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SimpleFX Review – Are They Safe or a Scam?

Our SimpleFX Review 2021

Welcome to our SimpleFX review, in which we will give you an overview of the platform and its key features so you can decide whether or not it can meet your crypto trading needs.

So what is SimpleFX? Put simply, SimpleFX is a leading provider of retail trading and brokerage services, allowing users to gain exposure to the cryptocurrency market as well as additional financial services. Having conducted a thorough review, our experts were more than impressed with SimpleFX and if you’d like to hear why, then read on to find out more.

85/100
Rating
SimpleFX Highlights
  • A good selection of cryptos available
  • Low trading fees
  • Regular promotions and special offers

Offers and New Customer Experience - Take advantage of the welcome bonus

Our SimpleFX review found the sign up process was quick and simple. You’ll find the option to create an account via a green button, either on the homepage or via the trading platform. Then it’s just a case of inputting and few details and you can be up and running within minutes.

One thing to be aware of is that SimpleFX, like all reputable brokers, carries out a verification check on all new users. This means you’ll need to provide a copy of an ID document, such as your passport or driving licence, as well as a proof of residence. This forms an essential part of KYC and is in place to protect the platform and its users.

Our SimpleFX review also found there is a special offer available for new account holders. This comes in the way of a first deposit bonus and effectively gives you an additional 20% on top of your first deposits to use with your new trading account. Of course, terms and conditions apply and users should be aware you cannot withdraw the bonus funds as cash until you have met the trading conditions.

Usability - An approachable and user-focused platform

Our SimpleFX review found the platform simple and intuitive to use. The main website is well laid out and easy to navigate, with a drop-down menu giving you quick access to the various services and trading options.

There’s also plenty of information to help you get started with trading cryptocurrency – including an introduction to the services offered by SimpleFX and details about some of the major tokens that are listed on the platform – which could prove particularly useful for those new to the industry.

Our SimpleFX review was also impressed at just how easy it was to access the details regarding opening an account, such as the pricing structure, regulatory information and the various trading platforms available. All in all, we found the platform to be extremely user-friendly, with all the tools and information you need to start trading crypto, without being overly complicated to the novice trader.

Accounts - A one-size-fits-all approach at SimpleFX

Our SimpleFX found the platform offers a single account type, which provides access to all the services that platform has to offer. When opening an account, you can choose which currency you want to fund your wallet with and that’s pretty much it. There is no minimum deposit for the account but there is a minimum contract for cryptocurrencies, which will vary depending on the token you are trading.

To open the SimpleFX account, you simply click on the ‘Create Account’ button and follow the steps, which will include entering your personal details and the aforementioned verification check.

Despite offering just one account type, our SimpleFX review was pleased to find there is the option to try the platform out using virtual funds. Traders can get $4,000 to try out the markets before committing their own funds – and the best thing is, demo accounts remain open for an unlimited period.

Trading Platforms - What level of trader are you?

Our SimpleFX review found the platform accommodates all traders, regardless of knowledge, by offering a choice of trading platforms. Arguably the easiest one to get to grips with is the proprietary SFX web trader. It will run on most web browsers and has a streamlined interface, making it highly accessible for novice traders.

Everything about the web platform is built around user experience – and that includes in-built news feeds, trading tips and access to in-platform live support, should you encounter any technical difficulties or have questions about the platform.

More experienced traders may however feel more at home with the MetaTrader 4 platform – which is more or less the industry standard for trading financial instruments online. Compared to the SFX platform, MT4 has more options for customization and offers more advanced trading tools, such as automated strategies and advanced signals and metrics. Users should note, however, that the MTF platform does require a software download and short installation.

In addition to the SFX web trader and MT4 platforms, there’s also a bespoke app. This is available for both IOS and Android and can be downloaded directly from the website. Our SimpleFX review was impressed with how much the app matched the functionality of the web trader, with most of the same features being available and the charts still easy to read on a smaller screen.

Whatever your level of trading experience, we think you’ll find either of the platforms can meet your needs and the option to use demo funds means you can try out the different SimpleFX crypto platforms to find out which feels more comfortable, before committing your funds.

Trading Payments - SimpleFX boasts zero transaction fees

When it comes to making deposits and withdrawals, our SimpleFX review was pleased to find there are no fees levied by the platform. SimpleFX allows you to fund your account in 18 fiat currencies and numerous cryptocurrencies, including Bitcoin, Ethereum, Binance Coin and Dai. However, users depositing and/or withdrawing in crypto should remember there are always network fees associated with different blockchains.

Credit Card
Bank Transfer

According to SimpleFX, wire transfer withdrawals can take 3-5 business days to complete, whereas withdrawals via electronic payment systems, bank cards and cryptocurrencies are processed by the platform within 24 hours. The only downside we found was that any withdrawal requests made over the weekend will not be processed until the following Monday.

If you are using cryptocurrency to fund your account, then processing times will vary from network to network. It can take anything from 1 minute to one hour, depending on the blockchain.

Users should also be aware that, when making withdrawals, funds will be sent to the payment method that has been used for the single largest deposit made previously.

You can compare the SimpleFX trading costs with other platforms, by checking out other Crytpo Parrot guides, such as our PrimeXBT review.

Customer Service - Help when you need it

Customer service is an important consideration when choosing a broker so our SimpleFX review was relieved to find that the platform gives you a few options for getting in touch. This should be welcome news for novice traders as the markets and trading platforms can seem confusing at first, so there might be a need to ask questions or get further information.

When it comes to getting in touch with SimpleFX, you effectively have two options. By far the most convenient – not to mention the quickest – is via the live chat. This can be accessed via the main website or directly through the SFX trading platform and is manned 24/5. According to the website, live chat assistance is available in English, Spanish and Portuguese.

Opening live chat just requires you to enter a few details and you’ll usually receive a response in under two minutes. However, if you need help out of hours or have a more complex query, you also have the option to email. Of course, response times will vary depending on the nature of your inquiry and how busy the CS team is.

In addition to the aforementioned contact options, the SimpleFX website also has a comprehensive FAQ section where you can find answers to common queries relating to everything from account set up to payments processing.

All in all, our SimpleFX review was impressed with the customer service and found the agents to be polite and helpful at all times. Response times were pretty standard and we were able to reach human operators whenever we tried the live chat.

Regulation and Deposit Insurance

So everything sounds great so far, but is SimpleFX safe? An essential part of our SimpleFX review was a thorough investigation of the platform’s regulatory and licensing credentials, to ensure everything is completely above board.

SFSA - Seychelles Financial Services Authority

SimpleFX is registered in St Vincent and the Grenadines – so you can rest assured that it is a legitimate organisation with some degree of accountability. Whilst it is not regulated by any financial bodies, such as the Financial Conduct Authority, users trading cryptocurrency will find this is often the case – as the entire industry is as of yet unregulated.

When it comes to keeping your funds safe and secure, the broker has standard protocols in place, including negative balance protection, two-factor authentication and segregated client accounts. This should give you peace of mind that there are no SimpleFX scams going on that could see you losing money via the organisation’s business activities.

So is SimpleFX reliable? Well the safeguards in place are enough to keep your funds secure and if you are trading in cryptocurrency then you have the added security of the blockchain and wallet technology behind your chosen token. Of course, users should always think carefully about registering with an unregulated company and acknowledge that there is always some risk involved.

Alternatively, if you are looking for a platform with more robust regulation, why not check out our Swissquote review?

Additional Features - SimpleFX has more to offer

So what else is on offer over at SimpleFX? Aside from offering cryptocurrency trading, SimpleFX also lists over sixty forex pairs, indices, commodities, shares and precious metals – meaning users can effectively gain exposure to numerous markets from the same trading console.

Aside from its various trading environments, our SimpleFX review also found the platform has regular promotions and competitions. For example, at the time of writing there is the Euro 2021 Trading Cup competition, wherein traders can trade via a Contest Account and those with the highest return on investment (ROI) throughout the tournament get prizes. After the UEFA Euro Cup final game, on July 11, the 50 best traders in the Global Ranking, and the champion get $7,000.

Finally, our SimpleFX review was impressed with the website blog. Here you’ll find numerous guides on the markets, explanations of different cryptocurrency projects, and tips on how to operate trading strategies. This is especially helpful for those new to trading and are perhaps after some reliable information.

SimpleFX Crypto

SimpleFX Cryptocurrency

Cryptocurrencies represent one of the most exciting investment opportunities at the moment, with some coins experiencing significant growth in recent months. Our SimpleFX review found that the platform not only allows you to gain exposure to the crypto markets, but you can also fund your account with numerous digital currencies.

One thing that users should be aware of is that SimpleFX is primarily a forex broker, so if you are interested primarily in crypto or other assets, you might want to check out our CMC Markets review.

Trading Costs

SimpleFX offers commission-free trading, meaning you won’t pay a set cost to make trades. However, this does mean that the platform has slightly wider spreads than some fee-charging platforms, as this is how it applies its brokerage charges. Details of the crypto spreads can easily be found via the trading platform.

In addition to the spread costs, SimpleFX also charges a 3% inactivity fee – subject to a minimum charge of $25. This is charged if you deposit then withdraw without any trading activity in between.

Trading Conditions

Our SimpleFX review should point out that the platform offers crypto trading via CFDs. This is an important thing to be aware of – especially for those new to trading – as it essentially means you never own the underlying asset. You are not actually buying a particular cryptocurrency via SimpleFX, effectively you are speculating on the price movement between two tokens – much as you would with forex pairs.

Summary and Conclusion

Ultimately, SimpleFX has a solid offering when it comes to cryptocurrency trading, but users should remember that it isn’t the broker’s primary focus. Nonetheless, you can trade all the major coins and the powerful trading platforms make opening and closing positions easy for even novice traders to get to grips with. There might be better platforms out there for crypto trading, but we think this one is certainly worth checking out.

85/100
Rating
SimpleFX Highlights
  • A good selection of cryptos available
  • Low trading fees
  • Regular promotions and special offers

SimpleFX review FAQ

✅Is SimpleFX safe to use?

Safety and security is always a major consideration when choosing any kind of trading or investment platform. Whilst SimpleFX is not regulated by any bodies like the FCA, the company has certain safeguards in place, such as segregated client accounts and negative balance protection. To decide whether or not the platform is safe, the best thing to do is take a look at our review and consider for yourself whether it sounds like the right platform for you.

❓How do I open a SimpleFX account?

If you want to start trading with SimpleFX, then you’re going to need to open an account first. Each platform will have its own onboarding process and most will have some sort of verification checks in place. To find out more, feel free to check out our SimpleFX review.

☝🏻How can I contact the support team at SimpleFX?

Whilst SimpleFX lives up to its name when it comes to offering a user-friendly trading platform, you never know when you might need to get in touch with the customer service team. There are a couple of contact options available and which one you choose will depend largely on the nature of your issue – but don’t forget there is also a FAQ section on the website, so be sure to check here in case your question has already been answered.

Conclusion to our SimpleFX review

So that’s about it for our SimpleFX review. Our experts here at Crypto Parrot have taken an in-depth look at the platform and found it provides a fairly good service for trading cryptocurrency and a few other instruments. We were particularly impressed with how many tokens the platform supports when it comes to funding your account.

The SimpleFX experience and rating are also strengthened by the fact that there are several options when it comes to trading platforms, with the user-friendly SFX web trader and industry-standard MT4 both being solid options.

All in all, this is a low-fee platform that offers hassle-free access to the crypto markets and most SimpleFX reviews are positive. On the other hand, if you prefer a regulated broker, feel free to check out our Plus500 review.

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