Overview of SimpleFX
SimpleFX is a forex broker that was established in 2014. It is based in Saint Vincent and the Grenadines and is regulated by the Financial Services Authority. The broker offers a range of trading instruments including forex, cryptocurrencies, commodities, indices, and shares.
Trading Platforms
WebTrader
SimpleFX offers a web-based trading platform, WebTrader. The platform is user-friendly and offers a range of features including technical analysis tools, charting tools, and real-time price feeds. However, the platform lacks some advanced features that are available on other platforms such as MetaTrader 4 and MetaTrader 5.
Mobile Trading
SimpleFX also offers a mobile trading platform for both iOS and Android devices. The mobile platform is intuitive and easy to use, allowing traders to manage their trades on the go. However, like the web platform, it lacks some advanced features.
Account Types
SimpleFX offers a single type of trading account. This account offers a maximum leverage of 1:500 and a minimum deposit of $1. While the low minimum deposit might be attractive to beginner traders, the high leverage can be risky, especially for inexperienced traders.
Customer Service
SimpleFX offers customer support via email and live chat. However, they do not offer phone support, which can be a disadvantage for traders who prefer to communicate with their broker over the phone. Additionally, some users have reported slow response times from the customer support team.
Education and Research
SimpleFX offers a range of educational resources including webinars, video tutorials, and a trading blog. However, the quality of these resources is mixed, and the broker does not offer a demo account, which is a common feature offered by many other brokers for beginners to practice their trading skills.
Fees and Commissions
SimpleFX operates on a commission-free model and instead makes money from the spread. However, the spreads are not fixed and can vary depending on market conditions. Some users have reported that the spreads can be quite high compared to other brokers.
Conclusion
In conclusion, SimpleFX is a decent broker that offers a wide range of trading instruments and a user-friendly trading platform. However, it lacks some advanced features and the high leverage can be risky for inexperienced traders. Additionally, the customer service could be improved and the spreads can be quite high. Therefore, while SimpleFX may be suitable for some traders, others may find better value with other brokers.
