SimpleFX is mainly a CFD broker that offers leveraged trading activities. The best thing about Simple FX is that it offers competitive fees with no minimum benefits. Furthermore, the widely accepted MT4 platform and their very own SFX WebTrader are available for traders. Let's see the in-depth SimpleFX review with an analysis.
Simple FX at a Glance
It is located in the Grenadines and St. Vincent. They started their journey as a CFD broker in 2014. SimpleFX features a wide range of CFDs along with cryptocurrencies via a single account. Although this particular broker has gained more than 200,000 traders in the last 6+ years and operates in 160 countries, they are unregulated. Both new traders and experienced traders are allowed to invest.
Despite being unauthorized, they ensure the funds' safety. That is why they offer the segregated account to keep the clients' deposit separate. Besides, SimpleFX also provides the negative balance protection feature too.
SimpleFX Review 2023 Quick Summary
|🏢 Registered in||St. Vincent and the Grenadines|
|🗺️ Regulation||Not A Regulated Broker|
|🖥 Platforms||MT4, SimpleFX WebTrader|
|📉 Instruments||Not Available|
|💳 Minimum Deposit||1$|
|💰 Deposit Methods||30+ cryptocurrencies, FasaPay, Cryptocurrencies, Skrill, Neteller, Local Payment|
|📱 Mobile Trading||Available|
|🌍 Web Trading||Available|
|💵Minimum Trade Size||0,00001|
|🎢 Maximum Leverage||1:500|
|🤖 Robots||Yes (MQL4 in MT4)|
|☎ Customer Support||24/5|
SimpleFX provides more than 170 instruments, including 60 currency pairs. Further, they also offer multiple major indices such as FTSE100 with a dozen of stocks. On top of that, traders can also access commodities, including metals, oils, and cryptos.
SimpleFX Trading Platforms
SimpleFX comes with MetaTrader 4 platform, which is available to download on desktop. MT4 gives the traders a new trading experience via their trade automation, expert advisors, charting features, tools, and so on. Most importantly, they have the copy trading feature. As a result, newbies can start trading without any prior experience.
The brokerage firm has a dedicated web trading platform for all. It is accessible from any latest browser and newbie-friendly. The design is so simple that anyone can use it even without any tutorial or practice. The design includes a news column, chat room, trading idea generator, and more. They have a unique in-platform live customer support for prompt feedback on any issues.
They offer mobile trading for iOS and Android devices via mobile apps. The features of the apps include but are not limited to a charting tool with the customization feature for several time frames. Besides, you can also access the community chat as well as news feeds. Furthermore, SimpleFX mobile trading comes with some advanced features too.
As they offer the MT4 platform, you can access mobile trading via the MT4 mobile app. This one is different from the SimpleFX mobile app. It features push notifications, chat features, etc.
SimpleFX doesn't charge any commission. Instead, they have spread around 1.3 pips. However, spreads may be according to the trading instruments. For example, you can expect EUR/USD spreads at around 0.9 pips and 0.17 pips for golds.
The leverage rate for SimpleFX is 1:500. However, the broker declares the margin requirements, and it should be at 50%. But leverage trading has a significant risk associated with it, and newbies should be aware of it.
Simple FX offers a few transaction methods, which are quick too. For instance, cryptocurrencies, e-wallets like Skrill, Neteller, etc. There is no limit to the transaction. Hence, SimpleFX minimum deposit amount is zero. So, you can start trading with any amount. Deposit might take one hour to get funded, while the withdrawals will take around 24 hours without any charges.
SimpleFX Demo Account
If you are a new trader or even experienced and want to try SimpleFX for the first time, you can open a demo account. It will get you full access to the platform and other stuff. So, you can know the details about the broker without investing a penny.
It offers a single account that gives you access to the different financial instruments as well as the platform. The good thing about a SimpleFX account is that you can open it in multiple currencies.
Though the company has been operating for around six years, it still needs some improvements.
- Doesn't offer MT5.
- The Crypto funding method is limited. They only allow bitcoin and dash.
Since SimpleFX is not regulated, we suggest you sign up at your own risk. However, they don't have any bad records yet, and are trustworthy as they have more than 200,000 traders. Therefore, you can give a try!