SimpleFx Review (Update 2021)
SimpleFx
- Offshore Forex Broker
- Not Regulated
- Anonymous Trading via Bitcoin
- Up to 10 Demo Accounts
- High Leverage up to 1:500
- Secure Storage For Bitcoins
- No minimum deposit
- no commissions, low spreads
Details
| Broker | SimpleFx |
|---|---|
| Website URL | SimpleFx.com |
| Founded | 2014 |
| Headquarters | Suite 305, Griffith Corporate Centre Beachmont, Kingstown VC0100, St. Vincent & the Grenadines |
| Support Number | +441989500065 |
| Languages | Arabic, Español, Russian, German, Polski, Indonesian, Malay and Portuguese |
| Trading Platform | SimpleFx Trading Platform, MT4 |
| Minimum 1st Deposit | 1$ |
| Bonus | Anonymous Trading |
| Leverage | Up to 1:500 |
| Free Demo Account |
 |
| US Traders Allowed |  |
| Mobile Trading |
|
| Tablet Trading |
|
| Overall Score | 69 |
Pros
- Anonymous Trading via Bitcoin
- High Leverage up to 1:500
- No minimum deposit
- No commissions, Low spreads
Cons
- Not Regulated Forex Broker
- St Vincent & the Grenadines Company
Read Full Review
Is SimpleFx a scam?
Is SimpleFx the right Forex broker for you?
Read here a trusted SimpleFx Review, based on real facts and lots of hours of internet research by our professional reviewing team!
SimpleFx is a brand of SimpleFX Ltd and operates under the domain: https://simplefx.com/.
1.) Introduction
SimpleFx is an online trading forex broker based in Kingstown, St Vincent and the Grenadines. Founded in 2014, the platform operates under the laws of the United Kingdom.
St Vincent and the Grenadines is a common base of operations for Offshore Forex Brokers, because the registration process is cheap and regulatory requirements are very limited.
One of the most exciting things about SimpleFX is that you can deposit in Bitcoins without sending verification documents.
2.) SimpleFx Sign Up:
You can sign up for an account on SimpleFX using various methods, including your social network account (for example VKontakte, Facebook, Google) or even with an email address.
Once signed up, you can choose whether to stay anonymous and deposit your account in bitcoin, or verify your identity and open your account up to more payment options.
Two demo accounts are automatically created when you finish signing up. This allows you to test the platform and you can create up to 10 demo accounts to test and get comfortable with trading in the platform, and with all the various cryptocurrency and fiat currency options.
3.) Trading Experience:
SimpleFX offers an impressive array of financial instruments. These include cryptocurrencies, precious metals, indices, oil and currency pairs. In addition to the 60 currency pairs, there are also 8 cryptocurrency pairs. SimpleFX provides a built-in Web interface and also supports MetaTrader 4.
The Web interface is easy to use and supports market, limit, stop and trailing stop orders. Many different user-friendly ways to initiating an order, such as clicking on a currency pair, are supported.
Some SimpleFX traders express a concern about high swap rates, while others question SimpleFX’s claim of being in partnership with the “top liquidity providers,” because of the size of their spreads.
SimpleFX has a 24/5 live chat for support, and an email and ticket system.
SimpleFX has a significant social media presence on Facebook, Twitter and LinkedIn.
Customer Support is available by email at support@simplefx.com, as well as Skype at simplefx.com.
Customer Support is also available by phone at +44 1989 500065.
4.) SimpleFX Trading Accounts:
Bitcoin account and Standard account are essentially the only two account types. The Standard account requires identify proofs and verification, while the Bitcoin account allows trader anonymity.
All accounts offer no dealing desk, no trade commission and fast execution.
Leverage as high as 1:500 can also be offered. The level of leverage provided to each client depends upon the account balance, with more leverage being offered to those with a smaller balance. The leverage ranges from 1:100 to 1:500.
Standard Account
With SimpleFx’s Standard account, a user must submit identify verification documents (KYC Requirements).
A Standard account is allowed to trade in fiat currencies: AUD (Australian dollar), CAD (Canadian dollar), CHF (Swiss franc), CNY (Chinese Yuan), CZK (Czech Koruna), DKK (Danish Krone), EUR (Euro), GBP (Great Britain pound), JPY (Japanese Yen), NOK (Norwegian Krone), PLN (Polish zlaty), RUB (Russian Ruble), SEK (Swedish Krone), and of course the USD (U.S. dollar).
SimpleFX allows the deposit and withdrawal of funds using the following: Bank wire transfer; credit/debit cards; e-wallets like Skrill, NETELLER, AstroPay and China UnionPay;
Also note that there is zero charge for deposits and withdrawals.
Bitcoin Account
SimpleFX’s Bitcoin Account allows cryptocurrency enthusiasts or those concerned with privacy to deposit Bitcoin into their accounts for trading with no identify verification required.
SimpleFx Bitcoin Account is an anonymous account, where you can trade real Bitcoins.
SimpleFX also offers demo accounts.
5.) Minimum Initial Deposit:
There is no minimum initial deposit with SimpleFX. Accounts can be opened and funded with as little as $1. This provides a low barrier to entry for those who don’t have a lot of money, but want to get into Forex investing. With spreads as high as 1:500, the opportunity is there to really take advantage of the market.
6.) Security on SimpleFX:
Fiat currency funds are stored in segregated client accounts. Bitcoin funds are stored in cold wallets.
No more than 10% of the total Bitcoin held by SimpleFX is online in their wallet at any time. SimpleFX’s website supports HTTPS and 2-Factor Authentication can be enabled to add another layer of security for users.
However, a true fact is that SimpleFX is not regulated by any Financial Authority around the world and some traders think it is risky to deposit with them.
There are traders’ reports to have experienced issues with SimpleFX, while the majority of traders have successfully traded and have experienced no issues, either with a Bitcoin account or a Standard account.
7.) SimpleFx Mobile:
SimpleFX’s website is extremely mobile-friendly and allows safe browsing from practically any device. MetaTrader4 supports iOS, Windows and Android to allow you to monitor and execute your trades on the go.
8.) Spreads & Commissions:
Fixed spreads are provided for Forex pairs. Spreads are as little as 1 pip for EUR/USD. Spreads for all fiat currencies are described as modest.
9.) SimpleFx Trading Platforms:
MetaTrader 4 as well as SimpleFX’s built-in Web platform are provided. MT4 is one of the most popular Forex trading software applications in the world and SimpleFX’s built-in Web interface strives to make it easy to trade in a platform-independent way without the need of downloading software.
10.) Restricted Countries:
Conclusion
SimpleFX offers a great opportunity for holders of Bitcoin to be able to deposit their coin and trade in a wide variety of markets with no identity proof requirements (Anonymous trading), which is a great feature.
SimpleFX seeks to simplify the Forex Trading by offering two simple types of accounts. Right when you go to their website, it opens right up into a daily chart of BTC/USD.
As a general conclusion, although SimpleFX is not regulated, trading with SimpleFx’s Bitcoin Account worth checking out if your main concern is privacy. For anonymous trading there are also other options.
If you want to trade through fiat currency you have also great alternatives in trusted forex brokers with license.
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