SimpleFX Review: Is it legit, safe and trustworthy for UAE citizens and residents?
CFD trading is available through SimpleFX, a broker that also offers cheap
commission rates and has no minimum initial investment. Both the well-known MT4
platform and the SFX WebTrader solution, which is exclusive to the company, are
made available to customers. To assist you in determining whether or not
SimpleFX is a reliable broker with which to create an account, our analysis
includes testing of the login procedure, a sample account, mobile applications,
and other features. Visit SimpleFX Website.
This Spring, the online broker is providing both new and existing traders with the opportunity to get a payback incentive of $2,000. Users need just sign up for an account on the company's website, make a deposit, and then begin trading. When you deal more, you open yourself up to more possible benefits. As part of the deal, SimpleFX is also providing customers with a discount on spreads of twenty percent.
Tweets by SimpleFXcom
SimpleFX Ltd is an offshore company with its headquarters in St. Vincent and the Grenadines. The company has been in business since 2014 and offers many CFDs and cryptocurrency trading options through a single account. The broker is not subject to any regulatory oversight, yet they secure their customers' money by keeping it in separate accounts and preventing negative balances.
Over the course of the past few years, the broker has reached over 200,000 traders in 160 different countries. The innovative features on their dependable trading platforms have attracted traders of all experience levels, from beginners to specialists.
Downloadable versions of the MT4 desktop platform are available through SimpleFX. MetaTrader 4 is popular among traders of all experience levels and is utilized by a large number of firms. MT4 provides a more complex trading experience when compared to the online platform offered by the broker. This is made possible by the incorporation of automated algorithmic trading techniques in the form of Expert Advisors and Python, as well as trading signal and copy-trade functions.
The SimpleFX proprietary online platform may be used from virtually any internet browser and is designed specifically with novice traders in mind. The broker has placed a strong emphasis on the user experience throughout the design process, as seen by the presence of a news column, trading suggestions, and a chat room function. In the event that traders run across any kinds of technical issues, there is also live help provided within the site.
The middle chart window is packed with features, with 9 different periods and 5 different types of charts. In addition to that, there is a comprehensive set of drawing features and indicators, which includes trend line tools, Gann tools, and Fibonacci tools.
Over 170 different tradable instruments may be found across many marketplaces on the SimpleFX platform. There are sixty different currency pairings, a number of important indexes (including the FTSE100), and dozens of companies to choose from. In addition, you are able to trade a limited number of hard and soft commodities, such as oil and precious metals, in addition to some well-known cryptocurrencies, such as BTC and XRP.
Trading with SimpleFX does not incur any commission fees. Spreads for key indexes such as the FTSE 100 are around 1.3 points (pips) wide. The spread on the EUR/USD pair is often somewhere around 0.9 pips, whereas the spread on gold is typically somewhere around 0.17 pips. These trading costs are fairly competitive when compared to those of other brokerages offering comparable services.
Specifications of the contract will include information on swap fees and rates in detail. Take note that an extra cost of 3 percent, with a minimum of $25, will be applied to any account that has not been used for at least a year.
At SimpleFX, leverage on products may go as high as 1:500, with individual levels depending on the amount of money in an account. The website provides comprehensive information on margin requirements, and the margin call is set at fifty percent.
Traders just starting out should be aware of the potential dangers that come with using leverage.
iOS and Android (APK) users can download the mobile edition of SimpleFX's trading app to use on their mobile devices. The application provides access to a community chat room and dynamic news feed in addition to including specialized graphing capabilities and numerous periods. The application also provides a mobile-friendly experience by supporting useful swiping gestures, as well as pinch and zoom functions. On the website, you will see a QR code that, when scanned, will lead you directly to the page where you may download the file.
The MT4 app is available for download on iOS and Android mobile devices from SimpleFX. This software provides live quotation charts, a complete set of trading orders, and a history of trading activity. You can stay on top of your account even while you're on the go thanks to the chat function and mobile push alerts that are included in the MT4 app. The MT4 app consistently earns high marks in reviews posted online.
SimpleFX has a variety of different payment options available, most of which involve the use of cryptocurrencies like Bitcoin and Dash or electronic wallets like Neteller or Skrill. These options do not incur any fees. You will need to make use of an exchange in order to get some cryptocurrency if you do not currently possess any. The processing time for methods is often approximately an hour, and in the majority of instances, there is neither a minimum nor a maximum deposit limit. There is no provision for accepting credit cards.
When making a withdrawal, you are required to use the same method that was utilized when the money were initially deposited. The processing time for payments is typically approximately twenty-four hours, and there are rarely any fees associated with them. There is some variation in the minimum withdrawal limitations, and each of them may be seen on the website.
After a trader registers on the SimpleFX website, they are immediately given access to a practice platform known as a demo account. Before using actual money, it is recommended to make use of the platform's demo account in order to become familiar with its features and get a feel for how they work.
Traders automatically have access to a virtual money balance of $4,000, which may be increased if more capital is required. You also have the option of adding other tester accounts that are solely under your control, such as one that uses a different currency. The practice accounts can be accessed for an indefinite amount of time.
The social media accounts that a broker maintains are the greatest places to go to stay up with the latest SimpleFX promotional offers. Recent transactions have featured spread cashback of fifty percent as well as trading contests with prize pools of one thousand and two thousand USDT respectively.
Even though it is not currently regulated by a financial agency like the FCA or any other similar organization, SimpleFX Ltd is a legitimate company that was formed in Saint Vincent and the Grenadines. On the other hand, the broker is open and honest about the safety of their customers, as evidenced by the fact that they advertise the usage of separate accounts for each customer and protection against negative balances on their website. The broker, on the other hand, does not have a compensation plan in place in the event that the company goes out of business.
When it comes to registering with unregulated providers, we usually advise traders to give it some serious thought before doing so because legal redress may be restricted in the event that difficulties arise.
Please be aware that SimpleFX does not welcome traders from the United States. However, customers from the majority of nations, including Canada, Europe, and Indonesia, are welcome to conduct business with us.
The most noteworthy additional feature that SimpleFX offers is a component of their website called the Blog. This area is available in over 12 different languages and is packed with in-depth news pieces, forex updates, easy-to-follow tutorials and recommendations, as well as a CFD Academy. There are also helpful notifications regarding modifications to the trade schedule.
It would be helpful to have access to some of the more practical tools that are typically made available by other brokers, such as currency calculators and economic calendars.
SimpleFX gives its customers access to all tradable financial products with a single account that can be used with any platform. There is no need that you make a minimum deposit, and accounts may be created in a number of different currencies. For foreign exchange, commodities, and cryptocurrency trading, the minimum contract size is 0.01 lots. The minimum required margin is set at 50 percent, while the maximum allowed loss is 30 percent.
You can create an account in just a few simple steps; click the Create Account button, and then fill out the form with your personal information. In accordance with the Know Your Customer (KYC) policy, you will be prompted to verify your identity after making a deposit in a fiat currency. After that, you will be able to sign in and start trading immediately, either with real money or with virtual cash on the trial account.
When compared to other brokers such as 1Broker, SimpleFX excels in the following categories when compared to other companies in its industry:
API & VPS No minimum deposit
Quick assistance for customers
Single account support for several currencies
The following are some areas in which we feel that SimpleFX may use some enhancements:
There is no provision for unregulated MT5
Fewer options for fundraising that don't include cryptocurrency
Business & Finance:
The foreign exchange market is open for business throughout the clock, however individual marketplaces shift their hours according to local time zones. On the page that details the contract parameters, the trading hours for each asset are specified in detail. Within the MT4 platform, all times are shown in UTC; however, within the web platform, the times may be modified to reflect your local time zone.
SimpleFX provides prompt and friendly customer service in three different languages—namely, English, Spanish, and Portuguese. When you access the live chat window, rather than being required to fill out a form with your personal information first, you are immediately connected to a live chat agent. You also have the option of sending an email to email@example.com to get in touch with the broker.
In addition, the Support website features a Frequently Asked Questions (FAQ) gateway. There, you may discover answers to a wide variety of questions, such as how to deactivate your account, start the SimpleFS Tester Pro v1.0 download, or register a new account, as well as how to verify an existing account.
SSL encrypted systems and two-factor authentication are used to safeguard both the MT4 webtrader and the SimpleFX webtrader, offering an extra layer of protection to ensure that users' funds are kept secure. Additionally, private information is stored on encrypted offline servers.
SimpleFX delivers on its promise of simple yet powerful services, inexpensive trading costs, and a solid demo offering, despite the absence of any regulatory oversight in the industry. This broker is an excellent alternative for beginning traders as well as more experienced ones thanks to the availability of both their own custom online platform as well as MetaTrader 4.
SimpleFX welcomes traders from most countries across the world, including Australia, Thailand, Canada, the United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, the United Arab Emirates, Saudi Arabia, Kuwait, and Luxembourg.
If you are interested in finding other forex brokers to trade with than SimpleFX, we have produced a list of the best 5 brokers that are comparable to SimpleFX and have included it below. This list of other brokers that are similar to SimpleFX is arranged in order of similarity, and it only contains businesses that are willing to work with traders from your location.
SimpleFX is not a direct market access (ECN) broker. Instead, the brokerage uses a STP model in its operations. Execution speeds that are often much faster and spreads that are much narrower are two of the perks offered by STP brokers.
Does SimpleFX provide a promotion that requires no first deposit? At the time of this writing, the broker does not provide a bonus that requires no initial investment on the client's part. Check the social media accounts associated with SimpleFX to see if there are any discounts of this kind.
The use of a credit card to finance an account with SimpleFX is not permitted. You can instead fund accounts with the use of cryptocurrency or electronic wallets.
SimpleFX does not work with customers based in the United States. In addition, the broker does not take clients who are residents of countries in which local legislation restrict retail trading in online financial markets.
What are the steps I need to take to close my SimpleFX account? To delete an account, you must first delete the whole profile associated with that account. You can accomplish this by sending an email with your request to firstname.lastname@example.org.
SimpleFX is an offshore and corporation that is owned by SimpleFX Ltd, which has its headquarters in St. Vincent and the Grenadines.
SimpleFX is a cryptocurrency-friendly CFD broker that offers trading
around-the-clock, seven days a week, a one-of-a-kind affiliate program, and
support for five different cryptocurrencies. Have a look at the deal that we
A variety of instruments, including: over sixty different currency pairs sixteen different currency pairs based on cryptocurrencies
• Commodities, indices (including the NYSE, NIKKEI, and DAX), and stocks (including Snapchat, Google, and Facebook) (incl. Gas, Oil, Gold)
Various deposit options:
• Deposits may be made using any of the following cryptocurrencies: Bitcoin, Litecoin, Ethereum, Dash, and Bitcoin Cash • Deposits can be made using any of the following currencies: USD, EUR, GBP, and many more
• A wide variety of flexible choices for making deposits, including bank transfers, Skrill, Neteller, and credit cards
• No minimum deposit
Availability as well as adaptability:
• Trading Available Around the Clock • Support Available Around the Clock
• A maximum leverage of 1:500
• Spreads beginning at 0.1
Providing you with the following measures to ensure your safety: • Negative Balance Protection • A wide variety of safe methods for making deposits • Client-separate accounts for your funds
Global community of those involved in trade:
• Competitors in the marketplace from over 130 nations
• Chart sharing directly into live shoutboxes and social media platforms • Live shoutboxes for the instantaneous exchange of opinions
Affiliate program with advanced features:
• Comprehensive data and high-level analysis • Up to fifty percent of the trading spread generated by your referrals, which may be negotiated on an individual basis • A set of marketing tools to help you grow your affiliate network
• Benefits that can be scaled and that last a lifetime
Address of the website: simplefx.com
The company may be reached at the following location: Suite 305 Griffith Corporate Centre Beachmont Kingstown, Saint Vincent and the Grenadines VC0100.
SimpleFX is an established exchange that provides traders with a Forex and cryptocurrency trading environment that is user-friendly and streamlined. The company was launched in 2014. If there is one thing that stands out about SimpleFX, it is the trading platform's ability to appeal to both novice traders and seasoned pros in an effortless manner. The platform is straightforward enough for beginners to grasp, while also providing plenty of tools for more experienced traders via its MT4 platform.
Additionally, SimpleFX is a truly worldwide platform, since it is accessible in more than 15 languages and supports a wide variety of currencies. In this review of SimpleFX, we will take a look at the trading platform and discuss its advantages and disadvantages, as well as how it compares to other cryptocurrency exchanges, in order to assist you in determining whether or not it is the appropriate exchange for your own personal requirements regarding cryptocurrency trading.
When looking at crypto exchanges, the user-friendliness and general atmosphere of their trading platforms are frequently the aspects that prospective account holders perceive to be the most crucial. As a result of this, our evaluation of SimpleFX included an in-depth examination of the trading platform and the tools that are provided by the exchange.
When we did our review, one of the things that immediately stood out was how user-friendly and straightforward the SimpleFX platform is. Even though there is a large selection of trading tools available, the user interface of SimpleFX is quite straightforward, which leads one to believe that the platform is intended to attract both novice traders and seasoned professionals. The trading platform also provides a large number of customization choices. Users have the ability to divide the panel into many charts, and they can also choose between a dark and light color scheme.
Since the platform has more than 200,000 active users at any given time, it experiences a trade volume that is rather large in comparison to that of its rivals. Because of this, in addition to the fact that its trading screen is straightforward, SimpleFX will be appealing to a diverse group of traders, ranging from inexperienced traders to high-volume pros. There is also the opportunity to use the MetaTrader4 platform, which is available for traders who have more expertise.
A mobile version of the trading interface is available, as our review of SimpleFX indicates as another perk offered by the exchange. Although it is a somewhat simplified version, it can easily compete with other mobile trading applications that are currently available on the market.
According to our analysis of SimpleFX, the platform is capable of supporting a large number of different currencies. Users that have a regular account can trade in a variety of fiat currencies, including as British Pounds, United States Dollars, Australian Dollars, Japanese Yen, and Chinese Yuan. You are also able to make deposits and withdrawals in fiat currency; however, it is unknown whether conversion rates would apply; thus, you should consult with your bank regarding this matter. SimpleFX allows customers to make deposits and withdrawals of fiat currency using a variety of payment options, including bank wire transfers, credit and debit cards, and e-wallets such as Skrill, NETELLER, AstroPay, and China UnionPay.
The site, of course, also gives you the ability to conduct transactions using your bitcoin holdings. Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Class, Litecoin, Monero, and Tether are all cryptocurrencies that may be used on this website. Our assessment of SimpleFX was glad to see that there are no costs associated with deposits or withdrawals; however, there may be fees associated with network transactions depending on the currency used.
The customer support center of the SimpleFX platform left a positive impression once we reviewed it. Even though there is no direct telephone service, this is very much the norm in the business these days, and SimpleFX makes up for it with its lightning-fast and highly effective chat service. Support through webchat is offered in three different languages: English, Spanish, and Portuguese. Help is accessible in English around the clock, Monday through Friday, and in the other languages between the hours of 14:00 and 22:00 local time. In most cases, the staff providing customer support replies in a very short amount of time, and there is very little time spent waiting to be connected to an agent.
Additionally, email support is offered in a variety of different languages. Even though this is a slower form of communication than chat, we discovered that responses were often made within a few hours. The customer support team has earned a reputation for providing individualized replies and working through concerns quickly and effectively.
In conclusion, SimpleFX provides its users with a detailed Frequently Asked Questions (FAQ) page, which may be of assistance when addressing more prevalent concerns regarding the utilization of the platform.
Because SimpleFX is not regulated at this time, some traders may naturally be put off by this. On the other hand, the exchange is rumored to be making the pursuit of regulation a top priority, and it is very possible that this may soon change.
During the course of our analysis of SimpleFX, we discovered that the platform makes use of a great deal of the industry-standard procedures that are designed to keep customers' personal information and cryptocurrency assets safe. SSL encryption and DDoS protection are both included in the website's security protocol. Users furthermore have the option of utilizing two-factor authentication, which provides an extra layer of protection. All of the transmissions that take place through the website are enciphered as well.
In addition, there are safeguards in place to protect your cryptocurrency. SimpleFX makes use of a technique known as a majority cold wallet, which means that the vast majority of bitcoin is kept offline and is hence safe from the influence of cybercriminals.
In the end, our analysis of SimpleFX came to the conclusion that the platform has stringent solvency standards. These criteria include the use of a cash reserve as a cushion against any unexpected drop in market value.
You are undoubtedly wondering, as you read through our evaluation of SimpleFX, which cryptocurrencies you will have access to in order to purchase and sell on the site. In this regard, we discovered that the system had a performance that was about par for the course.
SimpleFX provides a service that is above average in terms of its support for cryptocurrency transactions. This service enables customers to make deposits and withdrawals in the following cryptocurrencies:
Class Litecoin Bitcoin Cash Dash Ethereum Ethereum Class Ethereum
When it comes to making deposits and withdrawals, this is above average; however, our research of SimpleFX showed that when it comes to real trading, some of these currencies are not provided. This was discovered throughout our investigation of SimpleFX. At the time of this writing, SimpleFX only allows customers to trade Bitcoin Cash, Bitcoin, Ethereum Classic, Ethereum, Litecoin, and Ripple against the US dollar. Customers do not have the option to trade using Monero, Tether, or Dash. This comes as a bit of a surprise, and it's certainly something that might be considered a weakness for the platform, especially when considering the fact that it allows trading in over 170 different financial products. On the other hand, the possibilities for depositing cryptocurrency have lately been broadened, and it's not out of the question that SimpleFX will provide other trading pairs in the near or distant future.
The costs associated with utilizing the SimpleFX platform are an essential component of any evaluation of the service. SimpleFX does not charge any fees for the process of making deposits or withdrawals into or out of an account. However, there is a cost associated due to the fact that bitcoin transactions may trigger a network charge. Additionally, it is conceivable that the provider of the payment method you use for fiat money will add their own fees, although this will depend on the method you choose.
SimpleFX further provides commission-free trading, which, on the surface, appears to be an excellent feature. However, customers should be aware that the platform makes up for this feature by charging somewhat higher spreads than competitors do. For instance, the spread for the EUR/USD is reported as 0.9 pips, which places it somewhat higher than the average when compared to the spreads offered by competing platforms.
There is also the possibility of consumers racking up additional expenses. There are swap rates, for instance, that are applied to overnight leveraged situations. These may be found on the website and vary depending on the item in question. The last finding of our investigation into SimpleFX was that the broker imposes an inactivity fee of 3 percent, with a minimum penalty of $25.
When doing this assessment of SimpleFX, one of the most important questions we asked was, "In what jurisdictions is the platform available, and what restrictions, if any, are put upon accounts that are maintained in specific countries?" SimpleFX is truly a worldwide platform, as evidenced by the fact that it is supported in over 160 countries throughout the world. Because the website can be accessed in more than 18 different languages, traders from all over the world have the opportunity to use Simplefx as a trading platform. It is important to note, however, that although the platform is made available in a large number of countries, SimpleFX itself is based in St. Vincent and the Grenadines and is not regulated by any bodies in the jurisdictions in which it operates. This is despite the fact that the platform is made available in those countries.
Due to the regulations that are in place in the United States regarding trading, it is now impossible to use SimpleFX in that country. Additionally, it does not accept customers from the following countries: Algeria, Belgium, The Bahamas, Botswana, Cambodia, Cuba, Ecuador, Ethiopia, Ghana, Iran, Iraq, Monaco, Myanmar, North Korea, Pakistan, Poland, Saint Vincent and the Grenadines, Panama, Sri Lanka, Syrian Arab Republic, Trinidad and Tobago, Tunisia, and Yemen.
To reiterate, it is quite likely that SimpleFX will routinely evaluate its worldwide offering, and it is possible that countries may be vulnerable to change.
The next thing we are going to do in our review of SimpleFX is go over the many procedures that are required in order to actually trade on the site.
The first thing you should do is create an account for yourself. The procedure is really straightforward, and when you go to the website, you will find a button labeled "Create Account." If you click this link, you will be sent to a registration form that asks for little personal data but needs you to verify your email address with a link that is emailed to you. After this has been completed, you will be prompted to select a password before being allowed to proceed. If you intend to deposit or withdraw fiat cash, you will be required to undergo a Know Your Customer (KYC) procedure, which will call for you to provide evidence of identification as well as proof of address. If you are simply going to be utilizing Simple FX for cryptocurrency transactions, there is no need for you to finish this process.
After your account has been activated, you will need to put some money to it. After you have successfully logged in, navigate to the "Accounts & Deposits" menu, and then look for the "Deposit" option there. After that, all you have to do is pick the money you want to use and then follow the procedures that appear on the screen. If you intend to use SimpleFX with Bitcoin, for instance, you must first pick Bitcoin as your currency and enter the amount you wish to deposit before clicking the "Deposit" button. After that, the BTC address as well as a QR code will be provided to you so that you may finish the procedure. One hour is the maximum deposit time for cryptocurrencies.
You are free to begin placing trades as soon as the hold on your funds has been lifted. The in-house platform provided by SimpleFX is likely to be the ideal choice for individuals who are just starting out since it provides a plain interface that is simple to browse and is free from an excessive number of complex metrics. You may customize the information that is shown in the window on the left-hand side, where all of the trading pairs are presented, so that it best meets your needs. When you click on any of the different trading pairs, a variety of alternatives will appear. Some of these options include viewing the chart for the particular asset or making a "New Order." You also have the option of clicking the huge "New Order" button that is located in the bottom left corner of the screen. This will bring up the order form, which will be pre-populated with the asset that is now being charted. The form itself is really easy to understand; all you have to do is choose the units you wish to trade, provide any additional instructions (such as stop-loss orders), and click the "Submit" button.
When it comes to making withdrawals, the process is quite similar to, if not exactly the same as, making deposits. You only need to go to the "Accounts & Deposits" page, click on the three dots that are located next to the "Add Funds" option, and then select "Withdrawal" from the drop-down menu that appears. After then, all you have to do is follow the directions that appear on the screen.
Traders from all around the world have a high opinion of SimpleFX due to its trustworthy reputation. According to the evaluations left by previous customers and the overall feedback received, SimpleFX is one of the best cryptocurrency brokers for newcomers and more experienced traders alike. However, a large number of top-tier professionals have voiced their dissatisfaction with the lack of regulation on the platform as well as the rather remote area in which its headquarters are located. There have also been a few reports of users in some regions of the world experiencing latency when using the website; however, our review team was unable to verify whether or not this is in fact the case.
SimpleFX is a user-friendly platform that makes it simple for customers to begin buying and selling cryptocurrencies as well as a wide variety of other assets. Even if the absence of regulation could annoy some people, this is mitigated to some degree by the fact that the platform has a track record that demonstrates its dependability and security. It boasts an easy-to-use interface, but users also have the option to switch to the more advanced MetaTrader4 platform, which makes it a good choice for novice traders as well as those with more expertise. In addition to supporting a large number of currencies, SimpleFX provides its platform in a number of different languages. Because of this, it is particularly well-liked by merchants from other countries.
If you are thinking about becoming involved in the world of cryptocurrency trading, you should know that SimpleFX is a trustworthy platform that you should think about using.
In 2014, the SimpleFX broker made their debut in the foreign exchange market.
They are based in St. Vincent and the Grenadines. This highly-rated worldwide
platform offers a diverse selection of cryptocurrency pairs, trading across many
forex markets, and a number of different deposit and withdrawal options.
Even while the market is starting to get crowded in some parts of the world, it is still very difficult to find a free broker platform that offers such a large number of possibilities and is so simple to use. The Caribbean giant also offers digital solutions, staking, and other similar services to individuals who are looking for a platform that operates globally and facilitates a trade that is conducted in an orderly manner while also providing a variety of options for the exchange of one currency for another. On the almost seven-year-old site, there are a total of sixty different assets that users may trade for Bitcoin cash, Ethereum, US Dollars, Bitcoin, and other prestigious coins and currencies. However, before you begin trading with SimpleFX, make sure you read the following review first, since it contains all of the information you need to know about the broker in a single location.
Trading and exchanging between traditional assets and cryptocurrencies may be done on the SimpleFX platform, which is user-friendly and offers lucrative opportunities. These assets can be utilized for speculative trading, for investment purposes, and for the generation of substantial profits. SimpleFX stands out from other exchange platforms in the industry owing to the fact that it can be utilized across a variety of exchange marketplaces and features an intuitive user experience that is accessible across the board on desktop computers as well as mobile devices (through an app). The unrivaled convenience also includes an app that broadens the range of assets that can be traded through the SimpleFX broker. This brings the total number of available assets to include commodities.
The SimpleFX broker has also maintained a presence on social media, which allows consumers to keep up with the latest news or get in touch with one another. The worldwide CFD broker, also known as a contract for difference broker, is already accessible in over 160 countries, and the number of users has already surpassed 200,000. The company has also placed a strong emphasis on safety by using industry-standard precautions including two-factor authentication in addition to other features like negative balance protection.
The SimpleFX broker is not lacking in any features, which is an important quality. The combination of a wide range of features that outclass the majority of the segment's other offerings and the provision of a strategy for investing using both traditional cash and digital tokens is one that is difficult to find in the industry. Because many markets, like those for cryptocurrencies and commodities, operate at irregular or continuous hours, a SimpleFX account may be accessed at any time of the day or night. Nevertheless, here are some of the features of SimpleFX that you ought to be familiar with:
The platform gives customers the ability to trade with more than 12 indices, each of which is one of the largest in its particular industry (for example, the Nasdaq 100, Nikkei 225, WTI Crude Oil, etc.).
In addition to the many different indices that are supported by the platform, additional financial trading systems are included in the list of services that are offered by the SimpleFX broker. Currency conversion between a wide variety of fiat currencies used across the world and trade pairs involving crypto assets conducted via blockchain exchanges.
One of the benefits of working with commodities and cryptocurrencies is that it allows investors to invest across traditional and new financial systems.
The SimpleFX broker provides a unique benefit, which is the availability of an application for all of the most popular devices and operating systems. These numerous alternatives include an application for Huawei smartphones, which is compatible with iOS, Android, Windows, and Mac.
Forex traders have a lot of options to choose from, and this product or service that is offered by SimpleFX broker is one of the most popular ones. The MQL programming language is available to expert advisers through the user-friendly GUI-based interface.
SimpleFX is proud to provide a wide variety of services and products, in addition to the features and functions that have already been described above. These devices come with a sophisticated trading tool known as MT4, which allows experienced traders to make use of a variety of charts and the MQL programming language to create indicators. These indications may serve as a warning signal for potential risks in trade.
There is a service available for those who are interested in being associated with SimpleFX broker and would want the opportunity to earn up to fifty percent of the revenue share that may take place as a result of an individual being suggested to them or invited by them. Invites can be issued to users via a personalized URL, from which the users being referred can access the site and accept the invitations.
The trading perspectives provide a number of different choices. The users of the platform have the ability to add custom widgets to the platform, which continually lie over other apps and display a live piece of condensed and chosen information. This allows the users to keep an eye on the market. Widgets and apps, in a manner analogous to the trading service offered on the Internet, likewise support numerous languages. Some of the most up-to-date programming languages and development environments may be utilized in order to include the widgets into the websites. Affiliates have additional opportunities to make money using SimpleFX widgets such as these.
It should be noted that SimpleFX is not a licensed broker. It's possible that the platform's operation, which involves a variety of conventional and non-conventional marketplaces and exchanges, is one of the factors contributing to the absence of regulation. This operation makes the platform difficult to manage because it spreads across a lot of different places. Another option is the sheer size of the platform as well as its intention to test the waters of decentralized trade and financial systems.
Despite the fact that the SimpleFX broker is not licensed, the trading platform has kept its user-friendliness and trustworthiness while continuing to offer competitive trading costs. Demo trading is offered on the unregulated platform, which is both a respectable and welcome feature. Demo trading is a great way for new users to get acclimated to the SimpleFX platform, gain confidence in their ability to utilize the platform, and expand their technical knowledge.
Everyone who is interested in beginning trading with a SimpleFX broker is required to comply with the platform's terms and conditions, despite the fact that SimpleFX does not adhere to any of the restrictions imposed by external authorities. This is an additional consideration to bear in mind.
The Good and the Bad of SimpleFX:
Investors may access trading marketplaces provided by SimpleFX around the clock, and the 24-hour operation of exchanges like bitcoin is made possible by the worldwide scope of these markets.
The platform's activities are not supervised, despite the fact that there have been no complaints lodged against it up to this point; yet, the absence of a regulatory license does reduce the level of trust that users have in it.
Both cryptocurrencies and more conventional forms of fiat currency, such as dollars, can be used to make deposits on the platform. The available deposit methods change depending on the user's geographic region and are designed with the customer in mind.
Because it is registered in a far-flung nation, the SimpleFX broker does not fall under the purview of the majority of governments, even if there is no requirement that it be supervised.
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SimpleFX's trading platform supports the usage of the popular programming language MQL and allows for the incorporation of expert advisors in exchange for a minimum transaction volume. MetaTrader4 is one of the platforms supported by SimpleFX. MT5 may have been the perfect addition to any portfolio. Nonetheless, the most recent iteration of the trader is not yet available; however, it is possible that it will be included at a later point, but the likelihood of this happening is questionable.
Everyone may benefit from the diverse array of investing opportunities, which include foreign exchange (Forex), commodities, fiat currencies, and cryptocurrencies.
The procedure of creating an account with SimpleFX is exactly as straightforward and uncomplicated as the rest of the user interface. The standard sign-up procedure can be used to initiate the creation of a single SimpleFX account. Each and every account is able to make use of each and every financial instrument and trading instrument that is offered on the site.
People may also sign up for the service by using the accounts they currently have with other social networking sites, such as Facebook, Google, Twitter, or Apple. It is sufficient for individuals to send an email to their SimpleFX broker in order to begin utilizing their brand-new trading and investment instrument, which is both straightforward and very effective.
The option to "Create Account" is typically shown at the very top of the menu of a website or application that guides the user to the signup procedure for the service. Users can upload their data into this location through a variety of different systems. The consumers are welcomed with a straightforward user interface that has the capability of being viewed in both a "light mode" and a "dark mode" after the opening procedure has been completed and the credentials have been validated. This interface has the capability of displaying news TV or even saving trade ideas within the user's account on the site.
The goal of the SimpleFX broker is to give genuine adaptability for all users without requiring them to maintain several and separate account types. However, this is not the case with SimpleFX; each type of account has a purpose and usage that inspired its creation, and it comes with its own set of advantages and benefits that correlate to those purposes and usages. SimpleFX only offers one type of account, which may be utilized for trading across all of the company's supported websites and exchanges.
All individuals are required to utilize a trading solution that is one-for-all in order to sign up or open an account with a SimpleFX broker and then finish the KYC verification procedure that is required by the platform itself. Considering that there is only one type of account, it is necessary for that account to go through all of the steps. Because of this, the minimum trading size for foreign exchange is 0.01. The stop-out level for the account is set at 30 percent, and the margin call will occur when the level reaches 50 percent.
Having said that, there is an additional feature called a demo account. Even if this is not the same as a personal or corporate account, it is nevertheless beneficial to the users since it familiarizes them with the functionality of this user-friendly platform and the ways in which it may be used.
The platform for profitable investment and trading has been thoughtfully created with a number of built-in capabilities, and the UI has been updated accordingly. The platform offers a wide variety of personalization choices, such as bright and dark graphical themes for the user interface. In addition to these basic and broad customisation options, the trading platforms used by the SimpleFX broker include the ability to be programmed with indicators and expert advisors. The adaptability of the MQL programming language is included into MT4, often known as MetaTrader 4. The appearance of the platform may be altered to match the needs and preferences of the user in any way that is necessary or desirable.
Trading platforms offered by SimpleFX come with a selection of widgets that may be personalized, allowing the platform to be compressed into a more manageable size before being incorporated in websites. In addition to these highlights, the user interfaces of the platforms are very responsive and provide a positive experience for the user with each and every session. MT4 and the online trader are the two platforms and views of the SimpleFX broker that are utilized the most frequently. Other available platforms and views include mobile and desktop programs for the appropriate devices.
When it comes to large-scale investment and trading platforms like SimpleFX, leverages are frequently the component that ends up being the deciding factor. Some of the other rivals, such as OctaFX and FXOpen, have also been working toward the goal of improving the leverage available on their own systems. Users of the SimpleFX broker have access to a leverage ratio of 1:500 on their accounts. Because this ratio is so high, it suggests that the potential for loss is comparable to the potential for gain.
Even though there is protection against negative balances on SimpleFX, newbies are strongly encouraged to have a comprehensive understanding of the dangers that are involved with using such large leverages. SimpleFX has determined that a margin call of 50 percent is appropriate, and the structural list of margin calls is available on the Internet for easy reference. The highest leverage that may be applied in forex trading is 1:500. The leverage that can be applied in other forms of trading that are supported by SimpleFX broker may be different. The typical ratio for a few different cryptocurrency pairs on the site is 1:100.
In the same way that many other leading forex brokers do, SimpleFX makes an application programming interface (API) available for all of the publicly available data that it incorporates into its trading platforms. It is possible that the API, which is also known as an application programming interface, may prove to be a sophisticated and potent instrument for seasoned traders or developers who want to use the data provided by the API to make more informed choices in the market. The application programming interface (API) of the SimpleFX broker may be accessed using the widely used site for code-sharing known as GitHub. The architecture that underpins the API makes use of public and private keys, and users who "Pull" from the source code can adhere to the instructions that are outlined in the official release document that is hosted on GitHub.
Creating an API object with any name, modeling the data so that it corresponds to the object, confirming all permissions, gaining access to the token, and a few more technical procedures are included in the integration stages. Since the quotations and prices won't be able to update in milliseconds, they can't be immediately shared over the API itself either. There is, however, a workaround available in order to obtain the most recent prices that were detected during the update request stream.
SimpleFX has managed to keep its trading costs at a level that is very competitive despite the fact that it provides some of the most lucrative and alluring features available in the business. Although there are no commissions or other costs associated with trading using the SimpleFX broker, spreads are still a possibility. Spreads are distinct for each of the different indexes, and they are also subject to potential modification. Take, for example, the fact that the spread for EUR/USD is consistently around 0.9. When it comes to gold, the value reaches 0.17. In the official offering document for their services, SimpleFX has detailed all of the possible fees and exchange rates that may be applied to the transactions.
If an account with SimpleFX remains dormant for more than 90 days, the company will deduct an inactivity fee of at least $25 from the balance of the account. The contract includes this minimal cost for inactivity as well, and it is strongly advised that persons read the entire agreement very carefully until they completely comprehend it.
One of the many benefits of using SimpleFX is that it provides a wide variety of trading options. The trading app provides support for a variety of payment methods, which may be used for either depositing funds or withdrawing funds. The deposit options available at the broker include both traditional currencies and cryptocurrencies. The platform does not have a minimum deposit amount, and there is no fee associated with making a deposit. There are a variety of cryptocurrencies that may be used for deposits, including Ethereum, Litecoin, Monero, Bitcoin, Dash, Bitcoin Cash, and Ethereum Classic, among others.
The withdrawal experience with SimpleFX broker is as satisfying, despite the fact that it is more complicated. The leaves may only be done against the primary method of the deposit that was used to make the first purchase on SimpleFX. For instance, if individuals deposited cryptocurrencies, the only way for them to withdraw their cash would be after they had traded using the cryptocurrencies. These monies are not available for withdrawal in fiat currency or in any other form. Because of this, it is no longer possible to utilize the SimpleFX platform as a currency exchange, which would enable customers to simply trade their assets across other types of financial systems.
An affiliate program is available via SimpleFX, just like it is through a good number of other trading platforms in the business. Existing users of the broker have the opportunity to make money by making new users join the platform via the use of this program, which gives them the ability to invite new members. It is possible to request one of a kind people by using the invite link provided for each account.
In addition, SimpleFX offers a high rate of return for the customer who referred them. Affiliates have the potential to earn up to a fifty percent portion of the revenue generated by new users transacting on the site. This indicates that the returns would be ongoing and could become a secondary source of profits for the individuals if they invite multiple traders or a few heavy traders as the payoff depends on trade volume. Alternatively, the individuals could invite a few heavy traders and have them trade continuously.
SimpleFX, in contrast to other brokers, promises to have a transparent affiliate structure that is entangled with other parties that are not under their control. Snowballing revenue, the privacy of affiliates' data, and universal monitoring for referrals are some of the services offered by the affiliates.
The staking of assets is one of the many services that are made available by SimpleFX. Staking is the process of taking part in a transaction validation, and this process is available to participation from anybody who holds the minimum value required for staking on the chain. Staking may be described as the process of validating a transaction. Users of the site have the ability to stake their ETH 2.0 and, in comparison to other options, get significantly higher profits. The interest rates on bank deposits prior to the beginning of the staking process are almost nil.
On the investments that consumers make on the SimpleFX platform, the company offers something called "guaranteed interests." Potential return on investment for shareholders is up to 8.5% per year (approximately). Individuals have the opportunity to profit from an increase in the value of Ethereum tokens by using the SimpleFX platform to stake any amount they choose.
Because the staking on SimpleFX is based on ETH 2.0, there is also a way to hedge ETH funds using smart leveraged shorts. This is possible because ETH 2.0 is the underlying blockchain technology. The persons who are interested can register for a staker account, add or transfer ETH money, and then begin the investment process. On its platform, SimpleFX does not impose any fees for the staking of ETH2, which is an attractive perk for high-volume traders.
Even though there is no commission or trading cost associated with SimpleFX, traders on the platform are still responsible for clearing the spreads. The rates of spreads for the many different exchanges and commodities are competitive and on par with the pricing of spreads offered by SimpleFX's competitors. On SimpleFX, there are no set spreads since there is just too much variation in the options for there to be spread rates that are universal for all transactions. The spread for gold is 0.17, while the spread for the FTSE 100 is 1.3. The following are some of the other spreads offered by SimpleFX: LTCUSD -0.03, Oil -0.06, DJI -3,000, USDJPY -0.009, GBPUSD -0.00012, and BTCUSD -4.05. The vast majority of these spreads are either lower than the criteria set by the industry or are on par with those requirements.
In addition to the spreads, the swap rates are also relevant for the transactions that correspond to them. The swap rates that are displayed on the SimpleFX platform are an interpretation of the live market prices; the platform does not apply or enforce these rates in any way. Swap rates are comparable to other user fees such as network fees or gas prices in that they are used to maintain and carry user accounts.
The SimpleFX brokers make a large number of materials available to the users of the site, and these resources are frequently quite helpful. A beginner's guide to trading and investing using the platform as well as an explanation of how the markets function are included in the materials. The emphasis takes a simplistic approach in order to appeal to those who are unfamiliar with SimpleFX and bring them up to speed. In the event that the guide is insufficient to serve as a thorough tour, SimpleFX provides a number of lessons and videos via which users may learn about the platform as well as how to trade.
After the users have gained some level of comfort with the guide and the tutorials, they can begin by opening a demo account with SimpleFX. This account allows the users to trade and invest virtual money in a real-life simulation, as opposed to requiring the users to invest their own real money so that they can begin learning trading and investing from the ground up. These courses cover a wide variety of subjects, including news, updates, technical analysis, and other related topics.
SimpleFX, following in the footsteps of many other brokers, has introduced software for virtually all of the major platforms. A specialized application for each platform simply attracts a large user base that is able to utilize a natively created app that makes the most of the capabilities of the operating system and device while providing a user experience that is both responsive and smooth. The specialized programs may be downloaded on iOS, Android, Huawei, Windows, and Mac computers, in addition to the well-known MetaTrader 4 platform.
The majority of these programs strive to provide the same experience, ease of access, and convenience of a mobile or personal device without depending solely on browsers trade, therefore the features of the majority of these applications are comparable to one another. Each program has support for several languages, a bright and dark theme option, a responsive layout, and straightforward navigation.
SimpleFX is widely regarded as one of the most reputable brokers in the business for both investing and trading, and it adheres to the highest possible safety standards in this sector. Authentication based on a combination of factors, or two factors, is one of the approaches used for security. SimpleFX maintains the safety of customer cash by separating customer funds into separate accounts and using a bespoke technology called negative balance protection. Google Authenticator is also compatible with SimpleFX, and using it would be a simple method to add an extra layer of protection to the account sign-in process. Once it was activated, this safeguard would produce a brand-new verification code each time it was used.
The findings of each and every SimpleFX review point to the fact that the trading platform has been quite proactive in addressing the concerns of the vast majority of its customers. Reviews written by independent parties frequently note the helpful support team that stands behind the widely used investment platform. You may get in touch with the customer care team for the platform by sending an email or using any of the other social media handles or accounts the firm has. Additionally, SimpleFX features a vibrant community that is always ready to provide a helping hand to novice users. The Frequently Asked Questions area of the platform's website is where new members are encouraged to have their questions answered before beginning their trading activities.
It is possible to get the conclusion that SimpleFX is an unparalleled CFD broker, forex, and commodities trading platform in comparison to its competitors. Because it is an unregulated system with competitive rates and unfettered trading, the diversity of exchanges it offers is more than adequate to make it a great suggestion for any trader searching for a platform that can handle a wide range of transactions. SimpleFX does not cover all of the world's marketplaces since it does not have all of the DeFi projects; however, it does cover the majority of them.
According to a variety of internet and third-party evaluations, the SimpleFX platform is one that can be relied on as being both authentic and trustworthy. The business has not been the target of any attacks or investigated for any wrongdoing.
Users may withdraw cash from their SimpleFX accounts by navigating to the withdrawal part of the user interface, selecting the asset that they want to withdraw, and then entering the amount that they want to withdraw. Only the same method of payment that was used to make the initial deposit can be used to withdraw money from the account.
The SimpleFX broker gives customers a number of different choices for transferring money into their trading accounts. These solutions encompass both traditional cash and cryptocurrency in their entirety. Users can choose to add funds to their accounts using any of the supported deposit methods after successfully logging onto the site.
SimpleFX, like to a large number of other brokers, does not impose a minimum deposit amount. Users on the site are free to commit any amount of money that they see fit to their investments.
Sites like SimpleFX in the UAE
Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.