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SimpleFX: Broker Review and Trader Feedback 2020

4.5 / 5

1. General Information about SimpleFX

SimpleFX is an award-winning global mobile-friendly trading platform. Their goal is to make CFD trading accessible to everyone - no matter the level of expertise nor wealth. SimpleFX is an international online trading broker offering Contracts for Difference in many markets.

The core of the platform is SimpleFX WebTrader. A beautifully designed web application that adjusts to any screen size and device. It’s built with a mobile-first approach. Most SimpleFX traders use the app on their smartphones.

SimpleFX has a long history of operating and has gained a substantial level of trust among the trading community. The platform is getting increasingly popular. The service has 230,000 customers from all continents.

The company was established in 2014 and is registered at Griffith Corporate Centre Beachmont, Kingstown VC0100, St. Vincent, and the Grenadines. As a registered IBC SimpleFX abides by all regulatory requirements as an offshore financial services provider.

We have tested all the SimpleFX functionalities and services. In this review, we rate the trading tools, accounts, reliability, and trustworthiness of the broker reading.

We have also tested the deposits and withdrawals using different accounts, and performing the action in several countries (including Indonesia, Japan, and the Philippines).

2. Advantages and Disadvantages

Talking about the advantages we simply have to start with the app itself. SimpleFX WebTrader was awarded the first prize at the Finance World Expo Summit 2019 in Switzerland. SimpleFX WebTrader was named the best trading app, and after using it we have to say rightfully so.

The usability of SFX WebTader on mobile devices is fantastic. The app operates at a remarkable speed and impressive reliability. SimpleFX product team is quickly responding to the new user needs and delivering new features all the time.

Another important advantage of SimpleFX is the active and growing community of traders build around it. People meet on the in-app chat (shoutbox) and discuss trading strategies.

SimpleFX has also launched a great Trading Ideas feature that links social trading with the affiliate program. By sharing referral links SFX users can earn up to 25% revenue share.

Here are some other advantages:

Many trading applications

The high-speed trading engine

Great mobile trading experience

Real-time affiliate manager

No minimum deposits

Fast deposits and withdrawals with no fees

Supports all the best money transfer services

API manager

Multicurrency accounts (including 7 cryptocurrency accounts)

Dynamic development of new features

A thriving community of over 230,000 active traders

Five years of history

Tight spreads

24/5 LiveChat support in many languages

On the downside:

SimpleFX still operates without a license. This hinders the growth a little bit, but a long operating history and good reputation among the trading and crypto communities make up for it.

SimpleFX doesn’t offer all the exotic instruments – such as niche commodities or less popular stocks. Instead, they focus on the most popular assets.

One of the key benefits of being unregulated is the fact that SimpleFX can offer higher leverage and a more comprehensive array of products and services than what regulated brokers can offer.

3. Trading Conditions

SimpleFX mission is to make CFD trading accessible to everyone. Their core value is to “keep it simple”. You can find the trading conditions here. keep our offer and trading conditions simple and transparent. Company motto: “Keep it simple!”.

Since SimpleFX trades, many different instruments, the broker uses a variable fee structure with floating spreads on each trade. The spreads are generally low but can widen at times of high market volatility. With high market liquidity, the spreads can go as low as 0.1 pips.

We inquired how it was possible. It turned out SimpleFX uses its top-notch technology to cooperate with many different liquidity providers and always gives traders access to the lowest spreads possible. There are no hidden fees applied to trades made with SimpleFX as the broker's customers are only charged with fully transparent spreads and swaps.

The SimpleFX WebTrader app has a handy “Calculator” tool that allows users to quickly calculate the spreads, swaps, and net profit on any position. This brings much-needed transparency to online CFD trading. The company’s culture is built around transparency.

4. Assets

With SimpleFX you can trade many different instruments. They keep on adding new ones. At the moment there are over 180 symbols available. The main categories are: forex, cryptocurrencies, stocks, indices, commodities, and precious metals.

5. Platforms

You can trade with SimpleFX in many different ways. The most popular is the SimpleFX WebTrader. The application adjusts to the screen you are using it on. So you simply go to app.simplefx.com, log in and trade. Additionally, the broker provides you with a native iOS app, Android app, and most importantly MetaTrader 4 application. You can install MT4 desktop application or a dedicated mobile app - for Android or iOS.

6. Mobile Trading

The majority of SimpleFX users trade on smartphones. SimpleFX WebTrader was built with a mobile-first design approach.

The trading app automatically adjusts the interface to any screen size. It’s available in two themes, and making orders with SimpleFX WebTrader is extremely easy - you can do it with just one finger swipe

If you prefer native applications, you can download SimpleFX from the Apple App Store or Google Play.

If you want to stick to old standards, the SimpleFX platform works well with MetaTrader 4 native iOS and Android apps.

7. Demo Account

SimpleFX offers a fully functional demo account. You just need to verify your email and its active.

8. Account Types

First of all, SimpleFX offers a fully functional demo account. The live accounts have no minimum deposits.

SimpleFX supports both fiat money accounts and cryptocurrency accounts. For the traditional accounts you can choose among twenty-two currencies. As for the cryptocurrency accounts, you can choose among Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic, Dash and Monero.

You can use each account with a different leverage from 1:1 (no leverage) to as high as 1:500.

9. Opening an Account

To open a demo account you just need an email address.

Once you’d like to start trading with real money, you need to go through a standard Know Your Customer process. You can do it in two minutes.

10. Funds Withdrawal

SimpleFX customers can fund their accounts or withdraw their money in many different ways. You choose the money transfer service when opening an account. Withdrawals are made with the service used to deposit funds. The deposits are free of charge.

Most of the transfers are processed instantly (how depending on the service you choose. Cryptocurrency withdrawals are free of charge, while fiat currency withdrawals have fees ranging from 1% to 3%.

11. Trader training

SimpleFX puts a lot of effort into educating beginner traders. You can find guides and tutorials on their blog and on their YouTube channel.

Additionally, SimpleFX supports social trading. You can follow more experienced users and adapt their strategies or even open the same positions (so called mirror trading). In exchange, the veterans can earn more money through the affiliate program.

12. Should I trade with SimpleFX?

Yes, if you are looking for a short answer. We tested SimpleFX carefully, and we must confirm its impeccable reputation in the trading community. Over 230,000 traders from all around the world have traded with the broker for five years. We did research and ran tests, and we confirmed the high reputation. The money is transferred either immediately, sometimes it took several hours to wait for the confirmation. Nevertheless, it was smooth and transparent, in case of delays the customer service was very responsive, so we were never worried about our profits.

SimpleFX provides a secure and reliable online trading platform that is transparent and easy-to-use. New users can test the platform with fully functional unlimited demo accounts. SimpleFX customers trading with live accounts benefit from negative balance protection, fast and secure transfers, accounts protected with two-factor authentication with no minimum deposit. Their funds are kept in isolated bank accounts or cold wallets in case of cryptocurrencies.

You should definitely give SimpleFX a try. The app is snowballing and offers various bonuses and promotions.

What we also liked about SimpleFX was their Affiliate Program. You can use it for free. No deposits are necessary. You just need to sign up with an e-mail and grab a referral link. We like how easy it is. They offer several tiers for partners. The best get a 25% lifetime revenue share. Since the app is growing so fast, it seems like easy money.

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