Compare SimpleFX vs Forex.com
What is SimpleFX? What is Forex.com?
SimpleFX is an offshore forex, CFD and cryptocurrency broker with over 200,000 clients globally. The broker offers a proprietary trading solution, as well as the reputable MT4 platform. Traders can access a vast selection of digital assets with crypto deposits and multi currency accounts.
Forex.com is a leading FX broker with a global reputation and 20+ years of experience. Regulated in the US, EU, UK and Canada, the broker offers a huge range of markets, not just forex, and competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
SimpleFX vs Forex.com Regulation Comparison
SimpleFX is regulated by the St. Vincent and the Grenadines Financial Services Authority (SVGFSA), which is not a reputable or strict regulator. The broker does not offer any investor protection or compensation schemes in case of insolvency or fraud.
Forex.com is regulated by multiple top-tier authorities, such as the US Commodity Futures Trading Commission (CFTC), the UK Financial Conduct Authority (FCA), the Canadian Investment Industry Regulatory Organization of Canada (IIROC), and the Cyprus Securities and Exchange Commission (CySEC). The broker also offers client funds segregation, negative balance protection, and insurance coverage up to certain limits depending on the jurisdiction.
SimpleFX vs Forex.com Trading Assets Comparison
SimpleFX offers over 170 CFDs on forex, indices, shares, commodities, and cryptocurrencies. The broker has a wide range of crypto assets, including Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and more. Traders can also use crypto deposits and withdrawals with no fees or limits.
Forex.com offers over 500 markets, including forex, CFDs, stocks, indices, commodities, cryptos, futures, and options. The broker has a large selection of currency pairs, with over 80 majors, minors, and exotics available. Traders can also access popular stocks like Tesla, Apple, Amazon, and more.
SimpleFX vs Forex.com Trading Fees Comparison
SimpleFX charges variable spreads and no commissions on most of its products. The spreads depend on the market conditions and the account type. The average spread for the EUR/USD pair is around 1.2 pips on the standard account and 0.1 pips on the RAW account. The RAW account also charges a commission of $7 per lot round turn.
Forex.com charges variable spreads and low commissions on its products. The spreads depend on the market conditions and the account type. The average spread for the EUR/USD pair is around 1.3 pips on the standard account and 0.2 pips on the commission account. The commission account also charges a commission of $5 per lot round turn.
SimpleFX vs Forex.com Account Types Comparison
SimpleFX offers two types of accounts: standard and RAW. Both accounts have a minimum deposit requirement of $1 and offer high leverage up to 1:500. Both accounts also support multiple currencies, including USD, EUR, GBP, AUD, CAD, CHF, JPY, PLN, RUB, NOK, SEK, CZK, BTC, ETH, LTC, BCH, XRP.
Forex.com offers three types of accounts: standard, commission, and DMA (direct market access). The standard account has no minimum deposit requirement and offers leverage up to 1:50 for US clients and up to 1:400 for non-US clients. The commission account has a minimum deposit requirement of $100 and offers lower spreads and higher commissions than the standard account. The DMA account has a minimum deposit requirement of $25,000 and offers access to interbank liquidity and raw spreads with no markups.
SimpleFX vs Forex.com Deposit Options Comparison
SimpleFX supports various deposit and withdrawal methods, including bank transfer, credit/debit card, Skrill, Neteller, FasaPay, Payeer, WebMoney, Perfect Money, AdvCash, and cryptocurrencies (Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Tether, and more). There are no fees or limits for deposits or withdrawals.
Forex.com supports fewer deposit and withdrawal methods than SimpleFX, including bank transfer, credit/debit card, PayPal, and Skrill. There are no fees for deposits or withdrawals, but there are some minimum and maximum limits depending on the method. The minimum deposit amount is $50 for cards and PayPal, and $100 for bank transfer. The maximum withdrawal amount is $10,000 for cards and PayPal, and unlimited for bank transfer.
SimpleFX vs Forex.com Trading Platforms Comparison
SimpleFX offers two trading platforms: its own proprietary web-based platform and the MetaTrader 4 (MT4) platform. The web platform is intuitive and user-friendly, with a range of features such as one-click trading, TradingView charts, social trading, and performance analytics. The MT4 platform is a popular and reliable platform that offers advanced charting, technical indicators, automated trading, and customization options.
Forex.com offers three trading platforms: its own proprietary web-based platform, the MetaTrader 4 (MT4) platform, and the MetaTrader 5 (MT5) platform. The web platform is similar to SimpleFX’s web platform, with some additional features such as Reuters news feeds, behavioral science technology, and strategy builders. The MT4 and MT5 platforms are also similar to SimpleFX’s MT4 platform, with some differences in terms of execution speed, order types, and market depth.
SimpleFX vs Forex.com Analytical Tools Comparison
SimpleFX provides some analytical tools for its clients, such as Trading Central, SMART Signals, and Performance Analytics. Trading Central is a third-party service that offers market analysis, trading signals, and technical indicators. SMART Signals is a feature that allows traders to copy the trades of other successful traders on the platform. Performance Analytics is a tool that helps traders monitor and improve their trading performance.
Forex.com also provides some analytical tools for its clients, such as Trading Central, SMART Signals, and TradingView Charts. Trading Central and SMART Signals are the same as SimpleFX’s services, but Forex.com also offers access to TradingView Charts, which are industry-leading charts with over 80 indicators, drawing tools, and trading ideas.
SimpleFX vs Forex.com. Which forex broker is better? Which forex broker should you choose?
Choosing a forex broker is an important decision that can affect your trading experience and results. There are many factors to consider, such as regulation, fees, assets, platforms, tools, and customer service. Here is a brief comparison of SimpleFX and Forex.com, two popular forex brokers:
- Regulation: Forex.com is regulated by multiple top-tier authorities, such as the US CFTC, the UK FCA, the Canadian IIROC, and the Cyprus CySEC. SimpleFX is regulated by the SVGFSA, which is not a reputable or strict regulator. Forex.com offers more investor protection and security than SimpleFX.
- Fees: Both brokers charge variable spreads and low commissions on their products. The spreads depend on the market conditions and the account type. The average spread for the EUR/USD pair is around 1.2 pips on SimpleFX’s standard account and 0.1 pips on its RAW account. The average spread for the same pair is around 1.3 pips on Forex.com’s standard account and 0.2 pips on its commission account. The RAW account and the commission account also charge a commission of $7 and $5 per lot round turn, respectively . Both brokers have competitive fees, but Forex.com has slightly higher spreads than SimpleFX.
- Assets: Both brokers offer a wide range of markets, including forex, CFDs, stocks, indices, commodities, cryptos, futures, and options. Forex.com has over 500 markets, while SimpleFX has over 170 markets. SimpleFX has a wider range of crypto assets than Forex.com, but Forex.com has more currency pairs and stocks than SimpleFX .
- Platforms: Both brokers offer their own proprietary web-based platforms and the MetaTrader 4 (MT4) platform. The web platforms are intuitive and user-friendly, with features such as one-click trading, TradingView charts, social trading, and performance analytics. The MT4 platform is a popular and reliable platform that offers advanced charting, technical indicators, automated trading, and customization options. Forex.com also offers the MetaTrader 5 (MT5) platform, which is similar to MT4 but with some differences in terms of execution speed, order types, and market depth .
- Tools: Both brokers provide some analytical tools for their clients, such as Trading Central, SMART Signals, and Performance Analytics. Trading Central is a third-party service that offers market analysis, trading signals, and technical indicators. SMART Signals is a feature that allows traders to copy the trades of other successful traders on the platform. Performance Analytics is a tool that helps traders monitor and improve their trading performance. Forex.com also offers access to TradingView Charts, which are industry-leading charts with over 80 indicators, drawing tools, and trading ideas .
- Customer service: Both brokers offer customer support via phone, email, live chat, and social media. Forex.com has a dedicated support team that is available 24/5 in multiple languages. SimpleFX has a responsive support team that is available 24/7 in English only .
Based on this comparison, both brokers have their own strengths and weaknesses. Forex.com is more suitable for traders who value regulation, security, diversity of markets, and advanced platforms. SimpleFX is more suitable for traders who prefer crypto trading, low fees, high leverage, and multi currency accounts.
