SimpleFX Review: Scam Broker? Our Test!

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► Regulated Broker: https://www.coinbureau.com/review/pepperstone/
► Regulated Broker: https://www.coinbureau.com/review/ic-markets/
► Anonymous Exchange: https://www.coinbureau.com/review/bybit/
► Anonymous Exchange: https://www.coinbureau.com/review/deribit/

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► Time Stamps ⏰

0:06 Introduction
0:30 Broker Overview
1:30 Regulation
2:27 Execution
3:00 Negative Balance Protection
3:10 Asset Coverage
4:00 Leverage
4:50 Spreads & Commissions
5:48 Deposits & Withdrawals
6:15 Trading Platforms
8:20 Customer Support

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► Overview 📝

SimpleFX is a large CFD FX broker that was established in 2014 and is based in St. Vincent and the Grenadines.

They offer leveraged trading on CFDs for leverage all the way up to 500:1. They are also an STP broker and do not offer ECN accounts. The broker claims to have over 200,000 accuonts in over 160 different countries.

They take traders from around the world except countries such as the USA and Canada.

SimpleFX has no regulation which could mean that you lack certain protections that are afforded to you by a regulated broker.

There is a large array of assets that you can trade at SimpleFX and includes crypto, forex, commodities, ETFs and stocks. Crypto assets include Bitcoin, Bitcoin Cash, Ripple, Ethereum, Etheruem Classic, Litecoin and Ripple.

Although they do offer leverage of up to 500x, this is only on a select group of assets. Cryptocurrency leverage is only up to 5x.

With spreads, they start at 0.1 on EURUSD but will be much higher for those assets that are more volalite. This are floating rate spreads that are tied to the volatility in the market.

There are no deposit fees althoguh there may be withdrawal fees that are related to Skrill and Fasapay. There are no deposit / withdrawal options with wires or credit card processors.

There are two trading platforms at SimpleFX. There is the web trader platfom that seems to be well designed, intuitive and well set out for beginner traders.

Then for the more advanced traders amoung us you have the MT4 platform that is well known in the forex industry.

There is also mobile trading functionality both with their webtrader mobile app as well as the MT4 mobile app. The latter is one of the most popular in the industry.

Customer support is average and they appear to be responsive via live chat. Unfortunately, there is no direct phone line that you can call for this broker.

The online reputation of simple FX is not the cleanest so traders should exercise caution when using this broker.

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► Warning!! ⚡️

Trading CFDs is very risky. Make sure that you practice adequate risk management to protect your account. These include stop losses, leverage limits and money management practices.

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► Disclaimer 📜

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome. Past performance does not indicate future results. Open CDPs at your own risk!

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