SimpleFX Review 2024


4.2 / 5
SimpleFX is #89 in our CFD broker rankings.

SimpleFX is best for crypto traders looking for staking services and a social trading community to exchange ideas and signals.

- Daytrading Review Team

SimpleFX is an offshore forex, CFD and cryptocurrency broker with over 200,000 clients globally. The broker offers a proprietary trading solution, as well as the reputable MT4 platform. Traders can access a vast selection of digital assets with crypto deposits and multi currency accounts.

$0
MT4
Forex, indices, shares, commodities, cryptocurrencies
-
USD, EUR, GBP
Neteller, Skrill, FasaPay, Bitcoin Payments, Ethereum Payments, Credit Card
Forex Trading

SimpleFX offers a competitive suite of 60 forex pairs with average spreads of 0.9 pips. The charting features are extensive, with convenient mobile and desktop access for all experience levels.

Stock Trading

Trade some of the most popular global stocks commission-free on the broker's beginner-friendly platform with advanced integrated indicators. SimpleFX offers access to stock exchanges in major countries, including the US, UK, Germany and Japan.

CFD Trading

Go long or short on over 170 CFDs with high leverage up to 1:500. The broker's social community is also a great place to pick up CFD strategy tips and trading ideas.

Crypto Trading

SimpleFX offers popular crypto coins including Bitcoin and Ethereum paired with the USD. Traders benefit from feature-rich analysis tools as well as a bespoke staking service where capital can be used for margin trading.

Awards

  • The Best Trading Platform Cryptocurrency, World Expo 2022 - Warsaw
  • Best Mobile App 2020 - Rankia Awards
  • The Best Trading Platform, Finance World Expo 2019 - Zug
  • Best Cryptocurrency Trading Platform, Cryptocurrency World Expo 2018 - Berlin

✓ Pros

  • API & VPS support
  • SimpleFX crypto coin
  • Fast customer service
  • Beginner-friendly platform
  • Multi-currency single account
  • Lightning fast Bitcoin payments
  • Community forum to share trading ideas
  • Crypto staking solution with no starting deposit

✗ Cons

  • Weak regulatory oversight
  • No MetaTrader 5 integration
  • Limited non-crypto funding methods

SimpleFX is an online trading broker offering leveraged trading with competitive fees and no minimum deposit. Clients can trade on the popular MT4 platform or the proprietary SFX WebTrader solution. In our review, we test the login process, demo account, mobile apps and more, to help you decide if SimpleFX is a safe broker to open an account with.

Company Details

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. The broker is unregulated but ensures the security of client funds through segregated accounts and negative balance protection.

Over the last few years, the broker has reached over 200,000+ traders in 190 countries, attracting both novices and experts with reliable trading platforms and competitive rates.

SimpleFX is an STP broker meaning that there is no dealing desk.

Trading Platforms

MetaTrader 4

SimpleFX offers the downloadable MT4 desktop and mobile platform. MetaTrader 4 is widely used by many brokers and appeals to traders of all levels.

In comparison to the broker’s web platform, MT4 offers a more advanced trading experience, with the inclusion of automated algorithmic strategies through Expert Advisors and Python, plus trading signals and copy-trade features.

Key features include:

SimpleFX review
MetaTrader 4

SFX WebTrader

SimpleFX’s proprietary web platform is accessible from most internet browsers and is ideal for beginners. The broker has prioritized user experience with the design, which includes a news column, trading ideas and a chat room feature. There is also in-platform live support available, in case traders encounter technical problems.

The middle chart window is feature-rich, boasting 9 timeframes and 5 chart types. There is also a full suite of indicators and drawing features where you will find trend lines, Gann and Fibonacci tools.

Overall, the solution is a good option for beginners.

SFX broker review
SFX WebTrader platform

How To Place A Trade

Follow these steps to make a fast trade:

  1. Open the web terminal
  2. Select the three dots in the top-left corner
  3. Click to turn on ‘quick trading’
  4. Click the ‘buy’ or ‘sell’ buttons to make a trade
  5. Enter the price, amount and then hit ‘confirm’

Note, you can move and lock the order widget on any chart/asset.

Assets & Markets

SimpleFX offers over 170 tradable instruments in several markets. There are 60 currency pairs, several major indices including the FTSE100, plus dozens of stocks. You can also trade a small selection of hard and soft commodities including oil and precious metals, as well as some well-known cryptocurrencies like Bitcoin (BTC) and Ripple (XRP).

SimpleFX Fees

Trading at SimpleFX is commission-free. Spreads are around 1.3 pips for major indices like the FTSE 100. For EUR/USD, spreads average around 0.9 pips and for gold, you’re looking at around 0.17 pips. In comparison to similar brokerages, these trading fees are fairly competitive.

Details of swap fees and rates are provided in contract specifications.

Note that if an account is inactive, an additional 3% fee will be added (minimum $25).

Leverage

Products can be leveraged up to 1:500 at SimpleFX, with specific levels determined by account balance. Margin requirements are detailed on the website and the margin call is 50%.

Note beginners should be aware of the risks involved with leveraged trading.

Mobile Apps

SimpleFX offers the mobile version of its trading app for iOS and Android (APK) users. The application boasts custom charting tools and multiple timeframes, as well as access to an interactive news feed and community chat. The app also supports handy swipe, plus pinch and zoom actions for a mobile-friendly experience.

A useful QR code is available on the website which takes you straight to the download page.

SimpleFX mobile trading app
Mobile App

SimpleFX also offers the MT4 app for iOS and Android mobile devices, providing interactive quote charts and a full set of trading orders and trading history. The MT4 app has a chat feature and mobile push notifications so you can keep on top of your account whilst on the move. Importantly, the MT4 app receives positive ratings online.

Payment Methods

SimpleFX offers a number of quick and commission-free payment methods, via cryptocurrencies such as Bitcoin, Ethereum, Dash and more. Alternatively, e-Wallets such as Skrill and Neteller are supported as well as payments made via credit cards.

If you do not already have crypto, you could consider buying tokens using an exchange. Methods usually take around an hour to process and in most cases, there is no minimum or maximum deposit limit.

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 electronic payment systems, bank cards and cryptocurrencies are processed within 24 hours.

Minimum withdrawal limits vary, visit the website for more information.

Demo Account

SimpleFX allows traders to practice in a demo account automatically after registering on the website. A demo account is a useful way of testing out the platform and getting comfortable with the features before using real money.

Traders get access to $4,000 in virtual funds by default, which can be topped up whenever needed. You can also add more tester accounts, for example in a different currency. Practice accounts remain open for an unlimited period.

Quotes listed on demo accounts reflect those on live trading accounts.

SimpleFX Bonuses

The best way to keep up with SimpleFX’s promotional offers is on the broker’s social media pages. Current deals include a $2,500 first deposit bonus for all new traders.

There is also a Porsche shares incentive, a $100 monthly raffle for new trading ideas as well as free Bitcoin transfers on the Lightening Network.

The broker runs regular promos so be sure to keep an eye out.

Regulation & Licensing

SimpleFX Ltd is a legit company, incorporated in St Vincent and the Grenadines, though it is not currently regulated by a financial body, such as the FCA. Nonetheless, the broker is transparent about client safety, advertising their use of segregated client accounts as well as negative balance protection. The broker does not, however, have a compensation scheme in place in the event of liquidation.

We always recommend traders think carefully before registering with unregulated providers as legal recourse may be limited should you encounter problems.

Additional Features

SimpleFX’s most notable additional feature is their Blog section, available in over 12 languages and full of comprehensive news articles, forex updates, easy-to-follow guides and tips, plus a CFD Academy. There are also useful updates on trading schedule changes.

It would be nice to see some more practical tools that other brokers tend to offer, such as forex calculators or an economic calendar.

SimpleFX Account Types

SimpleFX offers a single 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%.

You can sign up for an account in a few short steps; click Create Account and fill in your personal details. If you are depositing in fiat currency, you will be asked to verify your identity as per the KYC policy. You can then sign in and begin trading with real money or virtual funds on the demo account.

Trading Hours

Forex can be traded 24 hours a day, but specific markets vary depending on the time zone. Trading hours for all assets are provided in detail on the contract specifications page.

All times are provided in UTC in the MT4 platform and can be adjusted to your local time zone in the web platform.

Customer Support

The customer support at SimpleFX is fast and helpful, available in English, Spanish and Portuguese. Upon opening the live chat, you are connected straight to a live chat agent rather than having to fill in your personal details first. Alternatively, you can contact the broker via email at support@simplefx.com.

There is also an FAQ portal on the Support page. There you can find help with a range of queries, from account registration and verification to how to start the SimpleFS Tester Pro v1.0 download or how to delete your account.

Security & Safety

Account holders are protected with SSL-encrypted systems and two-factor authentication, adding a second level of security to keep funds safe. Personal details are also held in secure offline servers.

SimpleFX Verdict

Despite the lack of regulation, SimpleFX keeps to its promise of accessible yet advanced trading services, low trading fees, and a good demo offering. The choice of their proprietary web platform and MetaTrader 4 also makes this broker a good option for beginners and advanced traders alike.

When we used SimpleFX’s trading portal, our experts found the trading interfaces were easy to use and that the support team was responsive and knowledgeable should you have any questions.

FAQs

Is SimpleFX An ECN Broker?

SimpleFX is not an ECN broker. Instead, the brokerage follows an STP model. The benefits of STP brokers usually include rapid execution times and tight spreads.

Does SimpleFX Offer A No-deposit Bonus?

At the time of writing, the broker offers a $2,500 deposit bonus. Check SimpleFX’s social media pages for the latest deals.

Does SimpleFX Accept Credit Cards?

Yes, SimpleFX does accept deposits and withdrawals made via credit card. It also supports payments made with cryptocurrencies.

Does SimpleFX Accept US Clients?

SimpleFX does not accept clients from the USA. The broker also does not accept traders from countries where local regulations prohibit retail trading in online financial markets.

How Can I Delete My SimpleFX Account?

Account deletion is only possible by removing your whole profile. This can be done via a written request to support@simplefx.com.

Top 3 Alternatives to SimpleFX

Compare SimpleFX with the top 3 similar brokers that accept traders from your location.

  1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
    Go to IG
  2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
    Go to Interactive Brokers
  3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
    Go to World Forex

SimpleFX Comparison Table

Compare SimpleFX With Similar Brokers
SimpleFX IG Interactive Brokers World Forex
Rating 4.2 4.4 4.3 4
Markets Forex, indices, shares, commodities, cryptocurrencies CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts
Demo Account Yes Yes Yes Yes
Minimum Deposit $0 $0 $0 $1
Minimum Trade 0.01 Lots 0.01 Lots $100 0.01 Lots
Regulators FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB SVGFSA
Bonus 100% Deposit Bonus
Education No Yes Yes No
Platforms MT4 Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral MT4, MT5
Leverage 1:500 1:30 (Retail), 1:250 (Pro) 1:50 1:1000
Payment Methods 6 6 6 10
Visit Visit Visit Visit
Review IG
Review
Interactive Brokers
Review
World Forex
Review

Compare Trading Instruments

Compare the markets and instruments offered by SimpleFX and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare SimpleFX Trading Instruments
SimpleFX IG Interactive Brokers World Forex
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil No Yes No Yes
Gold Yes Yes Yes Yes
Copper No Yes No No
Silver Yes Yes No Yes
Corn No No No No
Crypto Yes Yes Yes Yes
Futures No Yes Yes No
Options No Yes Yes No
ETFs No Yes Yes No
Bonds No Yes Yes No
Warrants No Yes Yes No
Spreadbetting No Yes No No
Volatility Index No Yes No No

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SimpleFX is an offshore forex, CFD and cryptocurrency broker with over 200,000 clients globally. The broker offers a proprietary trading solution, as well as the reputable MT4 platform. Traders can access a vast selection of digital assets with crypto deposits and multi currency accounts.