SimpleFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this SimpleFX Review.
SimpleFX offers a single type of trading account with no minimum initial deposit requirement, leverage up to 1:500 and competitive spreads. The trade size is set to 0.01 by default on the broker’s proprietary web platform and micro lots are also available for trade on the MT4.
Furthermore, SimpleFX offers 15 base account currencies, a wide range of trading instruments and anonymous registration for bitcoin users.
The Company. Security of Funds
SimpleFX is a NDD offshore FX broker, offering online trading 60 currency pairs, CFDs on indices, commodities and precious metals, as well as several cryptocurrencies through both the MetaTrader 4 and the broker’s in-house web-based platform.
Founded in 2014, SimpleFX is a brand of SimpleFX Ltd., a company registered in the St. Vincent and the Grenadines. This Caribbean island is a popular destination for forex and binary brokers, because registration procedure is simple and low-cost and they face limited regulatory supervision, if any.
That is why we generally advise traders to avoid offshore companies and choose among brokers regulated by reliable authorities – UK’s FCA, or Australia’s ASIC, for example, where their money will be safe.
Minimum Initial Deposit
There is no minimum initial deposit required by SimpleFX, so one may open an account with just $1.
Spreads & Commissions
SimpleFX offers only competitive fixed spreads for forex pairs, which, in contrast to variable ones, don’t widen during news releases. The good thing with variable spreads is that they are generally lower than the others, however that is not exactly the case with SimpleFX. Its spreads are as low as 1 pips for the EUR/USD pair, and on top of that there are no commission fees.
In comparison, another offshore broker – FX Choice – provides variable spreads 0.5 pips on EUR/USD with commission of $7 per lot on ECN accounts, while commission-free accounts offer typical spreads of 1.2 pips on EUR/USD.
You may look up and compare real-time spreads of 15 leading brokers here.
As for leverage, with SimpleFX it depends on the client’s account balance:
The maximum leverage levels provided by this broker are high, reaching 1:500. Such leverage levels enable traders to make striking profits when the markets move in their favor, however, the opposite is also possible. Should the market move against them, it may burn a hell of a hole in their pockets.
Nonetheless, a number of forex brokers offer leverage equal to or exceeding 1:500, while FX Choice’s maximum leverage is up to 1:200.
While more advanced traders might prefer downloading the popular MetaTrader 4 platform, many will be content to trade from the proprietarily-built web-based platform, which offers wide range of trading products and the ability to get started in an instant.
The platform is equipped with advance charting tools, on/off buttons for one-click trading and FIFO (hedging). There is a shoutbox in the right side of the screen, live support and education are also available.
MetaTrader4 (MT4), which is also supported by SimpleFX, is available as desktop and mobile versions.
The fast, stable and reliable MT4 platform offers all a trader needs: interactive charts, a wide range of Expert Advisors (EAs), extensive back-testing environment, 23 analytical objects to draw formations on the chart and 30 built-in technical indicators greatly simplify this task. Furthermore, if you don’t have the skills or the time to trade, you may always turn to trading signals and automatically copy the deals of other traders.
Methods of Payment
SimpleFX account deposits and withdrawals can be performed by the following payment modes:
– – Bank wire transfer;
– – Credit/debit cards;
– – e-wallets: Skrill, Neteller, AstroPay, WebMoney, FasaPay, Qiwi, Moneta.ru, Яндекс and China UnionPay;
– – cryptocurrencies: bitcoin & litecoin.
SimpleFX is an innovative offshore broker that offers wide range of financial instruments to trade, including currency pairs, various CFDs, and cryptocurrencies. Even though it is not regulated, this brokerage is worth checking out, especially by bitcoin users.
SimpleFX Review Conclusion
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