SimpleFX Video Review
VIDEO Regulation and Customer Protection
SimpleFX is not a licensed or regulated online trading brokerage.
They are registered as an International Business Company (IBC) by the Registrar of International Business Companies. The brokerage’s legal identifier number is 21380042B8QJ87V4HA89.
SimpleFX’s mission statement is, “to keep our offer and trading conditions simple and transparent.” With this statement, SimpleFX claim to provide their traders with a secure and reliable online trading platform that is simple, transparent and easy to use. Also, according to the broker’s website, traders benefit from negative balance protection, which is a feature that allows the company the option of closing traders’ transactions before reaching a negative balance. Additionally, they promise fast and secure transfers through a variety of payment methods, secure accounts with two-factor authentication, and secure funds in segrgated bank accounts or cold wallets in case of cryptocurrencies.
SimpleFX offers traders their very own proprietary web-based trading platform called the SimpleFX WebTrader. You can test out the platform using a demo version which you don’t even need to sign up for.
The platform is easy to use while offering the most intuitive forex and CFD trading tools available. For those traders that need a little guidance, there are several tutorial videos giving an explanation of how to use the platform and the various features. Live Chat is also available directly from the platform for any questions you need instant answers to, plus you can deposit directly from inside the platform.
Traders have access to a sophisticated charting package that comes complete with a wide array of technical indicators, drawing and analysis tools, and various time frames and chart types. The sidebar contains useful features like the most recent market news, Live TV from Bloomberg News and there is even a shoutbox where traders can leave comments and discuss trades in real time.
Furthermore, the broker has invested in developing the platform to bring the fastest execution speed with no delays, as the platform runs off of the LD4 Equinix server located in London.
In addition to the SimpleFX WebTrader platform, traders have access to a download version of the MetaTrader 4 (MT4) account. The MT4 is currently the most commonly used platform for trading Forex and CFD’s. It is suitable for beginners and more experienced traders and comes with in-depth charting with a wide variety of patterns, trends, and indicators that you can overlay. With the MT4 trading platform, traders can participate in automated trading with the use of Expert Advisors (EAs). They also have the ability to execute a wide range of advanced order types such as trailing stop, multiple close, and no limit level orders. All in all, between the SimpleFX WebTrader and more advanced Meta Trader 4 trading platforms, traders of all experience levels can trade with SimpleFX.
SimpleFX Mobile Trading
Not only does SimpleFX offer sophisticated desktop trading platforms, but they also offer the ability to trade on the go with the SimpleFX and MetaTrader 4 mobile trading applications. MT4 for mobile is a stripped down version of the web and download client but gives you full accessibility to trade on-the-go, manage your account and check out charts and your trading history.
Both trading applications are available for free download from the Apple App Store and the Google Play Store. The SimpleFX mobile trading app is very simple and easy to use which makes it great for beginners to pick up and start trading. The MT4 mobile trading app is more advanced and allows for more in-depth analysis and order types. Both trading platforms, however, allow traders to easily manage their portfolios and place trades while on the go.
SimpleFX provides traders with a wide selection of tradable assets across the global financial markets. For instance, traders can trade more than 60 forex currency pairs including majors, minors, and exotics. Also, SimpleFX clients can trade 13 cryptocurrency pairs including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Other tradable assets include the trading of a wide range of over 12 market indices, over 90 global equities, 3 commodities, and 7 precious metals. The list below shows some of the most popular assets and asset classes.
SimpleFX keeps things “simple” by offering traders only one type of standard trading account. There are no minimum initial deposits and traders can deposit multiple different currencies to fund their account. Trading can be done with leverage up to 1:500 and spreads are as low as 0.1 pips. In addition to the standard trading account, traders can open a live demo account where they can use virtual currency to test out the platform and practice trading.
Commissions & Spreads
SimpleFX uses a variable fee structure with floating spreads on each trade. The spreads are generally quite low but can widen in times of high market volatility. In moments of the greatest market liquidity, spreads can be as low as 0.1 pips. SimpleFX utilizes tier 1 liquidity providers to always provide the lowest possible spreads.
As for other fees and commissions associated with accounts and trading all of the information regarding the fees and commissions are as stated on the SimpleFX website . Deposits & Withdrawals Options
Traders at SimpleFX have a wide selection of deposit and withdrawal methods available to them. All deposit methods are free of charge, according to the broker’s website and feature either instant funding or funding within 1 hour. As for withdrawals, all withdrawals must be made via the same method used to deposit funds. Withdrawing funds can be completed within 24 – 72 hours depending on the method used. Cryptocurrency withdrawals are free of charge while fiat currency withdrawals have fees ranging from 1% to 3%. See below, a list of the available deposit and withdrawal methods.
Rapid Transfer by Skrill
Bonus & Promotions
At the time of writing this review, SimpleFX offers new customer 20% cashback on their first deposit. Also, other bonuses and promotions may be offered from time to time to entice traders to trade more.
SimpleFX is very quick to return emails, as we checked. Having sent an email regarding my account to SimpleFX, I received a return email within the hour. The email was informative and very helpful. However, traders do not have many options when it comes to contacting support as the primary contact method is via email. Customers can reach support representatives via email 24 hours a day, 7 days a week. SimpleFX also offers SimpleFX offers 24/5 LiveChat service, where traders can easily and fast contact support. Additional methods of support include interacting with the broker’s social media channels including Facebook, Twitter, Instagram, and YouTube. Also, traders can receive support on the SimpleFX FAQ page.
No, SimpleFX is not yet licensed or regulated by a reputable regulatory authority.
SimpleFX is registered at SimpleFX Ltd., Suite 305, Griffith Corporate Centre Beachmont, Kingstown VC0100, St. Vincent and the Grenadines.
How does SimpleFX make money?
SimpleFX makes its money by charging traders a spread on the trades that they executed on the broker’s trading platforms.
How do I deposit in SimpleFX account?
You can deposit funds to your SimpleFX account via Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash, Fasapay, Neteller, Skrill and Rapid Transfer by Skrill.
How do I withdraw money from SimpleFX?
Withdrawals of funds must be made through the same channel used for making the initial deposit.
How do I open an account with SimpleFX?
To open an account with SimpleFX, simply complete the registration form and submit it with all the relevant documentation for KYC and AML purposes.
Does SimpleFX use MetaTrader?
Yes, SimpleFX uses the MetaTrader 4 trading platform in addition to their proprietary web-based trading platform called SimpleFX WebTrader.
What is SimpleFX leverage?
The maximum leverage offered by SimpleFX is 1:500.
The broker is primarily geared towards beginner traders but also accommodates more experienced traders with the MT4 trading platform. SimpleFX features a wide array of tradable assets across the traditional financial markets and also features the trading of various cryptocurrencies. Having tested the SimpleFX proprietary trading platform for trading these financial assets, we found it to be highly advanced, easy to use as a result of the user interface. As well, SimpleFX supports trading on the advanced MT4 platform for experienced traders. The only thing we did not like is that the broker is located offshore and is not licensed or regulated by a reputable regulatory authority.