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SimpleFX – Forex Broker Review 2023

About SimpleFX

SimpleFX is a forex broker based in Kingstown, St Vincent and Geraldines. The company was established in 2014 and offers its services to traders worldwide.

The company’s goal is to provide its clients with a high-quality service that is easy to use and understand. SimpleFx offers low spreads, no minimum initial deposit, no commissions, and a payment funnel for bitcoin holders.

The broker also offers MT4 and web-based platforms where traders can place their trades. This will help them increase their profits and reduce risks by trading with more significant amounts of money at once.

SimpleFX provides its clients several trading options, such as spot trading, futures, commodities, indices and forex pairs. The company also has an in-house web-based bitcoin forex and CFD platform where traders can trade bitcoins against other currencies or gold.

SimpleFx also offers educational articles on the different aspects of forex trading, such as technical analysis, fundamentals etc.

Product Range

The main feature of SimpleFX is its simplicity. SimpleFX’s trading platform is intuitive and easy to use. Multiple charting options are available, including technical indicators, trendlines, pivots and more. The platform also offers integrated support for numerous languages, including Spanish, French, Russian and Chinese.

In addition to currency pairs, users can trade indices like the S&P 500 or FTSE 100 through SimpleFX’s MetaTrader 4 platform. There are also several commodities markets on this platform, such as gold, crude oil or copper futures contracts. The company has over 150 market makers offering liquidity across all major currency pairs at all times of the day.

Spread, Commissions and Fees

The spread for Forex broker SimpleFX is extremely low. The spread usually starts from 0.9 pips, which can be lower if you trade on higher leverage. SimpleFX does not charge any commissions for trading on its platform. There are no hidden fees, so you don’t have to worry about paying extra charges when you trade with this broker. However, there is a 3% inactivity fee for inactive accounts.

Type of Accounts

SimpleFX offers only one type of account. This account is intended for traders who want to trade on a single platform and with one set of tools, but it still caters to different types of traders. For example, SimpleFX accommodates different risk profiles and trading styles. This simplified one-stop account allows traders to have all they need in one place, and the account works for both beginners and more experienced traders alike.

Leverage and Trade Size

If you’re new to Forex trading, you might be looking for the easiest way to get started without the need for extensive research. SimpleFX is a good choice if you’re looking for a broker that’s easy to use and has flexible leverage options.

SimpleFX offers 1:500 leverage on all of its contracts, making it easy to trade in small amounts without worrying about losing your entire bankroll. If you’re trading micro lots (0.01), your account will have enough money on deposit to make full-sized trades.

The minimum deposit is only $1, which makes this an affordable option even for beginners who don’t want to invest more than they can afford at any given time.

Trading Instruments

SimpleFX offers many trading instruments including currency pairs, cryptocurrencies, equities, indices, commodities, and metals

Platform and Customer Service

SimpleFX is a Forex broker that offers trading through MT4, mobile and desktop platforms. It provides a wide range of trading tools, including a live streaming service, a market data API and mobile apps. SimpleFX’s online platform is available in several languages.

It offers individual traders and institutional clients the opportunity to trade on their platform. They have different account types, including a demo account that allows you to practice before making trades with your money. This is great because it ensures you are ready before making any serious investments or financial decisions related to your trading account.

SimpleFX has an excellent customer service team available 24/7 through email or phone calls so that if there’s ever an issue with your account or any questions about how things work within SimpleFX’s ecosystem, then you can get answers quickly from someone who knows what they are doing (and who will be able to help).

Deposit and Withdrawals

Deposits and withdrawals are processed through Fasapay, Bitcoin, Ethereum, Dash and Perfect Money. No credit cards or bank wire transfer options are available on this platform. SimpleFX is a great place to start if you’re looking to trade currency. With no minimum deposits or deposit fees, and an easy-to-use interface accessible from anywhere in the world, this broker has all the tools you need to get started.

Security and Regulations

SimpleFX has a solid reputation as a secure broker. They’ve made a name for themselves by offering a variety of security features that help protect your money and your privacy.

Its segregated accounts provide an extra layer of security by ensuring that clients’ funds are kept in their own separate accounts.

The company also has negative balance protection, which means closing all positions against you to avoid a negative account balance.

Finally, SimpleFX has Cold Wallet Protocol for Cryptos. That means that if you want to trade cryptocurrencies, SimpleFX will keep them on an offline device or server to prevent them from hacking vulnerabilities!

Research and Education

As a forex broker, SimpleFX offers various research and education services that are helpful for traders.

In addition to providing educational content for its customers, it also offers a live chat feature that enables them to ask questions about their trades or discuss anything related to their trading experience.

The company’s website is well-designed, easy to navigate, and easy to use. It has plenty of information about its products and services and links to other sites where users can get more information about forex trading in general.

Conclusion

SimpleFX is the best choice for traders looking for a broker with minimum requirements to register and manage your account. A minimum initial deposit is not required, there are no hidden fees, and you can get started with a practice account.

Many additional services are available to help you improve your trading skills. Even though forex trading involves high market risks, Simple FX proves that you can start small and slowly increase your capital while following simple and well-tested trading strategies.

SimpleFX Table

Spreads

Min. Deposit

Leverage

Commission

Live

0.1

$1

1:500

$0