deposit:
- $1
Trading platform:
- MetaTrader4
- Proprietary SFX platform
- 100%
deposit:
- $1
Trading platform:
- MetaTrader4
- Proprietary SFX platform
- 100%
Note!
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Summary of SimpleFX Trading Company
SimpleFX is a moderate-risk broker with the TU Overall Score of 6.58 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 ranks 48 among 406 companies featured in the TU Ranking, which is based on the evaluation of 100+ criteria and a test on how to open an account.
SimpleFX is a broker with fairly limited trading terms and is focused primarily on traders who trade cryptocurrencies.
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.
💰 Account currency: | USD, cryptocurrencies |
---|---|
🚀 Minimum deposit: | $1 |
⚖️ Leverage: | Up to 1:500 |
💱 Spread: | From 0.9 pips |
🔧 Instruments: | Currencies, stocks, indices, commodities, cryptocurrencies |
💹 Margin Call / Stop Out: | 20%/20% |
👍 Advantages of trading with SimpleFX:
- the ability to open an account in cryptocurrency;
- the minimum deposit amount is $1;
- its trading platform is the Metatrader 4.
👎 Disadvantages of SimpleFX:
- 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.
Evaluation of the most influential parameters of SimpleFX
Trade with this broker, if:
- 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.
Do not trade with this broker, if:
- Regulatory oversight is a priority for you as SimpleFX is not regulated by reputable financial authorities like FCA, ASIC, or CySEC.
Geographic Distribution of SimpleFX Traders
Popularity in
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SimpleFX Latest Comments for 2023 i
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Expert Review of SimpleFX
SimpleFX broker is relatively new to the Forex market, and the company cannot yet be designated as a leader. The broker is focused on working with clients from Asia and Oceania. The broker provides the simplest conditions for opening a trading account. What is unique here is that you can open an account in cryptocurrency.
SimpleFX offers a relatively wide range of trading tools, the popular MetaTrader 4 trading platform, and the proprietary SFX platform for WEB, iOS, and Android. We should note as disadvantages the complete absence of bonus programs and a PAMM account for passive investment. Nor can a trader withdraw money to a bank card. Another significant disadvantage is the lack of a financial regulator for this broker.
The company's website is hardly convenient. All technical and operational support is provided exclusively in English. There are no analytical articles, market news, or training courses on the site. The only help that is provided to the trader is the "Frequently Asked Questions" (FAQs) section, which very briefly describes the basics of trading in the Forex market.
Latest SimpleFX News
Dynamics of SimpleFX’s popularity among
Traders Union’s traders, according to 2023 data
Investment Programs, Available Markets and Products of the Broker
The SimpleFX broker is focused on those traders who trade independently. The Company doesn't provide options for investing using PAMM accounts or trust management.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
SimpleFX’s affiliate program:
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SimpleFX Affiliate. The client of the company can earn extra income by attracting new clients: up to 25% of the spread of the invited trader and 5% of the spread of the traders who were invited by the invited traders.
As you can see, the broker offers a rather interesting affiliate program. Moreover, the company has developed a multi-level system where the trader's profit depends on the total number of customers attracted. This makes it possible to get a part of the commission from the broker and create your own referral network.
Trading Conditions for SimpleFX Users
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.
$1
Minimum
deposit
1:500
Leverage
24/5
Support
💻 Trading platform: | MetaTrader 4, as well as its proprietary SFX platform for WEB, iOS, and Android |
---|---|
📊 Accounts: | Standard |
💰 Account currency: | USD, cryptocurrencies |
💵 Replenishment / 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 |
💱 Spread: | From 0.9 pips |
🔧 Instruments: | Currencies, stocks, indices, commodities, cryptocurrencies |
💹 Margin Call / Stop Out: | 20%/20% |
🏛 Liquidity provider: | Unknown |
📱 Mobile trading: | Yes |
➕ Affiliate program: | Yes |
📋 Orders execution: | Market execution |
⭐ Trading features: | Advisers; Mobile version of the platform; Profitable affiliate program. |
🎁 Contests and bonuses: | No |
Comparison of SimpleFX with other Brokers
SimpleFX | RoboForex | Eightcap | Exness | Gerchik&Co | NPBFX | |
Trading platform |
MetaTrader4 | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | MT4, MT5 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MetaTrader4, MetaTrader5 | MT4 |
Min deposit | $1 | $10 | $100 | $10 | $100 | $10 |
Leverage |
From 1:1 to 1:500 |
From 1:1 to 1:2000 |
From 1:30 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:100 |
From 1:1 to 1:200 |
Trust management | No | No | No | No | Yes | No |
Accrual of % on the balance | No | No | No | No | No | No |
Spread | From 0.9 points | From 0 points | From 0 points | From 1 point | From 0 points | From 0.4 points |
Level of margin call / stop out |
20% / 20% | 60% / 40% | 80% / 50% | No / 60% | 100% / 50% | No / 30% |
Execution of orders | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Instant Execution, Market Execution |
No deposit bonus | No | No | No | No | No | No |
Cent accounts | No | Yes | No | No | No | No |
Broker comparison table of trading instruments
SimpleFX | RoboForex | Eightcap | Exness | Gerchik&Co | NPBFX | |
Forex | Yes | Yes | Yes | Yes | Yes | Yes |
Metalls | Yes | Yes | Yes | Yes | Yes | Yes |
Crypto | Yes | No | Yes | Yes | Yes | Yes |
CFD | Yes | Yes | Yes | Yes | Yes | Yes |
Indexes | Yes | Yes | Yes | Yes | Yes | Yes |
Stock | Yes | Yes | Yes | Yes | Yes | Yes |
ETF | No | Yes | No | No | Yes | Yes |
Options | No | No | No | No | No | No |
SimpleFX Commissions & Fees
Account type | Spread (minimum value) | Withdrawal commission |
Standard | from $9 | 1% when withdrawing money to the FasaPay e-wallet; 3% when withdrawing money to Neteller or Skrill |
The broker also charges a commission for transferring trading positions to the next day (swap). Please find below a table comparing brokers by the size of their trading commissions. Here each broker is assigned a level from low to high according to the criteria of the evaluation.
Broker | Average commission | Level |
SimpleFX | $9 | High |
RoboForex | $1 | Low |
Pocket Option | $8.5 | Medium |
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:
-
more than 5 years on the exchange market.
-
more than 20 types of cryptocurrency contracts are available;
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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:
-
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.
How to Start Making Profits — Guide for Traders
The SimpleFX broker has only one account type – Standard.
Types of accounts:
SimpleFX is a broker that focuses primarily on cryptocurrency traders.
Bonuses Paid by the Broker
SimpleFX broker doesn't offer bonus programs.
Investment Education Online
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.
Security (Protection for Investors)
SimpleFX is officially registered as an international business company (IBC) and has a legal entity ID. However, the company is not subject to a financial regulator, and thus, its broker's activities are not regulated.
The broker's regulations and rules published on the website also don't provide any information about financial regulators.
👍 Advantages
- Broker has been operating on the market for over 5 years
- Decent protection of your personal account and personal data of your clients
- The regulations and rules for the provision of the services are published on its official website.
👎 Disadvantages
- There is no complaint procedure
- The client's deposit is not actually protected in any way
- This broker is not licensed
- The broker doesn't provide information about the liquidity provider
- The broker is not responsible for the client's deposit in the event of its insolvency
Withdrawal Options and Fees
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The SimpleFX broker makes withdrawals relatively fast.
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The company charges a commission for bank transfers and transfers to FasaPay in the amount of 1% of the total amount, and 3% for withdrawals to Neteller and Skrill e-wallets.
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There are nine options for depositing and withdrawing funds: e-wallets Skrill, Neteller, FasaPay, as well as withdrawal to personal wallets in cryptocurrency (Bitcoin, Litecoin, Dash, Ethereum, Monero, and Tether).
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Withdrawals to Skrill, Neteller, and FasaPay e-wallets take an average of 3 business days. Withdrawal to personal wallets in cryptocurrency (Bitcoin, Litecoin, Dash, Ethereum, Monero, Tether) takes up to 1 business day.
-
Withdrawals are possible both in dollars and cryptocurrency.
Customer Support Service
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 |
Review of the Personal Cabinet of SimpleFX
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:
-
the balance under the affiliate program;
-
statistics (statement) of the trader's trades;
-
personal data changing;
-
technical support and assistance of a personal manager;
Disclaimer:
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.
Find out how SimpleFX stacks up against other brokers.
Articles that may help you
FAQs
Do reviews by traders influence the SimpleFX rating?
Any review can raise or lower the rating of any broker in the general list of brokers. To read reviews about SimpleFX you need to go to the broker's profile.
How to leave a review about SimpleFX on the Traders Union website?
To leave a review about SimpleFX, register on the Traders Union website or you can also leave a review through Facebook.
Is it possible to leave a comment about SimpleFX on a non-Traders Union client?
Anyone can leave feedback about SimpleFX on multiple participating clients; however, Traders Union clients also receive additional payments later for working with any broker listed at the Forex market.
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