SimpleFX is an online broker that is based in St Vincent and the Grenadines which offers its clients trading services and access to the Forex markets. It was first established in 2014 and has grown ever since, expanding and servicing over 200,000 clients from around the world.
SimpleFX’s business model revolves around making its user interfaces and online trading services as simple and direct-to-the-point as possible, gaining much attention from newcomers and beginners in trading.
In this review, we will look into a more in-depth look into the offerings and various key aspects of SimpleFX and see whether the exchange still lives up to its reputation as well as some of its pros and cons.
SimpleFX: Services and Offerings
While SimpleFX offers the following services to clients residing in almost any part of the globe, some offers may differ depending on the location of the client. Furthermore, clients residing in the United States may also not be able to gain full access to its services due to legal restrictions.
• Trading Instruments
SimpleFX currently offers its clients a decent variety of financial instruments to trade with, including 60 currency pairs (major, cross, and exotic pairs), 8 cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Dash. In addition, SimpleFX offers various indices, metals, energies, and CFDs.
• Account Types
SimpleFX currently has only one account type that offers multicurrency trading where clients can trade with a maximum leverage of 1:500. Opening a SimpleFX account does not require a minimum deposit and traders can open up to three live accounts for each currency. Clients can trade with variable spreads starting from 0.1 pips.
In addition, a free demo account can be opted for in order to try out SimpleFX’s trading platforms with virtual funds in a risk-free trading environment.
• Trading Platform
NPBFX mainly incorporates the MetaTrader4 (MT4) trading platform by MetaQuotes. MT4 is one of the leading trading platforms in the industry, most notable for its easy-to-use interface, lightning-quick execution time, and flexible customizability. It features real-time market quotes as well as over 80 pre-installed technical indicators, charting tools, and automated trading options, to name a few.
It is available for desktop, web browser, and mobile for iOS and Android.
In addition, SimpleFX has its own proprietary trading platform, SimpleFX WebTrader, that offers a user-friendly trading experience which can be accessed through desktop, web browser, and mobile for iOS and Android.
• Payment Options
Payment options include credit/debit cards, bank wire transfers, and online payment services such as Neteller and Skrill. Deposits and withdrawals can also be done with cryptocurrency.
Withdrawals are usually processed within the same day, though it could take more if requests are done outside of business hours. Bank transfers usually take one to three business days to process, though some options can take a few seconds.
Bank processing fees may apply depending on which service has been chosen. Online payment services may charge additional fees for deposits or withdrawals.
Most of the details listed in this SimpleFX may often be subject to change. Therefore, for updated information, please check the broker’s official website.
SimpleFX: Is it safe?
SimpleFX is a company registered in St Vincent and the Grenadines and is part of the Registrar of International Business Companies. However, there seems to be a lack of evidence for the broker being regulated by a reputable financial authority. This can make the broker lose some potential clients looking for a safe and secure way to access the market. Some of the better brokers tend to have regulations from well-known entities such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission, and the Cyprus Securities and Exchange Commission.
Besides regulation, however, SimpleFX follows strict security features over their clients’ accounts, which can make some reconsider their options.
SimpleFX features a Negative Balance Program, aimed at preventing clients from making transactions that may cause them to reach a negative balance in their accounts through the use of notifications.
All SimpleFX accounts require a Two-Factor Authentication (2FA) process to access, further adding more to account security. In addition, all client funds are kept in segregated bank accounts, preventing the company to use them to fulfill other financial obligations other than what it was intended for.
In conclusion, SimpleFX offers what it advertises – a simple yet effective trading experience for all types of traders. It offers intuitive trading features and educational materials through their blogs and online webinars and academy.
One interesting feature is its flexibility when it comes to funding via cryptocurrencies.
However, one of the downsides to SimpleFX is its high spreads and a limited selection of financial instruments to trade with. Furthermore, the lack of any proper regulation can turn away the more seasoned of traders, especially when the array of assets offered is rather restricting when compared to other online brokerages of the same caliber.