SimpleFX
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4.0
Unverified company
simplefx.com
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International forex broker, working in the format of NDD, offers affordable trading conditions, demo account and affiliate program.
Forex broker
Website
Social media
Date of foundation
2014
Head Office
Griffith Corporate Center, Beachmont, Kingstown VC0100, Saint Vincent and the Grenadines
Types of support
Chat
Feedback form on the site
Help Center
Facebook
Instagram
Languages
Russian, English, French, Spanish, German, Korean, Chinese, Arabic
Terminals
MetaTrader 4 (PC, Web, Mobile)
Min. first deposit
From 20 USD
Broker fee
Yes
Lot volume
From 0.01
Leverage
To 1:100Floating, up to 1:500
Spreads
From 0.0001 points
Free Demo Account
Adjustable
Yes
Regulators
FSA22361 IBC
Types of accounts
Features of trade
International forex broker working in NDD format
Execution of orders
Instant Execution (precise execution)
Methods of replenishment
FasaPay, Monero, Neteller, Skrill, Crypto Wallet
Withdrawal methods
FasaPay, Neteller, Skrill, Crypto Wallet
Number of assets
180+
Types of assets
Currency pairs
Cryptocurrency
Indexes
Raw materials
Account currencies
More than 20 types of currencies
Mobile Trading
Has mobile apps (iOS / Android)
Weekend trading
No
Tournaments / contests
No
Trader training
Individual consultations, blog
Contract Difference Commission
Yes
Swaps
No
PAMM trading
No
Analytics
Yes
Margin Trading
Yes
Affiliate Program
RegistrationUp to 25% from referrals' profits
Benefits
Russian language support and account opening in rubles
NDD Trading
Mandatory verification
Affiliate Program
Demo account
Disadvantages
MT4 only
High leverage with small amounts on the balance
No loss coverage in case of platform failure
Liquidity providers are not specified
Complaints about requotes
Company requisites
Date of update
26.04.2022
Overall assessment
7.6/10

    SimpleFX is it a scam? Reviews and description

    9 June 2020


    SimpleFX - it is an international Forex brokerworking in the NDD format. The company appeared in 2014 and now operates in 160 countries, including Russia (about 200,000 traders signed up).

    The main direction is. forex tradingbut it is possible to trade in raw materials, indices, and cryptocurrency (about 180 or so assets in total). How trustworthy is this service provider? Is it trustworthy or is SimpleFX a scam? Let's study all the conditions, documentation, reviews and make our conclusions.

     

    Terms of trading with SimpleFX

    At SimpleFX there is no division into different account types - you simply open an account and choose one of the currencies: USD (American Dollar), AUD (Australian Dollar), EUR (Euro), CAD (Canadian Dollar), GBP (British Pound Sterling), CHF (Swiss Franc), JPY (Japanese Yen), CNY (Chinese Yuan), CZK (Czech Kroner), DKK (Danish Kroner), NOK (Norwegian Kroner), SEK (Swedish krona), PLN (Polish zloty), RUB (Russian ruble), SGD (Singapore dollar), ZAR (South African rand), BRL (Brazilian real), MYR (Malaysian ringgit), BCH (Bitcoin Cash), BTC (Bitcoin), DASH, ETC (Ethereum), LTC (Litecoin), USDT (Tether) or XMR (Ripple).

    SimpleFX is a scam? Reviews

    Several trading directions are represented: forex, indices, commodities, cryptocurrency (about 200 assets in total). Minimum deposit 20 USD/0.01 USDT, for crypto no restrictions. Currency pairs trading is conducted from 0:05 to 24:00 Moscow time Monday through Friday from 0:05 to 23:50 Moscow time. For CFD and Crypto the schedule is different. Minimum contract size (deal) - 0.01 pt. (1 point = 100 000 c.u.). There are no commissions - the company earns on spreads. They are floating: from 0.00001 pt. or higher depending on the pair. Leverage is available from 1:100 to 1:500. And here it's strictly tied to the amount on your balance (the less money you have, the higher the ratio):

    • Up to $5000 - 1:500.
    • From $5001 to $7000 - 1:400.
    • From $7001 to $10,000 - 1:300.
    • From $10 001 to $20 000 - 1:200.
    • From $20 001 to $30 000 - 1: 175.
    • From $30 0001 to $50 000 - 1:150.
    • From $50 001 to $100 000 - 1:125.
    • Over $100,000 - 1:100.

    That is, the company in any case receives a good profit.

    SimpleFX trading conditions

    But PAMM, Expert Advisors, auto-trading and other features are not available. Teaching materials on the site simplefx.com No, although you can read the blog on the features and news of the industry. All analytics - in MT4, which the company offers to work with. And a few videos on the peculiarities of working with the system in the private office. From the pluses: NDD (trading without a brokerage company), implying direct access to interbank, protection against negative balance, as well as instant deposit and withdrawal), the presence of an affiliate program, a demo account (forex trading training) and the ability to trade via the broker's mobile app.

     

    SimplFX platform

    SimpleFX works with MetaTrader 4 (MT4), represented by desktop and mobile versions. Main features:

    • Trade all major asset types.
    • 30+ technical indicators, more than 20 analytics objects (Elliott instruments, Gann, lines, channels, etc.).
    • There are four graphs in one screen.
    • 9 timeframes (1 minute, 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, 1 day, 1 week, 1 month).
    • Online chat to communicate with other traders and support.
    • Interactive functions (scrolling graphics, zooming, color scheme adjustment) and notifications (push, audio).

    This is one of the most popular terminals used by most brokers: it combines simplicity and functionality of the interface plus good performance.

    SimplFX benefits

    To access the full functionality of the platform, verification (confirmation) of identity and address is required. In the first case, you must upload a photo/screen of your passport, in the second - a screenshot/photo of the document, which clearly shows your name and place of residence (it can be a utility bill, bank statement, phone bill, etc.). The procedure is performed in the profile settings (opens by clicking on the avatar in the personal cabinet).

    simplefx.com trading platform

    Broker quotes

    SimpleFX provides quotes on 54 of the most popular currency pairs: AUD/CAD, EUR/USD, EUR/GBP, USD/JPY, etc. Since the output is carried out directly to the interbank, it is unlikely that the figures are "drawn". Nevertheless it has happened that brokers redirect the trader not to the market, but to other brokers, acting as intermediaries. Moreover, the company does not disclose its liquidity providers, which is quite suspicious. So the question with the rate remains open.

     

    Demo account simplefx.com

    If you are not ready to invest your personal funds into trading right away, and you plan to start with currency pairs with a deposit limit, you can open a practice account (demo account) and practice trading with "doughnuts" (unreal money). Later, you can connect a currency account from the same account.

    SimpleFX registration

    Creating a demo begins with registering on the site simplefx.com. Specify your email address and confirm it by clicking on the link from the letter you received (you have 24 hours to do this). Or authorize through social networks, giving access to personal page data. Then set a password. Switch between real and demo accounts by clicking on the account number in the upper right corner of the Cockpit. There are no restrictions on the number of "funnies" on the balance and time - you use the training version, until you get bored.

     

    Mobile application

    SimpleFX has its own mobile application, supporting devices on Android (downloadable from Google Play Market) and iOS (downloadable from the App Store in the Safari browser). The functionality here is the same as on the desktop - the only difference is the ability to trade, as they say, on the go. Users give it an average score of 3.6 out of 5. Traders' questions are related to technical aspects: problems with charts settings, slow startup, etc.

    SimplFX mobile app

     

    Bonuses at SimpleFX

    We did not find any bonuses in SimpleFX. The only thing that is offered - a referral program, which involves earnings from each new user you attracted to the exchange.

    Referral program

    To access the program, the broker gives you a unique referral link, which is placed on any resource available to you (website, blog, forum thread, chat, social network page, etc.), if it does not violate the law and the rights of others. Everyone who clicks on it and registers an account on the site simplefx.com is considered your referral. From his profits you will receive a percentage, which depends on the amount of income:

    • Up to $5 - 5%. Your status in the program is Bronze.
    • From $5 to $500 to 7%. Silver status.
    • From $500 to $5000 - 10%. Gold status.
    • From $5000 to $15 000 - 5%. Platinum status.
    • Over $15,000 - 25%. Diamond status.

    simplefx.com affiliate program

     

    Deposit and withdrawal

    The list of deposit and withdrawal options with SimpleFX depend on the country of user location. The following payment methods are available to Russian clients:

    • Cryptocurrency wallet (Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Tether ERC20 and Tether Omni). Crediting within 1 hour.
    • Electronic systems FasaPay, Monero, Skrill, Neteller. Instant enrollment.

    The minimum transfer in physical currency is 20 euros (and the equivalent of this amount in other currency units). For crypto there is no limit (exception is USDT, where the lower limit is 0.01). Commission is paid for you by broker. When receiving payments, everything is the same in terms of methods, but set:

    • Transaction processing fees by payment systems (1% for FasaPay, 3% for Neteller and Skrill).
    • Longer payment lines (72 hours for payment systems, 24 hours for cryptocurrencies).
    • Other minimums (10 USD, 0.001 BTC/BCH/DASH, 0.02 ETH/ETC, 0.005 LTC, 0.01 XMR, 2-10 USDT depending on method).

     

    Complaints about SimplFX

    The reviews of SimpleFX on many platforms are negative. There are also complaints about requotes, problems with withdrawals and the inability to contact the support team. Here it should be noted that many comments seem to us unconvincing: they look written to order and often contain information about the broker that does not correspond to reality (for example, the bankruptcy of the company or trading with Expert Advisors). And the lack of specifics (account IDs, details of trades, etc.. - In fact, we read only about the amount of deposit or balance size) is suggestive.

    SimpleFX reviews

    SimplFX reviews

    If there are any reviews of complaints about SimpleFX forex broker, we will be sure to publish the information in social networks. Sign up so you don't miss anything!

    Please keep yourself informed about news and complaints. We copy the most valuable information to social networks, so please sign up!

     

    The regulator of the broker SimpleFX

    SimpleFX Limited, the company that owns the platform, is registered in St. Vincent and the Grenadines, which means that it is regulated by the local regulatory authority (FSA St. Vincent and the Grenadines). The regulator has no public registry, so it is difficult to verify whether a license has actually been issued. In general, this jurisdiction does not inspire confidence in professional market participants.

    Simplefx.com User Agreement

    The SimpleFX User Agreement (Customer Agreement and Terms of Use), unlike the website and the Personal Area Interface, does not have a Russian-language version. Let's translate and analyze a few clauses of the document so that you can get an idea of it. So, point 6.3 says that in the absence of official bans from your side the company has the right to manage the funds in your account and pass them to intermediaries (other brokers, payment agents or OTC counterparties). Everything is regulated under the laws of Saint Vincent and the Grenadines.

    simplefx.com user agreement

    If you have not traded (deposits and withdrawals are not taken into account) for 6 years, your account is considered inactive, and money from it goes to SimpleFX Limited accounts. There is no physical delivery of currency. At any time you may be refused services (access to the platform) without being informed of the reasons (clause 7.7).

    SimpleFX platform access

    Transactions are made even if there is a conflict of interest: between different users, between the user and the company. You will not be held accountable for the profits from the processing of your transactions (point 9.3), unless this is an official requirement of the authorities.

    SimplFX deal making

    The Company also has the right to cancel any order if the rules of the agreement have been violated (clause 12.2).

    simplefx.com order cancellation

    Or when market conditions are unfavorable for it. And to close positions when the margin falls below 30%. When the client withdraws funds, the transaction takes up to 5 business days to process, if the following conditions are met (clause 15.3)

    • All the necessary information is provided.
    • The transfer is made to the account owner's details, not to third parties.
    • At the time of receiving the payment, the free margin exceeds the amount specified in the application.

    SimpleFX withdrawal of earnings

    The amount will be converted into the currency in which your real wallet account is opened. The exchange rate is internal. If you owe the company (which can happen if the exchange rate changes drastically or after all commissions have been paid), a forfeit of 4% of the balance will be charged for each day of delay in repayment. SimpleFX shall not be liable for your losses and damages arising from defaults due to reasons beyond its control, actions of third parties and malfunctions in the trading platform/terminal (clause 16.3).

    SimplFX Responsibility

     

    Is SimpleFX a scam?

    SimpleFX is regulated by the jurisdiction, which is not trusted by traders - Saint Vincent and the Grenadines. And in the trading and user conditions of the broker there are conditions, which speak more about the desire to make more money, rather than take into account the interests of clients:

    • Leverage, decreasing only on large sums (with a ratio of 1:500, set by default, there is a great risk of quickly "plummet").
    • The presence of requotes.
    • Lack of coverage for losses in case of platform/terminal failure.
    • High penalty for the formation of minus (debt) - 4% daily.

    In this case, an agreement can be terminated with you (or an individual trade can be cancelled) without giving any reason. On the other hand, the provider carries out obligatory verification of each trader and announces trading conditions before registration. And NDD-trading format gives less possibilities for cheating with quotes (although it does not exclude it completely). We cannot say that SimpleFX is a scam, nor can we guarantee the broker's integrity. In our opinion, it should be treated with caution and should be started with small deposits and without using leverage.

     

    Conclusion

    SimpleFX - The broker is ambiguous. There are many negative reviews about it on the network, sometimes too implausible (describing conditions that the company does not offer). And there is no regulation by serious regulatory authorities with respect to it. The policies and trading conditions give away the desire to make more money on each client. And yet this service has its own advantages:

    • Mandatory verification (protects your finances from theft by a third party who gained access to your personal account).
    • Nice affiliate program.
    • Ability to test the platform without investing by opening a demo account.
    • NDD-format trading, which implies less chance to "draw" quotes.

    As a result, we get a medium-level provider, but with a Russian-language site and personal account, which allows customers from Russia to work with them without problems.

    Trading tools and assets
    80%
    Withdrawal speed
    80%
    Broker fee
    80%
    Technical support
    80%
    4.0

    Отзывы

    • Broker SimpleFX has been active since 2014

      Broker SimpleFX has been active since 2014, and for all this time there have been a lot of reviews about it on the Internet. On foreign thematic resources the company has high ratings, and users rarely express their dissatisfaction. In the leaders of assessments of the broker — fast withdrawal and convenient platform. On the Russian-language profile SimpleFX received less positive feedback — the discussion participants complain about long execution times (5 and even 10 seconds), long support service responses and inflated spreads. But there are also absolutely opposite comments, where traders give the broker a high score for low and fixed spreads, responsive support and stable payouts. The reason for a mixed opinion may be the work of competitors as well as the human factor. It is important for us to hear your opinion about SimpleFX. Tell us how does the broker withdrawal process work? How fast does the support team process requests? Would you recommend SimpleFX as a trading platform?

      Reply to this review
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