SimpleFX Review

Category: Reviews | Author: Trading Brokers | Date: September 21, 2023

SimpleFX stands as an online brokerage firm that extends its trading services across various instruments, encompassing forex, cryptocurrencies, stocks, indices, and commodities. Noteworthy features promoted by the broker include competitive spreads, high leverage, absence of a minimum deposit requirement, and the option of no KYC for crypto accounts. Operating through a user-friendly web-based trading platform and the well-regarded MT4 platform, the broker also operates under the regulation of the International Business Companies in St. Vincent and the Grenadines. This article embarks on a comprehensive review of SimpleFX, meticulously evaluating the broker against crucial criteria that include regulation, platforms and tools, education, available markets, account offerings, and funding options.

Pros & Cons

  • SimpleFX offers very competitive spreads starting at 0.1 pips, and the platform has low fees with no hidden transaction costs
  • SimpleFX offers a range of markets, including forex, cryptocurrencies, stocks, indices, commodities, and more
  • SimpleFX offers a user-friendly web-based trading platform and mobile trading apps
  • Not a regulated broker. Registered in an offshore jurisdiction that does not have a strong or strict regulatory framework
  • No fund protection schemes or security measures provided.
  • Limited and basic educational and research materials

Summary

SimpleFX Review

SimpleFX Review

SimpleFX is a versatile broker catering to a wide range of traders, particularly those interested in cryptocurrency trading. Their offerings encompass various instruments, including forex, cryptocurrencies, stocks, and commodities, with leverage of up to 1:500. The broker provides a user-friendly web-based trading platform and supports the renowned MT4 platform, preferred by experienced traders. There’s no minimum deposit requirement, and SimpleFX charges zero commissions, relying solely on variable spreads. Traders have access to multiple payment methods, including cryptocurrencies, with quick and fee-free deposit and withdrawal processes. Additionally, SimpleFX offers an ETH staking program for potential earnings.

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Our #1 Broker 2023

AvaTrade is an award-winning and multi-regulated broker offering a great selection of trading instruments including Forex, Cryptos, Stocks and Commodities. You can trade on all of your devices via user-friendly platforms with excellent trading conditions and no commission fees.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Regulation

SimpleFX operates as an unregulated broker, being registered as SimpleFX Ltd in St. Vincent and the Grenadines, an offshore broker jurisdiction known for its limited regulatory oversight in the financial services industry. Notably, the broker’s complex and extensive operation across various conventional and non-conventional marketplaces and exchanges may present challenges in terms of managing regulatory compliance. However, it’s essential to emphasize that this does not justify the absence of regulation, especially when other brokers offering similar services manage to obtain regulation from reputable authorities.

The absence of regulation has significant implications for SimpleFX and its clients. As an unregulated entity, SimpleFX operates without external supervision, audits, or the obligation to adhere to industry standards and best practices. Consequently, clients of SimpleFX lack the legal recourse and protection provided by regulatory bodies or compensation schemes. This absence of regulatory oversight introduces a heightened level of risk and uncertainty for those engaging in trading activities through SimpleFX. As such, individuals should exercise caution and carefully evaluate the risks associated with trading on an unregulated platform. Please see a list of regulated brokers for some alternative options.

Platforms & Tools

SimpleFX offers two main trading platforms, each catering to different types of traders:

  • SimpleFX WebTrader: This proprietary web-based platform is designed with user-friendliness in mind. Traders can access it from any device with an internet connection and web browser. The platform allows for easy customization of charts, indicators, order types, and trading signals. Additionally, it supports social trading, enabling users to share their trading insights and even replicate the actions of other traders.
    SimpleFX-WebTrader

    SimpleFX-WebTrader

  • MetaTrader 4 (MT4): MT4 is a widely recognized third-party trading platform known for its advanced features and extensive customization options. It can be downloaded as a desktop application or a mobile trading app, providing traders with flexibility. MT4 offers an array of technical analysis tools, automated trading systems, expert advisors, and robust backtesting capabilities, making it a preferred choice among experienced traders.
    MT4 Platform

    MT4 Platform

SimpleFX complements its trading platforms with a range of tools and resources:

  • API Manager: This feature allows traders to establish secure connections between their trading accounts and external applications or platforms using API keys. It enhances automation and integration possibilities.
  • VPS Service: Traders can utilize the Virtual Private Server (VPS) service to run their MT4 programs on remote servers. This minimizes interruptions and ensures uninterrupted trading, especially for automated strategies.
  • Community Forum: SimpleFX hosts a community forum where traders can engage with one another, share trading insights, tips, and strategies. It fosters a sense of community among users.
  • Trading Blog: The broker maintains a blog that offers market news, analysis, tutorials, and promotional updates. It serves as a valuable resource for staying informed about market developments.
  • Trading Academy: The trading academy provides educational videos and articles catering to traders of different experience levels. It covers essential trading topics and can be a helpful starting point for beginners.

While SimpleFX provides a variety of platforms and tools, they cater to different trader preferences and expertise levels. The proprietary WebTrader is user-friendly and suitable for those looking for simplicity and convenience. In contrast, the MT4 platform offers advanced features and customization options for more experienced traders. The broker’s tools and resources, while valuable, may not be as extensive or comprehensive as those offered by some other brokers.

Education

SimpleFX provides limited educational resources to its clients, which may not fully satisfy the needs of traders seeking comprehensive learning materials. The available educational content includes:

  • Trading Academy: The broker’s website features a section called the “Trading Academy.” Here, clients can access a collection of educational videos and articles covering fundamental trading topics. These materials touch upon introductory concepts, such as understanding forex, CFDs, leverage, chart analysis, and the use of indicators. However, it’s important to note that the content is quite basic and lacks coverage of advanced or specialized topics and strategies.
  • Blog Section: SimpleFX maintains a blog section on its website where it sporadically posts market news, analysis, tutorials, and promotional content. Unfortunately, these blog posts are not frequent or consistent, and they may not provide in-depth insights or analysis. Additionally, the blog lacks filters or categories to facilitate users in finding relevant information.

Notably, SimpleFX does not offer a broader range of educational or research materials commonly found with other forex brokers. Clients won’t find offerings such as webinars, comprehensive courses, e-books, detailed market analysis, economic news, or event calendars. Furthermore, the broker does not provide trading signals or recommendations to assist traders in making informed decisions.

Markets

SimpleFX provides its clients with access to a diverse array of over 100 tradable assets, encompassing various markets:

  • Currency Pairs: Traders can choose from a selection of 60 currency pairs, including major, minor, and exotic pairs. Additionally, the broker offers 8 cryptocurrency pairs, such as BTCUSD, ETHUSD, LTCUSD, and DSHUSD.
  • Indices: SimpleFX offers 15 indices, covering both global and regional indices. In addition, traders can explore 3 cryptocurrency indices, namely B50USD, B10USD, and B5USD.
  • Stocks: The broker extends its offerings to 15 individual stocks, featuring a mix of US and European stocks. Moreover, traders can access 3 cryptocurrency stocks, including COINUS, RIOTUS, and MARAUS.
  • Commodities: SimpleFX caters to traders interested in commodities, with a selection of 4 commodities that includes gold, silver, oil, and natural gas.
  • Cryptocurrencies: The broker enables clients to engage with 3 cryptocurrencies: Bitcoin, Ethereum, and Litecoin.

SimpleFX maintains competitive trading conditions across its range of markets. The broker stands out by not imposing commissions or fees on trades; instead, it derives its revenue from spreads. These spreads are variable and contingent on market conditions and the specific instrument being traded. Traders may benefit from spreads as low as 0.1 for select instruments.

Moreover, SimpleFX provides flexibility in trading hours, with some instruments available for trading 24/7/365. Cryptocurrencies and cryptocurrency indices fall into this category. However, certain instruments are tradable exclusively during weekdays or within specific trading hours, offering traders a diversified trading experience tailored to their preferences.

Accounts

SimpleFX provides traders with two distinct account options to suit their needs. The Standard Account is tailored for those ready to engage in live trading with real capital. It offers flexibility by eliminating the need for a minimum deposit, allowing traders to begin with an amount they are comfortable with. With support for 15 base currencies, including major fiat currencies and popular cryptocurrencies, traders have the freedom to choose their preferred currency for trading. SimpleFX also provides variable spreads, which can start as low as 0.1 pips, depending on market conditions and the specific instrument being traded. Leverage is another advantage, offering ratios of up to 1:500, though it’s important to exercise caution, as while high leverage can amplify profits, it can also increase potential losses. Furthermore, SimpleFX doesn’t charge commissions or fees on trades; instead, it earns revenue from spreads. The broker also sweetens the deal with various bonuses and promotions, including cashback programs, first deposit bonuses, and referral rewards.

In contrast, the Demo Account offers traders a risk-free environment for practice. Users have unlimited and free access to multiple Demo Accounts, with no time constraints. This practice account mirrors the same trading conditions as the Standard Account, replicating spreads, leverage options, available instruments, and platform features. Each Demo Account comes equipped with $10,000 in virtual funds, which can be replenished when needed. Crucially, traders using the Demo Account face no risk or obligation, as they are trading with virtual money and are not required to disclose personal information. This makes the Demo Account a valuable tool for honing trading skills, testing strategies, and familiarizing oneself with the platform’s functionalities without the fear of financial loss.

Funding

SimpleFX provides a range of convenient funding options to cater to its clients’ diverse preferences. Supporting various payment methods, including bank transfers, credit cards, e-wallets, and cryptocurrencies, the broker ensures accessibility for a global clientele. With the acceptance of 15 base currencies, such as USD, EUR, GBP, JPY, BTC, ETH, and LTC, clients have the flexibility to transact in their preferred currency.

One of SimpleFX’s standout features is its commitment to swift and secure funding transactions. The broker proudly boasts a fee-free approach, meaning clients incur no charges for deposits or withdrawals. Moreover, SimpleFX imposes no minimum or maximum limits on these financial transactions, granting traders full control over their funds. With a focus on security and efficiency, SimpleFX emphasizes that deposits and withdrawals are processed promptly and securely.

For those interested in capitalizing on their Ethereum holdings, SimpleFX presents an enticing opportunity through its ETH2 staking program. This initiative enables clients to stake their ETH for a predetermined period, yielding rewards in the form of ETH2 tokens. The broker claims to offer an attractive annual interest rate of up to 8% for ETH2 staking.

Conclusion

SimpleFX offers a versatile trading platform catering to a wide range of instruments, from forex and cryptocurrencies to stocks, indices, and commodities. The broker provides a user-friendly proprietary platform, SimpleFX WebTrader, suitable for beginners and intermediate traders, while the inclusion of MetaTrader 4 (MT4) caters to those seeking advanced features and customization. However, it’s crucial to note that SimpleFX operates without regulatory oversight, which may raise concerns regarding trader protection and accountability. The broker’s educational resources are limited, offering basic videos and articles, and its market analysis materials lack depth. Nevertheless, SimpleFX stands out with competitive trading conditions, flexible account options, and a variety of tradable instruments. With no minimum deposit requirements and support for multiple payment methods, it offers convenience to traders. While the broker provides a range of advantages, traders should consider the absence of robust regulation and explore alternative options with longer track records for a potentially more secure trading experience.on our trading broker reviews.

SimpleFX Logo

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SimpleFX is an online broker that offers trading services for a variety of instruments, such as forex, crypto, stocks, indices, and commodities. The broker provides low spreads, high leverage, no minimum deposit, and no KYC for crypto accounts. The broker operates a web-based trading platform as well as the popular MT4 platform. SimpleFX is registered in St. Vincent and the Grenadines, which is an offshore jurisdiction that does not have a strong or strict regulatory framework.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.


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