SimpleFX Review: Pros, Cons, and Expert Insights

Since it started in 2014, SimpleFX has quickly become a well-known name in the trading industry, providing traders from all over the world with a wide range of financial instruments. The broker has become a popular choice for both new and experienced traders thanks to its creative features and easy-to-use interface.

Regulatory Status

One thing that clients will notice is that SimpleFX does not require Know Your Customer (KYC) procedures for cryptocurrency accounts. KYC is a common way for financial companies to make sure their clients are who they say they are and to improve security. SimpleFX's decision not to make it mandatory may appeal to traders who value privacy and ease of use.

Investors can be sure that their money is safe with this broker because it keeps client funds separate from the company's operating funds in "segregated accounts." This separation keeps client funds safe and stops them from being used for business expenses, even if the broker runs into financial problems, which is very unlikely.

SimpleFX Fee Structure

The broker's fee structure is clear, and it works for both new and experienced traders. Here is a list of their fees:

Spreads

The broker lets you trade without having to pay any fees, and their spreads are competitive. Spreads are the difference between how much something costs to buy and how much it costs to sell. Spreads can be different for each traded asset, but SimpleFX tries to keep them low so that its users can trade without spending a lot of money.

Commissions

SimpleFX does not charge trade commissions like some other brokers do. In other words, you can trade without worrying about extra fees cutting into your profits.

Overnight Swaps

For traders who hold positions overnight, SimpleFX uses swap rates. These rates change based on the trade you're making and the asset. If you want to keep positions open for a long time, you need to think about these rates.

Inactivity Fee

A SimpleFX inactivity fee of 3% (minimum of $25) is the least you can pay.If an account is inactive additional 3% fee will be added (min. USD 25)" but an account is recognized as inactive when there are no trades between making a deposit and making a withdrawal

SimpleFX Deposit and Withdrawal Methods

The broker's financial services make it easy to keep track of your money. There are a total of 54 payment methods. If you want to deposit or withdraw money on the platform, read the following:

Deposit Methods

• Cryptocurrency Deposit: Bitcoin Lightning Network, ADA, ATOM, BAND, BNB, BUSD, Tokens operated on ERC20, BCH, LINK, DAI, DASH, DOGE, DOT, EOS, ETH, ETC, LTC, MATIC, XMR, ONT, CAKE, USDP (formerly Paxos Standard PAX), PAXG, USDT, USDT - Omni, UNI, USD Coin, WBTC, XRP, XTZ, YFI, YFII, ZEC, and tokens operated on Tron and Binance Smart Chain (BSC) are all digital currencies that you can use. These cryptocurrencies allow you to deposit money quickly and safely, aligning perfectly with SimpleFX's focus on cryptocurrencies.

• Fiat Choices: FasaPay, Neteller, and Skrill are all safe and secure ways to make transactions if you'd rather use traditional methods. With these options, you can use regular fiat currencies to make deposits.

• No Minimum Deposit: SimpleFX breaks down barriers by not requiring a minimum deposit. You can start trading with any amount that feels right to you, no matter how experienced you are or how new you are to it.

Withdrawal Methods

• Cryptocurrency Withdrawals: Traders can quickly withdraw their cryptocurrency. Withdrawals can be made using the same digital assets that users deposited, such as Bitcoin Lightning Network, ADA, ATOM, BAND, BNB, and more. Withdrawals from cryptocurrencies are usually processed within 24 hours, so you can get your money quickly.

• Fiat Withdrawals: Traders who prefer to use fiat money can use FasaPay, Neteller, or Skrill to get their money. It's important to keep in mind that these methods may follow the same processing times as traditional banks, which are usually 3-5 business days.

• Withdrawal Fee: The withdrawal fee may vary depending on your level of account inactivity and the withdrawal method you choose. For more details, we recommend visiting our website to learn more about our fee structure.

Available Trading Instruments

By offering a wide range of financial instruments, SimpleFX stands out and becomes a one-stop platform for traders with different tastes. On the platform, users can find options that work for them, whether they are interested in forex, commodities, stocks, cryptocurrencies, or indexes.

Forex Pairs

SimpleFX boasts a selection of over 57 forex pairs, providing traders with ample opportunities to participate in the dynamic foreign exchange market. Major, minor, and exotic currency pairs are available, appealing to forex enthusiasts looking to capitalize on global economic trends.

Cryptocurrencies

SimpleFX is part of the cryptocurrency revolution because it lets you trade in different digital assets. There are well-known cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Crypto traders can bet on price changes, profit from market volatility, and diversify their holdings with these digital assets.

Commodities

There are several ways to trade commodities on SimpleFX. You can bet on how the prices of goods like oil and natural gas will change, as well as the prices of precious metals like gold and silver. This makes it a good choice for commodity traders because it lets them diversify their holdings and protect themselves against inflation or economic uncertainty.

Indices

SimpleFX gives you access to over 13 indices from markets around the world. Because these indices only show parts of stock markets, they are perfect for traders who want to keep an eye on and trade on larger market trends.

Stocks (Equities)

SimpleFX gives traders who are interested in stocks access to more than 132 shares from top companies around the world. This lets you invest in some of the biggest publicly traded companies in the world and profit from their growth without actually owning any stocks.

SimpleFX Trading Platforms

The platform you use is very important for your success when you trade online. SimpleFX has two main trading platforms, and each has its own benefits and features.

SimpleFX WebTrader

• User-Friendly Interface: The SimpleFX WebTrader is known for having an easy-to-use interface that makes it good for traders of all skill levels.

• Versatile Charting Tools: The platform gives traders access to a variety of charting tools and indicators, allowing them to perform in-depth technical analysis.

• One-click Trading: For quick trade execution, SimpleFX offers one-click trading, which lets traders take advantage of market opportunities quickly.

• Access from Any Device: The web-based platform lets individuals access it from anywhere, on a Windows PC, a Mac, a phone, or a tablet.

MetaTrader 4 (MT4)

• Standard-Platform Industry: MT4 is a well-known and widely used trading platform that advanced traders like for its features.

• Customizable Charts: A full set of technical analysis tools and charts that can be changed in many ways gives traders the freedom to make their trading environment fit their own preferences and strategies.

• Expert Advisors (EAs): MT4 works with Expert Advisors, which let trading strategies run automatically based on rules that have already been set. Traders can use EAs to make trades happen automatically, which speeds up the trading process and makes their strategies work better.

• Algorithmic Trading: If you're interested in algorithmic trading, the MQL4 language in MT4 lets you make and use your own trading robots. With this feature, you can set up your trading strategies to run automatically and quickly take advantage of market opportunities.

• Desktop and Mobile Versions: Individuals can use MT4 on both their computers and their phones, so they can trade at any time. This makes sure that users can use all of MT4's powerful features, whether they are at their desk or out and about.

SimpleFX WebTrader and MT4 both let you trade a wide range of financial instruments without having to pay any fees. These include forex pairs, cryptocurrencies, indices, commodities, and shares. Remember MT4 is available in certain countries only.

Leverage Information

Leverage can be helpful and harmful when trading online, but SimpleFX lets traders change how much leverage they use to fit their risk tolerance and trading strategy.

Leverage Levels

SimpleFX gives traders access to different levels of leverage. For accounts with a balance of $1,000 or less, the highest level of leverage is an impressive 1:1000. For every $1 in your trading account, you can control a position worth up to $1,000. This gives you a big chance to make money.

SimpleFX changes the amount of leverage you can use as your account balance grows. This way, traders with larger accounts can still benefit from large amounts of leverage. Leverage levels start at 1:1000 for balances under $100,000 and go up to 1:100 for balances over $100,000.

Remember that trading with leverage comes with a lot of risk, and you should make sure you fully understand what that means before you use it in your trades. When you use leverage, your gains and losses can be magnified, and you could lose all of your trading capital. So, it's best to be careful with leverage and use risk management techniques to keep your investments safe.

SimpleFX Affiliate Program

The SimpleFX affiliate program lets people earn up to 50% of the money that each trader they refer makes. The following describes how the program works:

• Sign up and get your own unique link to send people: When someone signs up for SimpleFX, they'll give you a unique link to spread the word.

• Invite Friends & Offer 5% Cashback: Within SimpleFX's affiliate program, participants have the opportunity to invite friends to join the platform. By sharing a unique referral link along with a promo code, friends who use this code when signing up can enjoy 5% cashback on their transactions for a period of 30 days.

• Earn More With Active Referrals: As more friends are invited and start trading, the amount of earnings that can be made can increase substantially, up to 50% of the spread value.

• Access Ready-Made Marketing Tools: The broker provides affiliates with a variety of pre-made marketing materials, such as landing pages, banners, and widgets, to help them effectively engage their audience.

• Track & Optimize: Affiliates can use the affiliate dashboard to keep an eye on their earnings, keep track of their referrals, and look at where their conversions are coming from.

SimpleFX's program has five levels, each with a different commission rate based on how much money was made in the last 30 days:

• Basic: 10% revenue (up to $5 turnover)

• Silver: 15% revenue ($5-$500 turnover)

• Gold: 20% revenue ($500-$5,000 turnover)

• Platinum: 30% revenue ($5,000-$15,000 turnover)

• Diamond: 50% revenue (over $15,000 turnover)

SimpleFX Earn

SimpleFX offers "SimpleFX Earn", a feature that helps users get the most out of their cryptocurrency investments, for people who are new to trading cryptocurrencies and want to find a creative way to make their digital assets grow.

Full Potential of Crypto Assets

SimpleFX Earn is not just a feature; it's also a chance to greatly increase crypto currency holdings. The idea behind it is to give users a new way to make money while still letting them trade their assets.

Key Features of SimpleFX Earn

• Staked Funds for Margin Trading: With SimpleFX Earn, users can use their staked assets for margin trading, which keeps their assets from being locked away and makes them work for them.

• Zero Fees on Rewards or Subscriptions: Users can enjoy a fee-free experience because SimpleFX is committed to being open and honest, so they don't charge any fees to keep their staking services running.

• No Minimum Deposits: SimpleFX Earn doesn't put any limits on how much money users can deposit to join the "Stake & Trade" liquidity pool.

• Automated Subscriptions for Maximum Profit: users' balances of stackable coins are automatically staked to maximize their earnings, making the process easier and more streamlined.

• No Unstake/Redemption Lock Time: Users can take out their available balance whenever they want, and they still have full control over their assets.

Stake & Trade Assets

An annual percentage rate (APR) that changes based on the proof-of-stake logic of the blockchain in question can be found on the project's website.

Trading tools and Analysis

SimpleFX stands out because it gives traders a wide range of analysis tools, research resources, and learning materials. This comprehensive suite gives individuals the tools they need to make smart choices and make money on their trades.

Technical Analysis Tools and Charts

The SimpleFX platform has many technical analysis tools that traders can use to make accurate market predictions:

• Interactive Charts: Individuals can see interactive price charts for many different types of financial instruments. Because these charts are flexible, traders can change them to fit their own needs and strategies.

• Indicators Galore: Traders can pick from a huge number of technical indicators, such as trend lines, oscillators, and moving averages. These indicators help them find market trends and possible entry and exit points.

• Drawing Tools: SimpleFX gives traders a variety of drawing tools they can use to mark levels of support and resistance, make trendlines, and draw attention to important chart patterns.

Fundamental Analysis Resources and Market Research

For financial markets to work, it's important to understand the basic factors that drive them. When traders use SimpleFX, they get access to important tools like

• Economic Calendar: With SimpleFX's economic calendar, traders can keep up with important economic events, earnings reports, and central bank meetings. They can use this tool to expect events that will move the market and plan their trades around them.

• Market News: Traders can get news and analysis about the market in real time right from the platform. Stay up-to-date on breaking news and events that could affect their trades.

• Research Reports: SimpleFX provides research reports and market insights, offering in-depth analysis of various assets and market trends. These reports can assist traders in making informed decisions.

Educational Materials and Webinars

SimpleFX knows how important it is to keep learning in the trading world. Because of this, they cater to traders who want to learn, and they offer the following:

• Educational Articles: SimpleFX has a lot of helpful articles and tutorials on a wide range of subjects, such as risk management and trading strategies. The goal of these resources is to give traders the information and ideas they need to improve their trading skills.

• Video Tutorials: Visual learners can get a lot out of video tutorials that explain trading concepts and platform features in a clear and concise way. Traders have access to a wide range of educational materials through these tutorials, which are designed to fit different learning styles.

Rewards

• Best Support - Crypto Expo Europe Bucharest (2023)

• The Best Trading Platform Cryptocurrency - Cryptocurrency World Expo Warsaw Summit (2022)

• Best Mobile App 2020 - Rankia Awards (2020)

• The Best Trading Platform - Finance World Expo Zug (2019)

• The Best Cryptocurrency Trading Platform - Cryptocurrency World Expo Berlin (2018)

Customer Support

SimplyFX cares about its customers and makes sure that traders can get help quickly by being responsive and easy to reach.

Methods of Contacting Customer Support

• Live Chat: SimpleFX's platform has a live chat feature that lets traders talk to support staff in real time and get help right away.

• Email Support: People who are trading can also email customer service on support@simplefx.com. This method works for things that aren't urgent and keeps a written record of the conversation.

SimpleFX Pros and Cons

Review of SimpleFX in Summary

To sum up, SimpleFX is a trustworthy online trading platform that started in 2014. It has two trading options, a simple interface, and a wide range of financial instruments. The FSC Mauritius oversees the broker, which makes sure that everything is safe. There aren't too many fees, but traders should be aware of fees for overnight swaps and inactivity fees.

SimpleFX offers easy ways to deposit and withdraw money, as well as research tools and customer service. Traders should be careful, though, when using leverage. In general, it's a good option for individuals who want to trade a lot of various assets at low costs.