Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
SimpleFX Pros & Cons
- 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.
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.
TU Expert Verdict
SimpleFX carries a higher degree of risk. My review and user feedback point to noticeable performance issues and limitations. It may be appropriate only for experienced traders who fully understand the risks and are prepared for potential instability.
Top-5 Brokers Traders Prefer
SimpleFX User Reviews
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5-star
3%
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4-star
26%
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3-star
39%
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2-star
16%
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1-star
16%
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Commissions and Fees
Score:We evaluate brokers' fees and spreads by assessing the costs associated with Standard and ECN/Raw spread accounts, including commissions and spreads. Additionally, our evaluation considers extra fees such as deposit/withdrawal charges and inactivity fees. Learn the assessment criteria5 /10The trading and non-trading commissions of SimpleFX have been analyzed and rated as having Medium fees, with a fees score of 5/10. Additionally, these commissions were compared with those of the top two competitors, OANDA and FOREX.com, 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 OANDA FOREX.com EUR/USD min, pips 0.9 0.1 0.7 EUR/USD max, pips 1.5 0.5 1.2 GPB/USD min, pips 0.9 0.1 0.9 GPB/USD max, pips 1.5 0.5 1.4 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 OANDA FOREX.com Deposit fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, USD The indicated amount does not include possible fees from payment systems and banks. 0 0-15 0 Inactivity fee ($, per month) 0 0 15 -
Is SimpleFX Safe?
Score:We evaluate brokers' safety based on several key criteria. The highest value is placed on regulation, especially Tier 1 regulation, which ensures adherence to stringent standards set by top financial authorities like the FCA in the UK, CFTC in the US, CySEc and BaFin (EU) or ASIC (Australia). High scores are also given for participation in investor protection funds, which safeguard clients' funds in case of broker insolvency. Learn the assessment criteria2.5 /10SimpleFX 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 12 years
- Not tier-1 regulated
- Not regulated
SimpleFX Security Factors Foundation date 2014 Negative balance protection YesVerification (KYC) YesSimpleFX is Not a Regulated Broker
Attention! It's your choice to work with regulated or unregulated brokers, but please consider the risks carefully. Unregulated brokers might offer lower fees and flexible trading options, but they lack investor protection, have a higher fraud risk, and no guarantee of withdrawals. Thoroughly research before deciding.
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Account Types
Score:We evaluate a broker’s account offering by analyzing the range and suitability of available account types and how effectively they cater to different trader profiles and strategies. Our assessment covers the diversity of account options — including Standard, ECN/Raw, Cent, Swap-Free (Islamic), and VIP accounts — as well as the flexibility of trading conditions provided. Learn the assessment criteria.6 /10SimpleFX offers the following account options: Demo, Standard.
However, it does not provide a Cent account, which can be a disadvantage for beginners looking to practice with minimal risk.
- Low minimum deposit
- Demo account
- Standard account with balanced trading conditions
- No Swap Free account
- No Cent account
SimpleFX account types vs top competitors SimpleFX Plus500 OANDA Standard YesYesYesECN/Raw spread NoNoYesDemo YesYesYesCent NoNoNoMicro NoNoYesSwap Free NoNoYesVIP NoNoNoManaged NoNoNoSimpleFX accounts trading conditions
The SimpleFX broker has only one account type – Standard.
Types of accounts:
Account Type Description Standard The Standard account has a minimum deposit starting from $1. The minimum spread for currency pairs is 0.9 pips. The leverage is up to 1:500. The minimum lot is 0.01. Margin call/Stop out level is 20%/20%. SimpleFX is a broker that focuses primarily on cryptocurrency traders.
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Deposit and Withdrawal
Score:This section assesses the efficiency, speed, and affordability of brokers’ transaction processes, focusing on available methods, currencies, and fees. For further details, please refer to our data-focused methodology5.5 /10SimpleFX 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.
- No withdrawal fee
- No deposit fee
- Bank wire transfers available
- PayPal supported
- Limited deposit and withdrawal flexibility, leading to higher costs
- No bank card option
- Only major base currencies available
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 OANDA Bank Wire YesYesYesBank card NoYesYesPayPal YesYesYesWise NoNoNoBTC YesNoYesWhat are SimpleFX base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs. SimpleFX supports the following base account currencies: USD, Bitcoin.
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.
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Markets and Tradable Assets
Score:The evaluation in this section is based on the TU methodology and reflects the total number and variety of tradable assets offered by the broker, including Forex currency pairs. It also considers the availability of passive income tools such as PAMM accounts, copy trading, and similar services. All information is obtained from publicly available sources and may change. Learn the assessment criteria4.8 /10SimpleFX 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
- No ETFs
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 OANDA Currency pairs 50 60 68 Total tradable assets The total tradable assets listed include all available instruments, including CFDs. Due to regional restrictions, certain CFDs may not be offered in some countries. For example, cryptocurrency CFDs are banned in the UK, and the U.S. has restrictions on CFDs. 229 2800 129 Stocks NoYesYesCommodity futures YesYesYesCrypto Cryptocurrency CFDs are restricted or prohibited in certain regions due to regulatory limitations. These include the United Kingdom, China, Egypt, the United States and Canada. YesYesYesStock indices YesYesYesOptions NoYesNoInvestment options
We also explored the trading assets and products SimpleFX offers for beginner traders and investors who prefer not to engage in active trading.
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Trading Account Opening
Score:We evaluated Trading Account Opening at SimpleFX by testing the registration process under real conditions, including opening an account and funding it with the minimum required deposit (but no less than $100). Our assessment considered whether onboarding was fully online, the average registration time, the speed of KYC verification, and how quickly traders could activate their accounts. Learn the assessment criteria.8 /10We successfully registered an account with SimpleFX in 20 minutes. The KYC verification was completed within 2 business days. The minimum deposit amount at SimpleFX is $1. This is one of the most accessible and hassle-free onboarding procedures on the market.
- Fully online account opening process
- Low minimum deposit requirement
- Account approval may require extra time depending on the documentation.
- Registration process may take longer than expected
SimpleFX account opening SimpleFX Plus500 OANDA Online Registration YesYesYesMinimum deposit $1 $100 $0 Mandatory KYC YesYesYesRegistration time (min) 20 10 KYC time (days) 2 3 3 Is SimpleFX available in my country?
If you are a citizen of United States, the broker accepts clients from your country.
Please note that availability may vary due to regulatory requirements, so we recommend confirming directly with the broker for the most accurate and up-to-date information.
Account opening details
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:
- Current quotes and charts on currency pairs.
- The ability to open trades directly from your personal account.
Also, other useful functions will be available in your personal account:
- the balance under the affiliate program;
- statistics (statement) of the trader's trades;
- personal data changing;
- technical support and assistance of a personal manager;
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Trading Platforms & Tools
Score:This section evaluates the quality and variety of trading platforms offered by the broker. It considers supported platforms, core features, device compatibility, and the availability of tools for automation, analysis, and different trading styles. Learn the assessment criteria7.3 /10SimpleFX received a score of 7.3/10, 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.
- Free VPS for uninterrupted trading
- Trading bots (EAs) allowed
- Proprietary platform with unique features
- One-click trading
- No TradingView integration
- No access to API
- No access to cTrader and its advanced tools.
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 OANDA MT4 YesNoYesMT5 NoNoYescTrader NoNoNoTradingView NoYesYesProprietary platform YesYesYesNinjaTrader NoNoNoWebTrader NoYesYesKey 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 YesAlerts YesTrading bots (EAs) YesOne-click trading YesScalping NoSupported 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 OANDA Trading Central Trading Central is a leading provider of investment research and financial market commentary. Integration with Trading Central offers traders advanced analytics, trading signals, and expert market insights, aiding in more informed decision-making. NoNoNoAPI NoNoYesFree VPS YesNoYesStrategy (EA) builder A Strategy or EA builder is a tool that allows traders to create and test their own automated trading strategies without requiring programming skills. NoNoYesAutochartist Autochartist is a market scanning tool that identifies trading opportunities by analyzing chart patterns and key price levels. NoNoYes -
Mobile Apps
Score:This section assesses the quality and functionality of the broker’s mobile trading apps. It takes into account app ratings, number of downloads, platform features such as two-factor authentication (2FA), mobile alerts, and technical indicators, ensuring traders can manage positions and monitor markets effectively from their smartphones. Learn the assessment criteria6.5 /10SimpleFX supports mobile trading, offering dedicated apps for both iOS and Android. SimpleFX received a score of 6.5/10 in this section, indicating a generally acceptable mobile trading experience.
- Indicators supported
- Solid iOS user feedback, with a rating of 5/5
- Mobile alerts not supported
- Mobile 2FA not supported
We compared SimpleFX with two top competitors by mobile downloads, app ratings, 2FA support, indicators, and trading alerts.
SimpleFX Plus500 OANDA Total downloads The parameter reflects the combined number of installations from both the Apple App Store and Google Play. It serves as an approximate indicator of the broker’s mobile trading app popularity and user adoption across platforms. 50,000 10,000,000 1,000,000 App Store score App store scores reflect the average user ratings of the broker’s mobile applications on the Apple App Store and Google Play. These ratings indicate user satisfaction based on criteria such as usability, stability, performance, and overall experience. 5 4.7 4.8 Google Play score 3.9 4.4 3.4 Mob. 2FA NoYesYesMob. Indicators YesYesYesMob. Alerts NoYesYes -
Customer Support
Score:We evaluated Customer Support at SimpleFX by opening a real account funded with the minimum required deposit (no less than $100) and contacting support to measure response time under real conditions. Our assessment considered contact channels, response speed, multilingual support, and availability hours. Learn the assessment criteria5.9 /10Customer support at SimpleFX is available, but response speed and service quality may vary. Some requests are handled efficiently, while others may require follow-ups.
During testing, response times were moderate, and communication depended on the complexity of the request. SimpleFX provides basic support functionality but does not stand out in overall service performance.
InformationThe support service operates twenty-four/five.
- Online chat is available
- The FAQs section provides answers to the most common questions
- Support via email is available
- 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
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FAQs
Is SimpleFX a regulated forex broker and how is its safety assessed?
According to the review, SimpleFX is not a regulated broker and has a safety score of 2.5/10, which corresponds to a low security level. It offers negative balance protection and requires KYC verification, but the absence of Tier-1 regulation and investor protection schemes may increase risks compared with more strictly supervised brokers.
How are SimpleFX trading commissions and non-trading fees described in expert reviews?
The review rates SimpleFX’s overall fee level as medium, with above-average forex trading fees and no ECN/Raw Spread account option. However, it notes that there are no inactivity, deposit, or withdrawal fees, so additional non-trading costs are limited according to the section.
What account types and trading conditions does SimpleFX offer according to broker reviews?
The review states that SimpleFX provides a single Standard account and a demo account, with no swap-free, micro, cent, VIP, or managed accounts. The Standard account has a minimum deposit from $1, spreads from 0.9 pips, leverage up to 1:500, a minimum lot of 0.01, and a 20% margin call/stop-out level, and the broker is described as focusing primarily on cryptocurrency traders.
What deposit and withdrawal options are available with SimpleFX and what limits apply?
The review indicates that SimpleFX supports deposits and withdrawals via bank wire, PayPal, Neteller, Bitcoin, USDT, and Ethereum, but does not support bank cards or Wise. The minimum deposit is $1 and the minimum withdrawal is $10, though the section notes these thresholds may vary by payment method and account specifics.
What feedback is available on the SimpleFX mobile trading apps and their features?
The review notes that SimpleFX offers mobile apps for iOS and Android, with an App Store rating of 5 and a Google Play rating of 3.9, and total downloads of about 50,000. The apps support trading indicators but do not support mobile two-factor authentication or mobile alerts, which may be relevant for users comparing mobile security and notification features.
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