SimpleFX Review – Is it a Scam or Legit Broker (2021)

Information source:
The source of this information is the website and the broker's trading platform listed in the Web section of this review. The operator of this website does not verify this information and is not responsible for its accuracy, completeness, timeliness, truthfulness or the compliance of a broker with legal regulations. Please verify whether the broker is authorized to provide its services in your country of residence in accordance with the legal regulations that apply to its business.

In this SimpleFX Review, we are going to take a look at the offer that this broker prepared for its traders. SimpleFX operates on the financial market since 2014. When it comes to trading platforms, the broker features WebTrader and MetaTrader 4. The SimpleFX minimum deposit is 1 USD.

Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

Basic information from this SimpleFX Review

Operated by: SimpleFX Ltd.
Licensed and authorised by regulatory bodies:
Supported languages:English, German, Spanish, French, Italian and Portuguese
Customer support available via:E-mail, live-chat
Contact details:[email protected],
Available deposit methods:Bitcoin, Bitcoin Cash, BuyCrypto, Dash, Ether/Ethereum, FasaPay, Litecoin, Monero, Neteller, Skrill
Available withdrawal methods:Bitcoin, Bitcoin Cash, Dash, Ether/Ethereum, FasaPay, Litecoin, Monero, Neteller, Skrill
Minimum deposit:1 USD
Min. trade in lots:0.01
Spreads:Typical spread on the currency pair EUR/USD - 0,9 pips * on standard account type
Tradable assets:
Might be a CFD.
Forex (55), cryptocurrencies (10)
Mobile app: Yes
MetaTrader 4:Yes
Other trading platforms:WebTrader
Maximum leverage:

The maximum available leverage can be limited by local financial regulators or by international regulations, in such case, the displayed maximum leverage may not match the leverage you can actually trade with.

For instance, in the European Union, the financial regulator ESMA restricts the maximum available leverage to 1:30 when trading major currency pairs, 1:20 when trading minor pairs and commodities and 1:2 when trading cryptocurrencies. Similar restrictions apply in Australia and possibly in other jurisdictions.

Social trading:No

SimpleFX Fees (typical spreads)

We have scanned fees (typical spreads) that SimpleFX charges when trading popular currency pairs, here is their breakdown in pips.

* 0,9* * 1,1* * 0,9*

*Typical spreads were recorded on 17.01.2020 at 21:27 for the standard account. SimpleFX spreads in the table above serve as illustrative examples only as they for instance, may change according to the market conditions.

Random reviews of competing FX & CFD brokers: KDFXFund, Scope Markets , Amana Capital and C7Traders

Frequently Asked Questions

🧐 Is SimpleFX a Scam?

In accordance with our research, SimpleFX is an offshore unregulated broker. This alone does not mean it is a scam, but you should be even more careful with such a provider than with a regulated broker. In order to be sure that SimpleFX is not a scam, read our trader reviews and check other popular trading related websites and forums.

🆓 What is the SimpleFX minimum deposit?

In order to start trading with SimpleFX, you have to deposit at least 1 USD.

📵 What deposit and withdrawal methods SimpleFX supports?

SimpleFX allows funding your account via Bitcoin, Bitcoin Cash, BuyCrypto, Dash, Ether/Ethereum, FasaPay, Litecoin, Monero, Neteller, Skrill.

⚖️ Would you recommend me choosing SimpleFX?

We don’t have our own personal experience with SimpleFX. However, because it is a broker that in accordance with our research lacks any regulation, we would be quite sceptical if we were to trade with such a provider. While there is a decent chance that SimpleFX is not a scam, there is no reason to take the risk of trading trade with an unregulated broker, especially when considering there are hundreds of brokers regulated in the EU, Australia, Africa and the USA offering similar or even better trading conditions.

Should you be looking for a highly reliable broker featuring forex trading and CFDs, you can get your hands on our marketing broker IQ Option – 71% of retail CFD accounts lose money , which is a CySEC regulated company that allows trading from as little as $50 and charges highly competitive fees on all assets.

Broker Regulated by Regulatory agencies ensure that brokers operate in a transparent and honest way. They protect the best interests of clients and also feature an investor compensation scheme which protects trader´s deposits up to a certain limit. Some of the major regulators in the industry include the CySEC in Cyprus, the FCA in the UK and the ASIC in Australia. Min. deposit Trading platforms A trading platform is a computer or mobile software program used to execute transactions within the financial markets. Spreads Special features A list of features that provide a given broker with a competitive edge. Ad Disclosure The table below contains links to 3rd party websites of our top partners from whom we receive compensation at no additional cost to you.
CySEC FCA £/€/$ 200 In-house built platform 1.0 PIPs ¹
  • The World's Leading Social Trading Network
  • International support
Start tradingRead a review
CBIFSCAASIC £/€/$ 100 MT4 and MT5 0.9 PIPs ¹
  • International support
  • Long-established company
Start tradingRead a review
CySECFCA £/€/$ 1 MT4 & xStation 5 0.9 PIPs¹
  • Competitive spreads
  • Great customer support
Start tradingRead a review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

¹ Variable spreads, spreads recorded for the EUR/USD on 05.10.2021 at 11:42 GMT.

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