Overview of SimpleFX 2021
SimpleFX Ltd is based offshore in Saint Vincent and the Grenadines and has been operating since 2014 providing various CFDs and cryptocurrencies through a single account. The broker is not regulated, but ensures the safety of clients’ funds through segregated accounts and negative balance protection.
Over the past few years, the broker has attracted more than 200,000 traders in 160 countries, bringing both beginners and experts to the advanced features of its reliable trading platforms.
Please note, SimpleFX does not accept US traders. However, customers from most countries are accepted, including Canada, Europe and Indonesia.
SimpleFX offers a downloadable desktop MT4 platform. Compared to the broker’s web platform, MT4 offers a more advanced trading experience with the inclusion of automated algorithmic strategies with Expert Advisors and Python, as well as trading signals and trade copy functions.
SimpleFX’s native web platform is accessible from most internet browsers and is ideal for beginners. The broker prioritizes user interaction with a design that includes a news column, trading ideas, and a chat function. Built-in real-time support is also available in case traders run into technical problems.
The middle chart window is multifunctional, it has 9 timeframes and 5 types of charts. There is also a complete set of indicators and drawing functions where you will find trend lines, Gann and Fibonacci tools.
SimpleFX offers over 170 tradable instruments across multiple markets. There are 60 currency pairs, several major indexes including the FTSE100, and dozens of stocks. You can also trade a small selection of hard and soft commodities, including oil and precious metals, as well as some well-known cryptocurrencies such as BTC and XRP.
Trading on SimpleFX is commission-free. For major indices like the FTSE 100, spreads are around 1.3 points. For the EUR / USD pair, the spreads average around 0.9 points, and for gold, around 0.17 points. Details of swap fees and rates are provided in the contract specifications. Please note that if the account is inactive, an additional 3% commission will be added ($ 25 minimum).
At SimpleFX, you can use leverage up to 1: 500 with specific levels determined by the account balance. The margin requirements are detailed on the website and the margin requirement is 50%.
SimpleFX offers a mobile version of its trading app for iOS and Android users (APK). The app boasts customizable charting tools and multiple time frames, as well as access to an interactive news feed and community chat. The app also supports easy swiping as well as pinch and zoom actions for ease of use on mobile devices. A helpful QR code is available on the website that will take you directly to the download page.
SimpleFX also offers an MT4 app for iOS and Android mobile devices with interactive price charts and a complete set of trade orders and trading history. The MT4 app has live chat and mobile push notifications so you can keep track of your account in action.
SimpleFX offers a range of fast and free payment methods, mostly with cryptocurrencies or e-wallets such as Neteller or Skrill. If you don’t already have cryptocurrency, you will need to buy it on an exchange. Methods usually take about an hour to process and in most cases there is no minimum or maximum deposit limit. Credit cards are not accepted.
Withdrawals must be made using the same method that was originally used to deposit funds. Payments usually take about 24 hours and are free in most cases. The minimum withdrawal limits vary slightly and can be found on the website.
SimpleFX allows traders to practice on a demo account automatically after registering on the site. A demo account is a useful way to test the platform and get comfortable with the features before using real money.
By default, traders have access to $ 4,000 of virtual funds that can be topped up as needed. You can also add more of your own tester accounts, for example in a different currency. Practical accounts remain open indefinitely.
Recent deals have included $ 1,000 and $ 2,000 in prize pools, trading contests, and 50% cashback.
SimpleFX’s most notable additional feature is their blog section, available in over 12 languages and full of in-depth news articles, Forex updates, easy guides and tips, and the CFD Academy. There is also useful news about changes in the trading schedule.
Account types of SimpleFX
SimpleFX offers a single account with access to all traded financial instruments on any platform. There are no minimum deposit requirements and accounts can be opened in multiple currencies. The minimum contract size is 0.01 lots for FX, Commodities and Cryptocurrencies. The margin requirement is 50% and the stop-out level is 30%.
If you make a deposit in fiat currency, you will be prompted to verify your identity in accordance with the KYC policy.
Support at SimpleFX is fast and helpful, available in English, Spanish and Portuguese. After opening the live chat, you are directly connected to the live chat agent and you do not need to enter your personal details first. You can also contact the broker by email at ⦁ email@example.com.
The support page also has a FAQ portal. There you can find help on a range of issues, from registering and verifying your account, to starting SimpleFS Tester Pro v1.0, uploading or deleting your account.
Both MT4 and SimpleFX webtrader are secured by systems with SSL encryption and two-factor authentication, which adds a second layer of security to funds. Personal data is also stored on secure, offline servers.
Despite the lack of regulation, SimpleFX delivers on its promises of simple yet advanced services, low trading fees and good demo offers. Choosing their own web platform and MetaTrader 4 also makes this broker a good option for both beginners and experienced traders.
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