SimpleFX is a forex broker. Simple FX offers the MetaTrader 4 and Mobile forex online trading top platforms. SimpleFX.com offers over 55 forex pairs, cfds, cryptocurrencies, indices, commodities and precious metals for your personal investment and trading options.
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Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, VC, 1510, Saint Vincent And Grenadines
Both my boyfriend and my best friend have lost money by them. They delete trades for ridiculous reasons.
They have established a system of promo which is based on totally fake clients/bots.
Their social media image is fake as well, they try to hide this reality with ridiculous excuses as you can see in their answers to their clients, like that in fb their fake thousands of followers simply don’t react and that they are facing a series of fake reviews (but guess : only those reviews are coming from their few real clients . )
Avoid Simpefx. They are unregulated, they don’t give the stolen money back because they are not controlled by regulators.
Hi, thanks for your comment.
We have been delivering an outstanding product for five years now, and praise to have 200,000 active users worldwide. As any broker, from time to time we have to deal with anonymous negative reviews that usually come from unethical competitors and fraudsters who had their accounts closed due to the violation of our T&C.
We are doing our best to give you the best customer service, and leave no client unsatisfied.
1) if you or your friends had any issues with our platform, please contact the SimpleFX Support Team giving the account name at [email protected]
2) We use Facebook for display advertising, not direct communication. This is why we don’t have many interactions there. If you want to talk with traders using our services login to a DEMO account and chat with them here: app.simplefx.com.
Best, SimpleFX Team
I never had any issue with trading and withdrawls. Their support is helpfull when you have questions. They are constanlty trying to envolve theirselves what is a big plus!
I give this broker a 5 start rating. Thanks!
Their app is terrible, with disappearing buttons and laggy response. In many devices like Sony Tablets or some mobiles it doesn’t even run.
Beside that, the company is COMPLETELY unregulated and the forex forums have been flooded with clients who have lost money from deleted trades. They never pay the profits of their profitable clients, finding reasons for deleting their profitable trades , like “a mistake from their liquid provider which hadn’t excecuted the order” or a “negative balance abuse” and other ridiculous ones.
In order to survive as a company with such a bad fame, they try to pay all the sites for deleting the real reviews and they pay bots to create a fake social media army of supporters.
If you visit their facebook page you will notice that they (fakely) have 70.000 followers BUT their most posts have just 10-20 views ( yes you read well. NOT thousands). If you are lucky enough you may encounter replies from their few real clients who are commenting for their fraudulent activity and their looted accounts after their deleted trades. Usually they delete every real comment and they block the users in order to hide the truth.
Everyone be EXTREMELY careful with this company, they make EVERYTHING to gather loser clients and ban the few who have made it to make a profit and silence them for their awful experience of trading with SimpleFX.
Every single negative review I have read about them in here and in so many other sites and forums are absolutely true describing the truth. The fake of the story is their response and their tactic of blocking the truth either by paying forex sites or by creating a fake image in the social media like their Facebook page (really WHY you have over 70.000 followers and NO real review there? Maybe you will go and BUY some reviews in your facebook page like you did with your fake 70k bot followers, but those money went in vain dear Sirs of SimpleFX. Because everyone by simply noticing how few views you have in your posts and how every negative comment is being deleted under your ghost threads in facebook, can very easily understand why all your activity is full of lies and based on fake followers. Obviously even the very few positive reviews in here or other forex sites, which hold your score from going to 1, are fake by insiders of your company or by paid people.
Hello, thank you for your comment.
As for your issues with our app, these are new to us, and we are surprised they appear on an open forum before reaching our support from any of over 200,000 registered SimpleFX users.
SimpleFX Review 2020
Regulated By: Not a regulated broker
Foundation Year : 2020
Headquarters : Suite 305, Griffith Corporate Centre Beachmont, Kingstown VC0100, St. Vincent and the Grenadines
CFDs trading involves risk of loss
Every 2 months SimpleFX offers its clients a cashback promotion.
Latest Tweets by @SimpleFXcom
SimpleFX launches brand new trading app
SimpleFX, a Cryptocurrency & Forex broker is not slowing down its pace. At the beginning of December, the company won the award for the Best Cryptocurrency Trading Platform 2020 at the Cryptocurrency World Expo. Shortly after that, SimpleFX launched their highly anticipated mobile trading app, a Simple but Powerful platform
SimpleFX – The Best Cryptocurrency Trading Platform 2020
SimpleFX has recently won the award for the Best Cryptocurrency Trading Platform 2020 at the Cryptocurrency World Expo, which took place on 1-2 December 2020 in Warsaw, Poland.SimpleFX Team commented on the trophy:“It`s wonderful that SimpleFX has won the award for the best cryptocurrency trading platform. SimpleFX has been connecting
SimpleFX NFP Contest: Make Your NFP Forecast and Win the Cryptocurrency Prize Pool
Online trading provider SimpleFX is ushering in the fall season with the latest installment of their exciting competition. The trading platform – on which users can trade with Forex & Crypto CFDs using a variety of digital currencies and more traditional assets – is giving its users the chance to get
SimpleFX Review: Complete Broker Overview
SimpleFX is a CFD broker that has made simplicity the core of their offering. Quick and easy forex trading for all skill levels.
This broker has been around since 2020 and has grown their offering considerably in the past 6 years. They offer leveraged CFD trading of up to 500x on a number of assets including forex, crypto and more.
However, can they really be trusted?
In this SimpleFX review, we will attempt to answer that. We will give you everything you need to know about the broker as well as some top trading tips.
SimpleFX is a broker that is based in St Vincent and the Grenadines. The holding company is SimpleFX Ltd and it has been in operation since 2020.
Since its inception, the broker has been growing. They currently offer their services to over 100,000 traders in 160 countries around the world.
SimpleFX is a broker that offers CFD instruments on a number of assets with leverage up to 500x. These assets include the likes of commodities, shares, cryptocurrency, forex and much more.
SimpleFX has tried to make the trading process more beginner friendly with their web based trading platform. However, to satisfy the more advanced traders they also have an MT4 platform (more on this below).
Focused on a global audience, the site and platform has been translated into over 18 different languages. Although they take traders from all over the world, there are some regions they do not accept including the United States.
Is SimpleFX Safe?
This is no doubt one of the most important questions for any trader. The safety of the broker and hence their funds are top of our list when looking at brokers.
Hence, how does SimpleFX stack up?
SimpleFX Ltd. is incorporated in Saint Vincent and the Grenadines under registered number 22361 IBC by the Registrar of International Business Companies. Its operations are subject of the Saint Vincent law.
Having said that, it is not a regulated financial entity. When I spoke to the customer support team, they said that this is top of their priority list. The main reason for their lack of regulation currently is because of their use of cryptocurrencies.
If you take a look at the current landscape for cryptocurrency exchanges, none of them are regulated. For example, take a look at Binance or Kraken who also do not have any sort of financial regulation.
Having said that, there are a number of other security procedures that SimpleFX has embarked on.
Some of the Security Features at SimpleFX
Segregated Accounts & Solvency
When it comes to the management of fiat funds at SimpleFX, they operate a policy of segregated accounts. This means that the broker keeps client funds separate from the funds of the brokers own operation.
The main benefit of segregated accounts it that if the broker was ever in financial difficulty, they would not touch the client’s funds as they are held in a separate account. It also keeps client funds clear of any creditors.
Something else that you should note about SimpleFX is that they have strict solvency requirements. They hold a buffer of funds in order to protect against any severe market movements.
Given that most accounts are funded with cryptocurrencies, SimpleFX needs to have robust coin management procedures in place. They operate what is called a majority cold wallet protocol.
What does this mean?
Well it means that they keep the bulk of the cryptocurrency in an offline wallet that is away from any threats by hackers. They cannot access the funds as they are not connected to the internet.
Two Factor Authentication
It’s not just about security at the broker but also about securing your account. Often times, the user is the weakest link when it comes to hacks and fraud.
Hence, the SimpleFX team has provided mobile two factor authentication. With this, the user will have to authorise all sign-ins to their accounts. This means that they are able to prevent any unauthorised sign-ins.
Setting up 2 Factor Authentication at SimpleFX
If you wanted to install the Two factor authentication then you can use the Google Authenticator. Once you have synced it with SimpleFX then it will generate a unique code every time that you log in.
You may also want to note that SimpleFX has full 256bit encryption on their site. All communication done through their website is encrypted and hence safe from the threat of man-in-the-middle attacks.
Full SSL Encryption on SimpleFX
It is also a great way for you to spot whether you are on the correct SimpleFX site or whether you are on a phishing site. Make sure that you see the browser padlock when you are on the site to confirm that your connection is secure.
Fees & Spreads
Another really important question that traders will have before they try a new broker is the spreads they are likely to pay when trading there. These are, after all what will most directly impact on your profitability.
When it comes to SimpleFX, they charge spreads on the asset that you trade there. This is effectively the difference between the bid and the ask on the market.
The exact spreads that you will encounter at SimpleFX will depend on the asset that you are trading. They are also dynamic and adjust regularly. However, I decided to jump in and observe them just to get an idea. Below are some of the indicative live rates:
Most of these spreads appear to be reasonable and are in line with other brokers on the market. There EURUSD spread is perhaps one of the thinnest that we have seen.
Something that you may want to note is that you will also have a funding rate that applies to the trade that you want to take on. This funding rate is the relative interest rate differential between the two assets.
Swap Rate Example
This is not a rate that is applied by SimpleFX but is instead a live market rate. It can also be positive or negative depending on whether you are going long / short as well as the difference between the two assets.
You can also think of the swap rate as the rollover rate and it is the cost of carry that is applied to your account on a day-to-day basis. You will be able to see the applicable swap rate on the instrument information panel.
You will be happy to note that there are no deposit fees for any type of inward payment to SimpleFX. This includes all of the cryptocurrenceis and web wallets.
However, when you are making a withdrawal you may be subject to some fees. If you are using a fiat withdrawal mechanism such as Fasapay, Neteller or Skrill you may be subject to a 1% fee.
Fiat Withdrawal Simple
When it comes to cryptocurrencies, SimpleFX will not charge any fees. However, there may be a miner or “network” fee that you will have to pay. This is not something to worry about though as it is really quite minimal.
At SimpleFX, you are only only trading with a margin that is a fraction of the size of the trades that you can take on. This is when you are trading on the margin and it means that your trades are leveraged.
For example, if you are required to hold only 1% margin, this implies that you have leverage of 100x your initial margin amount. If there is a movement in the price of the asset then your position will be magnified by 100 times.
At SimpleFX, the max leverage that you can take on is 500x which implies a margin of only 0.5%. Of course, the exact margin will depend on a number of factors including the asset and the size of the trade that you are taking on.
In order to give you an idea of the amount of leverage that you could encounter, here are some indicative margin levels and leverage numbers.
There appears to be reasonable leverage on the FX assets and commodities / equities. However their cryptocurrency leverage (or lack of it) is disappointing. So, if you wanted to trade crypto with more leverage you can use the likes of PrimeXBT and ByBit.
When you are trading with leverage, you are at risk of what is called a “Margin Call“. This is basically a notification to you that tells you to top up your account.
At SimpleFX, you are required to put down an initial margin as we discussed in the leverage section. If the remaining margin is less than 50% of that which was required you will get these margin calls.
Margin Call Requirements at SimpleFX
What happens if you don’t top up?
Well, if the remaining margin falls below 30% of the initial required margin then you will automatically be stopped out. This is done in order to manage the inherent risk from trading with leveraged products.
Another unique selling point of SimpleFX is the range of markets that you can trade. This is actually quite impressive and includes most of your popular assets.
Below is a rough idea of all the assets that you can trade at SimpleFX:
Forex: All of the Major FX pairs as well as numerous Minors
Indices: Global stock markets including the Dow Jones, ASX, FTSE
Commodities: Assets such as Oil, Natural Gas
Metals: Such as Gold & Silver which has been crossed with EUR, USD & AUD
Equities: Trade your favourite stocks including those listed in the UK, US, Turkey & Sweden
Cryptocurrencies: Assets such as Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Ethereum classic and XRP
This is a fairly comprehensive selection of assets. We really did like the selection when it came to their forex pairs – quite a large number of them.
However, they could have had more selection when it came to their metals and commodities. We would also liked to have seen more cryptocurrency assets to trade. They could have included the likes of Stellar XLM or EOS.
If you have decided that you would like to give SimpleFX a go then you will have to create an account there. This is really quite simple and can be done in a few short steps.
Firstly, you will need to hit the “create account” button and you will be presented with a short registration form. All it really requires is your email address where they will send you a verification link.
Signingup at SimpleFX
Once you have received the verification email, click on the verification link and you will be asked to set a password. Once your password is set you are invited to deposit funds and begin trading.
If you are depositing with cryptocurrencies, then you do not need to worry about verification at SimpleFX. However, if you are going to be depositing with fiat you will have to complete KYC in order to remain on top of the AML procedures at the broker.
To complete the verification you will have to fully identify yourself and your place of residence. In terms of supporting documentation, they will require a form of government issued ID as well as a proof of address.
ID Information Required
How long the verification takes depends on how clear the documents are and how busy the SimpleFX support team are. The support team is generally pretty responsive (covered below) but you should allow for at least a day or two for the verification to be completed.
Something else that you may want to make use of before you fund a live account is the Demo account on SimpleFX. This is basically a simple and risk-free way for you to test your trading strategy.
You can quickly and easily create a demo account and SimpleFX will give you 0.4BTC of demo Bitcoin to trade with. On the demo account, you will replicate the trading conditions on the live exchange.
You can also top up this demo account as many times as you would like. There is also no real time limit on how long you can use these so you can take your time to get comfortable with the platform.
Deposits & Withdrawals
Now that you have an account you will probably want to fund it. When it comes to deposits on SimpleFX, the primary option presented is through crytpocurrency. This is because it is perhaps the quickest way to fund an account.
If you have cryptocurrency already then it is really pretty simple to fund your account. You will have to generate a cryptocurrency deposit address where you can send your funds.
For example, let’s assume that you want to fund with Bitcoin. You will log into your account and hit “Accounts & Deposits”. Then you choose your live account and hit “Deposit”. It will pop up with your deposit options. We chose “Bitcoin”.
Generating a Bitcoin Address at SimpleFX
The address generated is both a QR code as well as a string address. Once you have sent the funds you will have to wait to confirm that the network has propagated the transaction. You can monitor it on a blockchain explorer.
If you do not have crypto on you then you can either buy it on an exchange like Bitstamp or Kraken or you can use the service that they have on SimpleFX. There are also other methods to fund your account with fiat and these include the likes of Neteller, Skrill and Fasapay.
Of course, you should also take note of the country that you are located in as deposit options may differ based on that. All regions, however, are covered by cryptocurrency deposits.
When it comes to withdrawals, the process is just as easy. You will follow the same process as the deposits but instead you will heat “withdraw”. Here you will have to insert your offline address if you are sending Bitcoin out.
Depending on the method of the withdrawal, it could take anywhere from a few hours to a day. Cryptocurrency withdrawals are usually the quickest.
It is time to jump right into one of the most important selling points behind SimpleFX – their trading platform.
Well, we should say “platforms” as there are two of them. They have their SimpleFX web trader as well as their MT4 platform. Let’s start on their crem de la crem, their web platform.
SimpleFX Web Platform
The first thing that you will notice with the web platform is how clean an intuitive it is. It is clear that SimpleFX tried to keep the interface as user friendly as possible.
Taking a look at the interface, it is pretty well laid out. On the left you have the market selection panel. Here you choose the markets that you would like to trade from SimpleFX’s numerous markets.
Then, to the right of that in the center you have your charts. These charts are actually pretty functional and look reminiscent to the Tradingview type that you will find on a number of other crypto exchanges.
UI of the SimpleFX Web Platform
This makes the chart ideal for technical analyst traders. You have a wide range of studies and charting tools. These include trendlines, oscillators, Fibonacci retracements etc. It also allows you to save your charts so that you can continue the analysis later.
You can also split the panel into a number of different charts if you would like to observe more than one market at a time.
Then, to the right of the platform you have the news & information panel. Here you can get the latest market news straight from the SimpleFX blog. Something else that we liked here is their trade ideas panel. These are some trade ideas pushed by the SimpleFX team and other traders on the platform.
And, speaking of other traders, you have something called the “shoutbox”. This is basically a chat room where you can bounce some ideas off of other traders on the platform.
Finally, at the bottom of the platform you have all of your order forms. Here you can place your orders as well as monitor those that are already open / closed. These order forms are quite functional and hence require a bit of coverage themselves.
When placing orders on SimpleFX you have quite a few options. These include the type of order, how long you would like it in force and whether you are going to be placing any stops.
SimpleFX Web Order Form
Firstly, let’s take a look at the types of orders that you can place.
Market Order: These are orders that when placed will be executed immediately at the market rate. This is at the bid for a sell order and at the ask for a buy order.
Pending Order: A limit order is one that is placed at a particular price away from the market. You also need to decide on how long you would like the pending order to remain live.
When you are placing your order you also have the option to place a stop-loss and a take profit. It is advised that you do this as it removes any psychological component from your trading.
The other platform that is on offer at SimpleFX is their MT4 platform. For those who do not know, the MT4 is one of the most advanced third-party trading platforms that is developed by MetaQuotes.
MT4 is the trading app of choice for most of the global brokers and their traders. There is extensive charting functionality that allows for the most in-depth analysis. You also have extensive order parameters.
It also pays off in the long run to become proficient on the MT4 program. This is because it is used by most of the global brokers. So, if ever you wanted to move away from SimpleFX, you can easily adapt to a new broker offering.
Something else that you may want to note is that an MT4 allows you to code your own bots or algorithms. These are called “Expert Advisors” or EAs and they are coded in the proprietary MetaQuotes coding language (MQL).
The MT4 platform is available on numerous devices and operating systems. You can use it on MacOS, Windows and Linux. You can also trade it on a mobile device on iOS or Android (more on this below).
For those traders that are always on the go, you may want to try the SimpleFX mobile application. This has much of the same functionality that you have on the web-based platform.
This includes such features as the shoutbox, order management, account administration etc. It also has one touch ordering which allows you to place your orders in an instant. The only thing that the app lacks is the same charting features as you have with the web platform.
This is available on both iOS and Android devices. It is not listed in the iTunes store but is available on Google Play. We decided to take a look into the ratings to get an idea of what traders were saying about it.
Mobile App in Google Play Store
The combined ratings have the app at 3.8 stars. There appear to be many users who find the app really easy to use. Some complain about the lack of charting functionality which I mentioned earlier. The most important thing to note is that SimpleFX follows up with these complaints.
However, if you want an app that has more functionality then you can use the MT4 app. This is known to be one of the most popular trading apps currently listed on the market. You can also download it on iTunes or the Play Store.
Although this app has more functionality, we would suggest that you rather opt for a desktop trading whenever possible. This is because it is much harder to read the markets and react as quickly when you are using a mobile application.
For those of you who have been trading for some time you will know how frustrating a slow customer support function is. That is why it is an important criterion for us when evaluating a broker.
SimpleFX has a number of options for you to reach out to them. Perhaps the quickest and the most efficient is through the use of their live chat function.
I tested this out to get a sense of the response time. The chat is available in English, Spanish and Portuguese. English is available 24/5 whereas the other two are available 14:00 to 22:00 UTC.
Responsive Live Chat
When I reached out I was helped almost instantly. The customer support agent knew exactly how to respond to my query and directed me to the most appropriate pages on the SimpleFX website. They were also pretty well spoken and considerate.
If you prefer to use email to contact them, this option is available too. You can reach them on [email protected]. We tested this out and they were able to get back to us in under 2-3 hours.
Unfortunately for those of you who would prefer the more personal touch, there is no telephone number. However, you may not even have to reach out to the support as they have a pretty comprehensive FAQ section for more routine queries.
Any developers out there? Well, you will be happy to know that SimpleFX also provides API functionality. This means that if you are not familiar with MQL, you can code your own bots and algorithms.
They have both a REST and a websocket API that you can use. You can read all about the functionality with their API docs that they have published in the SimpleFX GitHub.
If you want to use the API then you will have to generate an API key. This can be done in your dashboard. Once you have clicked on “API” in your dashboard you will have to click on “create key”.
Generating API Keys for Trading
On the creation of this key you will have to decide exactly what sort of permissions you are giving the key. You appear to have quite a few options for accessibility. You can read about each of these in their docs.
You will also have the option of whitelisting a particular IP address. This has the benefit of allowing the SimepleFX API to only respond to queries that are sent from this particular API.
The final step required once you have created your API key will be to confirm the creation in a verification link that was emailed to you.
SimpleFX is all about simplifying the trading process. Not only are they doing this with their platforms but they also want to give their traders the right training to be able to handle the tools that they provide.
This is where the SimpleFX educational resources come into play. These include training guides and material. Let’s take a look.
When you are first getting used to the SimpleFX platform, there is a handy guide that takes you through everything that you need to know on the the web trader.
In your account admin you will click on “Tutorials” and then select the “Step-by-Step”. This then gives you a live overview of where everything is located on the platform and how to manage your trades.
This is a short 11 step guide that we would definitely recommend that you do. However, if you feel that you have already learned enough after the first few steps then you can always skip.
Video Tutorials & Blog
If however you would like more general resources then you can always watch their video clips. These cover some of the most basic aspects of the broker, its platform and other features.
Some Video Topics at SimpleFX
We watched some of these and they are pretty well done. The narrator is well spoken and the videos are presented in a clean and efficient manner.
Then finally, for the more seasoned traders amoung you, SimpleFX has a pretty comprehensive blog that they run. This covers a number of topics including technical analysis, tutorials, news and other updates.
If you have been enjoying your experience at SimpleFX then you could earn some money by referring friends and family. This is through their referral program.
In order to do this you will have to generate a referral link and share it with those that you would like to introduce. Once they have signed up with your referral link then you will get up to 25% of the commission generated from it.
In order to get your link, you will head on over to your account admin and you will hit “refer friends”. Here you will be taken to the SimpleFX affiliate dashboard. This is powered by Unilink which is one of the most advanced affiliate management platforms there is.
SimpleFX Affiliate Back Office
On the dashboard you can see things such as the total commissions, Geos, your ranking and other important metrics. You can also pull some of the marketing material that SimpleFX provides their affiliates.
Areas For Improvement
There were a lot of things that we really liked about SimpleFX but we would be remiss if we did not mention some of the areas for improvement.
Firstly and perhaps the most importantly you have that question about regulation. This is something that most FX traders would like to see. It is encouraging for us to hear that SimpleFX is working on a regulation.
Secondly, we would have liked to have seen more asset coverage for shares, commodities and cryptocurrencies. The latter is particularly important – crypto traders want a lot of options these days.
It would also have been great to see more Fiat funding options. Yes, cryptocurrencies funding is the most efficient but there are a lot of traders that still do not have access to it. Card funding functionality would be the most useful for these traders.
Finally, the cryptocurrency leverage was a bit disappointing. We understand that Bitcoin is a very risky asset but to have only a 1:2 leverage seriously limits most traders ability to trade on the margin.
Despite all these concerns, SimpleFX appears to be responsive to feedback and one would hope that they take these into account when improving their offering.
In summary, we have to say that SimpleFX was just that – simple.
We loved the web trading platform and its clean and intuitive layout. They managed to develop a trading experience that is not too intimidating for those who are just starting out FX trading.
We also liked their low FX spreads on an extensive range of Forex pairs. Add to this the stellar and responsive customer support that we received and it really left us with a strong impression of the broker.
It’s also a really nice touch to see that they offer MT4 to their traders. It allows those traders who have progressed from the Web platform to hone their skills on an advanced and world renowned trading tool.
Yes, there are some areas for improvement but these can all be worked on in time.
So, should you use SimpleFX?
Well, if you are looking for an established broker with a beginner friendly platform and low spreads then SimpleFX is definitely worth considering.
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