Trading fees
- FTSE 100 spreads – 1.3 pips
- EUR/USD spreads – 0.9 pips
- Gold spreads – 0.17 pips
Account fees
No deposit and withdrawal fees, nor commissions on trading
Supported assets
CFDs, Forex, Cryptocurrencies, Indices, Commodities, Stocks.
Supported cryptocurrencies
60
Platform
Web, Mobile
Broker type
CFDs, Forex, Cryptocurrencies, Indices, Commodities, Stocks.
Education
Yes
Customer Service
FAQ, email, social media, live chat
Pros
- ETH staking
- No fees
- No minimum deposits
- 1:500 leverage
- Easy signup process
Cons
- Unregulated
- Does not support US users
SimpleFX Review
You may use SimpleFX, a cutting-edge online trading tool, to invest in foreign exchange, cryptocurrencies, indices, precious metals, and commodities using either fiat cash or cryptocurrency. You may learn how to invest online with WebTrader and have access to powerful tools.
We hope that our review of SimpleFX will help you determine whether or not this broker is a good fit for you.
About SimpleFX?
Since 2014, SimpleFX Ltd has been offering access to many CFDs and crypto assets from its offshore location in St. Vincent and the Grenadines. Although the broker is unlicensed, customer money is protected through segregated accounts and a guarantee against negative balances.
More than 200,000 investors from 160 different countries have signed up with the broker in recent years, drawn in by the firm’s trustworthy trading platforms and cutting-edge tools for both beginners and pros.
History of SimpleFX
Established in 2014, SimpleFX is a currency exchange company with roots in St. Vincent and the Grenadines. Few details regarding its staff are available.
There is not yet a financial authority that oversees the business. On the other side, this lets them avoid mandatory KYC processes, which are needed only if traders intend to trade using a fiat currency account. The Know Your Customer process requires that you verify your identity and confirm your physical address. The only other thing you need is an email address that you may use to validate your identity before you can open a bitcoin (BTC) trading account.
However, consumers located in the United States are not permitted to use their services under any circumstances.
Who Should Use SimpleFX?
This broker is great for both novice and seasoned traders because of the availability of both their own online interface and MetaTrader 4. SimpleFX delivers on its promise of providing user-friendly, cutting-edge services while also maintaining low trading fees and a solid training platform.
Is SimpleFX Safe?
Although it is not currently regulated by a financial organization like the FCA, SimpleFX Ltd is a legitimate company that was formed in St. Vincent and the Grenadines. However, the broker is forthright with the security of its clients, promoting the usage of segregated client accounts and negative balance protection on its website. However, the broker does not have a compensation plan in place in case of bankruptcy or insolvency.
SimpleFX Platform & Features
Features
Using the tools provided, trading is possible around the clock. During the week, the most popular currency pairings, indices, and precious metals are all open for trading. Weekends are prime time for cryptocurrency trading on the ever-changing market.
Consequently, they maintain extremely tight spreads. During times of high liquidity, they are able to provide spreads as low as 0.1 thanks to their cutting-edge technology and the cooperation of leading liquidity providers.
Furthermore, you can make trades for:
- Equities DE
- Equities JP
- Equities US
- Equities BR
- Equities FR
- Equities SE
SimpleFX employs automatic tools to guarantee the best exchange rate in every trade. The program utilizes real-time information and a secure API connection to maintain the stability of your account on your preferred exchange.
You may trade whenever it’s convenient for you with the site’s WebTrader, or you can use the MT4 app on your smartphone or tablet. Multiple closes, unlimited limit levels, trailing stops, and expert advisers are just some of the features made available to MT4 users.
You may also participate in ETH2 staking to earn 8.55% per annum on your ETH holdings. No matter how much ETH you deposit, there are no fees or minimums.
Not only do you get access to all of these wonderful advantages, but there is also no minimum deposit required and leverage of up to 1:500.
The Mobile App
Although the MT4 mobile software is available for iOS and Android, traders may also use the SimpleFX mobile app through a link.
The software provides its users with a personalized charting interface, several charting timeframes, a live news feed, and a place to talk to other users. For a more convenient and mobile-friendly experience, the app also supports pinch and zoom gestures. On the site, you can find a QR code that brings you directly to the file download page.
Although it’s simple to install and operate, the mobile app is harder to locate and learn about if you have to go through the company’s website rather than the App Store, Google Play, or the App Gallery.
For mobile trading on the go, SimpleFX also provides the MT4 app for iOS and Android, complete with interactive quote charts, trading orders, and a complete record of all trades. The MT4 mobile app allows you to stay on top of your account even while you’re on the go by including a chat function and mobile push notifications.
Ease of Use
Investing with SimpleFX is quick and easy since you may open an account and deposit money right away.
Once you open an account, all you need is a web browser to use SimpleFX’s exclusive online platform, which is perfect for newcomers. The broker has put the client’s needs first in terms of design, which is why there is a news section, trading tips, and a live chat function. Traders who experience technical difficulties can also get live help within the site itself.
SimpleFX Fees & Commissions
Common indices such as the FTSE 100 have spreads of about 1.3 pips. Average spreads for the EUR/USD pair are about 0.9 pips, while gold spreads are about 0.17 pips. You may expect trading costs that are competitive with other brokerages of a similar nature.
The contract’s specifications will outline the swap costs and rates in detail. It’s important to remember that inactive accounts incur a 3% charge (minimum $25) per month.
Assets Available on SimpleFX
Many different assets are available for investment on SimpleFX, such as:
- Stocks
- Commodities
- Currencies
- Crypto
- Indices
Other than Bitcoin, Litecoin, Ethereum, and Dash, they provide trading in over 60 other currency pairings. Among them are some rare instruments such as the Turkish lira, the South African rand, and the Israeli shekel.
The most widely traded cryptocurrencies on SimpleFX are all among the top 100 by market capitalization. To name a few:
- Cardano (ADA)
- Binance Coin (BNB)
- Bitcoin Cash (BCH)
- DASH (DASH)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Ethereum 2.0 (ETH2.0)
- Litecoin (LTC)
- Wrapped Bitcoin (WBTC)
- Ripple (XRP)
Users of SimpleFX may not only buy and sell cryptocurrencies but also stake their Ethereum tokens to receive a dividend, similar to a certificate of deposit or a savings account.
Also available on SimpleFX are the stablecoins Binance USD (BUSD), USD Coin (USDC), and USD Tether (USDT).
Additionally, you may trade precious metals and a variety of indices with them. There is always an opportunity to make a profit by trading in the midst of global events, as the world’s resources are ever-changing.
How to Open An Account?
With just a few simple clicks, you can sign up for an account and begin entering your information. Just click on Start Now located on the homepage and fill out the information needed.
Once you’ve decided to make a fiat currency deposit, you’ll be prompted to verify your identity in accordance with the KYC policy. Thereafter, you may log in and start trading, either with real money or with the demo account’s virtual cash.
All of the tradable financial instruments on SimpleFX can be accessed from a single account. Accounts may be set up in a variety of different currencies, and there is no minimum opening deposit required. For foreign exchange, commodities, and cryptocurrencies, the smallest contract size is 0.01 lots. Both the margin call and stop-out level are set at 30%.
In addition to traditional ways of payment like bank transfers, credit cards, and money orders, SimpleFX also accepts Bitcoin, Dash, and other cryptocurrencies as well as e-wallets like Neteller and Skrill, all of which are instant and free of transaction fees. You should use an exchange to acquire cryptocurrency if you do not currently possess any. There is often no minimum or maximum deposit requirement, and processing times for most methods average an hour. No major credit cards are accepted.
In Conclusion
The SimpleFX trading platform is top-notch since it connects you to numerous automated services and investment opportunities. In addition to its inexpensive fees and strong trading apps, the website is also rich with information.
SimpleFX Review Overall
SimpleFX is a user-friendly platform with no deposit or withdrawal fees, no minimum deposits, and high leverage (1:500). It supports a wide range of assets, including 60 cryptocurrencies, and features ETH staking. However, it is unregulated, does not support US users, and has an inactivity fee. Customer support is limited to live chat and email. Overall, SimpleFX offers competitive fees and robust features but lacks regulatory oversight and broader support options.
Pros
- No deposit and withdrawal fees
- No minimum deposits
- Supports 60 cryptocurrencies
Cons
- Unregulated
- Does not support US users
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