SimpleFX Broker Review 2024

SimpleFX is a well-known Forex and crypto trading platform that was launched in 2014. This broker is based in Saint Vincent and the Grenadines and offer trading services for various instrument with up to 1:1000 leverage.

In this SimpleFX review, we'll dive deep into what this award-winning broker has to offer, from its diverse range of tradable assets to its passive income earning system. Let's explore why SimpleFX has garnered attention in the trading world and whether it's the right broker for your trading needs.

SimpleFX Company Information and Regulatory Status

SimpleFX is a global trading provider that has been making waves in the financial markets since its inception. Founded in 2014, the company has quickly established itself as a go-to platform for traders seeking a seamless trading experience. Here's what you need to know about SimpleFX's company structure and regulatory status:

• Headquarters: Saint Vincent and the Grenadines
• Office: Registered in Republic of Maurities
• Founded: 2014
• Founder: Richard Williams
• Regulation Status: Not regulated by any major financial authority

SimpleFX Broker Summary of Specifics

To give you a quick overview of what SimpleFX offers, here's a concise table summarizing the broker's key features:

SimpleFX Account Types Overview

SimpleFX keeps things straightforward with its account offerings, focusing on providing a unified trading experience across different account types. Here's a breakdown of the account options available:

Standard Account

• Minimum deposit: $0
• Maximum leverage: Up to 1:1000
• Spreads: From 0.9 pips
• Commission: No

Demo Account

• 10,000 Virtual USD
• All features of the standard account
• Risk-free practice environment
• Ideal for testing strategies and getting familiar with the platform

The SimpleFX demo account is an excellent tool for both beginners and experienced traders to test their trading skills and strategies without risking real capital. It's a perfect way to familiarize yourself with the platform's features and fine-tune your trading strategies before transitioning to live trading.

Account Opening & Verification in the SimpleFX Broker

Getting started with SimpleFX is a straightforward process. Here's a step-by-step guide to help you set up your account:

1. Visit the SimpleFX website and click on the "Start Investing" button;
2. In the top right corner click on “Create Account;”
3. Enter you email and choose a password or use your social media account to sign up;
4. Head to the profile tab;
5. Click on start verification;
6. Choose you ID verification document (passport, ID, driver’s license) and upload pictures of its front and back;

7. Pass the liveness check by capturing and uploading a selfie;
8. Provide proof of address verification documents (utility bill, bank statement);
9. Answer SimpleFX financial knowledge questionnaire.

Advantages and Disadvantages SimpleFX Broker

To help you make an informed decision, let's weigh the pros and cons of trading with SimpleFX:

SimpleFX Trading Platforms for Desktop and Mobile

SimpleFX offers a variety of trading platforms to suit different trader preferences:

WebTrader

SimpleFX offers a fully-featured web trading platform for desktop and mobile users. Key features of this trading platform: 

• Browser-based platform
• User-friendly interface
• Economic Calendar
• Advanced charting tools
• Real-time market data
• Compatible with all devices

Mobile App

For traders who prefer to trade on a dedicated mobile app, SimpleFX offer a trading platform designed for iOS and Android user. Main features of

• Full trading functionality
• Push notifications for market alerts
• Biometric login for added security
• Seamless sync with web platform

Links:

• Android
• iOS

Desktop app

SimpleFX also offers a Desktop app for having the best trading experience. Key features of SimpleFX Desktop app:

• Low latency and fast order execution
• High security
• Supports wide range of asstes

Each platform is designed to provide a seamless trading experience, with real-time data synchronization across devices.

Spreads and Commissions in SimpleFX Broker

Although SimpleFX aims to keep trading costs competitive, its spreads are generally higher than other brokers. Minimum spreads start from 0.9 pips and could go as high as 1.5 pips on major Forex trading pairs:

Key points about SimpleFX's pricing:

• No commissions fee structure
• No inactivity fee
• No withdrawal fee

Traders should consider the overall cost of trading, including potential slippage and swap fees, when evaluating the broker's cost-effectiveness.

SimpleFX Broker Deposit and Withdrawal Overview

• SimpleFX provides a variety of options for funding your account and withdrawing your profits, including:
• Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)
• Bank Transfer
• FasaPay
• Credit/Debit Cards (Visa, Mastercard)
• USDT

Key points:

• Minimum deposit is $0
• No deposit fees charged by SimpleFX (third-party fees may apply)
• Minimum withdrawal and fees vary depending on the method chosen

SimpleFX's support for cryptocurrency transactions is particularly noteworthy, offering fast and cost-effective options for deposits and withdrawals.

Copy Trading and Investment Options Offered by SimpleFX Broker

SimpleFX does not offer a dedicated copy trading or social trading feature. This means that traders on the platform cannot automatically copy the trades of other successful investors.

However, SimpleFX does provide an Earn feature for staking cryptocurrencies and receiving rewards which we will review the in the following sections.

While the lack of copy trading might be a drawback for some, SimpleFX focuses on providing a robust platform for self-directed trading. Traders looking for copy trading features may need to consider other brokers that specialize in this area.

SimpleFX Broker Bonuses and Promotional plans

SimpleFX offers several attractive bonuses and promotions to incentivize new and existing traders:

$2500 deposit bonus:

•    - Available for new and existing clients
•    - Bonus amount depends on the deposit size (from $100 to $10,000)

Referral program:

• Earn up to 50% revenue share from referred traders
• Up to $800 per qualified client

Decade celebration trading contest:

• Compete with other traders to have chance of receiving up to $100,000 prize
• Trader ranks are based on ROIs
• SFX coin weekly prizes for top 15 traders

SFX cashback:

• Complete KYC, make a deposit and do daily activities on SimpleFX mobile app
• Get rewarded with SFX coins and 3% cashback on your trader

While these bonuses can provide additional trading capital, it's important to approach them cautiously and not let them influence your trading decisions unduly.

SimpleFX Broker Support Methods

SimpleFX provides customer support through multiple channels:

• Live Chat: Available 24/5 on the website
• Email Support: support@simplefx.com
• FAQ Section: Comprehensive guide covering common questions

SimpleFX Broker Restricted Countries and Regions

SimpleFX maintains a list of restricted countries due to regulatory and legal considerations. The following countries are banned from using SimpleFX broker:

• United States
• Syria
• Japan
• Myanmar
• Pakistan
• Canada
• Puerto Rico
• Virgin Islands

Residents of these countries are not permitted to open trading accounts with SimpleFX. It's important to note that this list may change, and traders should always check the most up-to-date information on the SimpleFX website or contact customer support for clarification.

What is SimpleFX SFX Token?

SimpleFX introduced SFX, a native coin designed to enhance the trading experience on its platform. With SFX, users can access exclusive benefits like cashback rewards and reduced trading fees. The coin is seamlessly integrated into the platform, providing a streamlined way for traders to optimize their accounts.

Cointelegraph also featured SimpleFX in a blog post, highlighting the broker’s innovative approach and the role of SFX in transforming the trading landscape. The article praised SimpleFX’s efforts to integrate cryptocurrency solutions into traditional trading, offering a modern, user-focused experience.

SimpleFX Broker Trust Scores on Review Websites

SimpleFX has received mixed reviews on Trustpilot, a popular consumer review platform. Here's a summary of the trust scores and reviews:

• Overall Trustpilot Score: 3.6 out of 5
• Number of Reviews: Over 50

It's important to note that online reviews may not always represent the typical user experience. Potential traders should consider these reviews alongside their own research and risk tolerance.

TF Expert Suggestion

SimpleFX has been offering great services since 2014. This broker offers a compelling package for traders seeking a versatile and user-friendly platform with access to a wide range of markets, including Forex, crypto, indices, commodities, and equities.

SimpleFX’s no minimum deposit, high leverage options (up to 1000), and advanced mobile and Desktop trading platforms make it an attractive choice for many traders.

However, the lack of regulation from major financial authorities may be a concern for some, particularly those prioritizing the additional protections that come with regulatory oversight. Just like any other broker, traders should approach this platform with caution and do tier due diligence before opening an account.