Simple Trades, operating through trade.simplestudiotrades.com and associated domains, is a forex broker that faces serious questions about its regulatory status and has accumulated numerous user complaints regarding withdrawal difficulties and account management practices.
Regulatory warnings and official status
The most critical information is that Simple Trades does not hold valid regulatory licenses from recognized authorities such as the FCA, CySEC, ASIC, or CFTC/NFA. The Spanish regulator CNMV issued a warning against the entity operating at simpletrades.com (identified as TURBO TRADING LTD), stating it is not authorized to provide investment or auxiliary services under the Securities Markets Act.
According to WikiFX and ForexPeaceArmy, the platform lacks valid forex regulation and carries «high risk» warnings. The simpletrades.com domain, registered since 2007, uses WHOIS privacy protection to hide its owner’s identity. Independent analysis from ScamAdviser gives the site a low trust score, citing mixed user reviews and the website being flagged as potentially fraudulent.
| Indicator | Status |
|---|---|
| CNMV warning | ✅ Issued July 2020 against TURBO TRADING LTD |
| Valid forex regulation | ❌ Not found — no FCA, CySEC, or other licenses |
| WikiFX rating | ⚠️ Low score — «Please stay away» |
| Trustpilot score | Mixed — 3.2/5 from 35 reviews |
Withdrawal problems and user complaints
Numerous users have reported serious difficulties when attempting to withdraw funds. One detailed complaint described depositing $1,000, receiving only $80 from their own money during withdrawal «testing,» and being unable to access the remainder. Another user lost approximately $3,500 and called the company a «thief» that «make[s] fake shows».
Common issues reported include:
- Withdrawal requests ignored or refused with various excuses
- Accounts blocked after requesting withdrawals
- Account managers pressuring for additional deposits
- High-risk trades without stop-losses leading to account blow-ups
- Customer support becoming unresponsive after withdrawal requests
Users have also reported that account managers from Simple Trades and the related platform trades.com used aggressive tactics, including opening large-volume trades without stop-losses and ignoring client warnings. One review mentioned that managers would «constantly keep asking me to deposit more money» and when profits were made, withdrawals were refused with the excuse that the money should «grow» first.
Key warning signs
| Warning sign | Details |
|---|---|
| CNMV warning | Officially warned as unauthorized |
| No valid regulation | Unlicensed by any major financial authority |
| Withdrawal obstacles | Multiple user complaints about blocked access |
| Aggressive tactics | Account managers using high-risk trades without stop-losses |
| Hidden ownership | WHOIS information protected via proxy service |
| Mixed reviews | Some positive but numerous serious fraud allegations |
Final verdict
Simple Trades and trade.simplestudiotrades.com raise serious concerns due to the official CNMV warning, lack of valid regulatory licenses, and a documented pattern of withdrawal difficulties and aggressive account management practices. A long-standing domain and professional appearance do not compensate for the absence of regulation and the numerous user complaints about being unable to access funds. There is no guarantee of investor protection or reliable withdrawals.
What to do if you already deposited
Stop sending additional funds immediately. Do not pay «verification» or «fee» demands. Save all transaction records, screenshots, and communications with account managers. Report the issue to financial regulatory authorities (including CNMV in Spain or your local regulator) and consider filing a police report.
You can also submit your complaint here and get to know how to get money back: https://ob-man.com/en/quizle/66965abf8c5dc-3/
