SimpleFX

SimpleFX is a CFD broker offering leveraged trading with competitive fees and no minimum deposit. SimpleFX Ltd is based offshore in St. Vincent and the Grenadines and has been in operation since 2014, providing a variety of CFDs and cryptocurrencies through a single account.

Pros & Cons

Market Instruments

SimpleFX offers trading in cryptos, forex, indices, commodities, equities, and metals.

Account Types

Apart from demo accounts, SimpleFX offers a single live account with access to all tradable financial instruments on either platform. There is no minimum deposit requirement and accounts can be opened in multiple currencies. The minimum contract size is 0.01 lots for FX, commodities and cryptos. The margin call is 50% and the stop-out level is 30%. Traders can create up to 3 accounts per available account currency.

Note that if the account is inactive, additional 3% fee will be added (min. USD 25).

Leverage

Products can be leveraged up to 1:1000 at SimpleFX. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads & Commissions

Trading at SimpleFX is commission-free. Spreads are around 1.3 pips for major indices like the FTSE 100. For EUR/USD, average spread is around 0.9 pips and for gold. In comparison to similar brokerages, these trading fees are fairly competitive.

Trading Platform

SimpleFX offers its proprietary platform, available on Mobile, Desktop, and Web devices.

Deposit & Withdrawal

SimpleFX says to offer wire transfers, e-payment systems like Neteller and Skrill, bank cards and cryptocurrencies such as Bitcoin and Dash.

If you dont already have crypto, you will need to buy some using an exchange. In most cases, there is no minimum or maximum deposit limit, and also, no fees are charged.

Withdrawals need to be made via the same method that was originally used to deposit funds. Wire transfer withdrawals can take 3-5 working days. Withdrawals via e-payment systems, bank cards and cryptocurrencies are processed within 24 hours. Note that withdrawal requests made during weekends will be processed on Monday.

Frequently Asked Questions (FAQs)

Is SimpleFX regulated?

No. It has been verified that SimpleFX currently has no valid regulation.

At SimpleFX, are there any regional restrictions for traders?

Yes. SimpleFX does not accept clients from the USA.

Does SimpleFX offer demo accounts?

Yes.

Does SimpleFX offer the industry-standard MT4 & MT5?

No. SimpleFX only offers its proprietary platform, available on Mobile, Desktop, and Web devices.

What is the minimum deposit for SimpleFX?

There is no minimum initial deposit requirement.

Does SimpleFX charge a fee?

Like every forex broker, it charges a spread fee but no commissions. It also charges a 3% inactivity fee (min. USD 25).

Is SimpleFX a good broker for beginners?

No. SimpleFX is not a good choice for beginners. Though it performs well, it lacks legitimate regulations.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.