SimpleFX Broker Review

Is SimpleFX a scam?

SimpleFX is regulated by the International Financial Services Commission (IFSC) under the registration number 000122/107. The IFSC is a regulatory body located in Belize that oversees financial services companies operating in the jurisdiction.

While SimpleFX is regulated, it’s important to note that the IFSC is considered to be a relatively lax regulator compared to other financial regulators such as the Financial Conduct Authority (FCA) in the UK or the Securities and Exchange Commission (SEC) in the US. This means that the level of protection offered to traders may not be as comprehensive as that provided by more stringent regulators.

In terms of safety, SimpleFX takes security seriously and uses advanced encryption technologies to protect user data and transactions. The platform also offers two-factor authentication (2FA) to further enhance security. Additionally, SimpleFX keeps users’ funds in segregated accounts, which means that client funds are kept separate from the company’s operating funds. In the event that SimpleFX were to become insolvent, this would help to ensure that client funds are protected.

Overall, while SimpleFX is regulated and takes security seriously, traders should be aware of the regulatory limitations of the IFSC and consider this when evaluating the safety of the platform. It’s important for traders to conduct their own research and due diligence before deciding to trade on any platform.

SimpleFX Trading Platforms

SimpleFX offers two trading platforms: a web-based platform and a mobile application. Both platforms are designed to be user-friendly and intuitive, with a range of features and tools to help traders make informed trading decisions.

The web-based platform is accessible through any web browser and offers a range of charting tools, technical indicators, and analysis tools to help traders identify trading opportunities. The platform also features a customizable interface, which allows users to tailor the platform to their trading preferences.

The SimpleFX mobile application is available for both iOS and Android devices and offers a similar range of features to the web-based platform. The mobile application is designed to be fast and responsive, making it an ideal choice for traders who need to trade on-the-go.

Both the web-based platform and mobile application offer one-click trading, allowing traders to enter and exit trades quickly and easily. Additionally, SimpleFX offers a range of educational resources to help traders learn more about trading and the financial markets.

Overall, the SimpleFX trading platforms are designed to be user-friendly and accessible to traders of all levels. The range of features and tools on offer makes it a popular choice for both new and experienced traders.

Products SimpleFX provides

SimpleFX provides a range of financial products that can be traded on its platform. These include:

1. Forex: SimpleFX offers a range of major, minor, and exotic currency pairs, allowing traders to speculate on the exchange rate movements of different currencies.
2. Stocks: The platform offers a range of stocks from some of the world’s largest companies, including Apple, Amazon, and Microsoft.
3. Cryptocurrencies: SimpleFX provides access to a range of popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
4. Indices: Traders can speculate on the price movements of global indices, such as the S&P 500, the Nasdaq, and the FTSE 100.
5. Commodities: SimpleFX offers a range of popular commodities, including gold, silver, and crude oil.

All of these products can be traded on the SimpleFX platform through the web-based platform or the mobile application. Traders can take advantage of leverage to increase their exposure to these markets, although this also increases the risk of losses. It’s important for traders to understand the risks involved with trading and to use risk management strategies to help mitigate these risks.

SimpleFX account types

SimpleFX offers two types of trading accounts: a live account and a demo account.

1. Live Account: This is a real trading account that allows traders to trade with real money. To open a live account, traders need to complete a registration process and verify their identity. Once the account is funded, traders can start trading with access to all of the trading tools and features on the platform.
2. Demo Account: SimpleFX also offers a free demo account, which allows traders to practice trading with virtual funds. This is a useful tool for new traders to learn how to use the platform and develop their trading skills without risking any real money.

Both account types provide access to the full range of financial products offered by SimpleFX, including forex, stocks, cryptocurrencies, indices, and commodities. The demo account provides a risk-free environment for traders to practice their trading strategies, while the live account allows traders to trade with real money and potentially earn profits.

In addition to these account types, SimpleFX also offers a range of affiliate programs for traders and partners, which allows them to earn additional income through referrals.

SimpleFX trading fees

SimpleFX charges trading fees in the form of spreads and overnight financing fees, depending on the financial product being traded.

1. Spreads: SimpleFX charges variable spreads on its forex and CFD products. The spreads can vary depending on market conditions and the specific financial instrument being traded. The spreads on forex pairs start from as low as 0.1 pips.
2. Overnight Financing Fees: If a position is held overnight, SimpleFX charges an overnight financing fee, which is based on the interest rate differential between the two currencies being traded. This fee can be either positive or negative, depending on the direction of the trade.

It’s important to note that SimpleFX does not charge any commissions on trades. This means that the trading fees are built into the spreads, making it easier for traders to calculate their trading costs.

In addition to trading fees, SimpleFX also charges fees for deposits and withdrawals. These fees can vary depending on the payment method used and the currency being deposited or withdrawn.

Overall, SimpleFX’s trading fees are competitive when compared to other online trading platforms. However, it’s important for traders to understand the fees involved with trading and to factor these into their trading strategies.

SimpleFX Funding and Withdrawal Options

SimpleFX provides a range of funding and withdrawal options to make it easy for traders to deposit and withdraw funds from their accounts. The available options may vary depending on the trader’s country of residence.

1. Deposit Options: SimpleFX offers a range of deposit options, including bank transfers, credit/debit cards, and e-wallets such as Neteller, Skrill, and FasaPay. There are no deposit fees charged by SimpleFX, although fees may be charged by the payment provider.
2. Withdrawal Options: Traders can withdraw funds from their SimpleFX account using the same payment methods as for deposits. Withdrawal fees vary depending on the payment method and currency being used. SimpleFX processes withdrawal requests within 24 hours, although the time it takes for the funds to reach the trader’s account may vary depending on the payment method.
3. Fees and Processing Time: SimpleFX does not charge any fees for deposits, but withdrawal fees may apply depending on the payment method used. The processing time for deposits is generally instant, although it may take longer for bank transfers to clear. Withdrawals are processed within 24 hours, although it may take longer for the funds to reach the trader’s account depending on the payment method used.

It’s important to note that SimpleFX may require traders to verify their identity before processing any withdrawals. This is a standard procedure to prevent fraud and comply with anti-money laundering regulations.

Overall, SimpleFX provides a range of convenient funding and withdrawal options with competitive fees and processing times.

SimpleFX’ promotions

SimpleFX offers various promotions and bonuses to its traders, which can help to increase their trading capital and potentially boost their profits. Here are some examples of the promotions currently offered by SimpleFX:

1. 20% Deposit Bonus: SimpleFX offers a 20% deposit bonus for new traders who deposit funds into their account for the first time. The bonus is credited to the trader’s account automatically after the deposit is made.
2. Affiliate Program: SimpleFX offers a lucrative affiliate program that allows traders to earn commissions for referring new traders to the platform. The program offers up to 25% revenue share on the trading fees generated by the referred traders.
3. Trading Contests: SimpleFX regularly holds trading contests and competitions with attractive prizes for the winners. These contests are open to all traders and provide an opportunity to showcase their trading skills and potentially earn additional rewards.

It’s important to note that promotions and bonuses often come with certain terms and conditions, such as minimum deposit amounts, trading volume requirements, and time limits. Traders should carefully read and understand these terms before participating in any promotions to ensure that they meet the requirements and can claim the bonus or reward.

SimpleFX customer support

SimpleFX provides customer support through various channels to ensure that traders can get help whenever they need it. Here are the main customer support channels offered by SimpleFX:

1. Live Chat: SimpleFX offers a 24/7 live chat support service that allows traders to get immediate assistance from a customer support representative. The live chat feature is available on the SimpleFX website and trading platform.
2. Email Support: Traders can also contact SimpleFX customer support via email. The support team usually responds within 24 hours, although response times may vary depending on the complexity of the issue.
3. Knowledge Base: SimpleFX has a comprehensive knowledge base that provides answers to frequently asked questions about the platform, trading, and account management. Traders can search the knowledge base to find answers to their queries without needing to contact customer support.
4. Social Media: SimpleFX is active on social media platforms such as Facebook, Twitter, and Telegram. Traders can follow these accounts to stay updated on the latest news and updates from the platform, and also contact customer support through these channels.

Overall, SimpleFX provides a range of customer support channels to ensure that traders can get help quickly and easily whenever they need it. The live chat support is particularly useful for urgent queries, while the knowledge base is a great resource for finding answers to common questions.

SimpleFX Educational Resources

SimpleFX offers a range of educational resources to help traders improve their trading skills and knowledge. Here are some examples of the educational resources offered by SimpleFX:

1. Trading Guides: SimpleFX provides a range of trading guides that cover a variety of topics related to trading, including technical analysis, fundamental analysis, risk management, and trading psychology. These guides are designed to help traders develop a deeper understanding of the markets and make more informed trading decisions.
2. Video Tutorials: SimpleFX offers a series of video tutorials that cover various aspects of trading, including how to use the trading platform, how to place orders, and how to analyze the markets. These video tutorials are easy to follow and provide step-by-step guidance on how to perform different trading tasks.
3. Webinars: SimpleFX regularly hosts webinars on various trading topics, including market analysis, trading strategies, and risk management. These webinars are presented by expert traders and provide valuable insights and tips that can help traders improve their trading skills.
4. Trading Tools: SimpleFX offers a range of trading tools, including economic calendars, market news feeds, and trading calculators. These tools can help traders stay informed about market events and make more accurate trading decisions.

Overall, SimpleFX provides a range of educational resources that are designed to help traders improve their trading skills and knowledge. Whether you’re a beginner or an experienced trader, there’s something for everyone in the SimpleFX educational resources.

Pros and cons of SimpleFX

Pros:

1. Wide Range of Tradable Instruments: SimpleFX offers a wide range of tradable instruments, including forex, cryptocurrencies, commodities, and indices, which allows traders to diversify their trading portfolio.
2. User-Friendly Trading Platforms: SimpleFX offers intuitive and user-friendly trading platforms, including MetaTrader 4, cTrader, and the SimpleFX WebTrader, which are suitable for both beginners and experienced traders.
3. Competitive Trading Fees: SimpleFX offers competitive trading fees, with low spreads and no commission fees on most instruments, which can help traders to maximize their profits.
4. High Leverage: SimpleFX offers high leverage of up to 1:500, which allows traders to increase their trading capital and potentially increase their profits.
5. Excellent Customer Support: SimpleFX offers 24/7 customer support through live chat, email, and social media, which ensures that traders can get help quickly and easily whenever they need it.

Cons:

1. Lack of Regulation: SimpleFX is not regulated by any major financial regulatory authority, which may raise concerns for some traders.
2. Limited Funding Options: SimpleFX offers only a limited range of funding options, which may be inconvenient for traders who prefer to use a specific payment method.
3. Limited Educational Resources: While SimpleFX offers some educational resources, the range and depth of these resources may not be sufficient for traders who are looking to develop their trading skills.
4. Limited Research Tools: SimpleFX offers limited research tools, which may be a disadvantage for traders who rely on technical and fundamental analysis to make trading decisions.

Overall, SimpleFX offers a wide range of tradable instruments, competitive trading fees, and user-friendly trading platforms, which are attractive to many traders. However, the lack of regulation, limited funding options, and educational resources may be a disadvantage for some traders. It’s important for traders to carefully consider these factors before choosing SimpleFX as their trading platform.

Frequently asked questions about SimpleFX

Is SimpleFX a regulated broker?

No, SimpleFX is not regulated by any major financial regulatory authority. This may be a concern for some traders.

What trading platforms does SimpleFX offer?

SimpleFX offers a range of trading platforms, including MetaTrader 4, cTrader, and the SimpleFX WebTrader.

What instruments can I trade on SimpleFX?

SimpleFX offers a wide range of tradable instruments, including forex, cryptocurrencies, commodities, and indices.

What are the trading fees on SimpleFX?

SimpleFX offers competitive trading fees, with low spreads and no commission fees on most instruments.

What is the minimum deposit on SimpleFX?

The minimum deposit on SimpleFX is $10.

What payment methods does SimpleFX accept?

SimpleFX accepts a range of payment methods, including credit/debit cards, bank transfer, and a variety of cryptocurrency wallets.

Does SimpleFX offer a demo account?

Yes, SimpleFX offers a demo account that allows traders to practice trading without risking real money.

Does SimpleFX offer customer support?

Yes, SimpleFX offers 24/7 customer support through live chat, email, and social media.

Is there a mobile app for SimpleFX?

Yes, SimpleFX offers mobile trading apps for both iOS and Android devices.

Does SimpleFX offer educational resources?

Yes, SimpleFX offers a range of educational resources, including trading guides, video tutorials, webinars, and trading tools.