When it's a simulated account, my guess is that agencies like the SEC and FINRA have little or no authority or jurisdiction. You may as well sign up for a subscription service that allows you to play games online. Because that's what a sim account is: It's a game. And they promise you prizes, or something, e.g., funding a live account, if you win the game.
So you say you won, and they didn't deliver on their promise? Or they shut down the game and didn't give you a refund? Or that the game is somehow rigged? Or that they closed your account after falsely accusing you of cheating?
That's a contractual dispute that is not governed by securities laws. The fees you pay are not brokerage commissions. It's not real trading, and there are no real securities involved.
If anyone has jurisdiction, it would probably be the Federal Trade Commission or the state attorney general.
Even when they fund you with a live account, you are trading with someone else's money under a contractual relationship. I'm not sure FINRA or the SEC could easily identify significant violations of securities laws.
Put another way: When you sign up for these things, you are not opening a retail brokerage account. You're not opening an institutional account, either. Either you are paying a fee to play a game, or you are getting into a contractual relationship with a professional market participant. Most of the laws and regulations that protect investors are simply not applicable.
