SimpleFX review and ratings

Company information

SimpleFX is a legally registered forex broker located in Saint Vincent and the Grenadines, but not regulated by any government agency.

Availability

SimpleFX accepts clients from all over the world, excluding USA (non-KYC crypto deposits/withdrawals still available though) and some countries where restrictions apply.

Distinctive features

• Simple registration and verification process.
• More than one hundred stocks available for trading
• Tight spreads on major currency pairs.
• Cryptocurrency funding accepted.

Trading instruments

Forex broker offers the following underlying assets for trading.

Comprehensive review

SimpleFX is a CFD and forex broker that was set up in 2014 with its headquarters in the well-known offshore jurisdiction Saint Vincent and the Grenadines. Just like other brokers that are registered in that country, SimpleFX is not regulated by any government regulator. Instead, the broker is merely operating a legally registered offshore company that offer forex trading services to traders around the world.

Unlike some other unregulated offshore forex brokers, SimpleFX has not yet joined any of the private regulatory organizations that exist. This is in our view unfortunate, and means that traders should make sure they fully trust the broker before depositing money with it.

However, there are also upsides to trading with unregulated forex brokers. Thanks in large part to the non-existing forex broker regulations in Saint Vincent and the Grenadines, SimpleFX is able to offer even its non-professional clients high leverage, going up to 1:500 on the most liquid trading pairs.

The trading instruments offered by SimpleFX includes a fairly good selection of over 50 different forex pairs, a very good range of cryptocurrency CFDs, stock CFDs of more than 100 companies from around the world, as well as several major share indices and commodities.

Regarding trading platforms, SimpleFX offers all clients access to its own proprietary trading platform. The platform comes in versions for web, as well as mobile versions designed for Apple and Android devices. The main take-away from using the web-based platform is that it works in a remarkably smooth way, with highly responsive and dynamic charts. The charts are based on the famous TradingView platforms, which means that anyone used to that will have no problem using the SimpleFX web trader.

In addition to its proprietary web trader, SimpleFX also allows users to choose to stick with the MetaTrader 4 (MT4) if they prefer. As can be expected, the MT4 is a much more comprehensive trading platform than the SimpleFX platform, and thus may be more suitable for the more advanced traders out there.

When it comes to customer support, SimpleFX clients should be prepared that no direct phone number to any customer service department is provided. However, the broker does offer a live chat option via its website that it claims is open 24 hours a day on all trading days for English speakers. Additionally, live chat support is available for Spanish and Portugese speakers from 11 AM to 7 PM GMT time on weekdays.

As far as funding methods goes, it’s worth keeping in mind that withdrawals must be made with the same method as the initial deposit was made with. With that said, however, SimpleFX really only accepts a very limited number of payment methods. Most of these are cryptocurrencies, including Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, and Monero. Additionally, FasaPay is accepted as the only traditional payment method. Unfortunately, neither credit cards or bank transfers are accepted by SimpleFX for unknown reasons.

In conclusion, we believe SimpleFX is especially suitable for those looking to trade share CFDs and crypto, while also using cryptocurrencies to fund their trading account. Although this is certainly made easier by the fact that the broker is unregulated, we always question the legitimacy of forex brokers that are neither regulated by any government nor any private regulatory organization.

Regardless of the regulatory status, however, SimpleFX does offer a pretty user friendly trading platform that could be ideal for beginners in particular. The platform is simplistic and relatively intuitive, and we thus consider it to be a great platform for learning about the forex market.