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Title

SimpleFX Broker Review

Review By: Max Webster Review Updated: May 5, 2020

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

Forex ETF Stocks CFD Crypto Commodities

Spread

7 pips

Max. Leverage

1:500

Min. Deposit

$10 USD

Spread

5 points

Max. Leverage

1:500

Min. Deposit

$10 USD

Spread

5 points

Max. Leverage

1:500

Min. Deposit

$10 USD

Spread

3 points

Max. Leverage

1:500

Min. Deposit

$10 USD

Spread

3.77 points

Max. Leverage

1:500

Min. Deposit

$10 USD

Spread

3 points

Max. Leverage

1:500

Min. Deposit

$10 USD

Our Overall Rating

Rating 3.8
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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

Their platform is pretty easy to use, have no major negativity except that its as standard

Mobile Trading

Rating

Simplefx Broker Review | Simplefx Applications | We Compare Brokers

Regulatory details

SimpleFX prohibited countries:

Algeria | Canada | Cuba | Ecuador | Ethiopia | Iran | Japan | Myanmar | North Korea | Pakistan | Serbia Sri Lanka | Syrian Arab Republic | Trinidad and Tobago | Tunisia | United States | Yemen

Simplefx is not regulated by any authorised authority

From their website:

Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances.

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.


Before you go…. have you spotted any data in our review which you think is inaccurate? If so please tell us

 

Latest Broker News

Simple FX – Offering Organic Earnings through Referral Program

SimpleFX is keeping things simpler for the traders even at times when the market is usually down and no such economic activities are taking place.

During the COVID-19 lockdown, Simple FX has introduced a very lucrative affiliation program that every trader needs to benefit from. Through the program, you can get up to 25% of the trading spread generated by each trader you bring to SimpleFX. Moreover, through the affiliation program, you can also earn 5% of your friends’ revenue share, which they earn from the traders they have referred directly.

In a turbulent situation like this we are going through, this program is very beneficial as it makes way for organic and risk free earnings.

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Ratings

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

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