SimpleWay Review: A CNMV Blacklisted Platform

A warning from CNMV regarding SimpleWay is out for all to see. The platform is unregulated and offering harsh trading conditions. Investors also blame simple Way for blocking withdrawals. The platform dictates when investors are to withdraw funds from the platform. Other red flags made the regulator blacklist Simpleway.world. Here’s the full SIMPLEWAY REVIEW.

A Brief Overview of SimpleWay

The platform comes with two domains, and one is for the homepage and the other for the signup page. Simpleway.world will land you on the homepage, where you get to see what the platform offers.

Simpleway.one is the sign-in page with the disclaimer claiming Simpleway Inc. owns the platform. We have to give it to them for creating an appealing website. The aesthetics will make most investors sign up.

You have to dig deeper to find out some of the red flags found on the platform. These include anonymity and regulation. The lack of rules means the platform is putting your funds at risk.

Investors want a reliable platform that guarantees the safety of funds. You want a platform that is proven and tested by the community. And this is where Coin Staking, DeFi, and Masternoding come into play.

SimpleWay is not your average cup of tea. The platform is deceitful and, in the end, gets to keep your money. Imagine making winning trades and failing to withdraw funds. That’s what members have been facing for the past few weeks.

It would be best if you did due diligence before signing up with any investment platform. Make sure to do some research on the platform in question. Get to find out what others are saying before committing funds to it.

Accounts and packages SimpleWay

Simple Way offers five different investment packages, each with a different set of features. At face value, the accounts look enticing with the bonus and upgrades. However, what most investors don’t see is the lack of leverage information.

Here’s a closer look at each of the five accounts

Novice

As the name suggests, this account is for novice traders or beginners. The acceptable minimum deposit is set at $250. There’s no advantage of holding this account since the features are expected. You get standard spreads of 1.8 pips with a maximum order of 20 lots.

Standard

For the standard account, members must deposit $1,500 to get started. After that, you get daily market analysis with the same spreads as a standard account. In addition, members get an account manager and both an upgrade and welcome bonus.

Advanced

Advance account holders deposit $9,500 to enjoy the features that come with the account. Members get standard spreads of 1 pip and daily market analysis. You also get daily trading signals and the two mentioned bonuses.

Professional

With the professional account, this one is tailored for expert traders. There’s a minimum required deposit of $50,000. You get standard spreads of 0.7 pips and a long-term financial plan. Members also get the two bonuses and exemption from withdrawal fees.

Exclusive

As the name suggests, it’s the premium account on offer with a minimum acceptable deposit of $100,000. In addition, standard spreads are set at 0.4 pips, with members having individual configurations. These are the main features of the above six accounts.

Account Manager

Such managers should offer professional advice but instead solicit funds from members. Instead, you get calls at odd hours claiming the account manager has found a lucrative investment opportunity.

All you have to do is deposit with them and wait for the profits to soar. It would be best if you remembered the investment is not part of the trading package. Those who make the mistake of adding more funds later rue the decision.

After weeks of failing to see any profits, you will want to talk to the account manager or support. The account manager is nowhere to be found with support claiming he’s on leave. You have to wait for his return to withdraw funds.

Of course, the account manager doesn’t come back. Instead, the platform will replace him with another and won’t talk about the transaction. And that’s how these account managers are soliciting funds from members.

Bonuses on Deposit

What looks like an excellent promotion to attract more investors end up hurting the very same investors. That’s why regulators are against platforms that claim to offer bonuses or commissions.

Once you receive the bonus, the platform will hold your account/funds for ransom. You will have to pay back in full the bonus amount. The bonus amount differs from the deposit as the platform fails to mention the percentage.

Members also incur penalties every day you don’t pay back the bonus amount. And this is why regulators had to step in and repeal any platform offering bonuses. It’s just another way of squeezing more funds out of investors.

Business owner

Seabreeze Partners Limited is the entity we are told operates the platform. According to the disclaimer at the footer of the homepage, it’s an offshore platform. The place of residency is the Commonwealth of Dominica.

There’s no mention of anyone working or an employee of the entity. We don’t have the names of founders or staff members. The entity itself doesn’t have any registration documents to prove its compliance.

And this is proof Simple Way is an anonymous investment platform. That’s the last feature you would want in any investment venture. There’s no telling what the owners are doing with the funds they collect.

Contact and customer support

Before you embark on investing with any platform, make sure to check the support structure. For example, trading platforms should offer direct means of communication with investors. And this means listing a phone number of availing live chat agents.

It’s not the case with Simple Way, as the platform’s contact page only has a message board. Investors are to leave their messages and wait for a response. The response might come today, tomorrow, or not at all.

Custom-built platform

Instead of offering world-class trading terminals, Simpleway.world offers a custom-made platform. Unfortunately, we have a problem with such platforms as they lack comprehensive testing from experts. As a result, you get to see the errors while trading live.

We recommend using leading trading platforms such as MT4, MT5, and SIRIX. These platforms offer advanced tools such as over 50 indicators and technical analysis tools. You also get to improve your trading skills, thanks to the demo accounts.

Funding Methods

You can fund your account using bank and wire transfers. The listed channels include Maestro, MasterCard, Piastrix, and Visa. Unfortunately, for those with Crypto assets, the platform doesn’t accept crypto deposits.

Withdrawing funds remains a hurdle for most investors. The platform seems to target newbies who deposit $9,000 and more. It will only allow partial withdrawals of not less than $1,000 two times.

License and Registration SimpleWay

Simple Way is not a licensed platform and already has a warning from CNMV. A warning from a reputable regulator means the platform is not worth your time. It’s best to steer clear and find recommended alternatives.

Safety of funds SimpleWay

Your funds are not safe with an anonymous and unregulated platform. It’s best to stay away as there’s no insurance cover for deposits made. Instead, you should invest in a platform that guarantees the security of funds at all times.

Verdict

Please stay away from Simple Way as it’s already blacklisted.

The best way to invest is by joining proven investment strategies that offer realistic returns. It’s the only way to make sure you invest in safe platforms.

If you have any queries, drop a comment or write to us.