Editor’s Verdict
Overview
Review
Headquarters | Saint Vincent and the Grenadines |
|---|---|
Year Established | 2015 |
Execution Type(s) | Market Maker |
Minimum Deposit | None |
Trading Platform(s) | MetaTrader 4, Proprietary platform, Web-based |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
SimpleFX is a CFD broker that has been operating out of Saint Vincent and the Grenadines since 2015. It serves over 200,000 traders from over 160 countries, per its account. The SimpleFX WebTrader is the core offering of this brokerage. A total of 178 assets across six classes are available to traders, the maximum leverage is capped at 1:500. No minimum deposit is required. One interesting fact to note is that under deposit methods, SimpleFX lists a range of cryptocurrencies but no traditional payment professors. It appears that this broker is striving to establish itself as a primary choice for all traders who prefer the quasi-anonymity of the soaring cryptocurrency sector.
Regulation and Security
SimpleFX is officially registered as an international business company (IBC), listing its address as SimpleFX LTD, Suite 305, Griffith Corporate Centre Beachmont, Kingstown VC0100, Saint Vincent and the Grenadines. It possesses a legal entity identifier (LEI) with the Registrar of International Business Companies. This should not be confused with a regulated entity, as at the time of this SimpleFX review the broker remained unregulated. It does provide a list of legal documents on its website, but critical information is absent. Funds remain segregated, and negative balance protection is in place.
Fees
SimpleFX is a market maker with a slightly elevated but acceptable cost structure, allowing commission-free trading. The spread for the EUR/USD is listed as 0.9 pips, which places it in the middle of its competition. Swap rates on overnight leveraged positions apply, and this broker lists them on its website. An inactivity fee of 3% or at least $25 is levied.
What Can I Trade
Traders have access to 178 assets spanning the Forex market, the commodity sector, equity and index CFDs, and cryptocurrencies. All assets are listed alphabetically on the SimpleFX website. The overall selection allows for proper entry-level cross-asset diversification. Over 60 currency pairs provide pure Forex traders a great choice, while most commercial equity names are offered Germany, Japan, the US, Brazil, France, Sweden, Turkey, and the UK.
All assets are described on the website, but in alphabetical order. While a search function is available, filtering assets by sector is preferential.
Account Types
All traders are granted the same CFD account type, with no minimum deposit, and maximum leverage of 1:500. The democratization of accounts has gained popularity across the retail brokerage sector. There is no up-selling of better trading conditions for more massive deposits. As the name of this brokerage implies, a simple approach to trading is favored, accurately reflected in this category.
Trading Platforms
While SimpleFX has been developed around its proprietary SimpleFX WebTrader, the MT4 trading platform is also available. The user-interface of the SimpleFX WebTrader is easy to navigate and was created with traders in mind. It is the greatest asset this brokerage has at its disposal. New traders without the need of the MT4 infrastructure who prefer manual trading will enjoy this option as a sound trading portal. A great charting package complements the trading platform, ideally suited for manual analysis of assets. Trading signals are provided directly from inside the platform, while the Shoutbox allows traders to communicate with each other.
Regrettably, the MT4 trading platform is merely available as the basic version without any of the third-party plugins required to unlock its full potential. Manual traders are best served with the SimpleFX WebTrader. Those who prefer an automated approach need to modify the MT4 platform to access a steadfast trading atmosphere.
The SimpleFX WebTrader offers manual traders an excellent trading platform.
Unique Features
Traders have access to a Bloomberg TV feed as well as the Shoutbox, two unique features that stand out. The equity CFD selection is commendable, especially considering the main client-base derives from the retail sector. An API is available, allowing the creation of customized trading solutions. SimpleFX remains committed to the basics, striving to execute them properly. It will be interesting to monitor if more trade-specific services will be implemented in the future.
Research and Education
Research and education are provided on the SimpleFX blog, away from the main website. The design follows that of online magazines, six categories provide fresh content daily, created by two dedicated contributors. Published research and opinion pieces feature short, quality content. New traders may find a wide range of trading ideas on the blog, communicated in a clean, simple form. All traders can publish their research directly in the Shoutbox of the SimpleFX WebTrader.
Tutorials and the CFD Academy offer additional educational material. Descriptive and well-presented content is available for new traders to study. Browsing the library is a recommended first step. A slight disturbance is achieved through the advertising banners to open an account at SimpleFX which we found unnecessary during this SimpleFX review.
Overall, the effort to create a comprehensive service for traders via quality content is evident. SimpleFX has executed well, but improvements remain. With a solid core, this broker has plenty of opportunities to develop research and education further, allowing it to compete with established competitors.
Traders have access to a well-presented blog, housing the research, and education sections of this brokerage.
Fresh trading ideas are published regularly, featuring a chart and descriptions.
Tutorials provide new traders with various educational content geared towards trending topics.
Customer Support
Customer Support Methods |   |
|---|---|
Support Hours | 24/7 |
Website Languages |                 |
An FAQ section attempts to answer the most common questions, while live support is available for immediate assistance. An e-mail address is provided, but support hours are not clearly stated. It is unclear if live assistance is staffed by humans or operated by a chatbot. Support is a feature most traders, irrelevant of experience, never demand, especially at a well-operated brokerage. Given the simplicity dominant at SimpleFX, the support feature may not be required.
Support is available through the FAQ section, live chat, and e-mail.
Bonuses and Promotions
SimpleFX hosts occasional promotions, like the December-January Trading Ideas contest and a Valentine’s Day special. There is no ongoing bonus, but all new temporary ones are listed on the blog under updates
Opening an Account
As expected, the opening of accounts is a hassle-free and quick procedure at SimpleFX. All this broker asks for is an e-mail address. Traders may complete this step through their Facebook, Google, Twitter, or Telegram accounts. SimpleFX does comply with AML regulations, and new accounts require verification. This is accomplished through a copy of the trader’s ID as well as a proof of residency document. A document defining the AML policy of SimpleFX is accessible on the website.
Open a new account merely requires an e-mail address, but verification of the account per AML regulations is presumed.
Deposits and Withdrawals
One of the most surprising features at SimpleFX is the unusual deposit and withdrawal options. Unlike traditional brokerages, SimpleFX offers most of its deposit and withdrawal options in cryptocurrency. Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Buy Crypto, Monero, and Tether are supported. Buy Crypto allows purchases via bank wire as well as credit/debit cards. Non-crypto options include FasaPay, Neteller, and Skrill, where FIAT currencies can be used. Processing times are listed as instant up to one hour, depending on the blockchain.
There are no minimum deposits at SimpleFX, where most payment options are in cryptocurrencies, except for one.
Withdrawals carry low minimum requirements with the processing times listed as 24 hours, except for the non-crypto option.
Trading Platform
MT4 | |
|---|---|
MT5 | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
OCO Orders | |
Interest on Margin |
Summary
SimpleFX is a CFD broker with a distinct focus on using cryptocurrencies as deposit and withdrawal options. The lack of regulation is substituted with registration as an international business company (IBC) with the Registrar of International Business Companies. While this is not the same, it shows that this broker is committed to operating as an honest business. Regulation, as applied in the traditional sense, has not always provided the protection traders hope for, and a different approach should not automatically be dismissed.
The SimpleFX WebTrader provides traders with an excellent trading platform for manual trading purposes. The provided API allows for the development of automated trading solutions. The MT4 trading platform is also supported, but only in its most basic version. Unless an existing trading application is used by traders, the in-house developed trading platform is the recommended choice.
New traders have access to an educational section on the SimpleFX blog, divided into two categories. It grants a solid entry-level introduction to trading. Research is additionally provided, updated regularly, filled with fresh trading ideas. Trending topics are equally discussed on the blog, while trading ideas may be uploaded by all traders through the Shoutbox directly in the webtrader.
A total of 178 assets are available, covering five sectors. The total leverage is capped at 1:500, and there is no minimum deposit requirement. Spreads are listed as low as 0.1 pips, but the EUR/USD carried an average spread of 0.9 pips. While SimpleFX doesn’t follow a traditional approach, it represents an unusual choice for niche traders who wish to experiment in the trading environment of an unregulated broker with a cryptocurrency deposit. SimpleFX is a CFD broker operating out of Saint Vincent and the Grenadines since 2015. It features a proprietary webtrader as its prime assets, and relies upon cryptocurrencies as the primary payment options. No, it is an unregulated brokerage. It is registered as an international business company (IBC) with the Registrar of International Business Companies under legal entity identifier (LEI) 21380042B8QJ87V4HA89. SimpleFX supports deposits and withdrawals using Bitcoin, without minimum deposit requirements. Leverage is asset dependent, but the maximum is capped at 1:500. It allows for the development of third-party applications like automated trading solutions operated at SimpleFX.FAQs
What is SimpleFX?
Is SimpleFX regulated?
How do I trade Forex with Bitcoin?
What is the maximum leverage offered by SimpleFX?
What is the SimpleFX API?