SimpleFX review
SimpleFX
Established in 2014, SimpleFX is a global CFD (Contract for Difference) and Forex broker. However, it is important to note that the broker lacks regulations. While some traders may view this as an opportunity for higher leverage and more promotions, it can also raise concerns for others. The absence of regulatory oversight is a potential red flag.
One of the dangers associated with trading with unregulated brokers like SimpleFX is the lack of stringent regulations and oversight. This means that there may be limited investor protection and fewer safeguards in place to ensure fair trading practices and the security of funds.
Another significant risk is the potential for increased fraud. Unregulated brokers often lack transparency and may engage in fraudulent activities such as price manipulation, unauthorized trades, or withholding withdrawals. Without regulatory oversight, traders have limited legal means to protect themselves and seek restitution in case of disputes or financial losses.
While the enticing high bonuses and promotions offered by SimpleFX may seem attractive, it is crucial to consider the associated risks. The broker claims to be registered in St. Vincent and the Grenadines; however, this registration does not guarantee regulation by the St. Vincent and the Grenadines International Financial Services (SVGFSA) or any other reputable financial authority.
Taking into account these risks and the potential lack of regulatory safeguards, it is essential for traders to carefully weigh the advantages and disadvantages before opening a live 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 offers a wide range of trading instruments, including Forex, Commodities, Indices, Cryptocurrencies, and Shares as CFDs, with approximately 228 instruments available. Traders have access to one live account type, and a demo trading account is also provided. It's important to note that the account currency is limited to USD, meaning that traders depositing funds in other currencies may incur currency conversion fees.
The maximum available leverage is set at 1000:1, providing traders with potentially high leverage options. Funding methods are limited to Crypto and fasapay. SimpleFX supports MetaTrader 4 (MT4), a highly popular trading software among currency traders. The platform is available for desktop computers and mobile devices, with compatible apps for both iOS and Android. Additionally, web trading terminals are available for convenience.
Notably, there is no minimum initial deposit requirement, and neither inactivity fees nor withdrawal fees are charged by the broker. Spreads on the EUR/USD pair start from 0.9 pips, which can be considered average compared to other brokers in the market.
SimpleFX claims to keep client funds in segregated bank accounts, offers negative balance protection, and ensures fast and secure transfers. However, the lack of a license from a reputable financial institution makes it difficult to verify the safety measures implemented by the broker.
One significant downside is the absence of a live chat option on SimpleFX's main page, which can be seen as a limitation in terms of customer support.
Overall, it is evident that SimpleFX has areas that require improvement. While they offer a diverse range of instruments and competitive features, the lack of regulation and some limitations in customer support should be taken into consideration when evaluating the broker.
