SimpleFX.com Review 2020 – Scam or Not?
If you are into Forex and CFD trading then you might have run across SimpleFX.com. They have been operating since 2014 and are still going strong to this date! For the people that are new to the website or have no idea of its existence, we will be showing you guys around and provide you with all the information needed to help you understand the website more. We will look into their website in general, know what their features are, create an account and explore other possibilities! Without further delay, let’s talk about that!
- About the Company
- Verification with SimpleFX.com
- Fees, Deposits, and Withdrawals
- Supported Trading Pairs
- Trading and Order Types
- Customer Support
- User Experience
- Supported Payment Methods
- Supported Countries
- Pros and Cons
The website is based in St. Vincent and the Grenadines, and their office is located at Suite 305, Griffith, Corporate Centre Beachmont, Kingstown VC100 and is incorporated by the Registrar of International Business Companies. The mission of the website is “Keep it simple!” making sure that even the newest trader wouldn’t have a hard time knowing how to start trading with them. With 140,000 registered traders and over 160 countries, SimpleFX.com has slowly been working on how to get people on board!
Verification with SimpleFX.com
Moving forward, we will be creating an account on the website. We would like to let you guys know that before creating a live account on the website, you will be able to try the features out before everything else. Their “Guest Account” is available to everyone who wishes to try the website without any deposit or registration needed.
To create an account with SimpleFX.com all you need to have is an active email address. If you do not want to use an email address, you can always link your Facebook, Google Plus, or your VK account. Creating an account with them is truly “simple” and it doesn’t take that much time. After providing your email address or linking your account you will be sent a confirmation email. The confirmation email is only valid for 24 hours so make sure that you click the link right away. The link will then redirect you to your account and ask for a password that you want to assign. Please be advised that the maximum characters allowed is only 15, so make it short.
Once the activation is completed, you will be given the option to choose from depositing BTC or LTC and start with your first transaction. In order to open a Fiat currency account, extra verification is needed. There are four steps that you need to finish starting with what type of account you want to open. Is it for individual use or enterprise? The next step would require you to confirm your identity by providing your complete name, birth date, citizenship, and ID. Please be advised that this method would require you to upload a photo of your ID and drop the files in the area provided.
After confirming your identity the next step is to confirm your address by providing your country of residence, a bank statement/Credit Card statement/Utility bill or Insurance certificate. The last step is to provide a “selfie” holding a visible white paper with handwritten or printed text saying “Simple FX” and the date you took the picture. A picture guide is provided above.
Going through the trouble of having your account verified is not worth it if you want to keep everything “crypto” since you will still be able to access all the website features. The only downside is that you will not be able to deposit/withdraw any fiat funds.
Features make a website. We know this because we have seen a lot of websites that look the same and provide mediocre services that would not have any differences from one another. So what does simplefx.com have? Below are important features that you should take note of this website and compare them to other ones that you know about.
- Mobile Trading – For traders that are always on the move, the website offers the MT4 mobile version for your devices. This can be downloaded from the Apple’s App Store and Android’s Google Playstore. Under the mobile App traders will be able to check their account status and trade history, have access to live charts, get access to multiple trade order types, easy one-click trading, notifications, and an ability to chat with fellow traders in real time. Surprisingly, the use of Applications isn’t something new but we are yet to see this feature being implemented in trading websites today.
- Accounts – The website does not have any minimum deposits. This is good news for new traders that want to try out the website with real money without breaking the bank. The available leverage the website offers is up to 1:500 and is one of the largest in the market today.
- Negative Balance Protection – A really good feature that can be useful to any trader would be their Negative Balance Protection that secures your account from falling into a negative balance. This feature automatically closes all your transactions in order and protects you from getting below the bar.
- Affiliate – Their affiliate program provides revenue of up to 25% from directly referred friends. In addition to your referred friends, you also get a piece of what they earn from their referral which goes on for a lifetime! In addition, you will also be able to simulate your monthly earnings with the use of their affiliate calculator.
- Guest Account – As mentioned earlier in this review, the website provides a guest account that anyone can try out. This is not just a regular guest account but a complete “no-strings-attached” platform that doesn’t require you to create an account before trying it out.
- Security – Last but not the least is their security that promotes Two-Factor Authentication. When it comes to client’s funds, the website promises to keep them in a segregated client trust accounts with the Bank of Malta.
Fees, Deposits, and Withdrawals
Now that we’ve looked into their features, how do we get our money in and out of the website? SimpleFX.com supports a ton of payment options to choose from, of course, this would include crypto like BTC, DASH, ETH, LTC, and BCH. They also accept alternative payment methods that will require you to do a separate verification as mentioned earlier. To access the deposit/withdrawal tab, all you need to do is log into your account and click the tab on the upper left-hand corner of the website (three bars) and select Deposit and Withdrawal. There are no fees for trading.
- Credit Cards – Minimum deposit USD $10, maximum deposit is $4,000 and accepted currencies are JPY, CNY, EUR, GBP, RUB, and USD.
- Skrill – Minimum deposit is USD $20 with no maximum deposit and accepted currencies are AUD, CAD, CHF, EUR, GBP, JPY, NOK, PLN, RUB, SEK, and USD.
- Neteller – Minimum deposit required is USD $20 and no maximum deposit. Accepted currencies are AUD, CAD, CHF, DKK, EUR, GBP, JPY, NOK, PLD, RUB, SEK, and USD.
- Local Payments – Minimum deposit is USD $10 and the maximum is $3,000. Currencies accepted are BRL and USD.
- Wire Transfer – There is no minimum deposit but the maximum is limited to USD $30,000. Accepted currencies are AUD, CAD, EUR, GBP, and PLN.
- FasaPay – No minimum deposit is required and no maximum limit. Accepted currencies are USD and IDR.
- MegaTransfer – Minimum deposit is $10 and the maximum limit is USD $4,000. Accepted currencies are JPY, CNY, EUR, GBP, RUB, and USD.
Please be advised that all crypto deposits would take up to an hour before the funds will appear on your end. For credit cards, Skrill, Neteller, FasaPay, MegaTransfer and Local Payments the transaction is instant and you do not need to wait for a second before it shows up in your account. Wire Transfers, on the other hand, will take up to 3 business days to complete.
Supported Trading Pairs
AUD/CAD, AUD/CHF, AUD/JPY, AUDNZD, AUD/USD, CAD/CHF, CAD/JPY, CHF/JPY, CHF/PLN, EUR/AUD, EUR/CAD, EUR/CHF, EUR/CZK, EUR/DKK, EUR/GBP, EUR/HKD, EUR/HUF, EUR/JPY, EUR/MXN, EUR/NOK, EUR/NZD, EUR/PLN, EUR/RUB, EUR/SEK, EUR/SGD, EUR/TRY, EUR/USD, EUR/ZAR, GBP/AUD, GBPCAD, GBP/CHF, GBP/HKD, GBP/JPY, GBP/NZD, GBP/USD, NZD/CAD, NZD/CHF, NZD/JPY, NZD/USD, USD/CAD, USDCHF, USD/CNH, USD/CZK, USD/DKK, USD/HKD, USD/HUF, USD/ILS, USD/JPY, USD/KRW, USD/MXN, USD/NOK, USD/PLN, USD/RUB, USD/SEK, USD/SGD, USD/TRY, USD/ZAR, BCH/USD, BTC/USD, ETC/USD, ETH/USD, LTC/USD, XRP/USD
Trading and Order Types at SimpleFX.com
Now that we’ve looked into a huge part of the website it is time to take a walk through their trading platform. Their platform is packed with Crypto, Forex, Indices, Commodities, Precious Metals, and Equities along with other markets. If you’re interested in one market you just need to click that and select “Open Chart” for it to display in the center part of the screen.
To start open a position, all you need to do is either click on the BUY/SELL button located on the graph. This will open up a separate window which will be your order slip. The order slip contains everything from the market you are trading at, how much you want to trade, and how much you will be earning shown on the lower part of the order slip. Shown in the screenshot is their Demo Account for the purpose of the review. You can change between live accounts and demo accounts through the tab located in the upper part of the platform beside your username.
Found in the lower part of the trading platform are your open positions, pending orders, and closed positions between separate tabs. In addition, the lower part shows your available balance, the profit that you made, and the free margin you have under the account. Not shown in the screenshot but can be accessed on your end is the public chat box located on the right-hand side of the platform. The maximum leverage offered by the website is 1:500. In addition, the main trading platform adopted by the website is the MetaTrader 4, which is also available for both Android and iOS devices.
It is really important to have a solid customer service background when it comes to websites that handle your funds. This is to make sure that you will be able to contact them if you need any help. Believe it or not, customer support or the lack of it is probably 90% of the issues that are being reported today. Most of the time we read about a certain website not providing customer service or it’s close to non-existent.
Here at SimpleFX.com, they provide a good amount of customer service channels to help people out when they are in need. A registered customer, or someone who just wants to ask them questions will be able to contact them through their customer support email email@example.com and telephone number +44 1989 500065. For questions that are about partnership then you might want to reach them through the same phone number provided with email firstname.lastname@example.org. In addition to their phone and email support, the website also provides live chat support for people that want to talk to their representatives. Without a doubt, they have all the channels to help anyone that is in need of assistance.
Aside from having an awesome customer service background, you should always be vigilant in knowing what the website you are transacting is up to. We have found some dirt regarding users having problems with their funds but the post is old and is from months ago.
You can read more about the issue here. Without any bias on the issue that we found out, it seems that this might just be a system issue since there’s no update if the issue has been handled or not by the website. If you have any negative experiences with the website please do let us know in the comment section below.
Supported Payment Methods
All countries except: Algeria, Belgium, The Bahamas, Botswana, Cambodia, Cuba, Ecuador, Ethiopia, Ghana, Iran, Iraq, Monaco, Myanmar, North Korea, Pakistan, Poland, Saint Vincent and the Grenadines, Panama, Sri Lanka, Syrian Arab Republic, Trinidad and Tobago, Tunisia, United States, Yemen.
Pros and Cons
- Some negative reviews
SimpleFX Review Conclusion
The rising popularity of crypto trading has created a bunch of websites that cater to crypto and Forex trading. Today, there are only a handful of platforms that provide CFDs and Forex brokers that provide support for crypto use. The website is awesome since you do not need that much to start trading (no minimum deposit) and it’s really easy to create an account too. SimpleFX.com has an interactive website that provides ample information around each turn. The only downside of the website is that they are unregulated compared to other CFD platforms today and there are negative remarks about their services.