SimpleFX foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://simplefx.com/, about the company's legal and temporary regulatory information, the company's address Beachmont Business Centre, Suite 404, Kingstown St. Vincent and the Grenadines..
SimpleFX Forex Broker
Basic Information
Saint Vincent and the Grenadines
5-10 years Suspicious Regulatory License Self-developed Regional Brokers High potential riskCompany profile
Rating Index
Bank transfer
TRON
SimpleFX Forex Broker - Complete Information Guide
1. Broker Overview
SimpleFX, founded in 2014, is a well-known online trading platform that operates under the parent company SimpleFX Ltd. The broker is headquartered in Saint Vincent and the Grenadines. As an offshore broker, it is primarily focused on providing trading services to retail clients globally, with a notable emphasis on cryptocurrency trading. Since its inception, SimpleFX has developed a robust platform that caters to both novice and experienced traders, boasting a user-friendly interface and a wide range of trading instruments.
Over the years, SimpleFX has achieved significant milestones, including the launch of its proprietary trading platform, the SimpleFX WebTrader, and the integration of the popular MetaTrader 4 (MT4) platform. The broker has rapidly expanded its client base, currently serving over 230,000 traders across more than 160 countries. Despite being unregulated, SimpleFX has focused on building a reputation for reliability and transparency within the trading community.
The business model of SimpleFX revolves around retail forex and CFD trading, providing access to a variety of asset classes, including cryptocurrencies, forex pairs, commodities, and indices. This diverse offering allows traders to engage in speculation-based trading and investment strategies, making SimpleFX a versatile choice in the competitive forex market.
2. Regulation and Compliance Information
SimpleFX operates without strict regulatory oversight, which is a critical consideration for potential clients. The broker is registered in Saint Vincent and the Grenadines and is subject to local laws but lacks a license from major financial regulatory bodies. The primary regulatory entity mentioned is the Financial Services Commission (FSC) in Mauritius, which offers limited oversight.
- Regulatory Bodies:
- Financial Services Commission (FSC) - Mauritius
- License Number: Not specified for the offshore entity.
- License Validity and Scope: The lack of a comprehensive regulatory framework means that SimpleFX does not participate in investor compensation schemes, raising concerns about the safety of client funds.
- Legal Entities: SimpleFX operates under different legal entities depending on the region, with varying degrees of regulatory oversight.
- Client Fund Segregation Policy: SimpleFX employs a policy of segregating client funds from company operational funds, ensuring that client assets are protected in case of financial difficulties.
- Investor Compensation Scheme Participation: No participation in any compensation scheme is noted.
- KYC and AML Compliance Measures: SimpleFX requires KYC procedures only for fiat deposits, allowing cryptocurrency users to trade anonymously.
3. Trading Products and Services
SimpleFX offers a diverse range of trading products across multiple asset classes. The broker provides access to:
- Forex Pairs: Over 57 forex pairs, including major, minor, and exotic currencies.
- CFD Products: A wide array of CFDs, including:
- Indices: Major global indices such as the NASDAQ, DAX, and FTSE 100.
- Commodities: Trading options include oil, natural gas, gold, and silver.
- Stocks: Access to equities from various markets, including the US, UK, and others.
- Cryptocurrencies: A selection of popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
- Unique Products: SimpleFX is known for its cryptocurrency trading capabilities, allowing users to withdraw in actual cryptocurrencies, which is a distinct feature compared to many other brokers.
- Product Update Frequency: The broker regularly updates its product offerings, adding new cryptocurrencies and trading instruments based on market demand.
- Retail Trading Services: SimpleFX primarily targets retail traders, providing a platform that is accessible and user-friendly.
- Institutional Client Services: Currently, there are no specific services mentioned for institutional clients or white-label solutions.
4. Trading Platforms and Technology
SimpleFX provides its clients with two main trading platforms:
- MetaTrader 4 (MT4): A widely recognized trading platform that offers extensive features for technical analysis, automated trading via Expert Advisors (EAs), and a customizable interface. MT4 is available on desktop, mobile, and web versions, allowing traders to access their accounts from various devices.
- SimpleFX WebTrader: This proprietary platform is designed for ease of use, featuring a clean interface powered by TradingView. It offers a range of tools for technical analysis, one-click trading, and real-time market information. The platform is accessible via web browsers, eliminating the need for software downloads.
Both platforms support various trading functionalities, including:
- Execution Model: SimpleFX operates on a market execution model, ensuring quick trade execution without dealing desk interference.
- Server Location and Infrastructure: While specific server locations are not disclosed, the broker emphasizes the use of secure infrastructure to protect client data.
- API Access and Automated Trading Support: SimpleFX provides an API for advanced traders, allowing them to automate their trading strategies and access market data programmatically.
5. Account Types and Trading Conditions
SimpleFX offers a straightforward account structure with a single standard account type. Key features include:
- Standard Account Conditions:
- Minimum Deposit: No minimum deposit requirement, allowing traders to start with as little as $1.
- Spreads: Competitive spreads averaging around 0.9 pips for major currency pairs.
- Commission: No commissions on trades, making it cost-effective for traders.
- Advanced Account Types: Currently, SimpleFX does not offer multiple account types, which may limit customization for advanced traders.
- Special Accounts: There are no Islamic or corporate account options available.
- Demo Account Policy: A demo account is available for new users, allowing them to practice trading without risk.
- Leverage Range: Up to 1:500 leverage is offered, depending on the asset class.
- Minimum Trade Size: The minimum trade size is 0.01 lots for forex and commodities.
- Overnight Fees: SimpleFX charges overnight swap fees, which vary by asset and market conditions.
6. Fund Management
SimpleFX supports a variety of deposit and withdrawal methods, enhancing flexibility for its users:
- Deposit Methods:
- Supports multiple cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and various e-wallets including Skrill and Neteller.
- Minimum Deposit Requirement: No minimum deposit required.
- Deposit Processing Time: Typically processed within 1 hour for cryptocurrencies.
- Deposit Fees: No fees for deposits, although network fees may apply for cryptocurrency transactions.
- Withdrawal Methods:
- Withdrawals can be made via the same methods used for deposits, including cryptocurrencies and e-wallets.
- Withdrawal Processing Time: Cryptocurrency withdrawals are processed within 24 hours, while fiat withdrawals may take 3-5 business days.
- Withdrawal Fees Structure: SimpleFX does not charge withdrawal fees for cryptocurrencies, but fees may apply for fiat withdrawals based on the method used.
7. Customer Support and Educational Resources
SimpleFX provides several customer support options to assist traders:
- Support Channels:
- Live chat, email support (support@simplefx.com), and a comprehensive FAQ section.
- Service Hours: Customer support is available 24/5, with live chat in English, Spanish, and Portuguese.
- Multilingual Support: Currently, support is primarily in English, with limited availability in other languages.
- Educational Resources: SimpleFX offers a range of educational materials, including tutorials, video guides, and a community forum for traders to share insights and strategies.
- Market Analysis Services: The platform provides access to market news and economic calendars, although advanced research tools are limited.
8. Regional Coverage and Restrictions
SimpleFX caters to a global audience but has specific geographic limitations:
- Primary Service Markets: The broker serves clients worldwide, with a focus on regions in Asia and Oceania.
- Regional Offices: SimpleFX operates primarily from its headquarters in Saint Vincent and the Grenadines.
- Countries Not Accepted: The broker does not accept clients from the United States and several other jurisdictions due to regulatory restrictions.
- Special Limitations: Traders from regions with strict financial regulations may face challenges when attempting to use SimpleFX services.
In summary, SimpleFX is a versatile trading platform that offers a wide range of products and services, despite its unregulated status. While it provides competitive trading conditions and a user-friendly interface, potential clients should carefully consider the associated risks before engaging with the broker.
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Latest Reviews
search4 360forensic
Australia
So, starting from October 26th, i tried to withdraw money but got rejected. They mentioned something about giving bonuses because of their activities, right? And then last week, i tried to withdraw your profits, there was a problem with the server, and the customer service gave a lot of excuses.
37130
2023-12-16
faier
South Korea
Personally, it's true that simplefx can be traded in cryptocurrency without certain regulations and kyc. But this is the same system as other trusted bingx cryptocurrency exchanges. I haven't had any errors or withdrawal errors so far using simplefx, and I've been doing very normal trading activities. I am a broker who is willing to continue trading.
Positive
2023-07-24
SimpleFX
News
News WikiFX Broker Assessment Series| SimpleFX: Is it the Best option?
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.
News SimpleFX Now Allows You To Stake And Trade TRON And BNB
SimpleFX's new service enables customers to boost their cash flow by staking TRON and Binance Coin (BNB) with no deposit freezing or fees.
News $2,000 Giveaway for Every SimpleFX Trader! Only in March
Go to SimpleFX Reward Center, and click the “Join Now” button in the March Cashback tab. The offer started on March 14 and ends on March 31.
FX2982372436
Spain
This broker modifies charts, deceives with their commissions and opens orders automatically. I do not recommend using it at all, especially with large amounts of money.
Exposure
04-14