SimpleFX is an online broker that provides traders around the globe with forex and CFD trading on easy to use trading platforms. Whilst the broker has an informative trading blog that includes a traders academy, they have a limited selection of assets to trade and their spreads are not the lowest compared to other brokerages. They are also not regulated which is a big red flag for us.
SimpleFX Review, Pros & Cons
- User friendly platforms including MetaTrader 4 (MT4)
- Crypto funding options
- Trading blog with traders academy
- FIX API for DMA
- Minimum $1 deposit
- Unregulated broker
- No US traders allowed
- Inactivity fee
- Spreads not the lowest
- Limited non-Crypto trading assets
- No contact telephone number
- No social trading platform
- Limited account types
In this detailed SimpleFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
SimpleFX is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including SimpleFX.
SimpleFX Review: Summary
SimpeFX are an online trading broker that claims to serve 200,000+ clients in over 160 countries. They provide a simple to use web trading platform for trading forex, CFDs, indices, metals, energies and cryptos online. They state that their mission is to keep their trading products and conditions simple and transparent. The company motto is “Keep it simple!”, which explains the choice of name.
SimpleFX Review: Regulation
SimpleFX is registered in St. Vincent and the Grenadines. The broker is incorporated IBC by the Registrar of International Business Companies. Unfortunately, they are not a regulated broker and for that reason alone we would look for an alternative online brokerage. The reason being is that when you trade online with an unregulated broker, your account funds do not have the same protection they can have from a regulated broker. Some of the key regulatory authorities to lookout for are the FCA in the United Kingdom, ASIC in Australia and CySEC in Cyprus.
SimpleFX offer Negative Balance Protection. It is a feature that provides them with the option of closing your transactions in order to protect your account before reaching negative balance.
The broker has two-factor authentication which adds a second level of authentication. This is a simple and reliable solution to keep your account and funds safe. When you enable 2-Step Verification, you add an extra layer of security to your account, because dynamically generated passcodes are deemed safer to use than fixed log-in information.
Client funds are secured in segregated accounts with banks and financial companies. The broker follows a strict policy to help secure client funds and for them to be able to execute any withdrawal request at any time. With us, your funds are safe.
Traders deposits are made under strict control of an encrypted system, that keeps safety of your money operations within the brokers website to help prevent any unauthorized activities. The broker states that client’s personal details are held in secured offline servers and are not used for any undesirable purposes.
SimpleFX Review: Countries
SimpleFX does not provide services to citizens and residents of the United States or any country where such distribution or use would be contrary to local law or regulation.
Some SimpleFX broker features and products mentioned within this SimpleFX review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
SimpleFX Review: Trading Platforms
This is a simple yet powerful online trading platform. The platform is fast and reliable, designed and optimized for every device. You can trade directly in most modern web browsers or trade on your phone using the SimpleFX native iOS or Android apps. It is easy to use for new traders yet has a vast array of advanced trading features to suit the more seasoned trader, including an intuitive and secure API manager. There are technical indicators and drawing objects that can be added to charts to conduct detailed analysis and help identify possible market movements.
The broker also offers the highly popular MetaTrader 4 (MT4) trading platform that is used by millions of traders around the world. It is known for its intuitive interface and abundance of built in trading tools for conducting chart analysis and assisting with your online trading. MT4 is available for use on desktop and mobile devices (iOS & Android).
Some of the core MT4 features are:
- Fast, stable and reliable
- Real time price quotes in the market watch window
- Rich, complex and numerous built-in analytical tools to choose from
- 23 analytical objects to draw formations on the chart and 30 built-in technical indicators
- Trading signals and copy trading
- Automated trading thanks to Expert Advisors (EAs)
- Free Code Base with thousands of technical indicators, scripts and EA’s to download
- SimpleFX MT4 can automatically copy deals of other traders. Select your provider, subscribe to a signal and let your terminal copy the provider’s trades
- Multiple order types: market, pending limits and stops, trailing stop
- Trading directly from the chart
- Monitor your account status and track the history of trades
- Price alert notifications via SMS, email & platform pop-ups
- SimpleFX MT4 is available for PC, Mac, Linux and for mobile devices – iPhone, iPad and Android
SimpleFX have a FIX API trading solution for professional traders and programmers who need direct market access (DMA) for the trading applications that they have created.
SimpleFX Review: Trading Tools
The broker does not provide any standalone trading tools such as trading calculators or sentiment analysis. However, the trading platforms should have more than enough tools for most retail traders.
SimpleFX Review: Education
The broker has very detailed and frequently updated trading blog. It contains an impressive collection of different videos and articles that can help to inform traders to stay up to date with the latest market action. There is a good selection of trading tutorials in the SimpleFX trading academy that cover different online trading subjects including technical analysis, trading platforms, trading strategies and more.
SimpleFX Review: Trading Instruments
- 60 forex currency pairs including major, minor & exotic FX crosses
- 8 cryptocurrency pairs including Bitcoin, Litecoin, Ethereum and Dash
SimpleFX Review: Trading Accounts & Fees
SimpleFX offer leverage of up to 1:500 and multicurrency accounts. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
There is no minimum deposit to open an account. Clients can create up to 3 Live and Demo accounts for each currency. If an account is left inactive an additional 3% fee will be added (min. $25). Spreads are variable and start from 0.1 pips. The broker fees are included in the spread and SWAPs. This does mean that spreads will be marked up.
You can open a demo trading account to practice using the SimpleFX platform and your different trading strategies without risking real money as they use virtual funds. The broker states that the quotes on demo accounts are the same as on real trading accounts. However, slippage is likely to differ due to liquidity on demo accounts not being the same as real accounts.
As broker fees can vary and change, there may be additional fees that are not listed in this SimpleFX review. It is imperative to ensure that you check and understand all of the latest information before you open a SimpleFX broker account for online trading.
SimpleFX Review: Customer Service
SimpleFX provide customer support via online chat and email, 24 hours a day, 5 days a week. Unfortunately, there is no telephone number available on the website. They do have a set of frequently asked questions that cover a range of different common questions and can help you get quick answers.
SimpleFX Review: Deposit & Withdrawal
SimpleFX account holders can deposit and withdraw bitcoins and other cryptos directly. They can also deposit using credit/debit cards and online payment processors such as Neteller and Fasapay. You can pay in and pay out as you like but each withdrawal has to be made with the same payment system as the one used for the deposit. Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal.
Wire transfer withdrawals can take 3-5 working days. Withdrawals via electronic payment systems, bank cards and crypto-currencies are processed within 24 hours. Note that withdrawal requests made during weekends will be processed on Monday.
If you deposited using several payment systems and earned a profit/made a loss, you can withdraw funds with the payment system used for the largest deposit. Funds deposited via a wire transfer or a local deposit must be withdrawn using the bank account.
You can transfer money between trading accounts using the Internal Transfer option. The money will be transferred immediately. There is no fee for transfers between accounts with same currency.
Payments using a third party credit card are not allowed. In the case of this kind of payment, the amount transferred will be reduced by charge back fees and will be returned to the credit card holder. Additionally, there will not be the possibility to make subsequent payments using this card again in the future.
SimpleFX Review: Account Opening
To open a trading account with SimpleFX, you just need to click the sign-up button on the website and fill out your details. As a part of the account creation process, they require your email address to be verified. Once you have verified your email and uploaded the required documents, you can fund your trading account and start trading online.
SimpleFX Review: Conclusion
SimpleFX lives up to its name by offering simple yet intuitive trading platforms and a basic selection of trading instruments. They have educational materials within their trading blog and trader’s academy. Funding options are flexible and include cryptocurrencies.
Despite this, we found SimpleFX to not have the lowest spreads and the range of instruments available to trade was limited compared to other brokerages although there is a decent selection of crypto instruments. They also do not offer any social trading platform integration.
The main concern we have is the lack of regulation this broker has. With so many established and regulated online brokers to choose from, you may wish to check our list of best trading brokers for a broker that is regulated and offers a more complete package.
Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances.