SimpleFX (2024) Review: In-Depth Guide to Forex & Crypto Trading

SimpleFX (2024) Review: In-Depth Guide to Forex & Crypto Trading title=

This Trading Platform is available in Ukraine

2.6/5
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SimpleFX has garnered a mixed reception from users. On the positive side, traders appreciate its user-friendly interface and the flexibility of trading with cryptocurrency. The platform's no minimum deposit requirement is also well-received, making it accessible for beginners. Additionally, clients are pleased with the leverage options provided.

However, there are concerns about customer service responsiveness, which some users find lacking. Issues around withdrawal processes have been noted, with a few traders experiencing delays or complications when trying to access their funds. Despite these criticisms, the overall sentiment suggests that SimpleFX offers a decent experience for those looking to trade in various markets, particularly if they're interested in using crypto assets. It's advisable for potential users to weigh the convenience of the platform against the feedback on support and withdrawals before diving in.

Min. deposit
No minimum deposit
Website address
https://simplefx.com
Demo account
Yes
Currency
Bitcoin (BTC)Ethereum (ETH)EURGBPUSD
Supported languages
AraChiEngEspIndJpnKorPorRusThaTurVie
Active
Yes
Payment Methods
Bank WireBitcoinCredit/Debit cardsEthereumFasaPayLitecoinNetellerSkrill
Pros
  • No minimum deposit
  • Cryptocurrency accounts
  • Negative balance protection
  • User-friendly platform
Cons
  • Not regulated
  • Limited educational resources
Awards
Cryptocurrency Trading Platform of the Year 2018 (Cryptocurrency World Expo)
Bonus
Various promotions and deposit bonuses
Instruments
CommoditiesCryptoForexIndicesPrecious MetalsStocks
Min. trade price
Depends on the asset
Regulated By
Not regulated by any major authority
MetaTrader 4
Yes
MetaTrader 5
No
cTrader
No
OmniTrader
No
AlgoTrader
No
TradingView
No
Trading Central
No
Autochartist
No
eSignal
No
STP Account
No
ECN Account
No
DMA Account
No
MAM Account
No
PAMM Account
No
LAMM Account
No
Demat Account
No
Mobile Apps
Yes, for Android and iOS
Margin Trading
Yes
Volatility Index
No
Spot Trading
Yes
Perpetual Swaps
No
ELWs
No
REITs
No
AI / Machine Learning
No
Robo Advisor
No
P2P Trading
No
Negative Balance Protection
Yes
VPS Hosting
No
Tournaments
No
Demo Competitions
No
Managed Accounts
No
Market Maker
No
Auto Trading
No
Social Trading
No
Copy Trading
No
Trade Signals
No
Islamic Account
No
Inactivity Fee
No
Guaranteed Stop Loss
No
Stock Exchanges
Access to major stock exchanges
Commodities
Gold, Silver, Oil, and more
Forex Trading
Yes
Forex GBPUSD Spread
Variable, from 0.9 pips
Forex EURUSD Spread
Variable, from 0.8 pips
Forex EURGBP Spread
Variable, from 1.0 pips
Forex Assets
Over 60 currency pairs
Crypto Spread
Variable, depends on the cryptocurrency
Crypto Lending
No
Crypto Staking
No
Crypto Mining
No
Crypto Auto Market Maker
No
Crypto Coins
Bitcoin, Ethereum, Litecoin, and more
Binary Options
No
Payout Percent
N/A
Expiry Times
N/A
Ladder Options
No
Boundary Options
No
Show all >>

* The amount that will be credited to the account in the case of a successful deal

* General Risk Warning: Your capital might be at risk

Content

Despite its rapid growth and broad offerings, a crucial question remains: Can SimpleFX be trusted?

In this review, we will delve into this question. We’ll explore SimpleFX’s history, key features, asset types, trading terms, security measures, and crucially, its licenses. Read on for an in-depth look at this trading platform, equipped with all the essential information you need

simplefx-2023-review

Pros and Cons

When choosing a CFD broker for your trading needs, it’s fundamental to consider the pros and cons to make the best choice possible.

Pros

  • Wide range of CFD assets — Forex, cryptocurrencies, and commodities.
  • Low spreads — as low as 0.1 pip
  • 24/7 customer support
  • Commission-free trading
  • Hybrid payment options — support cryptocurrencies and traditional fiat currencies.

Cons

  • Regulatory concerns (not licensed by any major financial regulator)
  • No KYC for cryptocurrency accounts
  • Swap fees

Further reading

About SimpleFX

Established in 2014, SimpleFX is headquartered in St. Vincent and the Grenadines and operates under the umbrella of SimpleFX Ltd. With a strong foothold in Forex and cryptocurrency markets, it primarily aims to provide retail traders worldwide with a wide array of resources.

about-simplefx

With more than 200,000 active users spread across over 190 countries, SimpleFX has successfully garnered a substantial global client base. The company utilizes a straight-through processing (STP) model, enabling ultra-fast trade executions by removing the need for a dealing desk.

Offering a broad spectrum of trading instruments, SimpleFX provides access to Forex, cryptocurrencies, stocks, indices, and commodities through Contracts for Difference (CFDs). This comprehensive selection of financial assets gives traders ample opportunities to explore and diversify their investment portfolios.

SimpleFX takes care to cater to traders of all experience levels. It provides a user-friendly web-based trading platform for beginners, ensuring an easy start to their trading journey. For advanced traders seeking more powerful features, the broker offers the renowned MT4 platform, known for its customizable options and advanced charting tools

Further reading

SimpleFX Trading Terms

The first thing on my mind while reviewing the trading platform was reviewing their terms and conditions. Knowing these terms means I understand the broker’s fees, risks, and policies, which ensures an informed experience for you and me. Here is what I found;

  • Assets – Forex, Indices, Commodities, Metals, Equities, and Cryptocurrencies
  • Base currencies – USD, EUR, GBP, AUD, CAD, NZD, JPY, CHF, HKD, SGD, BTC, ETH, LTC, BCH, XRP.
  • Minimum deposit – $0
  • Minimum transaction amount – 0.01 lot
  • Maximum leverage – 1:500
  • Spreads – 0.1 pips on major currency pairs
  • Trading hours – 24/7
  • Inactivity fee – 3% after 12 months (minimum inactivity fee is $25)

Further reading

How to Open a SimpleFX Account

Now that we are all caught up with the terms and conditions, the next thing to do is sign up on the brokerage platform. Opening an account with SimpleFX is as easy as the rest of the interface. The process is straightforward and can be completed in a few simple steps.

To begin, go to the website of the brokerage platform. Locate the “create account” button, click on it, and you’ll be directed to a registration form. You will be required to provide your email address there, and a confirmation link will be sent for verification.

Alternatively, you can sign up using social media accounts (like Facebook, Google, Twitter or Apple).

how-to-open-a-simplefx-account

Upon receiving the verification email, click on the link provided to set a password for your account. Once your password is set, you will be ready to deposit funds and embark on your trading journey.

Verification

The requirements may vary depending on your deposit method. If using cryptocurrencies, verification is not necessary. However, if opting for fiat deposits, completing the Know Your Customer (KYC) process becomes essential to comply with the broker’s Anti-Money Laundering (AML) procedures.

During verification, you will be required to identify yourself and provide proof of residence fully. Government-issued ID and proof of address are typical documents requested to satisfy these requirements.

Further reading

Payment Options

Once you’ve created an account, the next step is adding funds. SimpleFX excels in offering a range of options and flexibility in this regard. Their trading platform supports payment methods for deposits and withdrawals giving you plenty of choices. You can conveniently deposit fiat currency or cryptocurrencies with this broker.

SimpleFX provides a range of deposit and withdrawal options, including cryptocurrencies (like Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Buy Crypto, Monero and Tether). Additionally, they offer options such as FasaPay, Neteller and Skrill for those who prefer using traditional fiat currencies.

When withdrawing funds from your account, SimpleFX allows you to use the methods you used for making deposits. This means that whatever way you choose to deposit funds can also be used for withdrawals. Maintaining consistency in your preferred method helps ensure transactions and hassle-free funds management.

simplefx-payment-options

Further reading

SimpleFX Trading Account

At SimpleFX, they value treating all traders equally, aiming to provide a level playing field for everyone. This means that regardless of your deposit fee, you will have access to the trading conditions, tools and benefits as every trader. This approach ensures a level playing field for everyone, promoting a sense of inclusivity within the platform.

However, if you are a professional trader with preferences like cent accounts, micro accounts, PAMM accounts, or Islamic swap-free accounts, SimpleFX may not fully meet your specific needs.

While SimpleFX offers just one account to access all available financial instruments, it also provides the convenience of demo trading accounts. Although this is not the same as a personal or business account, it helps you become familiar with how to use and operate this user-friendly platform.

Demo Account

Nowadays, every reputable broker offers a training section (demo account and educational resources) for new clients to get them acquainted with the platform and up to speed. Before funding a live account, you might want to use the SimpleFX demo account. This is a straightforward, risk-free way to test your trading approach.

simplefx-demo-account

Creating a demo account with SimpleFX is a breeze, allowing you to effortlessly dive into trading with $4000 at your disposal. This demo account mirrors the trading conditions of the exchange, providing an experience.

Additionally, you can top up your demo account whenever you wish without any restrictions. There is no actual time limit on how long you can use these, so you can take time to become accustomed to the platform.

Aristotle famously said, The only way to learn is by doing.” So if you’re thinking about trading on SimpleFX, I recommend opening a demo account and trying it out before you start trading with real money. It’s the best way to learn the ropes and increase your chances of success.

Further reading

Assets offered by SimpleFX

SimpleFX offers a wide range of trading opportunities, which is undoubtedly one of its major strengths. It provides a diverse range of assets to meet the market’s needs. Let us now look at the markets that SimpleFX offers for trading.

assets-offered-by-simplefx

Forex

Immerse yourself in the dynamic world of foreign exchange with access to 60 Forex pairs. SimpleFX caters to forex enthusiasts with a broad range of trading opportunities, from major currency pairs to numerous exotic options.

Indices

SimpleFX provides access to more than 11 global indices, allowing you to capitalize on the performance of major stock markets worldwide. Whether you’re interested in the Dow Jones, ASX, or FTSE, you can easily diversify your portfolio.

Commodities

Dabble in the world of commodities with over two tradable options. SimpleFX enables you to trade popular commodities such as Oil and Natural Gas through Contracts for Difference (CFDs), allowing you to speculate on price movements without owning the underlying assets.

Shares

Invest in your favourite companies with access to more than 92 shares. SimpleFX empowers you to trade stocks listed in various regions, including the UK, US, and the rest of Europe, providing many investment opportunities.

Cryptocurrencies

Embrace the future of finance with access to more than five cryptocurrencies. SimpleFX allows you to trade significant digital assets such as Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Ethereum Classic, and XRP through CFDs, exposing you to the growing world of cryptocurrencies.

Further reading

Trading Platforms

Next is to review one of the standout features of SimpleFX, the platform’s cutting-edge trading platform. The overall trading experience is greatly influenced by the trading platforms offered. For SimpleFX, a proprietary SimpleFX WebTrader has been developed, but the company also provides the MT4 trading platform.

WebTrader

First up is the SimpleFX WebTrader, a powerful and user-friendly web-based platform accessible from any web browser. This platform provides a seamless trading experience without the hassle of downloading or installing any software. You can easily access various financial instruments, execute trades with just a few clicks, and stay on top of your positions.

MetaTrader4

Next, we have the renowned MetaTrader 4 (MT4) platform, a favourite among traders worldwide. The MT4 platform is available for download on Windows, Mac, iOS, and Android devices, providing flexibility and accessibility for traders across different operating systems.

Compared to the broker’s WebTrader platform, MT4 provides a more advanced trading experience. It includes automated strategies through Expert Advisors and Python, trading signals, and the ability to copy trades.

Mobile app

If you are a trader constantly on the move, you might want to consider trying the SimpleFX mobile app. It offers many of the web-based platform’s features and is compatible with both iOS and Android devices.

mobile-app-simplefx

However, I recommend prioritizing desktop trading whenever feasible. It can be more challenging to keep track of market movements and respond swiftly when using an app.

Further reading

SimpleFX Security Measures

One of the first questions a potential trader should ask is whether a broker like SimpleFX is safe. The safety of your funds is a priority, which is why I am giving you an in-depth review of the security measures put in place by the broker.

Regulation

It is essential to determine which regulatory bodies oversee and monitor the brokerage’s actions, as this indicates its safety.

SimpleFX Ltd. operates under registration number 22361 IBC by the Registrar of International Business Companies in Saint Vincent and the Grenadines. However, it’s essential to note that SimpleFX is not a regulated financial entity, as it deals with cryptocurrencies.

The absence of regulation is primarily due to the nature of their cryptocurrency operations. Currently, most cryptocurrency exchanges, including SimpleFX, operate unregulated.

Segregated Accounts

At SimpleFX, they follow a policy of segregated accounts for handling fiat funds. This approach ensures that your funds remain separate from the broker’s operational funds.

The critical advantage of segregated accounts lies in the protection it offers. In the event of any financial challenges the broker faces, your funds are safeguarded in a separate account, shielding them from being utilized by the broker.

Additionally, this segregation prevents your funds from being entangled with creditors, providing an added layer of security for your assets.

simplefx-segregated-accounts

Cold Wallet Storage

Since most accounts at SimpleFX are funded with cryptocurrencies, the platform must implement robust coin management procedures. To safeguard the funds from potential hacking threats, SimpleFX employs a majority cold wallet protocol.

This approach involves storing most of the cryptocurrencies in an offline wallet wholly isolated from the internet. As a result, the funds remain secure, and the platform cannot access them due to the offline nature of the wallet.

This stringent security measure protects users’ cryptocurrency holdings, giving them peace of mind while trading on the platform.

Two Factor Authentication

Security for your account is just as crucial as broker security. Regarding fraud and hacks, the user is frequently the weakest link.

As a result, the SimpleFX team has made mobile two-factor authentication available. This requires the user to approve each sign-in to their accounts.

With mobile 2FA in place, you can rest assured that your accounts are well-guarded against potential hacking attempts and fraudulent activities, enhancing overall security and peace of mind while using the SimpleFX platform.

SSL encryption

It’s worth noting that the SimpleFX website employs 256-bit encryption. This means that all communication on their site is securely encrypted, eliminating the potential for any intermediary attacks. Additionally, it is a great way to determine whether you are on a legitimate SimpleFX or phishing site.

Further reading

Educational Resources

SimpleFX is all about simplifying the trading process. Not only are they doing this with their platforms, but they also want to give their traders the proper training to handle the tools they provide.

This is where the SimpleFX educational resources come into play. These include training guides and material. Let’s take a look.

simplefx-educational-resources

Step-by-Step Guide

For those new to the SimpleFX platform, a convenient guide awaits to take you through all the essential aspects of the web trader. Accessible through your account admin, click “Tutorials” and select “Step-by-Step.”

This comprehensive 11-step guide offers a live overview of the platform, helping you understand its various features and trade management functionalities. We highly recommend going through this guide, though you can skip ahead if you feel confident.

Video Tutorials & Blog

SimpleFX provides additional resources for traders seeking more comprehensive information. Video tutorials cover fundamental aspects of the broker, its platform, and other essential features.

SimpleFX hosts a well-rounded blog for seasoned traders covering various topics, including technical analysis, tutorials, news, and updates. These resources are designed to cater to traders of all levels, providing valuable insights to enhance your trading journey.

By providing a wealth of educational resources, SimpleFX hopes to equip traders with the knowledge they need to make wise decisions and enhance their trading experience. SimpleFX’s educational resources can help you whether you are a beginner looking to understand the fundamentals or an experienced trader looking to increase your knowledge.

Further reading

Customer Support

If you’ve been trading for a while, you are probably familiar with the frustration of poor customer support service. That’s why I consider it a crucial factor when assessing trading platforms.

SimpleFX offers methods of communication for reaching out to them. One of the efficient options is their live chat function. Alternatively, you can contact them via email at [email protected]. However, it’s worth noting that they do not provide hotline support for those who prefer one-on-one conversations over the phone.

The platform also boasts an involved community readily available to assist newcomers. New users should visit the FAQ section on the platform’s website for any queries they may have to kickstart their trading journey.

simplefx-customer-support

Frequently Asked Questions (FAQs)

Is SimpleFX a trustworthy broker?

Yes, SimpleFX is a reliable forex broker, in my opinion. The broker offers a straightforward account set up with a small minimum deposit. Furthermore, they provide an excellent range of trading assets, including forex, stocks, futures, commodities, indices, and cryptocurrencies.

They also offer competitive trading conditions, allowing you to enjoy a favourable trading environment.

How do I sign up for SimpleFX?

Visit SimpleFX’s website and select the “Register” button to register. You must enter your name, email address, and password. You can start trading on the platform after setting up an account.

What trading instruments are available on SimpleFX?

SimpleFX provides trading options encompassing forex, cryptocurrencies, indices, commodities, and other offerings. The platform presents a range of instruments to choose from, such as Bitcoin, Ethereum, EUR/USD pairings, the S&P 500 index and Gold, among others.

Is SimpleFX suitable for beginner traders?

Yes, SimpleFX is suitable for beginners. They offer an account option that requires no deposit, making it incredibly easy to open an account. The trading conditions provided by SimpleFX are favourable, and their pricing model is straightforward. Additionally, they offer trading tools and educational resources to support your trading journey.

What are the costs and charges involved in trading on SimpleFX?

SimpleFX provides trading without any commission and with spreads. Additionally, they do not impose any fees for deposits or withdrawals. However, it’s worth noting that specific payment methods, like credit cards or bank transfers, may have associated charges.

Is SimpleFX a broker?

Yes, SimpleFX is a registered broker operating out of St. Vincent and the Grenadines. They are incorporated as IBC by the Registrar of International Business Companies. While being an SVG registered broker entails obligations compared to other regulated brokers, they still prioritize stringent security measures and protocols to safeguard client funds.

Conclusion

SimpleFX offers an intuitive and innovative platform that streamlines the trading experience for both novices and seasoned traders. However, there are several areas of potential improvement that could further elevate the user experience.

Most significantly, securing regulatory approval could increase trader confidence. Moreover, broadening the spectrum of tradable assets to incorporate shares, commodities, and cryptocurrencies would cater to a variety of trading preferences.

Additionally, providing options for fiat payments alongside cryptocurrency funding would greatly benefit traders without access to cryptocurrencies.

It is one of the best international brokers. Different types of assets, convenient and reliable platform, favorable trading conditions. Want to know more? Click here.
General Risk Warning: Your capital might be at risk

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