WikiFX Broker Assessment Series| SimpleFX: Is it the Best option?

Selecting a legitimate, regulated broker in the vast ocean of the forex market is not an easy job. You must know every aspect of the broker before investing your valuable money with it. In this article, we are reviewing Simplefx and informing you about its every detail, pros and cons.

SimpleFX is a CFD broker offering leveraged trading with competitive fees and no minimum deposit. SimpleFX Ltd is based offshore in St. Vincent and the Grenadines and has been in operation since 2014, providing a variety of CFDs and cryptocurrencies through a single account.

Is it Legit？

As for regulation, it has been verified that SimpleFX currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.90/10. Please be aware of the risk.

Market Instruments

SimpleFX offers a wide range of tradable instruments in several markets. There are 60 currency pairs, several major indices including the FTSE100, plus 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 like BTC and XR.

Account Types

Apart from demo accounts, SimpleFX offers a single live account with access to all tradable financial instruments on either platform. There is no minimum deposit requirement and accounts can be opened in multiple currencies. The minimum contract size is 0.01 lots for FX, commodities and cryptos. The margin call is 50% and the stop-out level is 30%.

Leverage

Products can be leveraged up to 1:1000 at SimpleFX. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads & Commissions

Trading at SimpleFX is commission-free. Spreads are around 1.3 pips for major indices like the FTSE 100. For EUR/USD, spreads average around 0.9 pips, and for gold, you are looking at around 0.17 pips. In comparison to similar brokerages, these trading fees are fairly competitive.

Trading Platform

The platforms available for trading at SimpleFX are SFX WebTrader and MetaTrader4. The MT4 is highly praised by traders and brokers alike due to its ease of use and great functionality, offering top-notch charting and flexible customization options. It is especially popular for its automated trading bots, a.k.a. Expert Advisors.

Deposit & Withdrawal

SimpleFX says to offer wire transfers, e-payment systems like Neteller and Skrill, bank cards and cryptocurrencies such as Bitcoin and Dash. If you don't already have crypto, you will need to buy some using an exchange. In most cases, there is nominimum or maximum deposit limit, and also, no fees are charged.

Withdrawals need to be made via the same method that was originally used to deposit funds. Wire transfer withdrawals can take 3-5 working days. Withdrawals via e-payment systems, bank cards and cryptocurrencies are processed within 24 hours.

Fees

If the account is inactive additional 3% fee will be added (min. USD 25)

Customer Support

SimpleFXs customer support can be reached by email: support@simplefx.com, partnership@simplefx.com or live chat. You can also follow this broker on social networks such as Telegram, Twitter, Facebook, Instagram, YouTube, TikTok and LinkedIn. Company address: Suite 305, Griffith Corporate Centre Beachmont, Kingstown VC0100, St. Vincent and the Grenadines.

Pros & Cons

Final Decision

As you're aware, SimpleFX is not licenced by any recognised authorities. The broker's review says it all. As a result, Wikifx recommends that you avoid this broker. You can choose more regulated and approved brokers.

Install the WikiFX app on your smartphone to stay updated with similar latest news. WikiFX is a global forex broker regulatory enquiry platform that has investigated and reviewed more than 50,000 brokers, collaborating with more than 30 national regulators. To learn more about the security and reliability of your chosen brokers, visit www.wikifx.com or download our free app from Google Play or app store.