Thinking of getting into business with SimpleFX? Here is what you must know about this broker. Carefully read this review to find out if simplefx.com is the trading platform you will want to trade with.

About SimpleFX Broker

SimpleFX is an offshore brokerage company with a lot of promises for traders. The broker address shows it is from Saint Vincent and the Grenadines.

Address

To clarify, regardless of the trading instruments SimpleFX claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.

simplefx.com: Reasons to Avoid This Broker

Firstly, simplefx.com is a platform with no financial authority overseeing its financial services. We discover this broker is not worth your money because Financial Services Authority SVG has warned that it does not monitor or regulate forex brokers.

FSASVG Warning

Secondly, Italian financial regulator CONSOB has not spared this broker from operating without a license. Here is a list of unlicensed brokers of which Simplefx Ltd is among.

CONSOB Warning

Further, we noticed simplefx.com has a free account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker.

More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.

These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.

Withdrawal and Deposit

Withdrawal process

Under withdrawal policy, SimpleFX withdrawal process takes 24 Hrs. The broker claims zero fee on any withdrawal request.

Minimum Deposit

SimpleFX minimum deposit is not available.

As for the payment methods, the broker accepts cryptocurrency only. Truly, you should not consider making any payment with this broker because it is a risk. So beware!

SimpleFX Platform

SimpleFX claims to offer MT4 (Industry standard trading platform), however, the option of MT4 doesn’t make the broker legit because any scam broker can do the same to lure forex traders.

As for the leverage, it can get up to 1:500. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.

SimpleFX Licensing and Regulation

It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.

Instead, Trade with TOP RATED BROKERS



Accounts

Free Trial

Projects

SSL

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Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands

Accepts Traders Worldwide

Minimum Trade Deposit $100

Maximum Leverage
1:500

TOP CHOICE BY TRADERS

Licensed in UK(FCA), Australia(ASIC), Belarus(NBRB) and Canada(IIROC)

Accepts Traders Worldwide

Minimum Trade Deposit $100

Maximum Leverage
1:300

BEGINNER FRIENDLY

Licensed in Australia(ASIC) and Cyprus(Cysec)

Accepts Traders Worldwide

Minimum Trade Deposit $100

Maximum Leverage
1:500

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Conclusion: Is simplefx.com a Reliable Broker?

No, simplefx.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.

Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.

Because we have taken it as a duty to find out scam forex brokers and also share reasons, we will not recommend this broker for trading.

Kindly share your comment about this broker in the comment section.

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By Dan

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