SimpleFX review - a simple and good Forex broker
Written by:
Written on:
22 February 2023
Last edit:
10 August 2023
Our rating:


SimpleFX review - a simple and good Forex broker
Written by:
Written on:
22 February 2023
Last edit:
10 August 2023
Our rating


Margin trading in foreign currency or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances.
See how SimpleFX compares to it's closest alternatives.

Main summary

SimpleFX is an unregulated Forex and CFDs broker that was founded in 2014, offering more than 200 trading instruments for traders globally. The company offers its own proprietary trading apps for Android and iOS and provides MetaTrader 4 (MT4) mobile and desktop software for advanced traders. Deposits and withdrawals are made using the Bitcoin lightning network, which makes it possible to withdraw and deposit crypto within 24 hours. The broker offers the ability to invest in various markets, including Forex, cryptocurrencies, indices, precious metals, and commodities using cryptos.

Below, we have analyzed and researched SimpleFX in detail and provided a transparent and accurate comprehensive review.

Here are the 10 pros and cons:

  • No inactivity fees
  • Offers access to MetaTrader 4
  • Fast and digital account opening/verification
  • Offers access to trading Forex, Commodities, Indices, Cryptocurrencies, and Shares as CFDs
  • High leverage: 1000:1
  • No minimum initial deposit requirements
  • Unregulated
  • Support options are limited to live chat and automatic chatbot
  • Trading software is limited to MetaTrader 4
  • Funding methods are limited to crypto payments and Fasapay, no cards or wire transfers allowed

SimpleFX Fact sheet

Main features
Regulations Unregulated
Fees on deposits 0 USD
Fees on withdrawal 0 USD
Inactivity fees 0 USD
Minimum deposit 1 USD
Minimum account activation 1 USD
Number of available assets 228
Leverage up to 1:1000
Available trading markets CFDs on Stocks, Commodities, Cryptocurrencies, Forex, Indices
Account currencies USD
Demo account Yes
Live account types Live
Islamic account -
Negative balance protection Yes
Part of compensation fund -
Keeps funds on segregated bank account Yes
Forex 57
Shares 0
Cryptocurrencies 19
Indices 14
Commodities 8
Total 228
Fees & spread
Forex From 0.9 pips
Shares N/A
Cryptocurrencies From 0.0001
Indices From 0.05
Commodities From 0.007
Platforms MetaTrader 4
Mobile trading support Yes
Mac device support Yes
Commodities Yes
Payment systems
Payment methods Crypto, Fasapay
Minimum deposit Crypto, fasapay,
Minimum withdrawal Crypto, fasapay,
Withdrawal processing time Instant day
Time to open an account 1 day
Show all

Safety & Security of SimpleFX

The broker is not regulated by any overseeing authority. This is considered bad for general safety, but some traders prefer unregulated brokers, as they can offer better terms and leverage to their clients. Registration and verification are also easier when there are no overseeing bodies placing strict requirements on the broker, forcing clients to send additional documents for account verification. Hopefully, the broker will consider becoming regulated and increasing their legitimacy in the future, as unregulated brokers are seen as riskier options when choosing a company to trade with.

SimpleFX offers negative balance protection which is a safety net in cases of high volatility, as the account balance can never go into minus and the broker will set the account to zero if this ever happens. 

All user funds are in segregated bank accounts, providing safety for client funds, as the broker won’t be able to touch and use them. In addition to these measures, the broker offers two-factor authentication and fast and secured transactions to their clients.

simplefx safety

Trading assets offered by SimpleFX

Forex57 available pairs
Stock CFDs130
Cryptocurrency CFDs19
Index CFDs14
Commodity CFDs8
Total tradable instruments228

SimpleFX offers a rather moderate number of assets for trading; still, there are 57 FX pairs and 130 stock CFDs available, meaning everyone should be able to find something worth their while. There are no bonds or futures among offered assets. The website is not clear and does not list all the assets clearly, making it difficult for our team to list all the available trading instruments. 

The 57 currency pairs include all major, minor, and some exotic pairs with a 0.01 minimum lot size and 1:1000 leverage that can be used. Margin requirements are low, making it possible to command high lot-size trades with low account balances. But users should be aware of the inherent risks when trading with high leverage. 

The 130 stock CFDs on offer include major USA, European, and Australian stocks as CFDs. CFDs, or contracts for difference, are great instruments for speculation. SimpleFX traders can short-sell the stock CFDs when markets are bearish. 

There are 19 cryptos as CFDs offering the ability to trade cryptos instantly, which is something that many crypto enthusiasts like due to CFDs' fast execution speeds. Commodities and indices offered are 22 in total and include popular instruments such as gold, silver, oil, Dow, S&O, etc.

Account types available for traders on SimpleFX

There is only one live account type available, and the broker is using cryptos for deposits and withdrawals. For some users, the cryptos are a better choice for funds withdrawal and depositing as it is faster and takes under 24 hours on the SimpleFX platform. The available trading platform is MetaTrader 4 and the broker also has a web trader. The minimum lot size is 0.01 for all trading instruments. The leverage is up to 1:1000, making it possible to control considerable position sizes with a relatively small account. Over 25 new symbols have been added recently, showing that the broker is continuing to expand. Islamic (swap-free) accounts are also available on request. Along with all the above, the broker offers a demo account to enable traders to first test the broker’s trading terms and services before going live.

Pros & cons of SimpleFX account types

Broker offers commission-free account No VIP account
Enables traders to use Demo and Islamic account typesLimited information available on the website unless you have a live account
Broker offers access to MT4 and mobile appsOnly one live account type
Minimum deposit starts from $1 

SimpleFX Live Account

The minimum deposit is $1, which users can deposit with more than 20 cryptos, and it takes minutes depending on the blockchain network the payment is processed through. The minimum lot size is 0.01 and the margin requirement is just 2% making it possible to trade 1:1000 leverage with a very low budget. Spreads are fixed and there are no commissions charged for trading. Fixed spreads are advantageous for better risk control.

Getting started on SimpleFX – Main steps

Below we have compiled all the needed information for registering the live account on SimpleFX. It is fast, simple, and intuitive, and takes just a few steps to set up. 

Step 1: Open an account

Account creation is the simplest of all the brokers we have reviewed so far. This is mainly because of the absence of regulators. Email and password are the only two fields required to open an account, and after filling in the fields, a verification link will be sent to your email address. The link is active for 24 hours and users can activate the account by just clicking the link in the email. 


Step 2: Time to verify your account

Verification is similar to regulated brokers. The requirements are as follows

  • Step 1: Account type – meaning, select if you are a legal entity or retail client.
  • Step 2: Location – select your country of origin.
  • Step 3: Identity – here, users should upload identity documents that are issued by a government. Colored copies of a valid passport or ID card will be sufficient. 
  • Step 4: Address – the documents required to verify your address are either a copy of a bank statement or utility bill showing your name and address on it. 
  • Step 5: Photo – upload your real-time photo where your face is visible, it is required that the photo is high resolution and shows the whole face of the applicant. 

Verification is usually done in under 24 hours unless there is something wrong with the documents. 

Step 3: Make your deposit and start trading

There are various options available for depositing funds to your live account, and there are more than 20 different cryptos that users can employ for this task. Another method is Fasapay, an online payment system that is similar to PayPal. All deposits are instant unless the blockchain network you are making a deposit on is busy. Withdrawals also happen within 24 hours.

Fees & commissions of SimpleFX

ForexFrom 0.9 pips
Stock CFDsFrom 0.08
Crypto CFDsFrom 0.0001
IndicesFrom 0.05
CommoditiesFrom 0.007

Comparing SimpleFX fees with other brokers

SimpleFX fees compared to Interactive Brokers fees

Type of FeeSimpleFXInteractive Brokers
EUR/USD SpreadFrom 0.9 pipsFrom 0.6
Fees on DepositsNo1%
Inactivity feeNoNo*

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

SimpleFX fees compared to CM Trading fees

Type of FeeSimpleFXCM Trading
EUR/USD SpreadFrom 0.9 pipsFrom 0.9 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 15 EUR/USD per month after 60 days of inactivity

SimpleFX fees compared to plus500 fees

Type of FeeSimpleFXplus500
EUR/USD SpreadFrom 0.9 pipsFrom 0.8 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 10 USD per month after 3 months of inactivity

SimpleFX fees compared to XM fees

Type of FeeSimpleFXXM
EUR/USD SpreadFrom 0.9 pipsFrom 0.6
Fees on DepositsNoNo
Inactivity feeNoYes, 15 USD after 12 months, +5 USD/m

SimpleFX fees compared to AvaTrade fees

Type of FeeSimpleFXAvaTrade
EUR/USD SpreadFrom 0.9 pipsFrom 0.9
Fees on DepositsNoNo
Inactivity feeNoYes, 50 USD after 3 months, 100 USD administration fee after a year

SimpleFX fees compared to fees

Type of
EUR/USD SpreadFrom 0.9 pipsFrom 0.9
Fees on DepositsNoNo
Inactivity feeNoYes, 50 USD after 3 months, 100 USD administration fee after a year

Trading platforms of SimpleFX reviewed

The main trading platform is MetaTrader 4 (MT4). This platform is very popular and SimpleFX allows the use of Expert Advisors (EAs) which are trading robots. MT4 is an advanced trading platform that is well-respected by traders and comes with a feature-rich, intuitive professional user interface. The broker also has a TradingView-like limited web trader platform that is not as feature-rich as TradingView or MT4 platforms, but still decent.

Mobile Trading on SimpleFX

There are two main apps for mobile trading provided by SimpleFX. Their own proprietary trading app and the MT4 app. Both are available on iOS and Android and will provide the ability to trade on the go. The SimpleFX app is useful for getting news and trading crypto 24/7 without limits, with traders even being able to invite friends and chat within the app. So, it is a combination of social and trading platforms, but its charts are limited and for chart analysis, the MT4 app is better. On iOS, Apple decided to remove MetaTrader apps, so there is only the SimpleFX option remaining for trading from iPhones. 

Education and research tools

There are no educational materials available on the SimpleFX website, as the broker is focused more on simplicity and offers only some trading research tools. There are trading ideas and News TV buttons to stay informed and up to date. Additionally, important changes to trading conditions are updated and added to the website constantly. A trade calculator can be used to calculate important details before entering a trade. Other than these, there are no other materials or research tools provided by SimpleFX as of now.

Customer support of SimpleFX

SimpleFX offers multi-language support which is available via live chat. There is a chatbot that can provide quick help, but if there is an issue the automated chat can not solve, the problem can be transferred to a live agent.


SimpleFX is an unregulated Forex and CFDs broker operating in the FX brokerage scene since 2014. There are a total of 228 assets available for traders and SimpleFX offers MT4, the MT4 web trader, and their proprietary mobile apps for both iOS and Android. There is only one live account type available, as the broker wants to highlight its simplicity and minimal approach to trading. Educational materials available on the broker’s website are very limited. Market research tools are limited too, but the broker offers a calculator and other instruments for aiding their traders. Support is available via live chat and the website is multilingual. Trading fees are competitive as spreads start from 0.9 pips, which is pretty average when compared to other brokers.

Because the broker is unregulated, account registration is simpler. Deposits and withdrawals are possible with various cryptos as well as Fasapay, with deposits and withdrawals usually processed within 24 hours, depending on the blockchain network being used. The account registration and verification process is simple, and cryptos are traded 24/7 on the broker’s platforms. As an unregulated broker, SimpleFX is able to allow for 1:1000 leverage and has negative balance protection in place to prevent clients from becoming indebted to the broker. Along with this, all client funds are kept in segregated bank accounts, which is always a good thing.

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FAQs on SimpleFX

Is SimpleFX a good broker?

Well, there are no regulatory bodies overseeing it which can be a red flag, but as the broker has been around for the better part of a decade, it seems to be fairly reliable. Deposits and withdrawals are done via cryptos or Fastpay, which is good for those who like the crypto scene. Overall, not too shabby for an unregulated broker.

What can I trade with SimpleFX?

There are 228 trading instruments in total available on SimpleFX and their spreads are competitive. The main asset types offered are Forex, commodities, indices, cryptocurrencies, and shares as CFDs. There are no futures contracts or bonds available for trading.

Is SimpleFX a regulated broker?

SimpleFX is not regulated by any regulatory authority, increasing the risks to client safety. Due to this, traders will have to exercise caution when dealing with SimpleFX. Other safety measures are in place though, as the broker offers negative balance protection and client funds are kept in segregated bank accounts.