SimpleFX was established in 2014. It is a new online Forex broker that is owned by SimpleFX Ltd. Its main headquarters are located in Saint Vincent and the Grenadines.
This broker provides an innovative approach to trading with its trusted trading platforms and excellent trading conditions. SimpleFX offers a unique trading experience without any additional fees that might affect a client’s trading strategy.
SimpleFX is a fully licensed online broker that offers a wide variety of trading instruments including Forex, commodities, indices, precious metals, Bitcoins, and Litecoins.
Its unique cryptocurrency trading stands out compared to other online brokers. This broker allows anonymous accounts to trade different types of cryptocurrency. This feature is perfect for clients who want to keep their identity hidden from the trading markets.
In addition, SimpleFX is operating under the authorities of the International Bancshares Corporation (IBC). This broker is open 24/7 and it is available in 130 countries worldwide. Currently, SimpleFX has more than 20,000 clients all over the globe.
SimpleFX’s Trading Conditions
SimpleFX has only one option for a trading account. It is called a standard account but it offers a lot of excellent trading features.
This broker provides sixty currency pairs consisting of twenty major pairs, twenty minor pairs, and twenty exotic pairs. The maximum leverage is 1:500 which is relatively high but it can be lowered upon request to 1:2. It has variable spreads and pips can be as low as zero to one. The minimum position size is 0.01 lots while the margin call level is at 50%. The stop-out level is at 30%.
SimpleFX allows hedging and scalping. However, there is no swap-free version for Islamic clients. It also has basic trading features such as pending orders, one-click trading, trailing stop order, and Expert Advisors (EA).
Creating a SimpleFX account is very simple and it only takes about a couple of minutes to set up.
Trading Platforms
The trading platform chosen by the people behind Simple FX is the very popular Metatrader 4. It gives clients the freedom to trade with over 250 instruments while it is very easy to use by expert and novice traders.
MT4 has a unique trading feature that allows clients to trade directly from charts and signals. Its charting capabilities are outstanding and it only takes about a few minutes to set up a customized trading space.
This trading platform is very suitable for computer devices with standard operating systems such as Windows and MAC. It also offers trading apps in Android and Apple application stores.
SimpleFX also has a WebTrader platform that a client can use primarily with any computer browser as long as it has an Internet connection. It makes it easier for other people who don’t like to download and install other apps on their desktop computers. Traders can log in with their username and password then start trading. However, this broker doesn’t have any mobile browser support.
SimpleFX’s Customer Reviews
“Very convenient app, with good UX. I’m interested in investing in about two years and started with SimpleFX half a year ago. Mostly I like regular promos, new symbols, and good cash backs. I started with Forex and then went into oil, metals, and crypto.”
- Johny23_8, Manchester, United Kingdom (July 24, 2020)
“I never had any issue with trading and withdrawals. Their support is helpful when you have questions. They are constantly trying to involve themselves selves which is a big plus! I give this broker a 5-star rating. Thanks!”
- AXCESS, Netherlands (Apr 28, 2019)
“I’ve been using SimpleFX for well over two years. At first, I was leery about going with an FX broker who allowed me to set up an account with only an email address and fund with Bitcoin. No lengthy application/verification period, nothing. But I gave them the benefit of the doubt and signed on. To cut to the chase, I’ve gotten FAR better service, order execution, funding/withdrawal reliability/speed and performance from them than ANY conventional broker I’ve ever used. I’ve been in FX for well over 12+ years. I’ve used many others, and EVERY single one of them has given me problems or issues. Not SimpleFX. Not one single time. I’ve recommended dozens of traders to them since then, and every single one is happy.
They’ve fully earned my trust and I hope they keep up the excellent work.”
- Bizwebtrader, Andalusia, Spain (Aug 16, 2018)
“Good Broker. The previous negative reviews were from when their liquidity provided failed to update their quotes when Bitcoin Cash crashed 50% so they sold Bitcoin Cash at nearly double the current price. The LP didn’t honor the trades (obviously) and neither did SimpleFX. The Swap was charged at 0:00 GMT for the longest time but the recently changed it. I withdrew several thousand several times and it got paid within several hours every time (even on weekends). Pretty good overall. Just don’t use their app. It has one-click trading by default and I accidentally closed a few trades more than once.”
- Shyla, New York, USA (Jul 30, 2018)
“It’s a good broker if you want to trade using Bitcoins as an electronic wallet. I’ve been using it in a demo and real for about a year and I like it. The spread on BTCUSD is way too high, but it’s ok since I do not trade that pair. I only use Bitcoin for deposit/withdrawal. Sometimes it seems volume is lower when comparing SimpleFX with bigger brokers, so the price won’t move as much as it should. In short: a good broker for Bitcoin users. If you want to trade using non-crypto money them I believe there are better brokers out there.”
Newgel, Brazil (Apr 1, 2017)
Minimum Deposit
The required minimum deposit is just $1 but the recommended amount is at least $20. It can go up to a $10 minimum deposit requirement based on the payment method used to fund the trading account. The only maximum deposit limit is $4,000 via credit or debit card. The processing time for withdrawals is relatively quick and it can go from instant to 72 hours.