Choosing the right trading platform can be challenging, with so many options that vary in security, fees, and regulation. You want a secure, easy-to-use platform that offers a wide range of assets. However, many platforms lack transparency, charge high fees, or lack sufficient regulation, making it difficult to find a trustworthy platform that meets your needs.
SimpleFX offers a user-friendly trading experience with competitive features. In this review, we’ll examine whether SimpleFX is the right choice for you in 2025 based on its offerings, security, and regulatory standing.
What is SimpleFX?
SimpleFX is an online trading platform that offers a wide range of trading options, including contracts for difference (CFDs), cryptocurrencies, forex, commodities, indices, and precious metals. The platform is known for its intuitive interface, competitive spreads, and flexible account types designed to accommodate various trader profiles.
Moreover, one of SimpleFX’s noteworthy features is its high leverage. Up to 1000x leverage is available for crypto and forex trading and up to 50x for equities.
Founded in 2014, SimpleFX has built a solid reputation over the years. The company was established by a group of professionals who left established financial institutions following Bitcoin’s surge above $1000 at Mt. Gox. SimpleFX operates under the SimpleFX Group, which includes several entities based in different jurisdictions, such as 8tech Ltd, 8Tech SVG Ltd, and 8tech Ltd.
SimpleFX Trading Platform: Main Features
- Cryptocurrency and Traditional Asset Trading: SimpleFX provides access to a diverse portfolio encompassing cryptocurrencies, forex pairs, indices, commodities, etc. This variety allows users to diversify their trading strategies.
- Demo Account: SimpleFX offers a demo account, allowing users to practice trading with virtual funds. However, the demo accounts have been reported to have time limitations.
- User-Friendly Platform: The platform is designed with simplicity, aiming to provide an intuitive interface for traders of all levels. This includes customizable layouts and easy-to-navigate tools.
- Mobile Trading: SimpleFX offers mobile applications for iOS and Android devices, enabling traders to manage their positions and monitor markets.
- Leverage Trading: The platform provides leverage options, allowing traders to control larger positions with smaller capital outlays. However, it’s important to note that leverage also amplifies potential losses.
- Multiple Account Types and Payment Methods: SimpleFX supports various payment methods, including cryptocurrencies and traditional options. This flexibility allows for ease of deposits and withdrawals.
- SimpleFX Earn (Staking): SimpleFX offers “SimpleFX Earn,” a staking pool service that allows users to stake specific cryptocurrencies and earn daily interest. Features include margin trading accessibility with staked funds, fee-free rewards, no minimum deposits, automated staking, and unrestricted withdrawals.
- Affiliate Program: SimpleFX has an affiliate program that allows users to earn commissions by referring new traders to the platform.
- TradingView Integration: SimpleFX has TradingView charts integrated into its platform. This allows traders to use TradingView’s charting tools directly on the broker’s website.
SimpleFX Trading Platform: Security
SimpleFX brags that it takes security seriously, using advanced technology to protect user data and funds. The platform has several measures to ensure a safe trading environment and prevent unauthorized access.
SimpleFX follows a segregated accounts policy for fiat funds. This means client funds are kept separate from the broker’s operational funds, ensuring user money remains untouched even if the company faces financial difficulties. Keeping funds separate also protects them from creditors in case of insolvency.
Additionally, SimpleFX maintains strict solvency requirements by holding a financial buffer to guard against extreme market fluctuations.
Since most accounts are funded with cryptocurrencies, SimpleFX has implemented a cold wallet storage system. Most digital assets are stored offline, away from internet threats, making them significantly more challenging for hackers to access.
Account security is just as important as fund security. To prevent unauthorized logins, SimpleFX provides two-factor authentication (2FA). Users can set it up through Google Authenticator, which generates a unique code for every login attempt, adding an extra layer of protection.
All communication on the SimpleFX website is secured with 256-bit SSL encryption, ensuring user data remains private and protected from cyber threats, such as man-in-the-middle attacks. The browser padlock icon confirms a secure connection and helps users verify they are on the official SimpleFX site, reducing the risk of phishing attacks.
SimpleFX allows users to adjust their public visibility settings for additional privacy, giving them more control over what information is shared.
SimpleFX Trading Platform: Regulatory Compliance
When it comes to regulations, SimpleFX operates under three main entities. One of them, 8tech Ltd, is licensed and supervised by the Financial Services Commission (FSC) in Mauritius, offering a level of oversight.
On the other hand, 8Tech SVG Ltd (formerly SimpleFX Ltd) is registered in St. Vincent and the Grenadines, a jurisdiction known for having fewer regulatory restrictions on forex and CFD trading.
It’s important to note that SimpleFX is not regulated by any authority in the EU, EEA, or the UK, meaning investor protection programs like the Investor Compensation Fund do not cover traders. The platform also does not provide services to residents of the United States, the EU, the UK, or any country where its services would conflict with local laws.
Additionally, SimpleFX does not offer fiat or cryptocurrency exchange services. 8Tech SVG Ltd supports crypto deposits and trading accounts, while 8tech Ltd does not handle crypto. So, while SimpleFX’s Mauritius entity and the one in St. Vincent and the Grenadines have some regulatory oversight, traders should know that it operates outside major financial regulatory frameworks.
Understanding which entity you are dealing with is paramount before using the platform.
SimpleFX Trading Platform: Fees, Deposits and Withdrawals
Fees
SimpleFX has a no trading fee policy, meaning users are not charged maker/taker fees as seen on traditional exchange-based platforms. Instead, the platform operates as an STP (Straight Through Processing) forex broker, making money through spreads and swap fees rather than direct trading commissions.
The main costs users will encounter are spread and swap fees. The swap rate is applied daily to open positions based on the interest rate difference between the two currencies being traded. Depending on the trade, users may earn or pay a swap fee. Specific swap rates can be found in the terms and conditions section on the SimpleFX website.
Deposits
SimpleFX does not charge deposit fees, and no minimum amount is required to open an account. However, users must verify their identity and residential address before making an initial fiat currency deposit.
At the time of writing, SimpleFX offers over 102 deposit methods, including Visa, bank transfers, and cryptocurrency options. Users can check the deposit methods page anytime to confirm if their preferred option is available.
Most fiat currency deposits are processed instantly, though minor delays may occur due to the payment processor’s procedures. For cryptocurrency deposits, the processing time depends on the efficiency of the respective blockchain network.
It is important to note that deposits must come from the user’s account or card. Due to Anti-Money Laundering (AML) regulations, deposits from third-party accounts, such as those belonging to friends or relatives, are not accepted.
Withdrawals
Withdrawals must be made using the same payment method as the deposit. If multiple deposit methods were used, withdrawals should be processed using the method used for the largest deposit. The maximum withdrawal amount is limited to the available account balance, excluding funds allocated for open positions.
At the time of writing, SimpleFX supports over 101 withdrawal methods, only one fewer than the deposit options. Users can check the withdrawal methods page for up-to-date availability.
Wire transfers typically take 3-5 working days, while electronic payments, bank card withdrawals, and cryptocurrency transactions are usually processed within 24 hours. Requests made on weekends are handled on the next business day. Additionally, SimpleFX may take up to 24 hours to verify and process cryptocurrency withdrawals for security reasons.
If an account remains inactive, a 3% fee (minimum $25) will be applied to withdrawals. Furthermore, AML regulations prohibit withdrawals to third-party accounts or cards. Funds must be returned to the original deposit source.
SimpleFX Trading Platform: Customer Support
SimpleFX provides multiple ways for users to get assistance. The main support option is live chat, which is available 24/5. English support is accessible throughout this period, while Spanish and Portuguese support is offered from 14:00 to 22:00 UTC.
We tested the live chat to check response times, and the experience was smooth and efficient. The support agent responded almost instantly, provided clear answers, and directed us to the relevant resources on the SimpleFX website.
Those who prefer email support can reach SimpleFX at [email protected]. In addition, the platform offers a comprehensive help center with an FAQ section, video tutorials, blog tutorials, and step-by-step guides, making it easy for users to find answers on their own.
From this point of view, the fast response times and multiple support options make SimpleFX’s customer service reliable and user-friendly. Expanding live chat support for more languages and longer hours could improve accessibility even further, but we consider that the current setup already offers solid assistance for most users.
SimpleFX Trading Platform: Accessibility
In the accessibility chapter, SimpleFX does a great job of making its platform easy for people worldwide.
It supports 14 languages, including English, French, Spanish, Hindi, Russian, Portuguese, and Korean, making it much easier for traders from different countries to use the platform without struggling with language barriers.
Customer support is also a big part of accessibility. As you already read above, SimpleFX offers support 24/5, so users can get help whenever needed. English support is available the whole time, while Spanish and Portuguese support is open from 14:00 to 22:00 UTC.
SimpleFX is accessible in 3 formats: a mobile app, a desktop app, and a web app.
Of course, in the future, it would be even better if more languages were available in live chat for longer hours. Still, SimpleFX is doing a solid job of making the platform accessible to a wide range of users.
SimpleFX Trading Platform: Pros and Cons
SimpleFX Pros
- No Trading Fees: No maker/taker fees, just spreads and swap rates.
- Strong Customer Support: Fast, reliable support available 24/5 in multiple languages.
- User-Friendly Platform: Simple interface for easy navigation, accessible on web, mobile, and desktop apps.
- Strong Security: Cold wallet storage, 2FA, SSL encryption, and segregated accounts.
SimpleFX Cons
- Limited Regulatory Oversight: No regulation in the EU, EEA, or UK, meaning no investor protection.
- Inactivity Fees: 3% fee for deposits/withdrawals without trades.
Final Verdict: Is SimpleFX a Good and Legit Platform or a Scam?
SimpleFX is a legitimate trading platform with a solid reputation, operating since 2014. It offers a wide variety of assets, including cryptocurrencies, forex, CFDs, and commodities, and is known for its user-friendly platform and strong security measures such as cold wallet storage, two-factor authentication, and SSL encryption.
With low spreads, competitive leverage, and a demo account, it can be a good choice for traders seeking flexibility and low-cost trading options.
However, SimpleFX operates under limited regulatory oversight, with its main entities based in Mauritius, St. Vincent, and the Grenadines. This means it lacks the investor protection with more heavily regulated platforms in the EU, EEA, or UK. Additionally, the inactivity fees and limited fiat funding options may not appeal to all traders.
While it is not a scam, prospective users should be aware of the lack of comprehensive regulation and consider whether the platform’s features align with their needs and risk tolerance. Always ensure you understand which entity you are dealing with before making an account and funding your trades.
DISCLAIMER. SimpleFX does not offer its services in the United States, United Kingdom, the EEA, the EU, North Korea, Iran, Syria, Sudan, Cuba, or any other jurisdiction where SimpleFX isn’t authorized or in which these services are prohibited by local law.
