Unregulated

Comment

Saint Vincent and the Grenadines

2014-10-08

3.79

Website

https://simplefx.com

Rating Index

Software

6.64

Licensed

3.51

Risk Control

1.42

Experience

6.1

Institution

3.51

Industry Classification

Unqualified

Trading Platforms

Proprietary platform

Basic Information

Registered Region

Saint Vincent and the Grenadines
Operation Status

Abnormal
Operating Period

2014-10-08
Deposit Methods

Bank Transfer, Credit Card, E-wallets, Cryptocurrencies
Website

https://simplefx.com
Market Type

Foreign exchange
Support Languges

English
Main Business

Cryptos, forex, indices, commodities, equities, metals
Business Type

Financial services provider
Social Media
Contact Details

support@simplefx.com
Type of Accounts

Standard
Trading Platforms

Proprietary platform
Withdraw Methods

HKD (to Hong Kong banks)
Auto Trading

Not supported

Pros and Cons

Pros: Wide range of tradable assets; Demo accounts available; No minimum deposit; Live chat support. Cons: No regulation; US clients not allowed; Inactivity fees charged.

Company Background

SimpleFX, established in 2014 and incorporated in Saint Vincent and the Grenadines, provides a variety of CFD trading options and supports cryptocurrency trading. With a focus on a user-friendly experience, it has captured a niche in the online trading sector, appealing to traders looking for quick access to a diverse range of financial instruments. However, its lack of regulatory oversight raises concerns about investor protection.

Fund Security

SimpleFX operates without a valid regulatory license, resulting in a lack of investor protection mechanisms such as segregated accounts or compensation schemes. Funds are not insured, heightening the potential risks associated with trading. The absence of stringent safety measures raises concerns, especially for large investments.

Account Opening

Opening an account with SimpleFX is straightforward, requiring no minimum deposit. Traders can choose from a single standard account that allows access to all trading assets. The verification process is simplified, conducive for immediate trading. However, to trade cryptocurrencies, clients must navigate the associated platforms, ensuring that they are comfortable with the trading systems in place.

Trading Fees

SimpleFX offers a commission-free trading model, charging only spreads, which average around 0.9 pips for major currency pairs. However, clients face inactivity fees once their accounts are dormant for a specified period, which is set at 3% with a minimum charge of USD 25. Transparency in fee structures is essential for traders looking to maintain profitability.

Trading Instruments

Traders can access a variety of instruments including forex pairs, cryptocurrencies, indices, commodities, equities, and metals. While offering diverse trading options, there are no stocks or ETFs available, which may limit opportunities for investors looking for broader market exposure. Overall, the broker supports a wide range of financial instruments suitable for various trading strategies.

Trading Technology

SimpleFX utilizes its proprietary trading platform, designed for accessibility across web and mobile devices. Although lacking mainstream platforms like MT4 or MT5, it features essential trading functionalities, order types, and analytical tools. However, the platform's technological capabilities may not meet the demands of advanced traders accustomed to feature-rich platforms.

Research and Education

Educational resources are limited; while research tools are basic, the broker lacks extensive market analysis, webinars, or educational content. Traders seeking comprehensive learning resources may find SimpleFX lacking in providing valuable insights and training materials vital for skill development in trading.

Customer Support

SimpleFX offers customer support via live chat and email, enhancing accessibility. However, response times may vary; thus, users may experience delays during peak times. Language support is mainly in English, which may not cater to non-English speaking customers, potentially affecting overall satisfaction. A robust customer service framework is essential for addressing client inquiries efficiently.

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Rating Index

SimpleFX

Unregulated

Legal Environment

6.64

License Value

3.51

Risk Management

1.42

Investor Protection

6.1

Regulatory Policy

3.51

Software

Evaluates the regulator's legal foundation, organizational structure, leadership experience, and enforcement capacity. Focuses on whether it enforces strict regulations, maintains transparency and fairness, and engages in international cooperation and technological supervision.
Institution

Analyzes the regulator's policy framework, decision-making process, and enforcement transparency, including rule-making, internal control, and policy implementation effectiveness.
Licensed

Assesses the market value of the licenses issued by the regulator, including entry thresholds, compliance costs, approval duration, and overall global recognition and influence.
Risk Control

Evaluates the regulator's financial stability and risk management capacity, including budgeting, reserves, revenues, expenditures, and ability to respond to market or financial shocks.
Investor Protection

Examines the regulator's complaint-handling and investor protection systems, assessing fairness, responsiveness, and enforcement effectiveness in safeguarding investor rights.

Broker Ranking List

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Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

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