SimpleFX

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information & Regulation

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.

Here is the home page of this brokers official site:

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.

Note: The screenshot date is February 16, 2023. WikiFX gives dynamic scores, which will update in real time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.

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%.

Note that clients can create up to 3 accounts per available account currency.

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, youre 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 dont already have crypto, you will need to buy some using an exchange. In most cases, there is no minimum 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. Note that withdrawal requests made during weekends will be processed on Monday.

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

Frequently Asked Questions (FAQs)