SimpleFX, a foreign exchange broker located in St. Vincent and the Grenadines, started offering its services in 2014. After six years of providing premium financial solutions, it established its name as one of the best in terms of Contract for Difference and cryptocurrencies. While there is an absence of regulatory body, the company remains secured as it offers a segregated account equipped with negative balance protection.
As of this writing, its subscription already reached 200,000. With clients from over 160 countries, its impressive market traction could be attributed to its inclusive and flexible platforms that cater to both novice and advanced traders. Apart from this, it has become one of the popular brokers because of its competitive fees and unrestricted minimum deposit. To see SimpleFX’s full specifications with great focus on its security, ease of use, and functionality, opt in reading the details below.
Far from the usual three to five accounts that other brokers offer, SimpleFX offers only one account. While the absence of diverse selection may come as a disadvantage for clients, the broker assured that its account is equipped with all tradable financial instruments. Apart from a wide option of currencies that can be used to open this account, it does not have a minimum deposit requirement. Such conditions give users the opportunity to expand their margin of profitability without risking too much capital.
After registration, new clients are provided with generous trading conditions including a minimum trade size of 0.01 for Forex, commodities, and virtual coins. As for its margin, it may be utilized up to 50% with 30% stop out. Moreover, clients are given a multi-currency and beginner-friendly account equipped with a very responsive customer support. These put SimpleFX clients ahead of other traders as almost all essential instruments are wired in its comprehensive and intelligent platform.
Looking at the negative side of this, SimpleFX bears some setbacks that may affect its clients’ trading experience. For one, the company’s operations are not regulated. As it is not registered under any financial authority, funds are exposed to higher chance of financial wipeouts. Its list of non-crypto funding methods is also limited, giving clients narrow options for fund transfer, withdrawal, and deposit.
SimpleFX remains committed to the basics of trading. This core objective prompted the provision of Bloomberg TV and Shoutbox- two unique features that provide necessary insights for analysis. Its equity CFD selection is also commendable considering that majority of its clients are from the retail sector. Lastly, its Application Programming Interface (API) enhances the platform’s optimality since it allows the creation of customized trading solutions.
SimpleFX prioritizes its proprietary platform WebTrader, and this stands as the broker’s flagship feature. But for those who want to utilize another platform, the MetaTrader 4 is available.
WebTrader- Its own WebTrader is inarguably excellent as it has highly customizable buttons. Navigation would not come daunting as charts and tools are arranged in a comprehensive manner. More so, its trading tools effectively attend to clients’ analysis- be it fundamental of technical. It is safe to say that this platform is the most impressive asset that SimpleFX has at its disposal, and traders will find this a sound trading portal since it allows both automated and manual trading.
MT4- While SimpleFX offers MT4, it only offers the basic version. As this is the case, clients are left with limited trading tools due to the unavailability of external plugins necessary to unlock MT4’s full potential. For manual traders, it is recommended that they use the WebTrader. But for those who prefer automated trading, it is best that they utilize the MT4.
Research and Education
Usually, a broker’s education section can be found on its official website. However, SimpleFX deviated from this practice and provided a separate site dedicated for clients’ education and research. Pointing out its design, it has a magazine kind of appeal that houses six major categories. These divisions are regulated by two industry experts that render quality contents regularly, ranging from trading fundamentals, know-hows, trade-related articles, and webinars. Clients’ published papers are also archived for other contributors’ perusal.
A total of 178 assets await those who intend to subscribe with SimpleFX’s service. Its great trading conditions wired in a conducive platform made this brokerage firm one of the ideal service providers. Moreover, its account is heavily loaded with premium features, giving clients the essentials they need in trading. But with the absence of regulatory body, finances are subject to risks. As this is the case, it is only after SimpleFX filed for regulation that its services will be deemed credible.