SimpleFX Review: One-Stop Crypto and FX Shop

SimpleFX is an online trading platform that has been operating since 2014, providing traders access to a wide range of financial markets including forex, cryptocurrencies, indices, and commodities. With nearly a decade of experience in the global fintech space, SimpleFX has firmly established itself as a full-service brokerage supporting hundreds of financial instruments and over 50 payment methods.

Some key facts about SimpleFX:

  • Founded in 2014 and regulated by the Financial Services Commission (FSC) of Mauritius
  • Offers 200+ tradable instruments including forex, stocks, crypto, and more
  • Supports over 35 cryptocurrency payment options for deposits and withdrawals
  • Provides up to 1000x leverage on supported markets
  • Web-based trader platform dubbed ‘WebTrader’ launched in 2015
  • Native trading apps available for iOS and Android devices
  • Awards winner for categories like ‘Best Trading Platform’ and ‘Best Support’

With its wide-ranging offerings and innovative trading tools, SimpleFX has aimed to provide a ‘one-stop-shop’ for all types of traders and investors. But is it a legitimate and trustworthy platform? Let’s take a deeper look.

Pros:

  • Established 9-year history
  • 200+ total assets to trade
  • 19+ cryptocurrency pairs
  • Over 35 crypto payment options
  • WebTrader and native apps
  • Generous bonuses and affiliate programs
  • Incredibly low spreads and no commissions
  • 24/7 multi-asset market access

Cons:

  • Regulated in Mauritius, not major jurisdictions
  • Mobile apps lack full features
  • Higher risks for less experienced users

Regulation and security

While SimpleFX is regulated by the FSC of Mauritius, some consider this a ‘light-touch’ regulator compared to major bodies like Cyprus’ CySEC or the UK’s FCA. Nonetheless, SimpleFX takes security seriously with measures like negative balance protection, bank-grade encryption, two-factor authentication, and segregation of client funds.

The platform also undergoes regular third-party penetration testing and employs a ‘majority cold wallet’ system to keep the bulk of cryptocurrency holdings in secure offline storage. Overall, despite its offshore regulation, SimpleFX’s focus on security offers traders reasonable protection of their funds.

Image: Trading Interface of SimpleFX

Trading tools and platforms

SimpleFX’s flagship WebTrader platform is quite robust, featuring advanced charting, order entry, and streaming market data all optimized for web, desktop, or mobile. The platform aggregates live prices from top liquidity providers and executes trades in a flash. SimpleFX also offers custom versions of the popular MetaTrader 4 and 5 desktop platforms for forex traders.

In addition to WebTrader, SimpleFX provides native iOS and Android mobile apps for on-the-go trading. These leverage the same functionality as WebTrader in an intuitive mobile interface. For advanced automated strategies, SimpleFX also offers a REST API and allows expert advisors for the MT4 platform.

Image: Mobile Application of SimpleFX

Supported markets and assets

Traders at SimpleFX have exposure to over 200 tradeable assets across forex, stocks, indices, commodities, and cryptocurrencies. The platform offers around 60 currency pairs, backing from top liquidity providers, and allows trades on major cryptos like Bitcoin, Ethereum, and XRP.

Traders can also access global stocks from major exchanges, commodities like gold and oil, as well as indices tracking Wall Street, Europe, and emerging markets. Plus SimpleFX regularly adds new markets based on demand.

Payment options and funding

When it comes to funding your SimpleFX account, over 35 cryptocurrency options are supported for both deposits and withdrawals. This includes top coins like Bitcoin, Ethereum, Litecoin, Dogecoin and more.

Beyond crypto, fiat deposit/withdrawal choices include international bank wire, debit/credit cards, PayPal, and Neteller. Minimum deposit amounts start at zero and there are no inactivity or maintenance fees. Withdrawals are usually processed within 1 business day for crypto and 3-5 days for wires. Overall the platform’s diverse payment mix caters to both crypto-savvy and traditional investors globally.

Trading conditions and costs

SimpleFX stands out by offering commission-free trading across all supported markets. The platform generates revenue solely from spreads and overnight holding swaps – there are no hidden charges or fees ever imposed on traders.

Standard trading accounts at SimpleFX allow leverage ratios ranging from 2:1 up to 500:1 depending on the asset. Plus the maximum 1000x leverage makes it excellent for advanced day traders. Variable spreads start from 0 pips on forex, while crypto trades carry average spreads of 0.15-0.4% based on liquidity.

For positions held overnight, SimpleFX credits or debits swaps at specified rates based on interbank interest. Overall trading costs are quite appealing compared to fees levied by many brokers dominating the space.

First Deposit Bonus

SimpleFX is offering a special First Deposit Bonus for traders who are new to the platform. It is available for every first deposit on each Live account. This means users can create multiple Live accounts to keep taking advantage of the bonus. This allows new users to get a higher balance in the first minute and start opening trades. The bonus for the first crypto or fiat deposit is as follows:

  • Deposit $100 or more and receive a $20 bonus
  • Deposit $250 or more and receive a $50 bonus
  • Deposit $500 or more and receive a $100 bonus
  • Deposit $2,000 or more and receive a $500 bonus
  • Deposit $10,000 or more and receive a $2,500 bonus

Other features and program

SimpleFX seeks to engage traders through various promotions and rewards programs. The generous affiliate plan allows earning up to 50% lifetime commissions on client trading volume. Another popular offering is the Ethereum Staking product that pays daily interest via smart contract.

Traders also gain access to ample educational resources like webinars, articles, and reading material directly on the SimpleFX website. Free demo accounts provide unlimited practice capital to develop winning strategies risk-free. Rounding it out is 24/5 English support through phone, email, and live chat.

Feature SimpleFX
Min. Deposit $0
Max Leverage 1000:1
Spreads (Forex) From 0.1 pips
Fees No commissions
Supported Countries Global excluding US
Platforms WebTrader, Mobile Apps
Instruments Over 230 choices
Education Basic tutorials included
Customer Support 24/5 English
Trading Tools Advanced charting, indicators

Final thoughts on SimpleFX

While offshore regulation remains the biggest question mark, SimpleFX has built one of the most trader-friendly ecosystems across fintech platforms. It scores high marks for offering zero fees, high leverage, countless assets, and a payment mix focused on digital coins.

SimpleFX continues innovating with initiatives spanning crypto rewards, educational tools, and social features. For experienced or beginning traders, it can easily service all needs with advanced or streamlined interfaces. Given its heritage, security practices, and pro-trader approach, SimpleFX definitely qualifies as a viable trading broker.

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