SimpleFX Forex Trade Platform and Broker Review

SimpleFX Forex Trade Platform and Broker Review

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SimpleFX is an unregulated offshore forex trading broker and platform established in 2014 in Saint Vincent and the Grenadines. The main purpose that SimpleFX serves is to provide forex traders with a range of tradable financial instruments.

SimpleFX has between 10 and 50 employees with headquarters in Kingstown in Saint Vincent and The Grenadines.

Is SimpleFX Regulated?

No, SimpleFX is not regulated by any known entities.

 

Is SimpleFX Regulated in the United States?

No, SimpleFX is not regulated in Virginia or any other US state. 

Is SimpleFX Regulated in Europe?

No, SimpleFX is not regulated in Europe. However, SimpleFX claims to have a cross-border license to offer financial products and services to traders in European regions.

Is SimpleFX regulated in a Tier-1 Jurisdiction?

No, SimpleFX is not regulated in a Tier-1 jurisdiction.

Tier-1 Jurisdiction provides a forex broker with the license to provide financial services in Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

Is SimpleFX regulated in Tier-2 Jurisdiction?

SimpleFX is not regulated in Tier-2 Jurisdiction.

Tier-2 Jurisdiction provides forex brokers with the license to offer financial services and operate in the British Virgin Islands, Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

What are the Platforms and Tools for Forex Trading in SimpleFX?

SimpleFX offers forex traders with a choice between its proprietary SimpleFX WebTrader and mobile application and the popular MetaTrader 4 trading platform, which operates across devices.

  1. SimpleFX WebTrader offers traders with a powerful proprietary trading platform that is reliable, well-designed, and optimized across a broad spectrum of devices. With this trading platform, traders can use an array of advanced trading features, technical indicators, drawing objects, and more.
  2. The SimpleFX mobile application can be downloaded on iOS, Android, and Windows mobile, offering forex traders with portable, intuitive, and flexible forex trading solutions in the palm of their hand.
  3. SimpleFX’s MetaTrader 4 can be downloaded across several devices, including desktop and mobile, or it can be used on any web browser. Traders are granted with access to a variety of analytical tools, charts, drawing objects, and more.

Does SimpleFX Have a News Blog for Forex News?

Yes, SimpleFX offers forex traders with a free news blog for forex news on the official website.

Does SimpleFX Have a Traders Dashboard?

Yes, SimpleFX offers a Traders Dashboard, which can be accessed once forex traders have registered on the SimpleFX website.

SimpleFX Traders Dahboard

Does SimpleFX Have an Educational Section?

No, SimpleFX does not have an educational section on the official website.

Is SimpleFX Legit?

SimpleFX claims to be a legit forex broker and trading platform despite the lack of regulation. However, without regulation, it cannot be guaranteed that client funds are kept safe, even if SimpleFX claims to use stringent security protocols to protect traders.

Is SimpleFX Safe?

No, SimpleFX is not safe as a result of a lack of regulation. Without the proper regulation and authorization, it cannot be guaranteed that client funds can be protected and only used towards trading activities.

Is SimpleFX a Good Broker?

Yes. According to the Forex Suggest review, SimpleFX is a good broker for online support, cryptocurrencies, and trading speed, but not for security.

In terms of online support, SimpleFX offers forex traders with a live chat option that can be accessed 24 hours a day, five days a week.

Where cryptocurrencies are concerned, SimpleFX offers the trade in more than eight cryptocurrencies, including Bitcoin, Litecoin, Dash, Ethereum, and more.

Where trading speed is concerned, SimpleFX guarantees that trades are executed within a few milliseconds with minimal slippage, and no requotes.

What is the Offering of Investment in SimpleFX?

Offerings of SimpleFX can be found below.

Feature SimpleFX
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  No

Does SimpleFX have Nasdaq?

Yes, SimpleFX has NDX100 or Nasdaq.

Nasdaq, known as the US Tech 100 or the Nasdaq composite, is the second-largest stock exchange by market capitalization. Nasdaq tracks the top technology stocks in the US.

What are the Awards of SimpleFX?

The official SimpleFX website does not indicate any awards or recognition.

How to Use SimpleFX for Forex trading?

To use SimpleFX, a forex trader should have the necessities below:

  1. Traders must have a copy of their identity document along with proof of their residential address for SimpleFX’s “Know Your Client” or KYC process.
  2. Traders must be 18 years old or older to register an account.

Once a forex trader meets the conditions above, they can register a forex trading account to use the services of SimpleFX.

How to open a Forex trading account with SimpleFX?

To open a Forex Trading account with SimpleFX, a trader should follow the steps below.

  1. Forex traders can visit the official SimpleFX website and select “Create Account” from the main menu.
  2. The SimpleFX WebTrader will load, and the trader can select “Create Account” from the top right corner of the screen.
  3. A window will pop up and require the trader’s email, a user-selected password, and acceptance of the Terms of use and Privacy Policy before clicking “Create Account.”
  4. A verification email will be sent to the email address that the forex trader provided. Traders can click on the embedded link. They will be redirected to the SimpleFX trader’s dashboard.
  5. A pop-up window will require that the trader accepts the Terms of Use and Privacy Policy before they click on “Sign-Up.”
  6. Forex traders can click on their profile icon and on “Identity” to verify their identity by uploading a copy of their valid identity document.
  7. Once done, traders can select “Address” to verify their residential address by providing proof of such, which must not be older than three months.
  8. Once this has been completed, traders can make a minimum deposit into their trading account before they start trading.

What is the Forex Trader Account Types with SimpleFX?

Forex Trading Platform and Financial Asset Management Institution SimpleFX have five different account types that are offered.

SimpleFX Account Types are listed below. 

  1. Demo Account
  2. Standard Live Trading Account

      1.Demo Account

SimpleFX offers forex traders with a demo account that they can use either to practice trading in a risk-free trading environment or as an account to develop and test strategies without risking any actual capital.

      2.Standard Live Trading Account

SimpleFX only offers forex traders with the option of registering a Standard Account. Forex traders are allowed to register up to three live trading accounts for each base account currency.

SimpleFX does not charge any minimum deposits when forex traders register a live trading account. However, traders must ensure that they deposit enough funds to cover margin requirements.

When trading with SimpleFX, forex traders can expect some of the following features:

  • Variable spreads which start from 0.1 pips.
  • Broker fees which are included in the spread as well as swaps.
  • Some spreads which may be marked-up
  • Leverage to a maximum of 1:500
  • Access to all trading platforms
  • Access to all tradable financial instruments
  • Margin requirement of 1% on EUR/USD
  • Commission-free trading

How to Withdraw Money from SimpleFX?

To withdraw money from SimpleFX, the following should be done:

  • Traders can log into their client portal and submit a digital withdrawal request by providing the amount they wish to withdraw, the currency in which they want to withdraw, and the method they wish to use.
  • Traders must note that they must withdraw funds in the same way funds were deposited.
  • SimpleFX prohibits third-party payments, and the account where funds originate from and where they are returned must be in the same name as that in which the trading account was registered.

How many days do deposits take with SimpleFX?

This will depend on the deposit method that the forex trader used. Some payment methods may be instant, whereas others may take up to five days or more.

What are the costs and fees with SimpleFX?

There are four types of costs with SimpleFX, namely spreads, swap fees, and margin requirements.

The spreads which are charged by SimpleFX are variable, and the spread is the difference between the bid and asks price, expressed in pips. These spreads are charged according to the financial instrument being traded, the volume being traded, and the market conditions on the day of trading.

Swap fees are either charged or debited depending on whether the forex trader keeps a long or short position open. Margin requirements are collateral that must be paid at the start of every trade.

What are the Trading Fees with SimpleFX?

The Forex Trading Fees with SimpleFX are below. 

The Standard Account:

  1. Spreads: from 0.1 pips
  2. Swap rate: -5.4 pips long and 0.8 pips short on EUR/USD
  3. Margin Requirement: 1% on EUR/USD

What is the minimum deposit in SimpleFX?

SimpleFX does not charge a required minimum deposit.

What are the contract specifications in SimpleFX?

Feature SimpleFX
Forex Trading Yes
CFDs 100+
Forex Pairs 60
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 8
Social Trading  No

Does SimpleFX have promotional offers?

Yes, SimpleFX Trade and Exchange platform has promotional offers for existing as well as new forex trading account holders. These promotional offers are as follows:

  1. Refer a Friend
  2. First Deposit Bonus
  3. Share Bonus

Does SimpleFX have a welcome bonus?

Yes, SimpleFX has a welcome bonus of up to $2,500.

A welcome bonus is offered to traders who register a real account for the first time and provides them with trading credit. 

Does SimpleFX have a deposit bonus?

Yes, SimpleFX offers a First Deposit Bonus, which could earn forex traders up to $2,500 on their initial deposit.

A deposit bonus is granted to forex traders either when they register a new account or with every deposit, according to the discretion of the broker. The deposit bonus that SimpleFX offers is only applicable to traders who make their first initial deposit into the trading account.

Is there a commission-free trade bonus in SimpleFX?

No, SimpleFX does not offer forex traders with a commission-free trade bonus.  

Is there a VIP bonus in SimpleFX?

No, SimpleFX does not offer forex traders with a VIP bonus.

Can you start trading with no money at SimpleFX?

No, you cannot start trading with no money at SimpleFX. To start trading, traders must deposit the minimum margin requirement for their trade.

How does leverage work with SimpleFX?

SimpleFX offers forex traders with leverage up to a maximum of 1:500.

Leverage is a useful tool that allows traders to open larger positions by lowering the margin requirement or call that is needed at the start of each trade as collateral. Leverage can maximize the trader’s profit potential, but it can also expose traders to significant losses.

Where are the headquarters of SimpleFX?

SimpleFX is headquartered in Kingstown in Saint Vincent and The Grenadines.

Who is SimpleFX’s CEO?

The CEO of SimpleFX is not provided by any official, trusted sources.

What are the social media accounts of SimpleFX?

Traders can follow SimpleFX on the following social media accounts:

  • Facebook
  • Telegram
  • Twitter

How many employees do work for SimpleFX?

SimpleFX has between 10 and 50 employees, according to trusted sources.

What are your opinions about SimpleFX?

SimpleFX may be a popular forex broker, but it is an unregulated broker that cannot guarantee the safety of client funds. Regulation and safety of funds are some of the most crucial components that forex traders must evaluate when choosing a forex broker.

Despite its lack of regulation, SimpleFX has more than 200 000 registered forex traders in over 160 countries.

What are SimpleFX Contests?

SimpleFX does not run any contests.

SimpleFX does not currently have any contests, and there are no announcements on the official websites that indicate whether there will be contests held in the future.

Does SimpleFX have online support?

Yes, SimpleFX offers online support to forex traders through the live chat option 24 hours a day, five days a week, in multiple languages.

Does SimpleFX offer demo accounts for Forex trading?

Yes, SimpleFX offers a free demo account for all new traders. The demo account can be opened with the following steps:

  1. When forex traders register on the SimpleFX website, they are automatically logged into a default demo account until their live account details have been verified.
  2. Traders have free use of the SimpleFX WebTrader along with virtual funds, which are provided for the purpose of demo trading.

Does SimpleFX have a mobile app for Forex trading?

Yes, SimpleFX offers the Direct App for Android and iOS. 

The SimpleFX mobile app offers traders with the perfect forex trading solution in the palm of their hands, spread across several devices. Traders can expect a range of features and functions when they use the SimpleFX mobile app, including access to all markets, technical tools, and more.

SimpleFX Mobile App

Does SimpleFX publish an economic calendar?

No, SimpleFX does not publish an economic calendar on the official website.

However, traders may be able to access an economic calendar on the trading software offered by SimpleFX.

An economic calendar is a crucial trading tool that provides traders with the ability to view relevant economic information which is scheduled to be released. Such events could impact on the financial markets and, subsequently, the trader’s trading.

What is the communication information of SimpleFX?

SimpleFX does not provide a telephone number on which the broker can be contacted.

The main business address of SimpleFX is Suite 305, Griffith Corporate Centre Beachmont, Kingstown VC0100, St. Vincent, and the Grenadines.