SimpleFX Broker Review
The SimpleFX is a broker company that started its work in 2014. It is officially registered in the offshore region of Saint Vincent and the Grenadines. We were unable to find information about the presence of the broker’s regulators. The key regulatory authorities, using FCA or CySEC as an example, did not issue a SimpleFX license.
The company offers customers access to financial instruments from various categories. A special feature is the availability of access to trading cryptocurrency. The total number of assets exceeds 130 units. The company operates on the No dealing desk system when transactions are processed without the direct participation of a forex broker. This eliminates the company’s intervention in quotes, in the result of order execution, in support and resistance levels (stop loss & take profit).
General information about the SimpleFX:
• Access to trading – 24 hours per day
• Trading platforms that are available – MT4, WebTrader
• The minimum deposit is $ 20.
The forex broker site supports many languages, so a user from any region can comfortably use all the functionality of the SimpleFX site.
How to deposit the account and withdraw funds from the account at the SimpleFX
You can use cryptocurrency wallets and electronic payment systems to deposit your account. Unfortunately, bank transfers are not accepted. There are no restrictions on the minimum input in the cryptocurrency, but through Skrill and Neteller the minimum deposit is $ 20. The term of enrollment takes from 1 hour during working hours.
Similar payment systems are available for the withdrawal as for the deposit too. The minimum amount in US dollars is $ 10. For cryptocurrency, the minimum value for withdrawal is 0.001 coins. Processing time is 24 hours during working hours from the time of application. Please note that the account must be active. If there was no activity on it during the month, then an additional commission of 3% of the amount, but not less than $ 25, will be charged for withdrawal.
The SimpleFX Trading Terms
Basic trading conditions:
• Leverage – up to 1: 500
• Minimum transaction volume – 0.01
• Average spread size – from 0.001 to 5 pips
• Type of order execution – market
A feature of the broker’s trading conditions can be considered the lack of a clear division into different categories of accounts. There is no such bureaucracy and complexity. The user can register and immediately start trading via the WebTrader trading terminal or Metatrader 4.
The peculiarity of trading with this broker through a browser terminal can be considered a high degree of security (dual authentication is used), a simplified interface and advanced functionality. To trade through a mobile phone or tablet, you can use the special application SimpleFX.
The official website of the broker states that they have established protection against negative balance. All trading tactics are allowed in trading, including scalping, building a grid of orders and the Martingale method.
Advantages and disadvantages of the company SimpleFX
To make an objective conclusion about the activity of the SimpleFX broker, it is necessary to highlight the advantages and disadvantages of the company.
• Loyal trading conditions (no minimum deposit, NDD trading, 24/7 support, small spreads on liquid assets)
• Convenient browser terminal that does not need to be downloaded as a separate program
• The possibility of trading cryptocurrency
• The site is translated into several languages of the world, the support service is also informative and ready to advise not only in English.
But the company has some disadvantages. Firstly, the company has not developed a section with training material on the site. There is no informational support for users, as many other brokers have. The investment program has not been developed in the same way. Neither the transaction copying service nor the PAMM-account service is available.
Also, disadvantages include the lack of a license of an independent regulator. Therefore, the responsibility for the preservation of the deposit and its withdrawal falls entirely on the broker. And since the company is registered in the offshore zone, the question arises of the expediency of cooperation with such a company. After all, the SimpleFX does not have offices in America, the CIS, Europe, and Asia. And, accordingly, to file a complaint will not work in the representation.
In addition to the submitted reviews, you can meet some negative opinions about the poor quality of the support service.
Allegedly, any requests are being sent as prepared in advance texts without objectivity.
Due to such factors, we cannot appreciate the work of the SimpleFX.