- Multiple deposit options
- Zero fees, one account type
- High Leverage
|Headquarters||305, Griffith Corporate Centre Beachmont, Kingstown VC0100, St. Vincent and the Grenadines.|
|Support Types||Email, Live Chat|
|Trading Platform||Webtrader|Metatrader 4|
|Minimum 1st Deposit||$1|
|Minimum Trade Amount||.01|
|Leverage||up to 500x|
|Free Demo Account|
|Fee Info||Zero Fees|
|Commission Info||Zero Comissions|
|Deposit Methods||BTC, BCH, , DASH, ETH, ETC, LTC, XMR, USDT, Fastpay, Skrill|
|Withdrawal Methods||BTC, BCH, , DASH, ETH, ETC, LTC, XMR, USDT, Fastpay, Skrill|
|Number of Assets||60 currency pairs , Crypto, forex, and indicies|
|Account Currency||BTC, BCH, , DASH, ETH, ETC, LTC, XMR, UST, AUD, BRL, CAD, CHF, DKK, EUR, GBP, INR, JPY, MYR, NOK, PLN, RUB, SEK, SGD, USD, ZAR|
|US Traders Allowed|
- Multiple Deposit Options
- Commission-free trading
- No KYC signup
- Easy Interface
- Affiliate marketing features
- Webtrader is over an MT4 account
- Has some negative reviews
Today we’re looking at SimpleFX, a beginner-friendly CFD broker that’s easy to understand and jump into for traders of all skill levels. Founded in 2014 and headquartered in St. Vincent and the Grenadines, SimpleFX has grown rapidly to offering services to over 200,000 traders in up to 160 countries.
As is the case with any brokerage, proper research is required before opening an account and making that initial deposit. So what’s the deal with SimpleFX? Can you trust it? Is it regulated? Are your funds safe?
Let’s take a deeper look at this easy-to-use CFD broker and answer the important questions you want to know the answers to.
What is SimpleFX
SimpleFX is an accessible CFD broker that puts ease of use front and center. Whether you’re an experienced trader or a complete beginner, the platform is designed for all to use. The brokerage has been around since 2014 and has grown rapidly over the years. Today, traders have access to CFD instruments on a large number of assets including foreign exchange markets, cryptocurrencies, commodities, equities, and more.
To make things easy for newcomers, SimpleFX offers a simple web-based trading platform but also a Metatrader 4 (MT4) platform for more advanced users.
Along with the simplicity of the broker, other aspects make SimpleFX an attractive option as well. With no commission or fees, a unique affiliate program, multiple deposit options, and its crypto-friendly design, there’s a lot to consider.
Is SimpleFX a Safe Broker?
Offices and Regulation
The company’s address is Suite 305 Griffith Corporate Centre Beachmont Kingstown, VC0100 St. Vincent and the Grenadines, and SimpleFX Ltd. is incorporated in St. Vincent and the Grenadines where its operations fall under St. Vincent law. The broker is registered as an international business company (IBC) under number 22361 IBC by the Registrar of International Business Companies.
However, it’s important to note that SimpleFX is not a “regulated entity” in the same way a traditional broker like TD Ameritrade or others are (due to its heavy use of cryptocurrencies). To avoid confusion, keep in mind that this is similar to other crypto-based trading platforms like Binance and other exchanges. For a full list of SimpleFX’s legal documents and disclaimers, click here.
SimpleFX Review: Main Security and Solvency Features
When it comes to worrying about security of your funds, SimpleFX does take proactive steps to protect its users. Fiat funds are kept in segregated accounts, meaning that your money as a trader is held separately from those of the broker.
When it comes to cryptocurrencies, the majority of funds are stored in cold storage, not online. That means in the event of a security issue, the majority of crypto assets are not available or at risk during an attack.
Additionally, SimpleFX offers Negative Balance Protection meaning they have the option to close positions before your account ends up in the negative.
To read more about SimpleFX’s security measures, click here.
While SimpleFX does offer services in 160 countries, clients from Algeria, Belgium, The Bahamas, Botswana, Cambodia, Cuba, Ecuador, Ethiopia, Ghana, Iran, Iraq, Monaco, Myanmar, North Korea, Pakistan, Poland, Saint Vincent and the Grenadines, Panama, Sri Lanka, Syrian Arab Republic, Trinidad and Tobago, Tunisia, United States, Yemen are not accepted due to local law and regulation.
What Account Types Does SimpleFX Offer
SimpleFX only offers one type of account: a CFD account with no minimum deposits and access to a maximum 500x leverage (to be used at one’s own risk).
SimpleFX Review: Fees and Other Commissions
When making deposits to your account, there is no fee; that includes fiat deposits as well as cryptocurrencies, aside from any network miner fees or fees charged by your payment provider of choice. To fund an account, traders can use the supported cryptocurrencies (BTC, BCH, DASH, ETH, ETC, LTC, XMR, and USDT) or fund via fiat using Fasapay, Neteller, or Skrill (depending on which country you’re located in).
When making a withdrawal via a supported cryptocurrency, you will not be subject to fees (aside from any network miner fees). However, withdrawing via Skrill, Fasapay, or Neteller will land you with a withdrawal fee between 1%-3% depending on the payment provider you choose.
Now you’re probably wondering to yourself: “How do these guys make money, anyway?”
Like other no-fee and zero-commission brokers, SimpleFX makes money from the spread (the difference between bid price and ask price when trading) as well as charging financing fees for leveraged positions held overnight (i.e. after market hours).
The specific spread is dependent on what asset you’re trading and is dynamic so it changes regularly. However, this variable spread appears to be within the normal range for most brokers, even if not at the lowest end. The real concern is the steeper overnight financing fees for holding leveraged positions for an extended period of time.
SimpleFX: A Review of Trading Features and Platforms
Traders have access to a generous — albeit high-risk— 1:500 leverage option. New traders are encouraged to ease into use of leverage and educate themselves about the associated risks.
Due to the nature of volatile markets like cryptocurrencies and the easy access to high levels of leverage, SimpleFX has some built-in risk management tools worth utilizing.
Like most brokers, traders have access to common tools like stop loss orders and limit orders on top of a traditional market order. In addition, SimpleFX provides what it calls Negative Balance Protection which means the broker has the ability to close your positions before it’s too late to keep you in good standing. Unlike a traditional margin call, you won’t end up logging into your account only to see a negative balance of hundreds (or thousands) of dollars.
SimpleFX Trading Tools
Unfortunately, SimpleFX does not offer any standalone trading tools to users outside of the Shoutbox for discussing market movements and trading ideas. However, utilizing the web-based trading platform, users have access to all the traditional tools both novices and more advanced traders are accustomed to, including advanced charting tools and common indicators (moving average, Bollinger bands, MACD, RSI, etc.).
SimpleFX Markets and Assets
SimpleFX really makes its mark with the wide array of assets offered compared to some other CFD brokers. The list is quite robust and includes many popular assets for trading you’d expect to see, including: over 60 major forex pairings (and even some less-major ones), global stock market indices, commodities, precious metals, traditional equities, and of course, cryptocurrencies.
SimpleFX offers two separate platforms for traders to choose from, so let’s take a look at both of them.
SimpleFX Web Platform
Specific to SimpleFX is their web platform. Like the broker’s name suggests, it’s simple to use, looks aesthetically pleasing, and is visually similar to TradingView. That means newcomers shouldn’t have much trouble figuring out how to use it and things are all placed logically throughout the site.
On the left, traders can see and select from various trading pairs. At the center, you’ll see an active chart with all the tools required for technical analysis and following market movements with your orders below. And on the right, a news feed and unique feature called “Shoutbox” which allows you to chat with other traders and share trading ideas in real-time. Mobile versions of the trading platform are available for both iOS and the Google Play Store.
Metatrader 4 (MT4)
Additionally, traders have the option to use MT4, one of the most popular and widely used third party trading platforms developed by MetaQuotes. If you’re an experienced forex trader, then MT4 won’t need any explaining and for newcomers, the webtrader is perfect for getting introduced to trading. There’s a long list of benefits that come with using MT4, though they’re not as relevant for the new trader (coding your own bots, easily switching between other global brokers, etc.).
SimpleFX Promo: How to Earn Money with the SimpleFX Trading Platform
Besides just profiting off successful trades, SimpleFX offers other ways for users to make money from the platform. The broker puts on seasonal promos that are always worth checking out, such as the “March Madness” $500 cashback promo in 2019 so keep your eye out for future promotions on top of other lucrative opportunities on the SimpleFX blog updates page.
SimpleFX Welcome Bonus
For the time being, SimpleFX does not offer any sort of deposit or welcome bonus on new accounts.
SimpleFX Referral Program
SimpleFX does offer a robust referral program for those who love the platform so much that they decide to share it with others. Unlike some other platforms that offer a specific amount per referral, SimpleFX utilizes a revenue share model based on how much they’ve generated from each trader you’ve referred.
This starts at 5% and can grow all the way to 25% over the lifetime of each referral, depending on revenue generated. Additionally, you’ll earn an extra 5% on each referral of the person you directly referred to SimpleFX as well. To learn more about the SimpleFX referral program, check out the affiliate page here.
SimpleFX Review: Educational Offerings
Because SimpleFX is all about helping new traders get started, there are a variety of helpful educational resources available on the site. A quick visit to the SimpleFX blog homepage includes links to both tutorials and what it calls the “CFD Academy.”
Both of these are a series of informative blog posts walking new users through the setup process step-by-step as well as explaining more complex trading concepts in a simple manner.
Some topics include….
- “How to Recognize False Breakouts”
- “How to Trade With the Relative Strength Index (RSI)”
- “How to Read Japanese Candlestick Charts and How to Spot Basic Reversal Patterns”
- And many, many more
SimpleFX offers an extensive FAQ page with answers to the most commonly asked questions that should handle the majority of issues for users. However, there is also a live chat feature that enables users to chat with support whenever a representative is available.
Unfortunately, for the times a representative is not available, your only option is to leave a name, email address, and message for the SimpleFX team and they’ll get back with you when you can. There is no phone number available on the website for support, though a support email is listed.
How to Trade on SimpleFX
How to Open an Account
Creating an account with SimpleFX is easy and only takes a few minutes depending on your funding method. For those opting to use cryptocurrencies instead of fiat, there is no KYC verification required. Here’s a quick step-by-step guide to get you started.
- Visit the SimpleFX homepage and look for the “Create Account” button in the upper right-hand corner of the site.
- Once the email has been sent, head on over to your inbox to check for a verification (Note: If you don’t see it, you may need to check your spam folder)
- After clicking on the verification link, you’ll be prompted to choose a password to create your account (Note: Never use the same password as your email or other accounts, always choose a high-difficulty and complex password, follow security best practices)
- Now you’re all set! That was easy, wasn’t it? Next up, let’s take a look at how to make your first deposit to begin trading.
How to Make Your First Deposit and Start Trading on SimpleFX
To get started trading, you’ll need to first add some money to your account. As we discussed earlier, this can be either fiat or cryptocurrency and you have a wide range of options to choose from.
- Continuing from the last step (#5) of set up, we’re going to click on the “Deposit funds” button
- After clicking on the “Deposit funds” button, we’ll be directed to another box where we can select our payment type. In this example, the country chosen is the UK, but your options vary greatly depending on where you are. Select a country and option of your choosing to see details then select the “Deposit” button.
- Lastly, you’ll see another box with an address for your chosen cryptocurrency to deposit to. Simply copy the address or scan the QR code if you’re on mobile and send over as much BTC (or other cryptocurrency of your choosing — just make sure it’s the correct one for the address) and you’re all set! From there, you’re ready to hop into the markets and start trading right away! It really is that simple.
What is the Best Crypto and Forex Broker?
The best trading platform will depend on your needs and understanding of the financial industry. The best approach to choosing your broker is understanding your abilities and challenges and choosing depending on your trading style.