SimpleFX is an online broker that provides services to over 200,000 traders in 160 countries. It offers services in commodities, forex CFDs, indices, and cryptocurrencies. The company’s motto is “Keep it simple”, assuring clients that their services are hassle-free and direct to the point.
SimpleFX Security and Licenses
SimpleFX is managed and owned by SimpleFX Ltd. It is registered and “regulated” in Saint Vincent and the Grenadines. On the broker’s official website, information about which regulatory authority it complies with was not revealed. However, with over 200,000 traders, this broker has proven that it is trusted by its large client base.
Founded in 2014, this broker has continuously raked up on clients. As a protection measure, SimpleFX provides Negative Balance Protection, which keeps clients’ account balances from hitting zero. Accounts are also segregated and funds are kept in top-grade banking institutions for added security. Only clients have access to their own funds.
Note: SimpleFX does not provide services to the residents of the United States.
SimpleFX Trading Platforms
SimpleFX offers two main trading platforms for their clients: the MetaTrader4 and its own SimpleFX WebTrader. Both are equally useful, but each has its own unique features.
This platform is considered a classic in foreign exchange trading. It has an intuitive interface and a wide set of trading tools, making it the gold standard for platforms in the industry. It uses 128-bit encryption, speedy order execution, and has a customization feature that allows each trader to personalize the platform according to his or her preferences. It is equipped with analytical tools, order types, Expert Advisors, trading signals, and price alerts. It can also implement any strategy of any level of complexity.
This broker developed a trading platform that embodies the quality of services it offers. The SimpleFX WebTrader combines speed and reliability to provide a user-friendly platform equipped with advanced tools and features. With this, you can trade multi-currency accounts with no dealing desk and have an API manager. Security is also prioritized with the use of two-factor authentication and encryption.
SimpleFX Account Types
When it comes to trading accounts, SimpleFX only offers a single account that has access to all instruments and tools offered by both platforms, as well as a demo account that is handy in risk-free trading.
SimpleFX Single Account
SimpleFX combines all necessary features and the best trading conditions into one. This broker only offers a single account for all clients, which gives access to all instruments offered on the MT4 and the SFX WebTrader. It does not require a minimum deposit amount and traders can even use cryptocurrencies as deposits. The margin call/stop out ratio is 50%/30%.
Free Demo Account
This broker also offers a demo account that contains up to $4,000 virtual funds by default. It can be used by the trader to perform risky trades without the dangers of losing his or her own funds. Clients can also add their own tester accounts in a different currency. It is hassle free, convenient, and accessible for an unlimited time period.
SimpleFX Research and Educational Materials
While this broker’s account offerings are good, its research tools are insufficient. SimpleFX hardly offers any useful tools that may help the traders in assessing their positions. Its main trading tool is a Blog that contains daily news, market updates, trading tutorials, and opinions by expert traders and analysts. Market updates and daily news keep traders abreast of the latest events that have an impact on all the financial markets. Some of the topics here are the dollar’s movement, central bank policies, oil prices, etc. the trading tutorials discuss different indicators and strategies and when to best use them in particular situations in the market. Some strategies are better used in certain conditions than others.
The blog also contains the CFD Academy, which is a list of SimpleFX’s electronic courses on foreign exchange, cryptocurrencies, and other instruments. It teaches beginning traders how to trade, when to spot market opportunities, understanding how Bitcoin and blockchain works, and more. It is very efficient in informing traders about the different factors involved in trading so they can expand their knowledge and skills.
SimpleFX Final Review
SimpleFx is an online trading services provider that supports various instruments like currencies, cryptocurrencies, and CFDs. While it offers efficient services in forex trading, its focus is on CFDs and digital assets. It is just like any online broker, but its services are lacking. It has narrow offerings on research and trading tools. Its security and regulatory status is also in question. It is unclear whether this broker operates under the regulations of any respected authority. While it has sufficient services, it falls short on most qualities when compared to other brokerage firms. Overall, it is not recommended to trade with this broker.