Overall SIMPLEFX is a trustworthy and low-risk broker with an overall rating of 5 out of 10.SIMPLEFX is authorized and regulated by International Business Companies and offers leverage up to 1:500.
SIMPLEFX at a Glance
| 🔎 Broker's Name | SIMPLEFX |
| 📍 Headquartered | Saint Vincent and the Grenadines |
| 📅 Year Founded | 2015 |
| ⚖️ Regulating Authorities | Registrar of International Business Companies. |
| 🌐 Countries not accepted for trade | Algeria, Belgium, The Bahamas, Botswana, Cambodia, Cuba, Ecuador, Ethiopia, Ghana, Iran, Iraq, Monaco, Myanmar, North Korea, Pakistan, Poland, Saint Vincent and the Grenadines, Panama, Sri Lanka, or the Syrian Arab Republic. |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | No |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1:500 |
| 💰 Minimum Deposit | $0 |
| 💳 Deposit Options | Bitcoin, Bitcoin Cash, Dash, Ether/Ethereum, FasaPay, Litecoin, Monero, Neteller, and Skrill |
| 💳 Withdrawal Options | Bitcoin, Bitcoin Cash, Dash, Ether/Ethereum, FasaPay, Litecoin, Monero, Neteller, and Skrill |
| 💻 Platform Types | MetaTrader 4, SimpleFX WebTrader |
| 📱 OS Compatibility | Windows, Mobile, Web, iPhone, iPad |
| 📈 Tradable assets offered | 60 Forex pairs 11+ Indices 2+ Commodities 92+ Shares 5+ Cryptos |
| 👨💼 Languages supported on Website | English |
| 👥 Customer Support Languages | English |
| 📆 Customer Service Hours | 24/5 |
| 🚀 Open an Account | 👉 Click Here |
Min Deposit USD 0 Regulators Not Regulated Trading Platform MT4, SimpleFX WebTrader Crypto Yes Total Pairs 60 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
SIMPLEFX Review – 22 key points quick overview:
- SIMPLEFX at a Glance
- SIMPLEFX Review – 22 key points quick overview:
- SIMPLEFX Overview
- SIMPLEFX Safety or Security
- SIMPLEFX Leverage
- SIMPLEFX Accounts
- SIMPLEFX Market Instruments
- SIMPLEFX Fees
- SIMPLEFX Deposit and Withdrawal
- SIMPLEFX Trading Platforms
- How to open a SIMPLEFX account step by step
- SIMPLEFX Customer Support
- SIMPLEFX Education
- SIMPLEFX Research
- SIMPLEFX Awards
- SIMPLEFX Best Countries by Traders
- SIMPLEFX vs Etoro vs XM – Comparison Table
- SIMPLEFX Customer Reviews
- SIMPLEFX Pro and Cons
- Conclusion
- Disclaimer
- Frequently Asked Questions
SIMPLEFX Overview
According to research in South Africa, SIMPLEFX is a CFD broker that has been operating out of Saint Vincent and the Grenadines since 2015.
SIMPLEFX serves traders from over 160 countries and is mainly famous for its WebTrader platform.
It also appears that SIMPLEFX strives to establish itself as a primary choice for traders who prefer the cryptocurrency sector by offering this type of payment exclusively for funding accounts.
SIMPLEFX is registered as an International Business Company in St. Vincent and the Grenadines, boasting more than 200 000 registered users but with no license from a financial regulator.
SimpleFX does however provide security by the segregation of client funds and a negative balance protection policy.
SimpleFX does not accept clients from Algeria, Belgium, The Bahamas, Botswana, Cambodia, Cuba, Ecuador, Ethiopia, Ghana, Iran, Iraq, Monaco, Myanmar, North Korea, Pakistan, Poland, Saint Vincent and the Grenadines, Panama, Sri Lanka, or the Syrian Arab Republic.
SIMPLEFX Safety or Security
One of the best benchmarks to measure the safety of a broker like SIMPLEFX is to establish which regulating authorities are watchdogs over its actions.
SIMPLEFX is officially registered as an international business company (IBC) in Kingstown, Saint Vincent, and the Grenadines.
While it holds a legal entity identifier (LEI) with the Registrar of International Business Companies, SIMPLEFX as a broker remains unregulated. The main reason for this lack of regulation currently seems to be because of their use of cryptocurrencies.
Funds of clients are kept segregated though so if the broker was ever in financial difficulty, they would not touch the client’s funds.
SIMPLEFX has strict solvency requirements and holds a buffer of funds in order to protect against any severe market movements.
Given that most accounts are funded with cryptocurrencies, SIMPLEFX has strong coin management procedures in place and operates a majority cold wallet protocol which means the bulk of the cryptocurrency is kept in an offline wallet away from any threats by hackers.
SIMPLEFX uses mobile two-factor authentication for accounts to prevent any unauthorized sign-ins and has full 256bit encryption on their site to stay safe from the threat of man-in-the-middle attacks.
SIMPLEFX Leverage
Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.
Leverage amount is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate to 500:1.
Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you have to have funds in your trading account to ensure sufficient margin.
Maximum leverage of 1:500 is available to traders, which implies a margin of only 0.5%. The exact margin will depend on a number of factors including the asset and the size of the trade that you are taking on.
SIMPLEFX Accounts
A forex account at SIMPLEFX is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.
Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against the Islamic faith.
Often, the number and type of accounts that a trader can open with a broker company differ depending on the country in which it operates and the regulatory authorities under whose jurisdiction it falls.
SIMPLEFX offers just one account to access all the financial instruments available but does provide access to demo trading accounts.
Min Deposit USD 0 Regulators Not Regulated Trading Platform MT4, SimpleFX WebTrader Crypto Yes Total Pairs 60 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
SIMPLEFX Market Instruments
The most popular market instruments available from most brokers for trading include:
Forex
Forex trading, currency trading, or FX trading describes the currency exchange market which refers to the global, decentralized marketplace where individuals, companies, and financial institutions exchange currencies for one another at floating rates.
Commodities
Along with currency exchange markets, commodity markets offer many investment opportunities for traders.
Indices
Equity indices, or stock indices, are actual stock market indexes that measure the value of a specific section of a stock market.
Precious metals
The trading of gold and other precious metals, along with crude oil, copper, or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.
Energy
The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions, and global economic growth.
SimpleFX offers users commission-free trading on more than 170 different financial instruments covering:
60 Forex pairs
11+ Indices
2+ Commodities
92+ Shares
5+ Cryptos
Over 60 currency pairs provide pure Forex traders a great choice, while most commercial equity names are offered IN Germany, Japan, the US, Brazil, France, Sweden, Turkey, and the UK.
Cryptocurrencies including Bitcoin, Litecoin, and Ethereum can be traded, as well as CFD for Gold, Silver, Other Precious Metals, and Other Commodities.
SIMPLEFX Fees
Cost depends on different factors, like spread and margins.
The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.
Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your trading account.
SimpleFX allows commission-free trading. Swap rates on overnight leveraged positions apply and an inactivity fee of 3% or at least $25 is levied.
SimpleFX charges are spread on the asset that you trade – effectively the difference between the bid and the ask on the market. The exact spreads will depend on the asset you are trading.
There are no deposit fees for any type of payment to SimpleFX but making a withdrawal may be subject to some fees.
SIMPLEFX Deposit and Withdrawal
SimpleFX offers most of its deposit and withdrawal options in cryptocurrency, supporting the following options:
Bitcoin
Bitcoin Cash
Ethereum
Ethereum Classic
Litecoin
Buy Crypto
Monero
Tether
Non-crypto options include FasaPay, Neteller, and Skrill, where FIAT currencies can be used. Processing times are listed as instant up to one hour, depending on the blockchain.
SimpleFX specifies no minimum deposits and withdrawals carry low minimum requirements with the processing times listed as 24 hours, except for the non-crypto option.
Withdrawal methods include Bitcoin, Bitcoin Cash, Dash, Ether/Ethereum, FasaPay, Litecoin, Monero, Neteller, and Skrill.
Wire transfer withdrawals can take three to five working days. Withdrawals via electronic payment systems, bank cards, and cryptocurrencies are processed within 24 hours.
SIMPLEFX Trading Platforms
The forex trading platform provided by SimpleFX to its clients is in essence the software to carry out their trades.
A multi-asset trading platform is one that allows clients to trade forex but other asset classes, including CFDs on stocks, stock indices, precious metals, and cryptocurrencies as well.
The decision about which platform to choose will always depend on what a client would like to trade.
SIMPLEFX has been developed around its proprietary SimpleFX WebTrader, but also offers the MT4 trading platform. MT4 is only available as a basic version.
SimpleFX WebTrader is easy to use with a great charting package ideally suited for the manual analysis of assets.
How to open a SIMPLEFX account step by step
The SIMPLEFX review process of opening a new account is fully digital, hassle-free, and fast.
Step 1 – Open Your Account
Navigate to the SIMPLEFX homepage. Click on the start now button at the bottom left of the page
Step 2 – Fill out the form
This will allow SIMPLEFX to make sure that your submitted personal details are correct and that the safety of your funds and your account details are ensured.
SIMPLEFX offers a hassle-free and quick account opening procedure. Customers may sign in through their Facebook, Google, Twitter, or Telegram accounts and all SIMPLEFX asks extra for is an e-mail address.
Account verification can be done with a copy of the trader’s ID and a proof of residency document.
To open an account with SimpleFX users must click on the ‘Create Account button located on the broker’s website and will be redirected to the SimpleFX Web Trader platform.
Here they will be asked to create an account by providing an email address and accepting the broker’s ‘Terms of Use and ‘Privacy Policy.
Users will be sent an email to verify their address. Once verified the user can create a password and access the features of the SimpleFX Web Trader platform.
Min Deposit USD 0 Regulators Not Regulated Trading Platform MT4, SimpleFX WebTrader Crypto Yes Total Pairs 60 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
SIMPLEFX Customer Support
Potential traders need to make sure the broker they choose will offer support whenever they may need it, in order to help customers easily find the exact answers to their questions and offer them the best user experience.
In the case of SIMPLEFX a FAQ section attempts to answer the most common questions.
An e-mail address is provided, but support hours are not clearly stated. Another option to obtain support is via live chat. In addition, you can interact with the broker on Facebook, Instagram, Twitter, and YouTube links on the website.
SIMPLEFX Education
Before starting to trade, potential clients of SimpleFX should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.
Education is provided on the SimpleFX blog, away from the website. Published research and opinion pieces feature short, quality content. New traders may find a wide range of trading ideas on the blog.
Tutorials and the CFD Academy offer additional educational material and if you would like more general resources then you can watch their video clips that cover some of the most basic aspects of the broker, its platform, and other features.
Tutorials provide new traders with various educational content geared toward trending topics.
The SimpleFX Youtube Channel includes several short video tutorials which can be useful for new traders who are not familiar with the basic features of the trading platform.
SIMPLEFX Research
To be able to trade with confidence and success, potential traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal.
SimpleFX traders have access to two unique features, a Bloomberg TV feed as well a Shoutbox. An API is available, allowing the creation of customized trading solutions.
Users can also access real-time trading ideas, a news feed, a social community to share ideas, and other account settings directly from the mobile app.
SIMPLEFX Awards
Being an awarded company instills extra confidence in traders. SIMPLEFX can show several awards accumulated during its years in business, including the following:
Cryptocurrency World Expo 2017, Warsaw Poland – Best Cryptocurrency Trading Platform
Cryptocurrency World Expo – Berlin Summit – Best Cryptocurrency Trading Platform 2018
Finance World Expo Summit 2019, Zug, Switzerland – Best Trading App
Best Trading Platform – Finance World Expo 2019
SIMPLEFX Best Countries by Traders
| 🌎 Country of Trade | 📌 % of Traders |
| 🥇Ukraine | 11.20% |
| 🥈Brazil | 8.16% |
| 🥉United States | 4.49% |
| 🥈Argentina | 3.98% |
| 🥇Germany | 3.94% |
SIMPLEFX vs Etoro vs XM – Comparison Table
| 🔎 Broker | 🥇SIMPLEFX | 🥈 eToro | 🥉 XM |
| 💰 Minimum Deposit | $0 | $1000 USD | $5 USD |
| 📝 Sign-Up Bonus | ☑️ Yes | ☑️ Yes | ☑️ Yes |
| ➕ Max. Leverage | 1:500 | 1:400 | 1:888 |
| 💵 Currency Pairs | - | 47 | 57 |
| 🚀 Open an Account | 👉 Click Here | 👉 Click Here | 👉 Click Here |
SIMPLEFX Customer Reviews
Used SIMPLEFX for years
I used SIMPLEFX for years. Perfect support and never had any problems.
Used SimpleFX for the first time today
I used SimpleFX for the first time today. Everything was good. Withdrawal took 25 mins. I will definitely use it again.
SimpleFX, the BEST Crypto-Based FX Broker!
SimpleFX is hands down the BEST broker for currencies. Why? Because they offer tight spreads, 1/500 leverage, and CRYPTO-based accounts – PLUS, deposits, and withdrawals are almost INSTANT — I’m very happy with their service, HIGHLY RECOMMENDED!
SIMPLEFX Pro and Cons
| ✔️ Pros | ❌ Cons |
| 1. Commission-free trading | 1. No regulatory license |
| 2. 500:1 leverage | 2. Based offshore |
| 3. Live chat support | 3. Low crypto leverage |
| 4. Low spreads | |
| 5. Asset coverage | |
| 6. Demo account | |
| 7. Simple platform |
Conclusion
Overall,SIMPLEFX is a trustworthy and reliable broker that provides traders with ample digital tools.SIMPLEFX has been developed around its proprietary SimpleFX WebTrader, but also offers the MT4 trading platform. MT4 is only available as a basic version.
Disclaimer
SimpleFX warns all potential customers that Forex and CFDs trading always carries a high level of risk and may not be suitable for all investors.
Before deciding to trade the products offered by SimpleFX, potential traders are advised to carefully consider their investment objectives, financial situation, needs, and level of experience before investing money they cannot afford to lose.
SimpleFX warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable.
Therefore SimpleFX cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.
Frequently Asked Questions
What are the advantages of trading with SIMPLEFX?
SimpleFX offers traders a broad range of options to access financial markets. Besides the industry-standard platform, MetaTrader4, SimpleFX also has its proprietary mobile app, which enables traders to open accounts, deposit and withdraw money, and trade on the go.
Which platforms are supported by SIMPLEFX?
SimpleFX has been developed around its proprietary SimpleFX WebTrader, but also offers the MT4 trading platform. MT4 is only available as a basic version.
What type of broker is SIMPLEFX?
SimpleFX is a CFD broker offering leveraged trading with competitive fees and no minimum deposit. The popular MT4 platform and the proprietary SFX WebTrader solution are available to clients.
Is SIMPLEFX a fake or a scam?
SimpleFX is a CFD broker that has made simplicity the core of its offering. Quick and easy forex trading for all skill levels.
What is the overall rating out of 10 for SIMPLEFX?
The overall rating is 5/10.
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