SimpleFX, a broker established in 2014 and based in Saint Vincent and the Grenadines, stands out for its provision of cryptocurrency account opening and fund withdrawal options. Operating as an International Financial Company (IBC), SimpleFX operates independently of financial regulation. Notably, as of now, there are no awards attributed to the achievements of SimpleFX.
Traders Union published Simple FX review in 2023, an unregulated broker offering global services. This highlights the growing attention and interest in evaluating the offerings and performance of this unregulated broker that provides services to traders worldwide.
SimpleFX: pros and cons
Traders Union strives to offer an impartial assessment of SimpleFX, taking into account both its strengths and weaknesses. Here are the key points highlighted in their evaluation:
- Account opening option in cryptocurrency.
- Low minimum deposit requirement of $1.
- Utilization of the popular trading platform, Metatrader 4.
- Inability to withdraw funds to a bank card.
- Absence of multilingual technical support.
- Lack of financial regulation for the broker.
- Provision of only one account type.
Expert review of SimpleFX
According to the TU experts, SimpleFX, although relatively new to the Forex market, cannot be considered a leader at this stage. The broker primarily focuses on clients from Asia and Oceania and offers straightforward conditions for opening a trading account. Notably, one unique aspect is the ability to open an account using cryptocurrency. SimpleFX provides a diverse range of trading tools, including the popular MetaTrader 4 platform and their proprietary SFX platform for WEB, iOS, and Android. However, the absence of bonus programs and a PAMM account for passive investment are notable disadvantages. Additionally, the inability to withdraw funds to a bank card and the lack of a financial regulator are significant drawbacks.
Analysis of the main features of the Forex broker
TU has assigned the following ratings to SimpleFX:
- Overall score: 7.44/10
- Execution of orders: 7.86/10
- Investment instruments: 7.5/10
- Withdrawal speed: 7.8/10
- Customer Support work: 7.28/10
- Variety of instruments: 8.02/10
More about SimpleFX
According to analysts at Traders Union, SimpleFX is a broker that has been operating in the financial services industry for over 5 years. The broker is registered in Saint Vincent and the Grenadines and primarily caters to traders from Asia and Oceania. However, SimpleFX welcomes clients from around the world to open an account with them. Notably, the broker focuses on cryptocurrency traders and offers the convenience of cryptocurrency fund withdrawals.
Here are some key figures about SimpleFX highlighted by TU analysts:
- Over 5 years of experience in the exchange market.
- Availability of more than 20 types of cryptocurrency contracts.
- Minimum investment amount set at $1.
Considering these aspects, SimpleFX provides a platform for traders interested in cryptocurrency trading and offers accessible entry with a low minimum investment requirement.
Best alternatives to SimpleFX
Traders Union has conducted an analysis and identified several viable alternatives to SimpleFX, providing a wide array of trading options to cater to the needs of interested traders.
RoboForex is a well-regarded broker with a diverse range of assets including forex, stocks, indices, and cryptocurrencies. It stands out with low minimum deposits and offers copy trading services for novice traders to learn from experienced ones.
Pocket Option is a regulated broker that offers an appealing low market entry with a minimum deposit of $5. It focuses on social trading, allowing traders to copy successful strategies, and is regulated by FMRRC for added security and reliability.
Eightcap is a reputable broker known for its competitive trading conditions and advanced technology. Traders can benefit from the Eightcap broker due to its diverse range of financial instruments and innovative trading tools.
In conclusion, SimpleFX, an unregulated broker based in Saint Vincent and the Grenadines, offers cryptocurrency account opening and low minimum deposits. While it provides popular trading platforms and a variety of trading tools, there are drawbacks such as the inability to withdraw funds to a bank card and the lack of financial regulation. Visit the Traders Union website for more info and insights.