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Title

SimpleFX Broker Review

Review By: Max Webster Review Updated: November 12, 2019

Address: SimpleFX Suite 305, Griffiths Corporate Centre, Beachmont, Kingstown VC0100, St Vincent and the Grenadines

Forex Stocks CFD Crypto Commodoties

Spread

0.1 pips

Max. Leverage

1:500 Pro

Deposit Protection

Negative Balance Protection

Min. Deposit

$1

Spread

0.1 pips

Max. Leverage

1:500 Pro

Deposit Protection

Negative Balance Protection

Min. Deposit

$1

Spread

0.1 pips

Max. Leverage

1:500 Pro

Deposit Protection

Negative Balance Protection

Min. Deposit

$1

Spread

0.1 pips

Max. Leverage

1:500 Pro

Deposit Protection

Negative Balance Protction

Min. Deposit

$1

Spread

1

Max. Leverage

1:300 pro

Deposit Protection

£50,000

Min. Deposit

£100

Our Overall Rating

Rating 3.6
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SimpleFX is an online trading platform, serving more than 200,000 traders, in 160 countries. Based in St Vincent and the Grenadines, the company specialises in Forex and cryptocurrency trading, and also offers indices and commodities such as precious metals and energy, via CFDs. The firm aims to keep its trading platforms simple and straightforward and to provide complete transparency to its customers. With a simple account opening process, free demo accounts, high leverage, and a good range of currency pairs, including digital currencies, there are a few reasons to consider trading with SimpleFX.

Simplefx Broker Review | Simplefx intro | We Compare Brokers

Commissions & Fees

Rating

SimpleFX generally offers low fees, with no hidden transaction fees, low deposit and withdrawal fees, and competitive spreads (from 0.1 pips). There is, however, a high overnight rollover fee which is charged when you hold a CFD trade overnight, and swap rates are high too. There are also other fees, such as exchange and transfer fees for transactions involving an exchange of fiat currencies. Leverage of up to 1:500 is offered, and there is no minimum deposit. All fees and spreads are displayed on the website.

Simplefx Broker Review |  Simplefx Fees and Commissions | We Compare Brokers

Platforms & Tools

Rating

The broker offers a very user-friendly web-based platform, which can be easily accessed from any device. SimpleFX additionally provides the ever-popular MT4 trading platform as an alternative, along with all the usual integrations and tools MT4 traders expect. SimpleFX supports several different order types on either platform, including limit, stop and trailing stop orders. Various charting tools are available, and it is possible to open several charts at once, to combine tools and indicators. Some customisation is available, and the interface is fairly clean and intuitive.

Simplefx Broker Review | Simplefx Platform | We Compare Brokers

Customer Service

Rating

Customer support is available 24 hours a day, 5 days a week, but only by email and live chat. There is no support phone line, which may discourage some traders. Live chat is available in English, Spanish and Portuguese, with the English option offered 24/5, but the other options only available from 11:00 to 19:00 UTC. There is also a very helpful and quite extensive FAQ page answering many common customer questions. In addition, the company runs active social media accounts on Facebook, Twitter, and Instagram, offering another convenient way for clients to get in touch.

 

Ease of Use

Rating

Mobile Trading

Rating

Simplefx Broker Review | Simplefx Applications | We Compare Brokers

Regulatory details

Simplefx is not regulated by any authorised authority

Final Thoughts

SimpleFX offer a great service to Forex and cryptocurrency traders, with a few options to trade other instruments via CFDs as well, making them a versatile option for online traders. They have a good range of currency pairs and offer several cryptocurrencies as well, making the platform an attractive option for those Forex traders, who also like to trade virtual currencies. MT4 traders are able to trade with their preferred platform, and the web-based platform is more than adequate, and simple to use. With high leverage, no transaction fees, multi-currency accounts and a choice of order types, it’s easy to see why SimpleFX is a popular choice with traders worldwide.

 

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Ratings

Rating
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  • Platforms & Tools Rating
  • Customer Service Rating
  • Ease of Use Rating
  • Mobile Trading Rating

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