SimpleFX Review

Introduction:

Headquartered in St. Vincent and the Grenadines, SimpleFX is an exchange that supports trading of forex, crypto, commodities and stocks. The broker highly attracts SimpleFX crypto traders because it supports trading of the world’s largest cryptos. SimpleFX has a global reach in more than 130 countries. Founded in 2014, they have made a place for itself in a short span of time by offering a diverse range of major fiats and stablecoins. 

SimpleFX stands out from other exchange platforms because of its user-friendly interface, which is compatible with both computers and smartphones. SimpleFX also has a solid social media presence to allow its clients to stay in touch with them at all times. They also have a major focus on the security and safety of traders by offering features such as two-factor authentication and negative balance protection.

Features of SimpleFX:

SimpleFX has so many features that make it different from others. The option to deposit via crypto and fiat money is something that is hard to beat. Here are some of the unique features which SimpleFX offers:

Account Types:

SimpleFX is indeed a versatile broker with only one type of account for all users. While other brokers offer different types of accounts catering to diverse traders’ needs, this is not the case with SimpleFX. On the contrary, it has a single type of account that allows traders to trade across a wide range of assets.

Tradable Instruments:

One of the selling points of SimpleFX is its unique range of markets. It’s quite impressive and covers all the popular assets.

SimpleFX enables traders to trade with more than twelve indices, where each and every index is one of the biggest in their respective sectors. Some examples are Nikkei, NYSE and DAX. In addition to indices, the platform also supports a large number of forex pairs, cryptocurrency assets, metals, equities and commodities.

Withdrawals and Deposits:

SimpleFX’s payment methods are much more limited than other established brokers. It does not offer debit/credit cards or direct bank transfers. Instead, the primary payment options available with the broker are cryptos such as Bitcoin, Dash and Ethereum. Additionally, you can also pay via Fasapay and other e-transfer options.

Trade Sizes:

SimpleFX offers minimum trade sizes, which start from 0.01 lots (also referred to as micro lots). Furthermore, users can go with 100 lots, which is the maximum trade size.

Trading Platforms:

SimpleFX Web Platform is highly intuitive and pretty well laid out. The market selection panel is straightforward and allows traders to choose from numerous markets.

SimpleFX also offers MetaTrader 4 trading platform, which is available for several devices, including Linux, Android, Windows and iOS. MT4 is considered to be a user-friendly trading platform, useful by both beginner and professional traders. The app version is also similarly easy to use and is equipped with several additional tools and solutions.

SimpleFX also provides traders with a series of articles and blogs for traders to stay updated with recent market trends. There’s a decent selection of trading tutorials that can help them enhance their trading skills over time.

Simple FX also supports social trading, allowing you to follow the moves of more experienced traders.

Safety of Funds:

SimpleFX follows the policy of segregated accounts for clients to keep their funds separate from the business funds. It also has strict solvency requirements and possesses buffer funds to protect its clients against any severe market movement that might occur during the course of time. However, remember that SimpleFX is not a regulated broker, so there’s no regulatory body that oversees its operations.

Customer Support:

A slow customer support service can be very frustrating. You would know this already if you have been trading for a while now. That’s why customer support is an important criterion for evaluating a broker. SimpleFX has a wide range of options available for its clients to reach out to them. Out of all, the quickest and most efficient is live chat, which is available in English, Portuguese and Spanish.

Trading Conditions For SimpleFX:

Fees and Spreads:

Whenever you try out a new broker, the first thing you have in mind is how much you are likely to pay if you trade there. When it comes to SimpleFX, they charge competitive spreads, depending on the asset class you choose. Their spreads are reasonably wide and in line with other similar brokers. A swap fee is also applicable for holding open positions overnight.

You will be happy to know that there are no deposit fees with SimpleFX. But, withdrawals might be subject to a certain fee, particularly if you are using Neteller, Fasapay or Skrill. For cryptocurrencies, SimpleFX charges no deposit/withdrawal fee, but there might be a “network” fee, which is nothing to be worried about as it is minimal.

Leverage:

With SimpleFX, the maximum leverage available is 1:500. However, it does not mean you have to trade with such high leverage. You can always start with a smaller capital and make your way to the top gradually. The reason is leverage carries an extra risk factor and thus should be handled carefully. However, there is reasonable leverage available on FX assets, commodities and equities. But crypto leverage is disappointing, with a maximum leverage of 1:2.

Pros and Cons of SimpleFX:

Pros

• Commission-free trading
• Rapid execution of trades
• 2FA for added security
• API for advanced traders
• Negative balance protection
• Trading blogs available
• Wide range of investment options

Cons:

• Lack of regulatory status
• Registered in a remote nation
• Non-availability of MT5
• Not available in the USA

Conclusion:

We could sum up SimpleFX in one word- simple! The web trading platform is phenomenal, with an intuitive and clean layout. They have managed to provide a convenient trading experience to newbies. The most impressive thing about them is their impressive range of forex pairs and stellar customer support. It is also nice to see that they offer the MT4 platform for traders who are accustomed to this easy-to-use platform. All of this makes it worth considering! Yes, there are some concerns, such as lack of regulation, but overall SimpleFX is a well-established broker with a beginner-friendly trading platform and competitive spreads.