SimpleFX Review 2022: Is The CFD Broker Legit & Secure? (Pros & Cons)

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Pricing
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Features
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Support
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User Interface
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Trading Bot
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Mobile App
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Reliable

Pros

  • Constantly updated WebTrader
  • $ 2,500 incentive on the first deposit for all active accounts.
  • Simple registration procedure.
  • Two-factor authentication provides an extra degree of protection.
  • There are no commissions or fees.

Cons

  • USA citizens are not allowed to trade on SFX and they must use VPN

SimpleFX, as a business, offers a user-friendly and profitable platform for trading and converting between fiat and crypto-assets.

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Here in this article, we will be telling you all about SimpleFX Review 2022

Trading and investing can be daunting, especially if you’re new to the game. The markets are constantly changing, and it’s hard to keep up with all the news and information. It’s easy to make costly mistakes if you’re not armed with the proper knowledge.

SimpleFX is the perfect app for trading and investing on the go. With SimpleFX, you can trade stocks, currencies, indices, and commodities CFDs in a simple, user-friendly interface. Plus, their app offers tight spreads and no commissions.

SimpleFX Review: What Is SimpleFX?

SimpleFX, as a business, offers a user-friendly and profitable platform for trading and converting between fiat and crypto-assets. These assets may be used for speculative trading, investments, and the generation of substantial profits.

SimpleFX distinguishes itself from other exchange platforms in the industry by offering a user-friendly interface for both computers and mobile devices (via an app) on a global scale.

Its versatility in terms of its application to various exchange markets and its accessibility on both computers and mobile devices (via an app) make it stand out.

SimpleFX review

In addition to a mobile application that adds commodities to the list of assets that compose the SimpleFX broker’s strength, the broker’s unrivaled ease of use contains several other advantageous features.

The SimpleFX broker has also maintained a social media presence that allows consumers to keep informed and communicate. The worldwide CFD (Contract For Difference) broker is accessible in over 160 countries, and the number of users has surpassed 200,000.

Additionally, the company has prioritized security by implementing industry-standard procedures like two-factor authentication and other features such as negative balance protection.

How Does SimpleFX Work?

SimpleFX MT4 is incredibly intuitive and user-friendly. This makes the brokerage ideal for novice investors. Its UI is very responsive and provides a pleasant user experience throughout each session.

SimpleFX provides several investing alternatives and automated services. Unfortunately, there are no third-party plugins that might enhance its functionality. Consequently, people who prefer manual trading may find SimpleFX WebTrader a superior alternative.

In addition to enabling users to modify it according to their tastes, the platform has a variety of embeddable widgets that may be customized.

Unfortunately, SimpleFX MT5 does not exist, and the broker has no plans to provide it in the future.

SimpleFX’s apparent dedication to newbie traders is an enormous benefit. The broker includes video and blog training, live help and step-by-step directions, and a comprehensive FAQ area where consumers may get answers to any concern.

Major Features and Benefits of SimpleFX

1. Accounts –

  • No minimum deposits: Commence trading with any sum, regardless of whether you want to invest $ 1 or $ 1,000. Their objective is to make trading accessible to everyone.
  • Multicurrency Accounts: Deposit and withdraw Bitcoin, other cryptocurrencies, and any of their 15 base currencies. Exchange spreads and commission costs are not worth your time and money.
  • Lucrative affiliate program: See an opportunity in the price fluctuation of any instrument? Utilize the maximum amount of leverage available. Don’t miss your chance!

2. Markets –

  • Trade 24/7/365: They provide instruments that permit trading 24/7! You may trade typical currency pairings, indices, and precious metals throughout the week. Weekends are available for trading bitcoins on continuously fluctuating marketplaces. Cryptography never rests!
  • Spreads from 0.1: Their responsibility is to maintain spreads as minimal as feasible. Due to their superior technology and liquidity sources, they provide spaces that may be as low as 0.1 during times of high liquidity.
  • Crypto, forex, and indices: They provide an extensive selection of indexes and precious metals for trading. The world’s resources are in continual flux, and there is always an opportunity to benefit by trading during global events.
  • 60 currency pairs: They provide over 60 currency pairings, including unusual instruments such as the Turkish Lira, South African Rand, and Israeli Shekel, in addition to 8 cryptocurrency pairs, such as Bitcoin, Litecoin, Ethereum, and Dash. There are currently 18 Cryptocurrency symbols to trade on SFX.

3. Trade on Any device –

  • No trade commission: Their package includes a MetaTrader4 account with access to various trading tools, including expert advisors, trailing stops, multiple closes, and no limit levels. The mobile version may be downloaded from their website.
  • MetaTrader 4: In addition to a working web trader, their offering includes a MetaTrader4 account that enables trading on one of the most well-known trading platforms in the world. There are no constraints, and you can employ tools like an expert adviser, trailing stop, multiple closes, and no limit level. Mobile versions may be downloaded from their website, allowing you to trade and monitor your investments whenever and anywhere you wish!
  • Fast execution: No delays and minimal latency are just two of the many fantastic qualities offered by their company. Thanks to their London-based LD4 Equinix server, you may anticipate the quickest possible execution time. Equinix is the world’s biggest IBX data center and colocation service provider, delivering the best application performance and lowest latency routes globally.
  • API Manager: Forget about dealing desk or requotes. Their technology is automated, so you will never lose out on a lucrative business due to unproductive rejections. Modern technology maintains continual stability to avoid market instability.

4. Security –

  • Fast and secure transfers: Your deposits are made under the careful supervision of their encrypted system, which ensures the security of your financial transactions on their website and prevents any illegal activity. Your personal information is stored on secure offline servers and is not utilized for inappropriate reasons. They make every effort to safeguard your finances and identity from falling into the wrong hands.
  • Secure Funds: The protection of client cash has always been a top priority for them. Protection and security have always been integral components of their way of thinking. They adhere to this tight standard so that they may process withdrawal requests at any moment. With them, your money is secure.
  • Two-factor authentication: Add a second layer of authentication, which is an easy and trustworthy way to safeguard your account and assets. When you activate Two-Step Verification, you add layer protection to your account since passcodes generated dynamically are safer than static login credentials.
  • Negative balance protection: Negative Balance Protection is provided for your trading security and sense of safety. It is a function that allows us to cancel your transactions to prevent your account from going into the red.

5. Affiliates –

  • Simple Cookie-based System: Every aspect of the SimpleFX partnership program is transparent. Using an open cookie-based approach, they monitor the transactions and suggestions created by your network.
  • Protect Affiliates’ Data: The SimpleFX affiliate platform offers you access to the lifetime transactions of your referrals. However, all data is completely anonymous, allowing you to manage your revenue without compromising your privacy.
  • Universal Tracking: Using transparent third-party affiliate software, monitor the transactional data of your partners in real-time. Determine their daily income contribution and enhance your network’s efficiency.
  • Snowballing Income: Receive up to 50 % of the revenue share created by each customer you refer to SimpleFX, plus 5 % of the income generated by the traders your referrals suggest. View each transaction and maintain income management.

6. Community –

  • No registration is required to test the platform: Their website is accessible without registration. Everything you see is interactive, so you do not need to spend time registering if you merely want to check out their offerings.
  • Easy sign-in/up with Facebook: Integrating your Facebook or Google+ account allows you to sign in with a few clicks, making registration quicker and faster. They would like to urge you to follow their fan sites, where you can always discover a wealth of advice and current global events-related information.
  • Signal trading between all MetaTrader 4 brokers: If you have no trading strategy, you may always look at the activities of other brokers. You may learn from other investors by following their techniques and observing their actions, allowing you to make conclusions.

7. Lightning Network Payment Feature:

  • Quicker Option

When Bitcoin and Lightning work together, they generate a reinforcement loop. Given layer-2’s emphasis on micropayments, LN will naturally attract people to Lightning, which will increase the frequency of Bitcoin usage.

The more straightforward it is to send inexpensive and quick payments with bitcoin using Lightning, the more people will use Bitcoin, thereby accelerating its adoption as a medium of exchange.

  • Low-cost transactions

On a more technical level, the Lightning Network aims to create a decentralized system that enables near-instantaneous, low-cost global transactions.

The system employs smart contracts and multi-signature scripts to achieve its objective.

When one or both parties submit money via a funding transaction, a channel is financed. In a typical multiple-signature transaction

  • No Signatures Exchanged

Signatures are not exchanged when a lightning node is present.

This is to prevent the primary blockchain from recognizing expended financing transactions.

Instead, a single key is generated and shared between the parties so that they can independently verify spending transactions (also known as commitment transactions).

  • Secure

On a Lightning Network, the two parties may conduct an infinite number of commitment transactions and interactions with other nodes. When the channel between them is severed, only then do they exchange master keys.

 

7. Stake and Trade Features: 

  • Build a better ETH ecosystem: By staking your Ethereum, you earn while assisting the ETH community in securing the network and implementing a landmark cryptocurrency upgrade.
  • Earn interest: Individual staking needs specialized knowledge and expensive infrastructure. They handle the situation. With a few clicks, you may stake your ETH and watch your money grow.
  • Use the staked funds for trading: Invest in the staked currency. Trade stocks, FX, gold, and cryptocurrencies. Protect your ETH holdings with savvy shorts.
  • Profit from the rising Ethereum price: The price of Ethereum may fluctuate, but the price of the cryptocurrency should continue to rise as its popularity grows.
  • Stable Interest Earnings from your ETH deposit: ETH is the core of the majority of Defi initiatives. ETH 2.0 provides a high guaranteed APR, however, your native currency’s actual interest rate is negative.
  • No fees and no minimum deposits: The price of Ethereum may fluctuate, but the value of the cryptocurrency should continue to rise as its popularity grows.

 

8. First Deposit Bonus: 

I was saving the best for the last.

An Instant $ 2500 Bonus for Your First Depo

The first investment is rewarded with a bonus. We will credit an additional $ 20, $ 50, $ 100, $ 500, or even $ 2,500. The larger the bonus, the greater the deposit.

This offer is accessible for fiat and cryptocurrency accounts and is computed in USD equivalents; ETH 2.0 accounts are not eligible.

The funds are deposited into your trading account, thereby raising your margin. Each week, a portion of your bonus will be added to your account balance alongside your normal trading profits.

After making a deposit to a new LIVE account, go to the Accounts section of the SimpleFX app to see the entire amount available for trading, including the bonus.

The greater the initial deposit, the greater the bonus. Remember that you won’t be able to withdraw the bonus at first. After earning sufficient trading volume on this account, you may proceed. The current status of your bonus may be seen in the “Withdraw” box.

Maximize the situation. Use it to recruit other affiliates to spread the word about SimpleFX’s $ 20, $ 50, $ 100, $ 500, and $ 2,500 incentives.

Don’t forget, though, that if you withdraw your initial deposit before the bonus has been converted to your normal account balance, you may forfeit a portion of your bonus.

 

SimpleFX Trading Fees

The brokerage is proud of its commission-free trading. However, extreme caution is required in this regard since some transactions incur fees that are slightly greater than those of their rivals.

For example, the EUR/USD spread is 0.90, although other brokerages advertise lower fees.

In addition, several SimpleFX evaluations indicate the significant swap charges that might be incurred on overnight leveraged positions. For example, the exchange rate for the USDC/NH pair is -116.35, while the rate for EUR/USD is -5.88.

SimpleFX Trading Fees

Using a different forex broker, the swap rate for this pair would be about 5. Regarding indices, the costs are around 1,3 pips, while fees for precious metals (gold in particular) are 0.17 pips.

However, be wary of the non-trading costs. There are no upfront costs. However, SimpleFX costs $ 0.5 for withdrawals. In addition, an inactivity charge of 3 percent or a minimum of $ 25 applies.

SimpleFX: Deposits & Withdrawals

SimpleFX does not demand a minimum deposit. Depending on the deposit type, you may deposit as much or as little as you want, and your cash will be accessible within up to an hour. BTC, for instance, is instantaneously accessible. Similarly, no deposit fees are levied.

Withdrawals from SimpleFX are executed within 24 hours if you use an electronic payment method, cryptocurrency, or credit card. Wire transfers need an additional three to five business days. Remember that with SimpleFX, the deposit and withdrawal methods must be exact. You may fund or withdraw money from your account via wire transfers, credit cards, and electronic payment methods.

 

Do I Have To Verify My Account with SimpleFX? 

SimpleFX does not need account verification if all deposits are made using cryptocurrency. However, if you are depositing using a fiat currency, you will be asked to complete a KYC to comply with the broker’s AML regulations.

You must provide complete identification and proof of residency to complete the verification procedure. Like other broker platforms with verified accounts, SimpleFX will demand a government-issued picture ID and an address verification document.

The account verification procedure should not take more than 48 hours, and you will be contacted when it is complete.

Is SimpleFX Regulated?

The broker SimpleFX is not regulated. One of the reasons for the absence of regulation may be the platform’s functioning, which is comprised of several traditional and non-conventional markets and exchanges that are difficult to control.

Another explanation is the platform’s massive size and its intention to test the waters of decentralized financial and trading systems.

Even though the SimpleFX broker is not regulated, the platform has maintained a user-friendly, trustworthy, and low-cost trading system.

The unregulated site also offers an excellent and commendable demo trading system. Demo trading may assist new users in getting acquainted with how SimpleFX operates and gaining confidence in their use and technical expertise.

A further consideration is that, even though SimpleFX does not adhere to any external rules, the platform’s terms and conditions must be adhered to begin trading with a SimpleFX broker.

Is SimpleFX an Authorized Company?

SimpleFX is a broker without a license. Another reason for the lack of regulation may be the platform’s operation, which distributes several conventional and non-conventional marketplaces and exchanges, making code difficult.

The platform’s sheer scale and ambition to test the waters of decentralized banking and trading platforms are further factors.

Is SimpleFX an Authorized Company

Even if SimpleFX is not allowed, the site has maintained its user-friendly, trustworthy, and low-cost transaction fee trading platform.

The unlicensed site also provides a good and commendable demo trading way. Demo trading may help new clients familiarize themselves with SimpleFX and gain confidence in their application and technical skills.

Notably, while SimpleFX does not comply with any external regulations, the platform does have some terms of service and conditions that must be adhered to by anybody dealing with a SimpleFX broker.

Who Is SimpleFX Best For?

Are you a novice trader seeking a brokerage that won’t frighten you? Or are you a seasoned investor looking for a platform that enables you to trade FX, cryptocurrencies, stocks, and indices?

SimpleFx is an excellent solution for novice traders and seasoned investors who choose basic platforms such as MetaTrader 4. Because SimpleFX’s leverage is 1:500, it is also ideal for individuals who want to invest with power. In other words, traders will get $ 500 for each dollar of their money.

In addition, SimpleFX is an excellent match for multicurrency traders and crypto owners who wish to invest in cryptocurrencies. SimpleFX is ideal for traders and investors who want to avoid the KYC process and join up using just their email address.

It cannot be emphasized enough that investing is fraught with danger. Due to the potential of losing their entire investment, novice traders should avoid it.

SimpleFX Pros & Cons

SimpleFX Pros

  • Constantly updated WebTrader (compatible with all browsers) and native iOS and Android applications.
  • On community.SimpleFX.com, users may submit suggestions, and the development team will add new features.
  • $ 2,500 incentive on the first deposit for all active accounts.
  • Users can trade on any device. SimpleFX offers iOS, Android, and AppGallery (Huawei) mobile applications.
  • Users may trade currencies with up to 500x leverage and equities with up to 50x leverage.
  • SimpleFX facilitates trading currencies, cryptocurrencies, commodities, indices, and stocks.
  • There are no minimum deposits or deposit fees.
  • Simple registration procedure.
  • Users may earn interest on their deposits while trading staking-based cryptocurrencies.
  • Responsive customer service representatives through Live Chat.
  • Two-factor authentication provides an extra degree of protection.
  • There are no commissions or fees.

SimpleFX Cons

  • The platform, incorporated in St. Vincent and the Grenadines, is unregulated. To make deposits, users must complete the verification procedure.

FAQs On SimpleFX 

What Is the Minimum Deposit for SimpleFX?

SimpleFX, like many other brokers, has no minimum deposit requirement. The website allows users to invest as much money as they choose.

How Do I Deposit Into SimpleFX?

The SimpleFX broker offers a variety of deposit methods on the platform. These approaches involve both fiat and digital currency. After logging onto the site, customers may contribute money using any allowed deposit methods.

How Do I Withdraw From SimpleFX?

To withdraw money from SimpleFX, customers go to the interface's withdrawal area, choose the asset they want to start, and input the desired amount. The withdrawals are restricted to the same payment method as the initial deposit.

Is SimpleFX Legit?

According to the many internet and third-party evaluations, SimpleFX is a trustworthy and reliable platform. The business has not been involved in any attacks or scandals.

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Conclusion: SimpleFX Review 2022

SimpleFX is a CFD broker that emphasizes the use of cryptocurrency for deposits and withdrawals. Registration as an international business corporation (IBC) with the Registrar of International Business Companies replaces the absence of legislation.

Although this is not identical, it demonstrates that this broker is dedicated to conducting an ethical company. Traditional regulation has not always offered the protection that businesses want, and an alternative method should not be instantly rejected.

The SimpleFX WebTrader is an excellent manual trading tool for traders. The offered API enables the creation of automated trading systems.

The MT4 trading platform is available, albeit in its most basic form. The in-house created trading platform is preferred unless traders use an existing trading program.

On the SimpleFX blog, novice traders may access an educational part divided into two sections. It provides a basic introduction to trading for beginners.

Additionally, research is offered, which is continuously updated and brimming with new trade ideas. Trending issues are equally addressed on the blog, while all traders may contribute trading ideas using the web traders Shoutbox.

SimpleFX is a great alternative for niche traders who prefer to explore the trading environment of an unregulated broker with a bitcoin deposit, even though it does not take a conventional approach.

After all this, I would recommend SimpleFX.

Andy Thompson

Andy Thompson has been a freelance writer for a long while. She is a senior SEO and content marketing analyst at Digiexe, a digital marketing marketing agency specializing in content and data-driven SEO. She has more than seven years of experience in digital marketing & affiliate marketing too. She likes sharing her knowledge in a wide range of domains ranging from ecommerce, startups, social media marketing, make money online, affiliate marketing to human capital management, and much more. She has been writing for several authoritative SEO, Make Money Online & digital marketing blogs like : ImageStation, Newsmartwave, & Experthoot

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