Simple FX Review - Should I Open Account with SimpleFX? Broker Rating & Review

in new •  7 years ago 

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SimpleFX is a NDD offshore FX broker, offering online trading 60 currency pairs, CFDs on indices, commodities and precious metals, as well as several cryptocurrencies through both the MetaTrader 4 and the broker’s in-house web-based platform.

Founded in 2014, SimpleFX is a brand of SimpleFX Ltd., a company registered in the St. Vincent and the Grenadines. This Caribbean island is a popular destination for forex and binary brokers, because registration procedure is simple and low-cost and they face limited regulatory supervision, if any.

That is why we generally advise traders to avoid offshore companies and choose among brokers regulated by reliable authorities - UK’s FCA, or Australia’s ASIC, for example, where their money will be safe.

Trading Conditions

Minimum Initial Deposit
There is no minimum initial deposit required by SimpleFX, so one may open an account with just $1.

Spreads & Commissions
SimpleFX offers only competitive fixed spreads for forex pairs, which, in contrast to variable ones, don't widen during news releases. The good thing with variable spreads is that they are generally lower than the others, however that is not exactly the case with SimpleFX. Its spreads are as low as 1 pips for the EUR/USD pair, and on top of that there are no commission fees.

In comparison, another offshore broker - FX Choice – provides variable spreads 0.5 pips on EUR/USD with commission of $7 per lot on ECN accounts, while commission-free accounts offer typical spreads of 1.2 pips on EUR/USD.

Simple FX Review

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7 years ago by

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      ·  7 years ago 

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