customizable dashboard|Full transparency|Detailed reporting
Cons: Inactivity fee applies after 12 months|Limited ETF selection
The so-called education at Simply Bit is just marketing. Every webinar ends with a push to deposit more. The market analysis is generic and often wrong. If you want real education go elsewhere. I wasted for just over a year thinking they would help me learn.
Pros: Good analytical tools|Two-factor authentication|Risk management tools|Full transparency
Cons: Mobile app could be improved
After seeing ads for Simply Bit online, I investigated. The company is listed in the IOSCO I-SCAN warnings database and has been flagged by British Columbia Securities Commission. Their website looks professional but that means nothing - many scam operations invest heavily in appearance. Always check the regulatory warnings before investing.
Cons: Not registered with regulators|Unrealistic promises