SimpleFX Review

SimpleFX is a CFD broker offering leveraged trading with competitive fees and no minimum deposit. The popular MT4 platform and the proprietary SFX WebTrader solution are available to clients. In our review, we’ve tested the login process, demo account, mobile apps and more, to help you decide if SimpleFX is a safe broker to open an account with.

SimpleFX Offers $2,000 Spring Bonus

The online broker is offering a $2,000 cashback bonus this Spring available to new and existing traders. Users simply need to register for an account on the company website, deposit and trade. The more you trade the greater the potential rewards. SimpleFX is also offering a 20% reduction on spreads as part of the promotion.

Sign up to get started and note the promo ends on the 28th April.

SimpleFX Details

SimpleFX Ltd is based offshore in St. Vincent and the Grenadines and has been in operation since 2014, providing a variety of CFDs and cryptocurrencies through a single account. The broker is unregulated but ensures the security of client funds through segregated accounts and negative balance protection.

Over the last few years, the broker has reached over 200,000 traders in 160 countries, attracting both novices and experts to the advanced features on their reliable trading platforms.

Trading Platforms

MetaTrader 4

SimpleFX offers the downloadable MT4 desktop platform. MetaTrader 4 is widely used by many brokers and appeals to traders of all levels. In comparison to the broker’s web platform, MT4 offers a more advanced trading experience, with the inclusion of automated algorithmic strategies through Expert Advisors and Python, plus trading signals and copy-trade features.

SFX WebTrader

SimpleFX’s proprietary web platform is accessible from most internet browsers and is ideal for beginners. The broker has prioritised user experience with the design, which includes a news column, trading ideas and a chat room feature. There is also in-platform live support available, in case traders encounter technical problems.

The middle chart window is feature-rich, boasting 9 timeframes and 5 chart types. There’s also a full suite of indicators and drawing features where you’ll find trend lines, Gann and Fibonacci tools.

Assets

SimpleFX offers over 170 tradable instruments in several markets. There are 60 currency pairs, several major indices including the FTSE100, plus dozens of stocks. You can also trade a small selection of hard and soft commodities including oil and precious metals, as well as some well-known cryptocurrencies like BTC and XRP.

SimpleFX Fees

Trading at SimpleFX is commission-free. Spreads are around 1.3 pips for major indices like the FTSE 100. For EUR/USD, spreads average around 0.9 pips and for gold, you’re looking at around 0.17 pips. In comparison to similar brokerages, these trading fees are fairly competitive.

Details of swap fees and rates are provided in contract specifications. Note that if an account is inactive, an additional 3% fee will be added (minimum $25).

Leverage

Products can be leveraged up to 1:500 at SimpleFX, with specific levels determined by account balance. Margin requirements are detailed on the website and the margin call is 50%.

Note beginners should be aware of the risks involved with leveraged trading.

Mobile Apps

SimpleFX offers the mobile version of its trading app for iOS and Android (APK) users. The app boasts custom charting tools and multiple timeframes, as well as access to an interactive news feed and community chat. The app also supports handy swipe, plus pinch and zoom actions for a mobile-friendly experience. A useful QR code is available on the website which takes you straight to the download page.

SimpleFX also offers the MT4 app for iOS and Android mobile devices, providing interactive quote charts and a full set of trading orders and trading history. The MT4 app has a chat feature and mobile push notifications so you can keep on top of your account whilst on the move. The MT4 app receives positive ratings online.

Payment Methods

SimpleFX offers a number of quick and commission-free payment methods, largely via cryptocurrencies such as Bitcoin and Dash, or via e-wallets such as Neteller or Skrill. If you don’t already have crypto, you will need to buy some using an exchange. Methods usually take around an hour to process and in most cases, there is no minimum or maximum deposit limit. Credit cards are not accepted.

Withdrawals need to be made via the same method that was originally used to deposit funds. Payments usually take around 24 hours and in most cases are fee-free. Minimum withdrawal limits do vary a little and these can be found on the website.

Demo Account

SimpleFX allows traders to practice in a demo account automatically after registering on the website. A demo account is a useful way of testing out the platform and getting comfortable with the features before using real money.

Traders get access to $4,000 in virtual funds by default, which can be topped up  whenever needed. You can also add more tester accounts of your own, for example in a different currency. Practice accounts remain open for an unlimited period.

Bonuses

The best way to keep up with SimpleFX’s promotional offers is on the broker’s social media pages. Recent deals have included $1,000 and 2000 USDT prize pools, trading contests, and 50% spread cashback.

SimpleFX Regulation

SimpleFX Ltd is a legit company, incorporated in St Vincent and the Grenadines, though it is not currently regulated by a financial body, such as the FCA. Nonetheless, the broker is transparent about client safety, advertising their use of segregated client accounts as well as negative balance protection on the website. The broker does not, however, have a compensation scheme in place in the event of liquidation.

We always recommend traders think carefully before registering with unregulated providers as legal recourse may be limited should you encounter problems.

Note, SimpleFX does not accept traders from the USA. Clients from most countries are accepted, however, including those from Canada, Europe and Indonesia.

Additional Features

SimpleFX’s most notable additional feature is their Blog section, available in over 12 languages and full of comprehensive news articles, forex updates, easy-to-follow guides and tips, plus a CFD Academy. There are also useful updates on trading schedule changes.

It would be nice to see some more practical tools that other brokers tend to offer, such as forex calculators or an economic calendar.

SimpleFX Account Types

SimpleFX offers a single account with access to all tradable financial instruments on either platform. There is no minimum deposit requirement and accounts can be opened in multiple currencies. The minimum contract size is 0.01 lots for FX, commodities and cryptos. The margin call is 50% and the stop out level is 30%.

You can sign up for an account in a few short steps; click Create Account and fill in your personal details. If you are depositing in fiat currency, you will then be asked to verify your identity as per the KYC policy. You can then sign in and begin trading with real money or virtual funds on the demo account.

Benefits

When considering SimpleFX vs the likes of 1Broker, the company performs well in the following areas:

• API & VPS
• No minimum deposit
• Fast customer support
• Beginner-friendly platform
• Multi-currency single account

Drawbacks

We’d like to see improvements in some areas:

• Unregulated
• MT5 not offered
• Limited non-crypto funding methods

Trading Hours

Forex can be traded 24 hours a day, but specific markets vary depending on the time zone. Trading hours for all assets are provided in detail in the contract specifications page. All times are provided in UTC in the MT4 platform and can be adjusted to your local time zone in the web platform.

Customer Support

The customer support at SimpleFX is fast and helpful, available in English, Spanish and Portuguese. Upon opening the live chat, you are connected straight to a live chat agent rather than having to fill in your personal details first. Alternatively you can contact the broker via email at support@simplefx.com.

There is also an FAQ portal on the Support page. There you can find help with a range of queries, from account registration and verification to how to start the SimpleFS Tester Pro v1.0 download or delete your account.

Security

Both the MT4 and SimpleFX webtrader are protected with SSL encrypted systems and two-factor authentication, adding a second level of security to keep funds safe. Personal details are also held in secure offline servers.

SimpleFX Verdict

Despite the lack of regulation, SimpleFX keeps to its promise of simple yet advanced services, low trading fees, and a good demo offering. The choice of their proprietary web platform and MetaTrader 4 also makes this broker a good option for beginners and advanced traders alike.

Accepted Countries

SimpleFX accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use SimpleFX from United States.

Alternatives to SimpleFX

If you are looking for alternatives to SimpleFX we have compiled a list of the top 5 brokers that are similar to SimpleFX below. This list of brokers like SimpleFX is in order of similarity and only includes companies that accept traders from your location.

1. RoboForex – RoboForex is a multi-asset online broker offering powerful trading aides.
2. AdroFX – AdroFX is a regulated, global broker offering forex, CFD and crypto trading with MT4 access and attractive welcome bonuses.
3. OctaFX – OctaFX offers multi-asset trading on a range of platforms and mobile solutions.
4. Videforex – Forex broker Videforex accepts deposits in a range of cryptocurrencies. Payouts reach 95% per trade.
5. FXOpen – FXOpen is a highly regulated FX & CFD broker offering multiple trading platforms.

FAQ