Engaging in the realm of online trading, SimpleFX emerges as a dynamic brokerage platform, embracing leveraged trading with competitive fees and a welcoming absence of a minimum deposit requirement. The platform opens the door to clients, offering two primary avenues for trading: the renowned MT4 platform and their in-house creation, the SFX WebTrader solution.
Delving deeper into the nuances of this trading hub, our review takes a comprehensive dive into crucial aspects such as the login process, demo account functionality, mobile app accessibility, and more. These facets serve as the compass guiding your decision-making process regarding whether SimpleFX stands as a secure and viable broker for establishing your trading account.
SimpleFX Ltd, situated offshore in St. Vincent and the Grenadines, commenced operations in 2014, extending a diverse array of Contract for Differences (CFDs) and cryptocurrencies accessible through a unified account structure. While the broker operates outside the sphere of regulation, it upholds the sanctity of client funds through the segregation of accounts and the provision of negative balance protection.
Over the course of its existence, the brokerage has amassed a clientele exceeding 200,000 traders across 190 nations, attracting both novice and seasoned traders with its robust trading platforms and competitive fee structures.
Trading Platforms Unveiled
SimpleFX presents the downloadable MT4 desktop and mobile platform, a favored tool employed by numerous brokers, catering to traders at every expertise level. Contrasting the broker’s web-based platform, MT4 delivers a more enriched trading experience, incorporating automated algorithmic strategies through Expert Advisors and Python. Additionally, it integrates trading signals and facilitates copy-trading functionalities.
Key attributes encompass:
- One-click trading
- Swift trade execution
- Advanced analytical tools
- Trading signals and technical indicators
- Versatile order types encompassing market, pending limits, stops, and trailing stop functionalities
The broker’s proprietary web-based platform stands accessible across most internet browsers, serving as an optimal choice for beginners. Elevating user experience, the design prioritizes functionality, embedding a news column, trading insights, and a chat room feature. The platform also boasts in-platform live support, readily available to aid traders encountering technical hurdles.
The central chart window brims with features, flaunting 9 timeframes and 5 chart types. Additionally, it hosts an extensive suite of indicators and drawing tools, housing trend lines, Gann, and Fibonacci tools among its offerings. Overall, this solution emerges as a commendable option for novices stepping into the trading arena.
Initiating Trades Effortlessly
The process of executing rapid trades unfolds seamlessly through the following steps:
- Launch the web terminal
- Access the three dots residing in the top-left corner
- Enable ‘quick trading’ with a click
- Initiate trades by selecting ‘buy’ or ‘sell’ buttons
- Input price and quantity, confirming the transaction
- Notably, the order widget remains mobile across any chart or asset, providing flexibility and ease of use.
The expansive landscape of tradable instruments at SimpleFX spans over 170 options within various markets. Encompassing 60 currency pairs, major indices like the FTSE100, alongside a multitude of stocks, the platform also extends access to a curated selection of hard and soft commodities such as oil and precious metals. Furthermore, it embraces notable cryptocurrencies including Bitcoin (BTC) and Ripple (XRP), catering to diverse trader preferences.
Trading at SimpleFX adopts a commission-free structure, with spreads averaging around 1.3 pips for major indices like the FTSE 100. For the EUR/USD pair, the spreads hover around 0.9 pips, while for gold, it settles at approximately 0.17 pips. These fee structures position SimpleFX as a competitive player within the brokerage realm when compared to similar entities.
Empowering traders, SimpleFX facilitates leveraging products up to 1:500, with specific levels pegged to the account balance. Explicitly detailed on the website, the margin requirements and a 50% margin call add a layer of understanding for traders exploring this facet. Nonetheless, beginners are urged to grasp the inherent risks synonymous with leveraged trading.
Accessible Mobility: Mobile Apps
SimpleFX extends its reach through mobile accessibility, catering to both iOS and Android (APK) users. The application embodies custom charting tools, diverse timeframes, and offers access to an interactive news feed and community chat. Its user-friendly interface facilitates swipe actions and pinch-and-zoom functionalities, ensuring a seamless trading experience on mobile devices.
Additionally, the MT4 app for iOS and Android devices merits attention, providing interactive quote charts, a comprehensive set of trading orders, and trading history logs. Notably, it integrates a chat feature and mobile push notifications, earning commendable ratings within the online sphere.
Diversifying payment methods, SimpleFX accommodates quick and commission-free transactions via cryptocurrencies like Bitcoin, Ethereum, and Dash. Furthermore, it extends support to e-Wallets such as Skrill and Neteller, alongside credit card payments. For individuals new to cryptocurrencies, the option to acquire tokens through an exchange further expands accessibility, typically processing within an hour without imposing minimum or maximum deposit limits.
Withdrawals align with the method initially used for deposits, varying in processing times. While wire transfers might take 3-5 working days, electronic payment systems, bank cards, and cryptocurrencies usually see processing within a swift 24-hour window. Minimum withdrawal thresholds exhibit variance and are detailed on the website for comprehensive understanding.
SimpleFX’s provision of a demo account upon registration emerges as a valuable resource for traders seeking a risk-free environment for practice. Endowed with $4,000 in virtual funds and the flexibility to add multiple tester accounts, this tool aids in acclimatizing oneself with platform functionalities before transitioning to live trading. Notably, demo account quotes mirror those on live trading accounts, offering an accurate simulation.
Exploring Bonuses and Regulation
Staying updated on SimpleFX’s promotional offers, including a $2,500 first deposit bonus and various incentives like the Porsche shares incentive or the $100 monthly raffle for trading ideas, enhances the trading experience. However, it's crucial to note the lack of regulatory oversight, though the brokerage emphasizes the safety of client funds through segregated accounts and negative balance protection. Traders are advised to deliberate on the implications of engaging with unregulated entities, considering the potential limitations in legal recourse during adverse scenarios.
One of SimpleFX’s standout features lies within its diverse Blog section, available in more than 12 languages. Bursting with comprehensive news articles, forex updates, user-friendly guides, and a robust CFD Academy, this section acts as a treasure trove of knowledge for traders. Additionally, it offers crucial updates on trading schedules, augmenting the trading experience for users.
While these features are commendable, the absence of certain practical tools often provided by other brokers, such as forex calculators or an economic calendar, leaves room for potential enhancement.
A Singular Account Structure
SimpleFX adopts a singular account model, granting access to all tradable financial instruments across its platforms. Free from minimum deposit requirements and accommodating multiple currencies for account creation, this setup aligns itself with accessibility. The minimum contract size, margin call, and stop out levels are explicitly detailed, simplifying the trading landscape for users.
The account creation process unfolds swiftly within a few steps, prompting individuals to input personal details and verify identities in compliance with the KYC policy for fiat currency deposits. Once completed, users can seamlessly transition between real-money and virtual fund trading on the demo account.
Navigating Trading Hours
Forex trading spans a 24-hour cycle, yet specific market availability varies based on time zones. Details on trading hours for all assets are meticulously presented on the contract specifications page. These timings, initially provided in UTC within the MT4 platform, can be adjusted to align with individual local time zones on the web platform, fostering convenience for users worldwide.
Customer Support and Safety Measures
SimpleFX prides itself on responsive and helpful customer support available in English, Spanish, and Portuguese. The live chat feature immediately connects users to support agents, eliminating the need for prior personal details. An FAQ portal on the Support page further aids in addressing queries, ranging from account management to technical assistance.
Furthermore, the brokerage adopts stringent security measures, safeguarding account holders through SSL-encrypted systems and two-factor authentication. Storing personal details in secure offline servers further fortifies the safety protocols, ensuring the protection of user funds and information.
Final Verdict and Insights
Despite the absence of regulatory oversight, SimpleFX maintains its commitment to delivering accessible yet advanced trading services. With its user-friendly interface, competitive fee structures, and robust demo offerings, the platform emerges as an attractive option for both novice and experienced traders alike.
Upon our experts’ exploration of SimpleFX’s trading portal, they discovered user-friendly interfaces complemented by a responsive and knowledgeable support team, enriching the overall trading experience.
Pros and Cons
- API & VPS support
- SimpleFX crypto coin
- Swift customer service
- User-friendly platform for beginners
- Single account with multi-currency access
- Efficient Bitcoin payments
- Community forum for trading ideas
- Crypto staking solution without initial deposit
- Weak regulatory oversight
- Lack of MetaTrader 5 integration
- Limited non-crypto funding methods
SimpleFX Broker Details
Disclaimer: - We at forexoverflow do not endorse neither refer anyone to trading broker websites. The information is for educational purpose and source of information is from the broker website.