Markets for cryptocurrency are attracting traders and speculators with a high-risk tolerance, as they radiate an irresistible lure.
SimplyFX’s leverage of up to 500x for some trading pairs makes it the perfect platform for this type of trader as it allows withdrawals in actual cryptocurrency (unlike many similar platforms that issue IOUs and never buy/sell actual coins).
In this SimpleFX review, we’ll cover all important aspects of the broker, including whether it is safe, regulated, what its average spreads look like, how you can deposit and withdraw, what you can trade, etc.
SimpleFX offers a broad range of assets and has solid support, making it a very good alternative to BitMex, which is mostly used by crypto traders for leveraged, margin trading.
What can I do with SimpleFX?
In addition to the ability to buy and trade Forex CFDs, SimpleFX also allows customers to purchase cryptocurrencies, indices, and commodities through their MetaTrader WebTrader and MetaTrader 4 platforms.
As the motto of the company reads, “Keep it simple!” With this account, you can get started trading right away.
You can practice trading with the demo account without risking any real money.
An Overview of the Company SimpleFX
This brokerage firm was founded in 2014 by SimpleFX LTD. It went into operation on October 1, 2006, and is now located at Suite 305, Griffith Corporate Center, Beachmont, Kingstown VC0100, St. Vincent, and the Grenadines.
A London Stock Exchange Local Operating Unit registered it on June 24, 2015. Registrar 22361 (International Business Companies) is also the name of the company.
The company has been growing steadily since it was founded. Over 100k traders in more than 160 countries use the service.
A few other deserving awards were also won by the company. One of the most recent awards for the best trading application for mobile phones was awarded at the Finance World Expo Summit (based in Switzerland) in March 2019.
Because it had reliable updates and fast loading speed, and it was reliable. Since then, the number of app users has exploded.
The web-based specifications of this internet trading platform allow it to be as user-friendly as possible. You can, however, upgrade to the more advanced Meta Trader 4 platform if you’re an experienced trader.
Providing customers with uncomplicated yet insightful trading know-how is the goal of this online trading company.
Assets of SimpleFX
More than 170 instruments are available for trading through SimpleFX. 60 currency pairs, FTSE100, and several major indices are included. Additionally, some well-known digital currencies, such as Bitcoin and XRP, can be traded, as well as some soft and hard commodities.
SimpleFX does not charge a commission for trading. FTSE 100 spreads are approximately 1.3 pips. Spreads for EUR/USD average around 0.9 pip and for gold they are around 0.17 pip. Comparatively, these brokerage fees are quite competitive with similar brokerages.
In the contract specifications, swap rates and fees are listed. A fee of 3% will be added to inactive accounts (minimum $25).
Leverage levels at SimpleFX range from 1:100 to 1:500, depending on the account balance. There is a margin call of 50% and it is detailed on the website.
The risks of leveraged trading should be kept in mind by beginners.
With SimpleFX, you can trade from your smartphone via an app for iOS or Android (APK). Custom charting tools are available, as are multiple timeframes and an interactive community chat.
A mobile-friendly experience is ensured with the app’s swipe, perch, and zoom capabilities. It is possible to unlock the download page on the website by scanning a QR code.
For iOS and Android, SimpleFX offers easy access to quotes, trading orders, and trading history via the MT4 app. As a bonus, you can keep track of your account while on the move with the MT4 app’s chat feature and mobile push notifications. Online reviews of the MT4 app are positive.
With SimpleFX, you can easily and quickly make payments using the fastest methods available, including Bitcoin, Dash, or Neteller, and Skrill.
To purchase crypto, you’ll need to use an exchange if you do not already own it. Processing times for methods are usually around one hour and deposits are usually not limited in terms of maximum or minimum amounts. There is no credit card acceptance.
If you wish to withdraw money, you must use the same method as you deposited it using. It usually takes 24 hours to process payments and in most cases, there are no fees. On the website, you can find information about minimum withdrawal limits.
When traders register on SimpleFX, they are automatically given access to a demo account. Testing the platform and getting familiar with the features on a demo account is a good idea before using your own money.
Virtual funds of $4,000 are available to all traders, which can be increased as needed. Additionally, you can create your own test accounts, for example in another currency. An open practice account remains open for an unlimited period of time.
Follow SimpleFX’s social media pages to stay up to date with the broker’s promotional offers. There have been recent deals with USDT prize pools of $1,000 and 2000, trade contests, and 50% spread cashback.
Although it is not regulated by a financial body, such as the FCA, SimpleFX is a legitimate company incorporated in St Vincent and the Grenadines.
However, the broker advertises on its website that they use separate client accounts and protect negative balances. As of now, however, the broker doesn’t have a liquidation compensation plan.
When dealing with unregulated providers, traders should weigh their options carefully as they may have limited legal recourse if problems arise.
US traders are not accepted by SimpleFX. Nevertheless, clients from the United States, Canada, Europe, and Indonesia are welcome.
One of SimpleFX’s most notable features is their Blog, offering news articles and forex updates in over 12 languages as well as guides and tips as well as a CFD Academy. The updated trading schedule is also useful.
Providing some more useful tools, like forex calculators or an economic calendar, would be welcome.
SimpleFX Account Types
With SimpleFX, you can trade financial instruments on either platform from a single account. A number of currencies are accepted for opening accounts, and there is no minimum deposit requirement.
An FX, commodities, and cryptos contract must have a minimum size of 0.01 lots. There is a 50% margin call and a 30% stop-out.
In a few simple steps, you can create an account. Click Create Account and enter your personal information. The KYC policy requires you to confirm your identity if you are depositing in fiat currency.
A demo account allows you to trade with either real money or virtual funds. You can sign up for a demo account by clicking here.
SimpleFX Affiliate Program
SimpleFX’s partnership arrangement is completely open. They use an open cookie-based system to monitor the suggestions and transactions made by your network. SimpleFX affiliate software provides you with lifetime access to your referrals’ transactions.
However, all data is completely anonymised, allowing you to manage your revenue without jeopardizing their privacy. With a completely transparent third-party affiliate software, you may monitor your partners’ transaction data in real time.
Determine the daily income they produce for you and improve your network’s efficiency.
Profit from up to 50 % of the income earned by SimpleFX clients you refer, plus 5 % of the revenue made by the traders suggested by your referrals. Observe each transaction and maintain control over your earnings.
Traders can trade forex 24 hours a day, but specific markets vary according to time zones. The contract specifications page details the trading hours for all assets. In the MT4 platform, all times are provided in UTC, and you can change the time to match your local time zone in the browser.
Providing English, Spanish, and Portuguese customer support is simple and fast at SimpleFX. Rather than having to fill out any personal information, you immediately get connected to a live chat agent. If you would like to contact the broker by email, you can do so at firstname.lastname@example.org.
The Support page also includes an FAQ portal. There you can find assistance with a variety of issues, including account registration and verification as well as procedures for deleting your account.
SimpleFX and MT4 both feature SSL-encrypted systems and two-factor authentication, which increase security to keep funds safe. Offline servers also hold personal information.
There are SimpleFX traders in Australia, Thailand, Canada, South Africa, Singapore, United Kingdom, Hong Kong, Saudi Arabia, India, France, Germany, Sweden, Italy, Norway, Luxembourg, Denmark, Kuwait,, United Arab Emirates, Qatar, and most other countries.
The United States cannot use SimpleFX.
FAQs of SimpleFX Review
🙌 Is SimpleFX an ECN broker?
SimpleFX does not offer electronic communication network services. STP is used instead by the brokerage. Fast execution times and tight spreads are usually benefits of STP brokers. Does SimpleFX offer a no deposit bonus? There are no no-deposit bonuses available at this time. You can follow SimpleFX on Twitter and Facebook to learn about any such deals.
🙋♀️ Does SimpleFX accept credit cards?
Credit cards cannot be used to fund SimpleFX. Alternatively, cryptocurrencies or electronic wallets can be used to fund accounts.
🙇 Does SimpleFX accept US clients?
USA clients are not accepted by SimpleFX. Traders from countries where local regulations forbid retail trading in online financial markets are also not accepted.
🤷♀️ How can I delete my SimpleFX account?
A deleted account can only be restored if the entire profile is removed. Send a written request to email@example.com to initiate this process.
💁 Who owns simplefx.com?
SimpleFX is owned by SimpleFX Ltd, a company based in St Vincent and the Grenadines.
Conclusion | SimpleFX Review 2021
We can summarize SimpleFX by saying it was precisely what it promised.
With its clean and intuitive layout, the web trading platform was a big hit with us. FX traders who are just getting started will find the trading experience to be not too intimidating.
Moreover, they offered a range of Forex pairs with low FX spreads. In addition, the broker provided us with great customer service and we were left with a very good impression.
The company’s high level of service, low trading fees, and comprehensive demo program have kept SimpleFX on track despite the lack of regulation. They also provide MetaTrader 4 and their proprietary web platform, which makes this broker suitable for both newbies and advanced traders.
The organization needs to improve in a few places, but all these can be fixated in due time.
Is SimpleFX worth using?
If you are looking for a beginner-friendly platform with low spreads and an established broker, SimpleFX is certainly worth checking out.