SimpleFX

The Company. Security of Funds

SimpleFX is an NDD offshore FX broker offering online trading in 60 currency pairs CFDs on indices, precious metals and commodities, along with a range of cryptocurrency options through the MetaTrader 4 and the broker’s internal web-based platform.

Created at the end of 2014 SimpleFX was launched in 2014 as a trademark from SimpleFX Ltd., a business registered with the government of the St. Vincent and the Grenadines. The Caribbean island is an sought-after location for binary and forex brokers because the registration process is easy and inexpensive, and they are subject to minimal regulation or oversight.

We generally suggest traders avoid offshore firms and instead choose brokers that are regulated by trustworthy authorities, such as the the UK’s FCA as well as the Australian ASIC as an example which means that their money is safe.

Trading Conditions

Minimum Initial Deposit

The minimum amount to deposit with SimpleFX and one can start a new account for only $1.

Spreads & Commissions

SimpleFX offers competitive fixed spreads on forex pairs that are, unlike variable ones, do not increase when news releases are released. The benefit of adjustable spreads is they’re generally lower than the other types but that’s not in the case for SimpleFX. The spreads of the company are just 1 pips for the EUR/USD currency pair, and to top it off, there is no commission fee.

For contrast, an offshore broker is FX Choice offers spreads that are variable 0.5 pip on EUR/USD, with a an average commission of $7 on ECN accounts. Commission-free accounts provide common spreads as high as 1.2 pip on EUR/USD.

You can search for and check out the live spreads of the top 15 broker here.

Maximum Leverage

For leverage, in SimpleFX it’s dependent on the balance in the account of the customer:

Leverage levels that are the maximum offered through this brokerage are very high up to 1:500. This leverage level allows traders to earn huge profits when markets are moving to their advantage, but it is also feasible. If the market goes against them, it could cause a huge hole in their pocket.

However, a number of forex brokers have leverage that is equal to or higher than 1:500 and FX Choice’s maximum leverage is equal 1:200.

Trading Platforms

Although more sophisticated traders may prefer using the well-known MetaTrader four platform however, most traders prefer trading using the proprietary web-based platform with a broad range of trading options and the capability to begin trading in instant.

SimpleFX’s web-based, proprietary platform. Click to expand.

The platform comes with advanced charting tools, on/off buttons to enable one-click trading as well as the ability to use FIFO (hedging). The platform has a shoutbox on the right hand side of the screen. Live support and educational materials are readily available.

MetaTrader4 (MT4) MetaTrader4 (MT4), which is also powered by SimpleFX It is available in mobile and desktop versions.

The speedy, stable and robust MT4 platform has everything the features a trader requires including interactive charts, a variety of Expert Advisors (EAs) and a robust back-testing capabilities, 23 analytic objects to draw shapes on the chart, and the 30 technical indicators built in simplify the process. If you aren’t equipped or ability to make trades, you can choose to use trading signals that automatically duplicate the trades of other traders.

Methods of Payment

• • – – Bank wire transfer;
  • – – Credit/debit cards;
  • — e-wallets: Skrill, Neteller, AstroPay, WebMoney, FasaPay, Qiwi, Moneta.ru, Iandeks and China UnionPay;
  • – – cryptocurrencies: bitcoin & litecoin.

Conclusion

SimpleFX is an offshore company offering a various financial instruments for trading such as currency pairs, different CFDs as well as cryptocurrencies. Although it’s not regulated, the brokerage is definitely worth a look for bitcoin traders, particularly.