What is SimpleFX?
SimpleFX is an online brokerage firm that has been in operation since 2014. The exchange, also known as SimpleFX Ltd has a head office in St Vincent and the Grenadines. SimpleFX does not only provide its customers with Forex trading, but also with CFDs, Indices, Metals, Energies, and Cryptocurrency.
Over the years, its aim to making trading online as easy and simple to use has attracted over 200,000 clients from over 160 countries across the globe. With its primary focus on keeping the trading process very user-friendly, SimpleFX is a well-known broker for many beginners to start in. In addition, SimpleFX has grown even more in popularity for its highly-competitive spreads.
Below, we will look into a more in-depth look into the offerings and operations of Windsor Brokers and see whether the exchange still lives up to its reputation as well as some of its pros and cons.
SimpleFX: Services and Offerings
While UFX offers the following services to clients residing in almost any part of the globe, some offers may differ depending on the location of the client. Furthermore, clients residing in the United States may also not be able to gain full access to its services due to legal restrictions.
• Trading Instruments
SimpleFX currently offers its clients a decent variety of financial instruments to trade with, including 60 currency pairs (major, cross, and exotic pairs), 8 cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Dash. In addition, SimpleFX offers various indices, metals, energies, and CFDs.
• Account Types
SimpleFX currently has only one account type that offers multicurrency trading where clients can trade with a maximum leverage of 1:500. Opening a SimpleFX account does not require a minimum deposit and traders can open up to three live accounts for each currency. Clients can trade with variable spreads starting from 0.1 pips.
In addition, a free demo account can be opted for in order to try out SimpleFX’s trading platforms with virtual funds in a risk-free trading environment.
• Trading Platform
SimpleFX uses its proprietary trading platform called the SimpleFX WebTrader, a unique, user-friendly platform that is accessible through most web browsers and is additionally available for iOS and Android smartphones. It features a streamlined, easy-to-understand user interface coupled with a vast array of advanced trading tool makes this trading platform an ideal choice for both novice and seasoned traders. SimpleFX WebTrader comes with advanced, in-built technical indicators and charting tools that can help clients to conduct detailed technical analysis.
Simple FX also implements the use of the MetaTrader4 (MT4) trading platform. MT4 is one of the leading trading platforms in the industry, most notable for its easy-to-use interface, lightning-quick execution time, and flexible customizability. It features real-time market quotes as well as over 80 pre-installed technical indicators, charting tools, and automated trading options, among its other features.
• Payment Options
Payment options include credit/debit cards, bank wire transfers, and online payment services such as Neteller and Skrill. Deposits and withdrawals can also be done with cryptocurrency.
Withdrawals are usually processed within the same day, though it could take more if requests are done outside of business hours. Bank transfers usually take one to three business days to process, though some options can take a few seconds.
There are no fees for deposits; however, bank processing fees may apply depending on which service has been chosen. Online payment services may charge additional fees for deposits or withdrawals.
Most of the details is often subject to change and can be found in broker’s official website.
SimpleFX: Is it safe?
As of writing this, SimpleFX unfortunately is not a regulated broker, not making it an ideal choice to begin with. Registered in St. Vincent and the Grenadines, SimpleFX is part of the Registrar of International Business Companies (IBC).
Not being regulated by an authoritative financial entity basically means that your funds may be at risk since the broker’s operations are usually unmonitored and therefore, might not be up to industry standards. Also, holding regulatory licenses from a reputable entity guarantees much more in terms of security and best interest. Most well-known regulatory bodies are those like the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investment Commission (ASIC).
In conclusion, SimpleFX definitely lives up to its company name in providing an easy-to-use and streamlined online trading experience, especially for those new to online trading. It has a decent amount of educational materials for those who are just starting out and its funding options are some of the most flexible in the industry.
However, when compared to most online brokerages, SimpleFX may not have the most competitive spreads offered. In addition, SimpleFX does not have a wide variety of financial instruments to trade with, hindering most to build an organically diverse portfolio.
One of the main reasons why SimpleFX may not be an ideal choice from the beginning is due to its lack of regulation, which puts clients’ funds and best interest at risk. In conclusion, there are many online exchanges out there that feature streamline interfaces that hold much better regulation. Therefore, it is recommended to check other online brokerages that have regulatory licenses from a much more reputable financial entity.