SimpleFX Review

SimpleFX is a widely popular brokerage service provider with more than 200,000 clients in over 160+ countries. They are the best option for both forex beginners and advanced traders because of no minimum deposit requirements, leverage as high as 1:500 and efficient trading tools.

Why Should You Choose SimpleFX?

SimpleFX is one of the fast-growing brokers that allow traders to trade MetaTrader platforms. Their motive is to keep it simple for traders and allow traders to start trading with a demo account. This way, they can practice trading without putting their real money at risk. The best thing is that the quotes mentioned on demo accounts are the same as on real trading accounts, with just a delay of 5 minutes. Hence, the traders can get a live picture of trading markets.

What Assets Can You Trade On SimpleFX?

SimpleFX lets you trade CFDs in forex, stocks, indices, crypto and more. The best thing is one can trade in more than 60 currency pairs and eight crypto pairs. Overall, SimpleFX provides you access to more than 170 financial instruments. Additionally, they also let you invest in stocks of the most renowned companies such as Apple, Facebook and Amazon.

What Leverage Trading Options Are Available With SimpleFX?

The maximum leverage offered by SimpleFX is 1:500; however, leverage trading carries a lot of risks and, therefore, must only be handled by experienced traders. For FX assets, reasonable leverage is offered. However, for crypto trading, the leverage ratio offered is disappointing (maximum 1:2 available is available)

What Spreads Are Offered By SimpleFX?

SimpleFX offers competitive spreads which start from 0.1 pips. Additionally, they have low fees and no hidden charges and very minimal deposit and withdrawal fees. 

What Payment Methods Are Offered By SimpleFX?

SimpleFX’s deposit and withdrawal options are very limited compared to other brokers. They don’t offer credit/debit cards and direct bank deposit/withdrawal options. Rather the major payment options accepted by SimpleFX are Bitcoin, Dash and other crypto assets. Also, you can pay through Fasapay.

How Much Fees does SimpleFX Charge?

SimpleFX’s fees and commissions are in line with other brokers in the market. Although the traders don’t need to pay anything to execute the trades, the commission is charged in the form of spreads. Also, SimpleFX charges high overnight fees (minimum $25) for holding CFD trades overnight. 

SimpleFX’s Trade Size and Limit

The minimum trade size offered by SimpleFX is 0.01 lots (micro lots). The traders can go as high as 100 lots with SimpleFX.

SimpleFX’s Trading Platform

SimpleFX can be accessed on both laptops and smartphones (both Android and Mac OS). They provide traders access to MetaTrader, which is the most preferred trading platform available for different devices and operating systems such as Linux, Windows, and Mac OS.

Can I Use SimpleFX In My Country?

SimpleFX is available in over 160 countries, including Germany, France, Spain and the UK. However, they are not available in the USA.

Is SimpleFX Available In My Language?

SimpleFX is available in different languages, such as Chinese, English, Italian and German. 

Is It Easy To Use SimpleFX?

The trading platforms offered by SimpleFX are user-friendly and come with the best features and tools to make your trading as efficient as possible. 

Is SimpleFX Safe?

Although SimpleFX is not regulated by any authority, they follow a series of procedures to maintain the funds’ security. These are two-factor authentication, negative balance protection and fast transfers to access funds whenever required.

Are My Funds Protected?

SimpleFX has a segregation policy of accounts, meaning the broker has to keep the client’s fund separate from his company’s funds. The broker has a buffer amount to be protected against severe market movements. But, you must keep one thing in mind: SimpleFX is not regulated, and hence there are no robust protections for the money deposited.

Our Verdict

Although SimpleFX is not regulated and provides a limited range of stocks and CFDs, it is an easy-to-use platform to manage and trade cryptocurrencies. In addition to this, they have advanced features to make it easy for beginners to get started.