SimpleFX Review

Time to take a look at another broker! Once again, we have a very interesting company in front of us, one that is primarily focused on CFDs. SimpleFX, on paper at least, offers some very interesting features, so we assembled our team and went in incognito, as always, to check if those claims were true. After some time of trading, we have the results of our analysis and are ready, willing and able to share them with our readers. This SimpleFX review will show you absolutely everything you need to know about this broker, so without any further ado let’s get started – read on!

General info

Let’s start with some basic information about the company. SimpleFX was founded back in 2014, which is something worth pointing out because staying afloat in this business for six years is no easy task. This can immediately tell you that you will be dealing with a very serious company. Additionally, they are based in St. Vincent and the Grenadines, a fact that will become more relevant a little bit later in the review. They also claim to be investing a lot into transparency and say that their trading platforms are something to look forward to. Additionally, cryptocurrencies are the main part of their offer, so at a first glance it seems they have everything a trader could want from their trading partner. Obviously, though, we can’t stop there and have to dig deeper. SimpleFX review is just beginning!

SimpleFX home

SimpleFX deposit

Financial conditions are probably the first thing you’ll look at when considering a new broker. Therefore, we will start our analysis with that. Here we already come to something that sets this company apart from the competition. You see, it’s all about cryptocurrencies here, so most SimpleFX deposit methods are based on virtual coins. They range from Bitcoin, Ethereum and Dash to the likes of Litecoin, Monero, two Tethers etc. Bitcoin Cash and Ethereum Classic complete the list, but you can also make a deposit via FasaPay if you so desire, plus there’s also the option to just buy cryptocurrencies.

It is important to stress that credit and debit cards are NOT accepted here. This is certainly going to matter to some traders, but given that the company focuses on cryptocurrencies, that’s not a big surprise.

The thing that’s great about all of this is that there is no SimpleFX minimum deposit (except with Tether – the minimum deposit in those two cases is 0.01 USDT)! That’s right, you can put as much or as little as you want into your trading account, there are no limits whatsoever, and the funds will become visible within one hour. On top of that, there are no deposit fees, either! As you can see, SimpleFX deposit has a lot going for it, but what if you want your money back?

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SimpleFX withdrawal

When it comes to SimpleFX withdrawal, things are quite similar although not exactly the same to the deposit. The withdrawal methods used remain the same here, but some parameters do change, most notably the time it takes to complete a transaction. Your crypto SimpleFX withdrawal should reach you in 24 hours, whereas for FasaPay that period can extend up to 72 hours. Still, this is quite fair and very reasonably fast. When it comes to withdrawal fees, using FasaPay transfers will mean that a 1% fee is involved. Crypto options keep that down to 0%. Once again, no credit or debit cards can be used.

When it comes to withdrawal limits, however, while there is still no upper limit here, there is a SimpleFX minimum withdrawal requirement to keep in mind. It’s different for every cryptocurrency, obviously, but for Bitcoin, for example, it’s 0.001 BTC at the moment, for Ethereum 0.02 ETH, for Litecoin 0.005 LTC and so on. Not too big, for sure, but still something to be aware of.

SimpleFX trading platforms

We now shift the focus of this SimpleFX review to another important thing – the trading environment, i.e. the trading platforms. Yes, that’s platforms with an “s” at the end because you have a couple of choices here: MetaTrader 4 and SimpleFX WebTrader.
MetaTrader 4 is almost synonymous with online trading and doesn’t really need to be introduced in great detail at this point. It has proven itself time and time again and is certainly the most popular online trading platform out there. Still, we will say that you can subscribe to signals from a provider of your choice and that you can count on automated trading and loads of different analytical tools to help you out. Great!

When it comes to SimpleFX WebTrader, things get quite interesting. You see, this trading platform allows you to get leverage of up to 1:500, which is definitely quite high. Spreads start from 0.1, which is also fine, and there are about 60 currency pairs to choose from at the moment, as well as a fine selection of indices. What really sets SimpleFX WebTrader apart from the pack is that it also allows you to invest in equities, which is quite a rare feature. You have equities from Germany, Japan, France, UK and several other countries to choose from, and this adds up to dozens of individual choices.

It should also be mentioned that you can test this trading platform without any obligations – one click is all you need to start your demo account: no deposit, not even a registration is required. Very commendable!

SimpleFX

SimpleFX

SimpleFX App

Obviously, these days no serious provider of trading services can function without a mobile version. SimpleFX app delivers in that respect because it is available for free for iOS and Android devices. With it, you will have a comprehensive trading experience on your mobile devices wherever you are and you’ll never have to miss out on a trade. The app works flawlessly and is a pleasure to use, so don’t hesitate to get it if you’re on the move a lot.

There is also the option to trade on Windows OS with MetaTrader 4 and to download yourself SimpleFX MT4 Tools if you want. Credentials of the broker’s server are clearly stated on the application page of the website, so you will be able to jump right in. This is also another aspect of the offer that functions absolutely flawlessly, with all the features being readily available. Therefore, if you’re not in front of your computer at home a lot but would like to trade with your cryptocurrencies, mobile trading through the SimpleFX app is the way to go, for sure.

SimpleFX Apps

SimpleFX Apps

SimpleFX accounts

The next topic of our review is SimpleFX accounts. As we have already mentioned, you can open them with as many funds as you like, so we won’t dwell on those financial things anymore. Let’s, therefore, check out some of the other features you get with them. First, however, you need to create your profile with the broker. Yes, not an account – a profile. Each profile can then create demo and live trading accounts, depending on what you need and what you want.

Here we come to an important feature: there are no account tiers. In other words, there is just one live account you can use, which means no features be inaccessible to you just because your deposit wasn’t big enough. Therefore, you can focus on your trades from the beginning and use the full might of the platforms right away.

However, there is one thing to keep in mind. You can only open up to three accounts in a particular currency. Sure, you are free to choose whichever of the available currencies works for you best, but you can only open three accounts with that particular currency. Now, this is by no means a bad thing – quite the contrary, it can give you a whole lot of flexibility – but it is nevertheless something that needs to be pointed out.

SimpleFX webtrader

SimpleFX webtrader

SimpeFX support

Support also needs to be mentioned in this SimpleFX review, primarily because it’s so good. By this, we mean the live chat service which was quick to talk to us whenever we needed information. And it wasn’t like a bot answered our queries, either (these can get quite annoying sometimes, honestly). Real operators were right there on hand to help us find the solution. The main support team operates in English and is available every weekday, but in the afternoon and in the evening (from 14:00 to 22:00 UTC, to be exact) you can also chat with the support team in Spanish or in Portuguese. SimpleFX deserves a thumbs up for the effort here, for sure.

As a matter of fact, you can see the amount of effort that was put into providing a good service all through the website. The FAQ section is very detailed, and there are plenty of instructions how to use everything, especially when it comes to mobile apps. Tips, a verification guide, manuals, an MT4 quick guide… a lot of reading can be done here. There are even tips on how to set up MT4 on Linux if you have that operating system on your computer! So you can really fell that you’re in good hands here, something that will be further emphasized by the following part of this SimpleFX review.

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SimpleFX license

As is always the case, we have to dedicate a paragraph of the review to the broker’s security, although you may have picked up on the overall positive vibe of this article. This is because we never experienced a single problem when trading here – the transfers were accurate and on time, the platforms worked smoothly and, as mentioned, the support was very helpful.

When it comes to paperwork, it needs to be said that SimpleFX is registered in the Saint Vincent and the Grenadines’ registry and that it operates under the country’s law. However, they are still in the process of getting a full license, which is taking longer than usual primarily because of the fact that they are focusing on cryptocurrencies and that most transactions on their website are done that way.

Cryptocurrencies are not precisely defined legally at this time, so the process of issuing a license has stretched out a bit. Still, we firmly believe they will get it and that they are indeed legit because of our own experience and the fact that they have been operating for six years now. You have nothing to worry about.

Conclusion

We can conclude this SimpleFX review with a statement that this broker is very much worthy of your attention, especially if you’re interested into cryptocurrencies. Virtual coins are at the center of everything here, and there are no limits when it comes to depositing them into your trading account. All the most popular cryptocurrencies are covered, so you will probably be ready to go right away. Apart from that, though, FasaPay is the only method.

The platforms are also quite interesting, with MetaTrader 4 being something anyone can rely on and SimpleFX WebTrader being a very interesting and unique product, especially because it offers equities as its assets. They also work very well on mobile devices.
It should be noted once again that there is only one live account type you can open (the other choice is the demo account), so you don’t have to worry about anything being denied to you – all traders can access all features. Additionally, the whole trading experience was very smooth for us, with absolutely no problems. We never had any impressions that a security problem could pop up because something wasn’t functioning right, a fact that confirms that this company has been around for a while for good reason.

All in all, if you want to trade with cryptocurrencies, this is an excellent company with which to do it. Reliable and with loads of features, it will provide you with everything you need to strike it rich, without imposing any unnecessary restrictions. Open an account with them and start trading now!

Open Account With SimpleFX!START TRADING TODAY!
Author's overall rating:
Author: Martin Simons
Updated:

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