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SimpleFX Broker Review For Nigeria In 2023

SimpleFX at a glance

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

About SimpleFX

SimpleFX is a reputable forex broker. The company was established in 2014 and has around 200,000 traders. It offers low minimum deposits, great trading conditions, and a safe trading environment. It also offers helpful educational resources, useful market analysis, and outstanding customer support.

Key Benefits

Regulation

SimpleFX is registered in St. Vincent and the Grenadines. The broker is incorporated IBC by the Registrar of International Business Companies. As an SVG broker, they operate under 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.

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

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 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 own trading strategies.

Trading Instruments

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

  • Forex: SimpleFX offers a range of major, minor, and exotic currency pairs.
  • Crypto: They also have many 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.


Spreads

Minimum Deposit

Max. Leverage

Commission

Live

From 0.1 pips

$1

1:500

$0

Forex 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.

Deposits & Withdrawals

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.

Fund Safety

SimpleFX places a high value on client fund safety. It keeps client funds separate from its own funds, in segregated accounts. It also offers clients negative balance protection.

Trading Tools

SimpleFX offers EAs and a trading calculator.

Education

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.

Extra Trading Services

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.

Forex Awards

SimpleFX recently won an award for the Best Trading Platform at the World Cryptocurrency Conference 2022. It

Documents

You only have to send documents if you want to trade with a fiat (hard) currency account. Otherwise, to create a bitcoin (BTC) trading account, all you need to provide is a valid email address.

The KYC Process

When you open an forex account, you need to provide SimpleFX with certain documents. These include a proof of ID and a proof of address. They will accept copies of your passport, driver’s licence, recent utility bills, or recent bank account statements.

Restricted Countries

SimpleFX is unavailable to traders based 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.

SimpleFX Customer Support

SimpleFX has a helpful customer support team. You can contact them via email. They are available Monday to Friday, from 04:30 – 21:30 UTC.

Conclusion

SimpleFX is a reputable broker with a wide range of trading instruments. It offers high leverage and fast trade execution. It also offers helpful educational materials, powerful trading platforms, and good customer support.

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

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