According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- MetaTrader4
- Proprietary SFX platform
- 2014
Our Evaluation of SimpleFX
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
SimpleFX is a moderate-risk broker with the TU Overall Score of 5.53 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by SimpleFX clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
SimpleFX is a broker with fairly limited trading terms and is focused primarily on traders who trade cryptocurrencies.
Brief Look at SimpleFX
The SimpleFX broker was registered in the state of Saint Vincent and the Grenadines in 2014 and provides services to traders globally. A distinctive feature of this company is that the broker provides its clients with the opportunity to open accounts and withdraw funds in cryptocurrency. The SimpleFX broker is registered as an international financial company (IBC), but its activities are not subject to the financial regulator. At the moment, there are no awards in the SimpleFX asset.
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- the ability to open an account in cryptocurrency;
- the minimum deposit amount is $1;
- its trading platform is the Metatrader 4.
- the inability to withdraw funds to a bank card;
- no multilingual technical support;
- the broker doesn't have a financial regulator;
- the broker provides only one account type.
TU Expert Advice
Author, Financial Expert at Traders Union
SimpleFX offers trading services with a focus on cryptocurrencies, accessible through MetaTrader 4 and its proprietary SFX platform. The broker provides the Standard account, with no minimum deposit and leverage up to 1:500. It supports trading Forex, cryptocurrencies, stocks, indices, and commodities. Notably, accounts may be funded and managed in various cryptocurrencies, providing flexibility for crypto-focused traders.
However, SimpleFX has several drawbacks, including the absence of Tier-1 regulatory oversight, absence of multilingual client support, and limited withdrawal options. The broker is suitable for crypto traders and beginners due to its low entry barrier, but may not be ideal for those prioritizing robust regulatory oversight and comprehensive support.
- You're looking for a trading platform with robust technology and features as they offer seamless trading on leading platforms like MetaTrader 4 and 5, as well as their own SimpleFX Connect platform, providing a rich set of tools for analysis and an enhanced trading experience.
- You are looking for minimum deposit as low at just $1, and leverage up to 1:500.
- Regulatory oversight is a priority for you as SimpleFX is not regulated by reputable financial authorities like FCA, ASIC, or CySEC.
SimpleFX Trading Conditions
Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| 💻 Trading platform: | MetaTrader 4, as well as its proprietary SFX platform for WEB, iOS, and Android |
|---|---|
| 📊 Accounts: | Standard |
| 💰 Account currency: | USD, cryptocurrencies |
| 💵 Deposit / Withdrawal: | Skrill, Neteller, FasaPay, BitcoinCash, Ethereum, Litecoin, Dash, Monero, Tether |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | Up to 1:500 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0,01 lot |
| 💱 EUR/USD spread: | 0,9-1,5 pips |
| 🔧 Instruments: | Currencies, stocks, indices, commodities, cryptocurrencies |
| 💹 Margin Call / Stop Out: | 20%/20% |
| 🏛 Liquidity provider: | Unknown |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | Market execution |
| ⭐ Trading features: | Advisers; Mobile version of the platform; Profitable affiliate program. |
| 🎁 Contests and bonuses: | No |
The SimpleFX broker offers fairly mediocre trading terms. The company has only one account type: Standard. The minimum deposit amount is $1. A distinctive feature of this broker is the ability to choose one of the cryptocurrencies (Bitcoin, Litecoin, Ether, etc.) as the currency when opening an account. The size of the spread depends on the specific trading instruments. The maximum leverage is 1:500, and the minimum lot is 0.01. The minimum spread on currency pairs is 0.9 pips.
SimpleFX Key Parameters Evaluation
Video Review of SimpleFX
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Trading Account Opening
If you want to trade with SimpleFX and get compensation from the Traders Union using the rebate service, then:
Register on the Traders Union site and follow the affiliate link to the broker's website. Then click the Create Account button.
Then register. The registration of new clients is quite simple with this broker. To do so, just specify your email address and agree to the terms of the broker's services.
The following useful functions will be available for you in your personal account:
Also, other useful functions will be available in your personal account:
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the balance under the affiliate program;
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statistics (statement) of the trader's trades;
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personal data changing;
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technical support and assistance of a personal manager;
Regulation and safety
SimpleFX has a safety score of 2.5/10, which corresponds to a Low security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Negative balance protection
- Track record over 11 years
- Not tier-1 regulated
- Not regulated
SimpleFX Security Factors
| Foundation date | 2014 |
| Negative balance protection | Yes |
| Verification (KYC) | Yes |
SimpleFX is Not a Regulated Broker
Commissions and fees
The trading and non-trading commissions of broker SimpleFX have been analyzed and rated as Medium with a fees score of 5/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and OANDA, to provide the most comprehensive information.
- No inactivity fee
- No deposit fee
- No withdrawal fee
- Above-average Forex trading fees
- No ECN/Raw Spread account
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of SimpleFX with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, SimpleFX’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
SimpleFX Standard spreads
| SimpleFX | Pepperstone | OANDA | |
| EUR/USD min, pips | 0,9 | 0,5 | 0,1 |
| EUR/USD max, pips | 1,5 | 1,5 | 0,5 |
| GPB/USD min, pips | 0,9 | 0,4 | 0,1 |
| GPB/USD max, pips | 1,5 | 1,4 | 0,5 |
Does SimpleFX support RAW/ECN accounts?
As we discovered, SimpleFX does not offer RAW/ECN accounts, which might be a drawback for transparency and liquidity. However, this doesn't make the broker uncompetitive. Consider factors like spread levels, execution speed, regulation, support quality, and trading tools when choosing a reliable broker.
Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with SimpleFX. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
SimpleFX Non-Trading Fees
| SimpleFX | Pepperstone | OANDA | |
| Deposit fee, % | 0 | 0 | 0 |
| Withdrawal fee, % | 0 | 0 | 0 |
| Withdrawal fee, USD | 0 | 0 | 0-15 |
| Inactivity fee ($, per month) | 0 | 0 | 0 |
Account types
The SimpleFX broker has only one account type – Standard.
Types of accounts:
SimpleFX is a broker that focuses primarily on cryptocurrency traders.
Deposit and withdrawal
SimpleFX received a Medium score for the efficiency and convenience of its deposit and withdrawal processes.
SimpleFX provides a reasonable range of deposit and withdrawal options with moderate fees, in line with industry standards.
- USDT (Tether) supported
- PayPal supported
- Bank wire transfers available
- Minimum deposit below industry average
- Limited deposit and withdrawal flexibility, leading to higher costs
- No bank card option
- Wise not supported
What are SimpleFX deposit and withdrawal options?
SimpleFX provides a basic range of deposit and withdrawal options, covering essential methods in line with industry standards. This set of options is sufficient for most traders, with available methods Bank Wire, PayPal, Neteller, BTC, USDT, Ethereum.
SimpleFX Deposit and Withdrawal Methods vs Competitors
| SimpleFX | Plus500 | Pepperstone | |
| Bank Wire | Yes | Yes | Yes |
| Bank card | No | Yes | Yes |
| PayPal | Yes | Yes | Yes |
| Wise | No | No | No |
| BTC | Yes | No | No |
What are SimpleFX base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. SimpleFX supports the following base account currencies:
What are SimpleFX's minimum deposit and withdrawal amounts?
The minimum deposit on SimpleFX is $1, while the minimum withdrawal amount is $10. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact SimpleFX’s support team.
Markets and tradable assets
SimpleFX offers a limited selection of trading assets compared to the market average. The platform supports 229 assets in total, including 50 Forex pairs.
- Indices trading
- 50 supported currency pairs
- Crypto trading
- Futures not available
- Copy trading not available
Supported markets vs top competitors
We have compared the range of assets and markets supported by SimpleFX with its competitors, making it easier for you to find the perfect fit.
| SimpleFX | Plus500 | Pepperstone | |
| Currency pairs | 50 | 60 | 90 |
| Total tradable assets | 229 | 2800 | 1200 |
| Stocks | No | Yes | Yes |
| Commodity futures | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes |
| Stock indices | Yes | Yes | Yes |
| Options | No | Yes | No |
Investment options
We also explored the trading assets and products SimpleFX offers for beginner traders and investors who prefer not to engage in active trading.
| SimpleFX | Plus500 | Pepperstone | |
| Bonds | No | No | No |
| ETFs | No | Yes | Yes |
| Copy trading | No | No | Yes |
| PAMM investing | No | No | Yes |
| Managed accounts | No | No | No |
Trading platforms & tools
SimpleFX received a score of 7.25/10, reflecting an average offering in terms of trading platforms and tools. The broker covers essential functionality but may fall short in some advanced features or platform diversity compared to leading competitors.
- Proprietary platform with unique features
- One-click trading
- Free VPS for uninterrupted trading
- Trading bots (EAs) allowed
- No TradingView integration
- No access to API
- Strategy (EA) Builder is not available
Supported trading platforms
SimpleFX supports the following trading platforms: MT4, Proprietary platform. This selection covers the basic needs of most retail traders. We also compared SimpleFX’s platform availability with that of top competitors to assess its relative market position.
| SimpleFX | Plus500 | Pepperstone | |
| MT4 | Yes | No | Yes |
| MT5 | No | No | Yes |
| cTrader | No | No | Yes |
| TradingView | No | Yes | Yes |
| Proprietary platform | Yes | Yes | Yes |
| NinjaTrader | No | No | No |
| WebTrader | No | Yes | Yes |
Key SimpleFX’s trading platform features
We also evaluated whether SimpleFX offers essential trading features that enhance user experience, accommodate various trading styles, and improve overall functionality.
Supported features
| 2FA | Yes |
| Alerts | Yes |
| Trading bots (EAs) | Yes |
| One-click trading | Yes |
| Scalping | No |
| Supported indicators | 76 |
| Tradable assets | 229 |
Additional trading tools
SimpleFX offers several additional features designed to enhance the trading experience. These tools provide greater automation, deliver advanced market insights, and help improve trade execution.
SimpleFX trading tools vs competitors
| SimpleFX | Plus500 | Pepperstone | |
| Trading Central | No | No | No |
| API | No | No | Yes |
| Free VPS | Yes | No | Yes |
| Strategy (EA) builder | No | No | Yes |
| Autochartist | No | No | Yes |
Mobile apps
SimpleFX supports mobile trading, offering dedicated apps for both iOS and Android. SimpleFX received a score of 6.45/10 in this section, indicating a generally acceptable mobile trading experience.
- Indicators supported
- Solid iOS user feedback, with a rating of 5/5
- Mobile 2FA not supported
- Mobile alerts not supported
We compared SimpleFX with two top competitors by mobile downloads, app ratings, 2FA support, indicators, and trading alerts.
| SimpleFX | Plus500 | Pepperstone | |
| Total downloads | 50,000 | 10,000,000 | 100,000 |
| App Store score | 5 | 4.7 | 4.0 |
| Google Play score | 3.9 | 4.4 | 4.0 |
| Mob. 2FA | No | Yes | Yes |
| Mob. Indicators | Yes | Yes | Yes |
| Mob. Alerts | No | Yes | Yes |
Education
As for training and other useful information for the trader, the broker's website only offers a Frequently Asked Questions section, which describes the principles of trading in the Forex market and the cryptocurrency market in general terms.
The company also provides a demo account, so you can test trading systems and educate yourself.
Customer support
The support service operates twenty-four/five.
Advantages
- Online chat is available
- The FAQs section provides answers to the most common questions
- Support via email is available
Disadvantages
- Doesn't work on weekends
- No telephone support available
- No feedback form available
- On average, you have to wait for a response for about a week
There are several ways to contact customer support specialists:
-
via email;
-
via online chat;
-
using your personal account under the tab that reads the Support section.
Support is provided on the broker's SimpleFX website, as well as in your personal account – in the Support section.
Contacts
| Foundation date | 2014 |
|---|---|
| Registration address | Griffith Corporate Centre, Beachmont, Kingstown VC0100, Saint Vincent and the Grenadines |
| Official site | simplefx.com |
Comparison of SimpleFX with other Brokers
| SimpleFX | Bybit | Eightcap | XM Group | Vantage Markets | LiteFinance | |
| Trading platform |
MetaTrader4 | MetaTrader5 | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MT4, MT5, TradingView, ProTrader, Vantage App | MT4, MT5, MultiTerminal, Sirix Webtrader |
| Min deposit | $1 | No | $100 | $5 | $50 | $10 |
| Leverage |
From 1:1 to 1:500 |
From 1:1 to 1:500 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:1 to 1:500 |
From 1:1 to 1:1000 |
| Trust management | No | No | No | No | No | Yes |
| Accrual of % on the balance | No | No | No | No | No | 7.00% |
| Spread | From 0.9 points | From 0 points | From 0 points | From 0.8 points | From 0 points | From 0.5 points |
| Level of margin call / stop out |
20% / 20% | No / 50% | 80% / 50% | 100% / 50% | 100% / 50% | 50% / 20% |
| Order Execution | Market Execution | Market Execution | Market Execution | Market Execution | Market Execution | Market Execution, Instant Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | No | No | No | No | Yes |
Detailed Review of SimpleFX
SimpleFX is a broker registered in the state of Saint Vincent and the Grenadines and has been providing financial services for over 5 years. The broker's activities are primarily focused on the countries that comprise Asia and Oceania, but traders around the world can open an account with a SimpleFX broker. Moreover, the broker is focused on traders who trade on cryptocurrency and provides them with the opportunity to withdraw funds in cryptocurrency.
SimpleFX by the numbers:
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more than 5 years on the exchange market.
-
more than 20 types of cryptocurrency contracts are available;
-
The minimum investment amount is $1;
SimpleFX is an acceptable broker that is focused on the cryptocurrency niche.
SimpleFX provides standard financial services in the Forex market. The broker has a fairly wide range of trading instruments, with an emphasis (in addition to the Forex market) on cryptocurrency. Despite this, the company doesn't provide opportunities for passive earnings, namely PAMM investment. Also, the broker doesn't offer any bonus programs. All technical support is provided in English only.
The company offers its clients both the MetaTrader 4 trading platform and the proprietary SFX platform for WEB, iOS, and Android. The broker also offers a mobile version of the platform that allows traders to trade around the world.
Note the following useful services on the SimpleFX website:
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the quotes are on ticker tape;
-
Frequently Asked Questions (FAQs) section;
-
brief training on the trading platform’s functionality.
Advantages:
convenient trading platforms;
The minimum deposit is $1.
Wide range of trading instruments;
the ability to replenish the deposit and withdraw funds in cryptocurrency;
availability of the mobile version of the platform;
a profitable affiliate program.
The broker doesn’t limit the strategies of traders. Common trading systems for hedging and locking orders are allowed. Moreover, the broker doesn't set terms for the minimum duration of holding a transaction.
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