Is SimpleFX Scam or Legit Broker?
SimpleFX is a 100% fraud company. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade SimpleFX. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable.
About SimpleFX
| 🗺️ Registered in | St. Vincent and the Grenadines |
| 🗺️ Type of License | Offshore License |
| 🛡️ Is SimpleFX safe to trade | No |
| 🗺️ Recommended Licenses | FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺 |
| 🖥 Alternative Broker | FP Markets - licensed by ASIC in Australia |
What is SimpleFX?
SimpleFX is an offshore broker offering Forex and CFD trading. The company is owned and operated by SimpleFX Ltd., based and registered in St. Vincent and the Grenadines. It is a popular destination for forex brokers because the registration procedure is simple and low-cost and they face limited regulatory supervision if any.
- The contact phone numbers of Customer Support and Partnership department are British, although the firm is not authorized in the UK by FCA (Financial Conduct Authority). For obtaining an STP FCA license, the required capital for the broker to have is EUR 125,000. Also in order to get this type of license, the broker needs to have a physical office in the UK. All clients of the FCA-regulated brokers are protected by the Financial Services Compensation Scheme.
Overall SimpleFX Ranking
Based on our revelations about the safety and regulations issues of SimpleFX, we do not rank positively SimpleFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.
- SimpleFX Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
| Ranking | SimpleFX | XM | BlackBull Markets |
|---|---|---|---|
| Our Ranking | ⭐ | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐⭐ |
| Is Broker safe? | No | Yes | Yes |
| Advantages | None | Education | Trading Environment |
SimpleFX Alternative Brokers
Due to our finds and issues with the safety of SimpleFX, here are much better Alternatives to SimpleFX with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below:
- eToro – Good for CopyTrading and Cryptocurrency Trading
- Dukascopy – Excellent for Shares, Futures Trading
- BlackBull Markets – Good for High Leverage Trading
SimpleFX Deposits and Withdrawals
SimpleFX offers various deposit and withdrawal options – Bank Transfer, Credit/Debit Card, and e-wallets such as Skrill, Neteller, Webmoney. However, due to its unregulated nature, there is no strict guarantees on payment procedures.
- SimpleFX offers multiple bonuses for deposits. Traders can use the fastest and most economic payment methods for fiat and crypto and get a $2500 Bonus for the first Deposit.
SimpleFX Review Conclusion
We strongly advise opening a trading account only with brokers that are regulated by respected world authorities that comply with the required set of rules and have a good reputation through the delivered timeframe of operations.
As SimpleFX is not regulated by top-tier authorities, trading with it might put your investments at risk. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Pepperstone and TMGM.
- Overall ranking and experience for SimpleFX is Negative
