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    SimpleFX Forex Broker Review

    SimpleFX Broker Review – Comprehensive Analysis | TradeForex

    SimpleFX Basics

    🏛️ Based inLimassol, Cyprus
    ⚖️ RegulationSVG
    💰 Minimum Deposit$1 (400 Naira)
    💳 Deposit OptionsCrypto, VISA, MasterCard, Bank Wire, Skrill.
    💳 Withdrawal OptionsCrypto, VISA, MasterCard, Bank Wire, Skrill.
    📌Open an accountStart Trading with SimpleFX
    SimpleFX QuickInfo

    Our Opinion About SimpleFX

    SimpleFX is a forex broker that was founded in 2014. The company is based in Saint Vincent and the Grenadines, and it is listed with the local Registrar of International Business Companies.

    SimpleFX has one main account type, which comes with high leverage, tight spreads, and zero commission. They allow traders in Nigeria to open an account with just $1, which is a very small amount, especially compared to the high minimum deposits requested by other forex brokers. The account is available on MetaTrader4 – one of the best online trading platforms in the industry. And it comes with a wide range of assets, including forex, stocks, commodities, indices, and cryptocurrencies. 

    SimpleFX offers a wide range of trading tools, including charts, technical indicators, news feeds, and market analysis. One of the best things about SimpleFX though is that they offer a high level of customer service. This means that each trader gets the support they need, whether that’s help with their trading activities, or help with their account.

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    Key Benefits

    Regulation And Safety

    SimpleFX is registered in St. Vincent and the Grenadines. The broker is incorporated by the Registrar of International Business Companies (IBC). As an SVG broker, they operate with slightly less regulatory oversight than other regulated brokers. However, they still implement strict security and client fund safety protocols. As such, they are a reliable online trading service provider.

    Client Fund Safety

    SimpleFX places a high value on client fund safety. It keeps client funds separate from its own funds in segregated accounts, meaning that it cannot use client money for its own operational purposes. This is especially important for traders who want to focus on finding reputable providers. It also offers clients negative balance protection, meaning that it cannot allow its traders’ balances to fall below zero. This is especially important for new traders who are still learning about risk management.

    Forex Awards

    SimpleFX has won numerous awards over the years. It recently won an award for the Best Trading Platform at the World Cryptocurrency Conference 2022.

    SimpleFX: Legit or Scam?

    SimpleFX is a legit forex broker. They have been providing trading services for many years and have a large, international client base. They are regulated by a well-known financial authority, implement strict client fund safety policies, and have won awards for their trading services. In terms of their products, they have a nice account offering with a good selection of trading instruments. They also have a good range of payment methods. In our opinion, they are a legit and reliable forex broker.

    SimpleFX Trading Assets

    SimpleFX offers many trading instruments including currency pairs, cryptocurrencies, equities, indices, and commodities.

    Trading Instruments

    • Forex: SimpleFX offers a range of major, minor, and exotic currency pairs.
    • Crypto: They offer cryptos including Bitcoin, Ethereum, Ripple, and Litecoin.
    • Equities: They offer trading on many American, European, and Asian stocks.
    • Commodities: They also have trading on oil and gas.
    • Indices: SimpleFX offers trading on all major America, European, and Asian indices.

    SimpleFX Account Types

    SimpleFX has one main account type. It has excellent trading conditions, including high leverage. It also has a low minimum deposit, making it accessible to all traders. The available base currencies include AUD, CAD, CHF, DKK, EUR, GBP, INR, JPY, MYR, NOK, PLN, RUB, SEK, SGD, USD, and ZAR. Their trading conditions include:

    • Minimum Deposit: $0
    • Minimum Trade Size: 0.01 lots
    • Leverage: 1:500
    • Spreads: From 0.1 pips
    • Commission: From $0 commission
    • Scalping: Yes
    • Hedging: Yes
    • Trading platform: MetaTrader4
    • Web trading: Yes
    • Mobile trading: Yes

    Other Trading Accounts

    SimpleFX only has one trading account. This is good in the sense that all traders are treated equally. They receive the same trading conditions, trading tools and account benefits – regardless of their deposit size. It does, however, mean that SimpleFX is less suitable for those with specific trading requirements – such as those looking for cent accounts, micro accounts, PAMM accounts, or Islamic swap-free accounts.

    SImpleFX Registration – How To Open An Account

    As part of our SimpleFX broker review, we looked at their online registration process. If you live in Nigeria, then you can open a trading account under the VFSC business entity. The registration process is very straightforward. To get started, go to their website, complete the form, and provide a few personal details. At this stage of the process, you will also be asked to provide your preferred login details.

    Next, they might ask you to take a quick test. This is so that they can see how much you know about online trading, and decide if their services are suitable for you. At this stage of the process, you will just be asked a few short questions. Lastly, they might ask you to complete the KYC process, submit your documents, and choose your preferred account type. This is so that they can confirm your identity and verify your account.

    SImpleFX Registration – How To Verify An Account

    As part of our SimpleFX broker review, we looked at their account verification process. To open a live trading account you’ll need to show SimpleFX a proof of ID and a proof of address. This is so that they can check your identity and verify your account. The account verification process is simple. You can provide copies of your National ID card, Passport or Driving License . You can also provide copies of a utility bill or a bank statement registered in your name. After you have verified your account, you can add funds and start trading.

    SimpleFX Bonuses

    If you’re looking for a good deal, SimpleFX has a great selection of forex bonuses. Their promotions typically include deposit bonuses, cashback offers, and trading competitions. Their offers change regularly and add all their latest offers to their online blog.

    SimpleFX BTC Deposit Bonus

    SimpleFX currently offers a BTC deposit bonus for new traders. The BTC deposit bonus is 100% up to $100, depending on your initial deposit, and their bonus terms. The SimpleFX welcome bonus is available to new traders who open a trading account and make a deposit in Bitcoin. Terms and conditions apply. Check their website for further details.

    SimpleFX Welcome Bonus

    SimpleFX currently offers a welcome bonus for new traders. The welcome bonus is 100% up to $2500, depending on your initial deposit, and their bonus terms. The SimpleFX welcome bonus is available to new traders who open a trading account and make a deposit. Terms and conditions apply. Check their website for further details.

    SimpleFX Deposits & Withdrawals

    As part of our SimpleFX broker review, we looked at their online payment methods. SimpleFX offers many convenient payment methods such as debit card, credit card, bank transfer, and Skrill. It accepts deposits in several fiat currencies. It also accepts deposits in Bitcoin, Litecoin, Ethereum, Dash, and Bitcoin Dash.

    SimpleFX Trading Platforms

    SimpleFX offers trading on the MT4 trading platform. It also offers access to the markets via its SimpleFX WebTrader and its mobile trading app.

    MetaTrader4 (MT4) is a good option for new forex traders. It has a simple interface and comes with many handy, built-in trading tools. You can use it to trade things like commodities, forex, stocks, and indices. The SimpleFX MT4 trading platform has helpful charting tools, order execution types, technical indicators, and analytical objects. You can use these trading tools to do market analysis and to implement your trading strategies.

    Trading Tools

    SimpleFX has a small range of free trading tools. For example, you can trade using their EAs and a trading calculator. Other brokers typically offer more free tools, but SimpleFX has enough tools for new traders to be able to navigate the markets successfully.

    Education and Research

    SimpleFX has many helpful resources including educational articles, trading videos, and a trading glossary. It also has free daily market analysis. They have a detailed trading blog. It contains a large collection of trading articles that can help traders to learn more about the financial markets. For example, it provides regular updates about the forex, stock, and cryptocurrency markets. It also provides opinion pieces to help you understand how the latest news is likely to affect market prices.

    Trading Academy

    Their trading academy has lots of helpful content for new forex traders. It provides helpful information about how to create an account and how to set up your trading platform. It also covers other important topics such as how to carry out market analysis, how to manage risk, how to test different trading strategies, and how to set up a trade. You can use these resources to help you improve your skills.

    Trading Community

    SimpleFX has created a trading community where you can share ideas and discuss your strategies. You can also use it to find out what others think about the latest market news and price trends.

    Trading Hours

    SimpleFX trading hours are in line with forex trading hours. You can open trades whenever the forex market is open. Trading hours may vary on public holidays.

    SimpleFX Customer Support

    SimpleFX offers 24/5 customer support by phone, email, or live chat. You can also receive an email response within 24 hours during weekends and holidays. If you have any questions regarding your trading activities, you can contact their friendly customer support agents. They will help you with any issues related to your trading account or technical problems with their website.

    Accepted Countries

    SimpleFX is unavailable in the US, Algeria, Belgium, The Bahamas, Botswana, Cambodia, Cuba, Ecuador, Ethiopia, Ghana, Iran, Monaco, and Myanmar. It is also unavailable to traders who live in North Korea, Pakistan, Poland, Saint Vincent and the Grenadines, Panama, Sri Lanka, Syrian Arab Republic, Trinidad and Tobago, Tunisia, and Yemen.

    Our Verdict

    SimpleFX is a reputable and trustworthy forex broker. The company was founded in 2014 and is now a well-known name in the forex industry. They provide easy account access, a rich assortment of trading resources, and fantastic customer support. They also provide a secure trading environment and a high level of client fund protection.

    SimpleFX values fair and transparent trading. When it comes to their trading services, they have built their account model around these values. They use a simple account and pricing model to ensure all Nigerian traders get the same trading conditions and high level of service. They also offer a wide range of trading instruments to ensure more Nigeriantraders can access the financial markets.

    SimpleFX also values education and support. When it comes to trading technology, they have a world-leading trading platform. They provide customers with helpful tools, calculators, charts, and technical indicators, enabling Nigerian traders to navigate the markets more successfully. They also provide daily news, helpful analysis, and free educational articles to help more Nigerian traders with their trading journeys.

    If you’re new to online forex trading and want to know where to start, or if you’re a seasoned Nigerian trader looking for a better platform to work with, check out SimpleFX today. Either way, you won’t be disappointed.

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    SimpleFX Forex Broker Review FAQ

    Is SimpleFX a good broker?

    Yes, in our opinion, SimpleFX is a good forex broker. The broker has a simple account structure with a low minimum deposit. They offer a nice selection of trading assets, including forex, stocks, futures, commodities, indices, and cryptocurrencies. They also offer competitive trading conditions, including high leverage, tight spreads, and fast trade execution, enabling you to benefit from a good trading environment.

    Is SimpleFX a legit broker?

    Yes, SimpleFX is a legit forex broker. They have been offering online trading services for several years and have a large client base. They are regulated by a well-known financial authority, implement strict safety measures, and have won awards in recognition of their trading services. In terms of their products, they have a nice account offering with a good selection of trading instruments. They also have a good range of payment methods and offer fast withdrawals. In our opinion, they are definitely a legit forex broker.

    Is SimpleFX a regulated broker?

    Yes, SimpleFX in Nigeria is a registered forex broker. SimpleFX is registered in St. Vincent and the Grenadines. The broker is incorporated IBC by the Registrar of International Business Companies. As an SVG-registered broker, they have less regulatory requirements than other regulated brokers. However, they still implement strict security and client fund safety protocols. As such, they are a reputable and regulated broker.

    Is SimpleFX a safe broker? Can I trust SimpleFX?

    Yes, SimpleFX in Nigeria is a safe forex broker. When it comes to fund safety, they choose to go beyond their minimum regulatory requirements, and offer better client fund protection measures. This means that they value their clients and want to help them trade safely.  SimpleFX keeps all client funds in segregated accounts, separate from its operating capital. This means that they do not use client money for their own operational needs. In our opinion, SimpleFX is a safe forex company.

    Is SimpleFX good for beginner traders?

    Yes, SimpleFX in Nigeria is good for beginners. They only have one account option, with no minimum deposit, which makes opening an account easy. The SimpleFX trading account comes with good trading conditions and a simple pricing model. It also comes with a nice range of trading tools and educational resources. For example, beginner traders, who may need more help with their trading, can access a library of trading articles. This will give them access to expert insights and increase their chances of trading profitably.

    Which broker is better than SimpleFX?

    SimpleFX in Nigeria is a great forex broker. They only have one account option, meaning that everyone gets the same excellent conditions, regardless of their deposit size. They have a good range of instruments, trading platforms, and trading resources. They have great learning materials, helpful customer support, and good client fund security. However, if you want to look at alternative options, there are many other great forex brokers as well. We recommend looking at HotForex, FXTM, FXPro, FXPrimus, and Instaforex.

    Ready to sign up? Register for an online trading account with SimpleFX here.

    SimpleFX Forex Broker Review – Similar Brokers

    SimpleFX is a great choice for forex traders. However, if you want to see some alternatives, there are also many other great forex brokers in Nigeria. Here are some similar companies.

    Still deciding? Take a look at some of our other forex broker reviews.

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