SimpleFX is a brokerage that specializes in offering CFD trading for forex and crypto. The firm has been around since 2014, meaning it’s had ample time to streamline its service. Its offices are in Saint Vincent and the Grenadines, or more precisely at Suite 305, Griffith Corporate Centre Beachmont, Kingstown VC0100.
The broker has a very well-done website that seems to operate via pre-loading. That means your browser processes all the webpages as you enter the site, allowing for seamless transitions. That’s a vast upgrade over similar brokers, who often have slow sites. Additionally, the webpages hold up visually, with thematic soundness and color matching.
However, SimpleFX seems to be an example of not being able to judge a book by its cover. Although the broker looks phenomenal, its contents and past actions are worrying, to say the least. Before we delve further into that, let’s start with the positives we’ve spotted:
NON-STOP TRADING AT SIMPLEFX
SimpleFX keeps its engines running 24/7/365. That’s especially convenient for traders that happen to live outside the standard trading time zones. Additionally, some use trading as a secondary income source and can’t trade during regular hours. Providing buying and selling opportunities during weekends, holidays, and off-hours are essential in attracting those groups as customers.
HIGH LEVERAGE, LOW SPREADS
If you look at the max leverage at SimpleFX, you’ll see it goes up to 1:500. While that’s not as high as some other brokerages, it’s more than most experts even recommend. With such leverage rates, you can make your traders significantly more advantageous if you navigate markets carefully. Additionally, the website provides tight spreads, going down to 0.1, making your precisions precise and your trades transparent.
NO TRADING-RELATED CHARGES
The website is free of any base service fees, such as those when you deposit or withdraw. Trades are also devoid of any additional costs, allowing for a fairer experience. However, you might be in slight trouble if you leave your account sitting for too long. Namely, you get charged 3% or $25, whichever of the two is higher.
Funds Trading and Security
Security is an area where SimpleFX lacks severely, which is unfortunate since it’s a vital requirement for online brokerages. To start off, the broker is in Saint Vincent and the Grenadines, a popular offshore location and scam haven. The site makes the firm nearly impossible to prosecute in case of any wrongdoing, meaning you’re relying solely on SimpleFX’s goodwill. The firm could somewhat alleviate the issue if it had a financial regulator confirm its validity, but there’s no such thing.
An unregulated company at an offshore location already sets off a lot of red flags. Something like that is perhaps passable for a brokerage that’s still fresh, but SimpleFX has been around for over five years. Things only get worse as you inspect further, as the broker seems to enjoy a horrible reputation. There’s a sea of complaints about misbehavior on the broker’s end, with many traders claiming that their withdrawals were intentionally delayed, or their funds drained.
Even if you try and write that off as review bombing, there’s additional proof of the broker’s shadiness. Namely, trust rating websites have flagged SimpleFX for leaving themselves positive reviews off multiple accounts. The company did that to bolster their significantly sub-par ratings. All things considered, SimpleFX’s security seems incredibly sub-par, just shy of a straight-up scam.
SimpleFX Trading Accounts
While there is no demo account at SimpleFX, the live version has no minimum deposit requirement. That means with a symbolic investment, such as a dollar, you can inspect the entire service without any trouble. However, that still eliminates the chance to practice without losing money and familiarize yourself with the platform and website navigation. So, while the situation with the cheap account is better than having no demo and an expensive base, it’s far from perfect.
Additionally, there’s only one account type traders can go for. That limits customization quite a bit and can feel like a slap in the face for high investors. You might get some custom loyalty offers, but as-is, someone who just came by and invested a dollar receives the same treatment as a person that’s been with SimpleFX for years and invested thousands. The whole setup clearly favors budget traders, but it’s sad that higher spenders get entirely forgotten.
We’ve sprinkled some info about SimpleFX’s trading conditions through our review, but let’s go slightly more in-depth. At first, everything seems fine, with low minimum spreads and a decent leverage rate of 1:500. The single account type might bother some, but budget traders might even consider it a benefit. The broker offers a good platform, and while the width of assets is limited, it’s what the firm chose to specialize in.
So while the base conditions aren’t the best, they’re passable at least. Once you look at everything surrounding the primary traits, things start falling apart. As we already mentioned, the security is severely underwhelming, and there’s a decent chance SimpleFX will try to pull some tricks on you. Beyond that, the investment methods are quite strange.
The deposits and withdrawals allow for a ton of crypto options, which is always welcome. It also has some options for e-wallets, such as Neteller and Skrill. Both methods seem relatively speedy, with the longest processing time being 24 hours, and they’re free of any fees. However, there are no card options, which is worrying because it might prevent potential customers from depositing, and it also adds to the overall shady atmosphere.
If there’s one place where SimpleFX didn’t cut corners, it’s the platform, as the website uses MetaTrader4. The software has been the industry standard, providing both ease of use and expert analytical capabilities. The platform also comes in mobile and browser versions, leading to higher accessibility. While picking the right software is a plus for the firm, it’s not a huge one since there are tons of brokers using MT4.
SimpleFX’s Trading Products
The asset selection at SimpleFX is quite limited, with only Forex, Crypto, and Indices on the list. While that may be fine with some traders that specialize in either of the three classes, the choices are quite underwhelming. Even while only providing three trading product groups, there isn’t a fantastic depth of options. As such, SimpleFX lags significantly behind competitors.
Even in its customer service options, it seems like SimpleFX didn’t wish to put in the bare minimum. While there are email and live chat options, there’s no phone number you can call.
Email: [email protected]
SimpleFX Review: Conclusion
SimpleFX is a decent shell ruined by poor company management. If it stuck to its guns as an introductory broker, it might have found a niche that would’ve enabled its growth. However, the company seems to have gone the quick profit route, leaving many customers dissatisfied. The only ones that can currently get a decent run for their money at SimpleFX are budget traders. And that’s assuming that you don’t end up getting your money stolen.
Even if you’re a budget trader, however, there are tons of better alternatives. Although SimpleFX isn’t the worst brokerage we’ve seen, we don’t think it’s worth your time. Thank you for reading this SimpleFX review, we hope you find it useful.
YOU MAY ALSO LIKE
LEAVE A COMMENT
CHOOSE YOUR BROKER
BinckBank is a Dutch stock-brokerage. It offers an online trading platform to trade financial assets. The company was founded in 2000. The company was mostly dealing with the professional broker market and banks.
Saxo, renowned for its multi-asset trading and investment, has broadened its services in the UK by introducing its funds. Retail investors can now partake in diverse assets, from quick options to a wide range