SimpleFX Ltd from St. Vincent and Grenadines (SVG) is the official owner of SimpleFX broker. They are on the forex market since 2014 and, based on company statements, they are an award-winning brokerage. From experience, we know that many offshore brokers end up as scam brokers.
With that in mind, we highly doubt that SimpleFX could get any awards for their service. Especially with the facts that we will reveal further in this SimpleFX review. Keep reading.
In addition to the above, we strongly advise you not to invest in EagleFx, Kot4x and Status Markets fraudulent brokers.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | Simplefx.com |
| Blacklisted as a Scam by: | N/A |
| Owned by: | SimpleFX Ltd |
| Headquarters Country: | St. Vincent and Grenadines |
| Foundation year: | 2014 |
| Supported Platforms: | MT4, Web trader |
| Minimum Deposit: | $1 |
| Cryptocurrencies: | Yes – BTC, BNB, ETH |
| Types of Assets: | Forex, Commodities, Indices, Shares, Cryptos |
| Maximum Leverage: | 1:500 |
| Free Demo Account: | Yes |
| Accepts US clients: | No |
Is SimpleFX a Scam Forex Broker?
FSASVG made a smart move when they realized that this country is a hub for scammers. They decided not to provide licenses for forex and CFD trading. Therefore, companies should opt for licenses outside of this country. Precisely, in countries where they operate.
That’s why we are checking the most trusted regulators like FCA, BaFin and ASIC. These belong to the Tier 1 group of regulators and have the strictest rules. As a result of that research, we couldn’t find any records of SimpleFX trading company.
The first sign of a scam is already there. Let’s find out more.
Besides the lack of regulations, other signs confirm that SimpleFX is offshore scam. Many negative SimpleFX reviews, high leverage and non-transparent trading conditions.
Why Is Trading On a Licensed Broker’s Platform Preferable?
A license is not just a document or a number that gives you some security. Those are set rules that companies should comply with to protect their clients.
EU regulators require brokers to have a certain amount of initial capital deposited, separated bank accounts for clients’ funds and compensation funds. Moreover, trading conditions are definitely controlled and chances to be scammed are minimized.
SimpleFX Software – Platform Tools
Equally important as security is a trusted trading platform. Besides its own SimpleFX web trader, clients have MetaTrader 4 available. The main difference is that web trader is not trusted and lacks some important features, such as social trading and EAs, advanced indicators and more.
Important to note that once you try to download MetaTrader 4 on your device, it automatically downloads the SimpleFX program. It’s quite suspicious and we wouldn’t risk our privacy.
SimpleFX Mobile Apps
Unfortunately, the SimpleFX app is available for download only to iOS devices. Therefore, traders with Android phones have a huge disadvantage.
Even though it’s positive to hear that the mobile version is available, we are wondering how reliable it is. Especially when it doesn’t provide all features like MetaTrader 4, which is an industry-standard app.
SimpleFX’s Trading Assets and Instruments
Even though they have a limited amount of assets, they cover quite a solid range. Those are divided into 5 major groups:
- Forex USD/JPY, AUD/NZD, EUR/NOK
- Commodities natural gas, oil, gold
- Indices FTSE100, S&P500, DAX30
- Shares German, French and UK markets + more
- Cryptocurrencies BTC, ETH, XRP
Besides solid assets available, trading conditions of those are still speculative. Traders would jump on an offer where the spread is only 0.9 pips, but commissions are not revealed anywhere. Therefore, trading can cost you much more than expected.
SimpleFX Broker’s Active Locations
As you can see in many other SimpleFX reviews, they are mainly scamming traders from:
- United States
- Japan
- United Kingdom
- Turkey
- South Africa
This is important to note because many of these countries have their regulations. Some of them are the strictest in the world. Yet, Simple FX broker doesn’t bother complying with those rules. We hope that regulators will expose this broker soon and prevent these swindlers from doing what they are doing.
SimpleFX List of Account Types
Trading conditions are at any stage the same. SimpleFX broker doesn’t offer any specific classification for account types. Whether you deposit $1 or $100.000, you get the same shady conditions. After all, traders won’t be happy to invest anything more if they don’t get any benefits from that.
The main concern about this broker is funding methods. They offer mainly cryptocurrencies and e-payments as alternatives. All of those are hardly traceable.
Can a Trader Use a Demo Account?
On the positive side, SimpleFX offers a demo account. The only limitation is that it’s through their proprietary app.
On the negative side, these apps are often manipulated by brokers and you can get a false picture of trading overall.
About SimpleFX Terms and Conditions
Crucial conditions you should be aware of are bonuses. There are numerous ways how brokers will provide you with bonus funds. But you should know that all those come with certain clauses.
In this case, rollover on investments must reach a certain point for you to get a withdrawal. If the broker is so sure about making profits for you, there is no reason to give you a bonus. Whether you get it as a welcome bonus or a bonus from an affiliate program, don’t accept it. Otherwise, you won’t be able to withdraw any of the funds for a long time. Maybe never.
Leverage, Spreads and Fees
Leverage of up to 1:500 makes a huge difference to ESMA allowing a maximum of 1:30. Even though the broker offers competitive spreads from 0.9 pips, they can increase over time.
Besides that, commissions and fees are unknown. So, you don’t know what to expect. But all signs lead to the conclusion to expect to be scammed.
Scammed by a SimpleFX Broker? – We Want To Hear Your Story
If you got scammed by a SimpleFX broker, share your story with us. That way, other traders will know why not to start with this broker.
Moreover, our fund recovery team can make a strategy for you on how to get funds back. Don’t waste time and get in touch today!
What Is the Chargeback Procedure?
Chargeback is a reversal process for card purchases. Since this broker allows only crypto transfers we’ll go another way around. Our fund recovery team has access to CipherTrace software that can find your funds. After that, you can request a proper chargeback.
Don’t let them escape with this. Contact us now!
What Is SimpleFX?
It’s an offshore broker operating without a license worldwide in most secured countries.
Is SimpleFX a Scam Broker?
Yes. Many signs that we revealed in this SimpleFX review are pointing to that conclusion. Especially lack of regulations.
Is SimpleFX Available in the United States or the UK?
SimpleFX offers its services to both mentioned countries. But for any of those they don’t have a valid license.
Does SimpleFX Offer a Demo Account?
Yes. They offer access to a demo version but only through their proprietary app.
