SimpleFX review
SimpleFX
SimpleFX, wey dem start for 2014, na global CFD (Contract for Difference) and Forex broker. But make we note sey dis broker no gats any regulation. Some traders fit see dis one as opportunity to leverage dem risk and get more promotions, but e fit also raise concerns for other people. The lack of regulatory oversight na potential red flag.
One of de dangers wey dey associate with dey trade with unregulated brokers like SimpleFX na say regulation no dey and monitoring no plenty. Dis one mean sey investor protection go dey low and things wey fit ensure say trading processes dey fair and people funds dey secure no go really dey for ground.
Anoda significant risk na de wahala wey fit show. Brokers wey no dey regulated no dey transparent all de time and dem fit dey engage for fraudulele activities like price manipulation, unauthorized trades, or dem fit hold people money wen dem wan withdraw am. Without regulation and monitoring, e go dey hard make traders fit protect demself legally if any matter wey consine fraudulele activity happen or if dem lose profit.
Even if de high bonuses and promotions wey dem dey offer for SimpleFX dey sweet, e still very important to think well about de risks wey dey involve. Dis broker talk sey dem dey registered for St. Vincent and the Grenadines, but note sey dis registration no really mean sey dem dey regulated by St. Vincent and the Grenadines International Financial Services (SVGFSA) or any other reputable financial ogbonge.
When we consider these risks and de potential lack of regulatory guidelines, e go dey very essential make traders think well about de pros and cons before dem open real-life trading account with SimpleFX or any unregulated broker.
Countries
Afghanistan, Albania, Algeria, Andorra +174 more
Regulations
Account currencies
BTC, ETH
Assets
CFDs on Stocks, Energies, Indices, Precious metals
Platforms
MT4
Deposit methods
Crypto
Others
Copy trading, Demo account, Exotic Pairs, Expert Advisors, Hedging allowed, Micro Lots
Promos
Welcome bonus, Referral bonus
Visit brokerSimpleFX dey offer wide range of trading instruments, including Forex, Commodities, Indices, Cryptocurrencies, and Shares as CFDs, and dem get around 228 instruments wey dey available. Traders fit get access to one live account type and dem also provide demo trading account. E important to note sey de account currency dey limited to USD. Dis mean sey if traders put money wey dey other currencies, e fit carry conversion fees.
De maximum leverage wey dey available na 1000:1, e mean sey traders fit leverage high. De only method wey dem get for funding na crypto and fasapay. SimpleFX support MetaTrader 4 (MT4), ogbonge software wey many forex traders dey use. Dis software dey available for desktop and mobile devices. E get app wey compatible with both iOS and Android. For easy use, wen we no wan download app, web trading terminals dey available.
Wetin of importance na sey dem no get minimum initial deposit wey dey mandatory and dem no dey charge any money for inactivity or any fee for withdrawal. Spreads wey de dey use for EUR/USD start from 0.9 pips. Some people sef dey call am say e average when we compare am with other brokers for de market.
SimpleFX say dem dey keep money wey people deposit for separate bank accounts. Dem still offer negative balance protection and ensure sey dem send money quickly with security. But make we no forget sey e dey hard make make we truly confirm sey dem dey safe because dem no get license wey reputable financial ogbonge don give dem.
One thing wey dey bad na sey dem no get live chat option for SimpleFX main page, anybody fit see dis one as negative side when we talk about customer support.
Generally, e clear well-well sey SimpleFX need make dem improve for some areas. Even if dem dey offer lot of kain trading instruments and competitive features dey, industry regulation no dey and some limitation dey their customer support join. Make we consider dis when we dey rate dis broker.
