Controversial Forex Trading Platform
SimpleFX is a "simple" forex trading platform designed to give users the ability to engage in the trading of a myriad of commodities, forex products, financial instruments and other assets.
The service has been designed to provide as simple an experience as possible for traders (typically of the "mid" tier level) to profit from various financial markets...
Founded in 2014, the company boasts 90,000 active traders across 140+ countries.
Based in St Vincent & Grenadines, SimpleFX Ltd was set up by a number of traders who wanted to create a simple platform that was robust and cut out the frills & gimmicks of the majority of "platforms" today.
They work to provide forex exchange opportunities - including "crypto" & 60 currency pairs - to traders around the world. As some of their offering consists of CFD's (which are banned in the US), the system is only accepting users from
It must be stated that since they are based in the Caribbean, they are not regulated by any recognized oversight body, namely the SEC or CFTC in the US - or the FTC in the UK.
Irrespective of this, the business is registered as a "International Business Company" within St Vincent & the Grenadines, permitting it to open bank accounts, sell products and perform investment/trading activities.
If you're looking to start trading with SimpleFX, you need to understand that it's mainly aimed at people who are either just getting into the "trading" scene, or have been involved for a while, this is a good way to step up to the next level.
This review is going to examine the way in which the system is able to handle any of the ways in which users will be able to handle the "forex" or "crypto" markets.
What is SimpleFX?
Founded In 2014
The company was created in 2014 after its founders were looking for a much simpler solution to the forex world. SimpleFX was born as a result.
Located In St Vincent & Grenadines
Whilst this is obviously a means to siphon off tax responsibility, it means that the business is not regulated by any of the major regulators (FCA/SEC). This should definitely be a cause for concern if you are looking at using this and you're new to the FX world.
60 Currency Pairs & Assets
The system has a large array of currency pairs and other assets. However, this pales into insignificance when you realize that the likes of IG have access to 9,000+ financial instruments.
Supports "crypto" trading is fully supported (via CFD's), however only the top currencies are supported - Bitcoin, Ethereum, Litecoin, etc.
No Minimum Deposit
You're able to open your account with just $1. Typically, this is a bad sign as it means the service is heavily weighted towards massive leverage.
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As the name suggests, SimpleFX is a type of "simple" forex trading platform. Designed by users who wanted to create something that didn't have any bells and whilstles, it's become popular - especially with the "beginner" investor crowd.
The system has been created to provide users with the ability to remove any of the potentially unnecessary systems which may prevent users from benefitting from the market.
And although SimpleFX actually gives people the ability to manage their portfolio with MetaTrader 4, most of the systems you're going to use will do the same thing. This means - why would you be willing to risk your capital with a company which offers relatively little by way of protection, and has a very limited range of offerings.
We've found that if you want to make the most out of the "forex" market, it's not the platform that's important - it's what you do with it. Most people don't realize this, and end up jumping from different brokers (typically because of the fees or whatever).
However, once you look at the bottom line of all the systems, you'll find that the only thing that actually matters with them is whether they give you REGULATED access to a large number of markets, and how that translates into giving users the opportunity to make a profit from them.
SimpleFX is a good idea, but lacks the edge we've seen from the likes of Markets.com and IG. If you're looking at the system from the perspective of wanting to make profit with it, you really need to find the tool you feel most affinity for. Without this, you'll probably end up losing money with SimpleFX - as attested to by the large number of "negative" reviews of people who didn't realize they were buying on leverage (debt).
The main features of the system are to have a real-time trading interface with the ability to pick & invest into over 60 currency pairs & a range of other financial instruments.
Whilst it doesn't boast the largest number of assets, it does provide live support and a large number of information/educational resources to would-be traders. The following features should explain how it works more fully.
60 Currency Pairs
Whilst SimpleFX doesn't provide a lot of financial instruments (contrary to the likes of IG which support 9,000+), it does have a strong portfolio of forex options for would-be traders.
No Deposit Required
Only $1 required to open an account and commence trading. This is contrary to many of the platforms, which typically require at least $100/$200 to open an account. Whilst this might sound good, the reality is that lower deposits mean higher leverage (debt). Be careful.
Like most other tools, SimpleFX provides a mobile app on both Android and iOS - allowing users to access its system through their phone.
The most important thing to remember about SimpleFX is that it's designed to be simple - meaning that it has attracted a large number of users with neither the experience nor aptitude to make the application work effectively.
This has lead to a number of negative reviews online. Whilst the negative reviews are to be expected (financial service products typically attract either highly enthusiastic reviews, or wholly negative ones) - the system's plain and simple focus has created an unusual amount of animosity.
Ultimately, the system works extremely well to provide real-time insight into the various currency pairs etc. However, there is a definite lack in the support & backend infrastructure of the business; which if you compare to something like "IG" (with over 40 years' experience), it's relatively small.
The problem with SimpleFX seems to be a lack of activity from the company; leading many people to question its veracity. If you're in need of support or information about how the system is meant to work, the best recommendation is to move onto something such as eToro, which is just as simple and has a strong contingent of educational resources etc.
To this end, it's important to understand that whilst the platform is relatively effective, there are a number of problems that will typically lead it to a problem. Further, because it is not regulated, it's not covered by the many financial compensation schemes operating in the UK and EU.
This means that if you're looking for a tool that's actually going to give you a reliable way to profit from the system, you need to be confident in what you're doing.
Whilst the interface is attractive, and the various features are relatively simple to use -the most important point to make is that as a system, it's very unreliable... with most people ending up losing money and being unable to get it back out.
Again, because it's unregulated you have absolutely NO protection if anything happens (it becomes bankrupt for example). To this end, if you're looking at getting the service to a point where you'd actually have a decent amount of money in it - you need to be sure about what you're doing.
We give the system 2.5 / 5.
This is actually quite a harsh assessment, because the system itself is actually quite good.
However, if you're inexperienced, owe the broker money, or have any number of other issues - they are not very reliable at all. This is why we generally recommend people ignore the system and instead focus on using the likes of Markets.com or eToro (if you're a beginner).