Updated on February 9, 2024
Quick Links
In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding SimpleFX due to the issues we've identified.
Is SimpleFX Scam or Legit Broker? ▲
Upon thorough examination, it has become evident that SimpleFX operates as a fraudulent entity. The brokerage is incorporated in St. Vincent and the Grenadines, a jurisdiction notorious for its lax regulatory environment. It lacks any form of reputable licensing, rendering it an unsafe choice for traders. Our strong stance is to caution against engaging with offshore brokers like SimpleFX, due to their untrustworthy nature in handling financial investments.
Registered in: St. Vincent and the Grenadines
Type of License: Offshore License
Is SimpleFX safe to trade: No
SimpleFX emerges as an unregulated entity in the realm of Forex and CFD brokerage, owned by SimpleFX Ltd. and stationed in St. Vincent and the Grenadines. This location has gained popularity among forex brokers for its straightforward, cost-effective registration process and minimal regulatory oversight. Despite having British contact details for Customer Support and Partnership departments, SimpleFX lacks authorization from the UK's Financial Conduct Authority (FCA). The stringent requirements for obtaining an FCA license, such as possessing a minimum capital of EUR 125,000 and establishing a physical office in the UK, underscore the credibility gap of SimpleFX. Moreover, FCA-regulated brokers offer the safeguard of the Financial Services Compensation Scheme to all their clients.
In light of the severe concerns regarding SimpleFX's regulatory status and safety measures, we assign a disheartening score to SimpleFX in our comprehensive review. Our extensive expertise, spanning over a decade in the Forex trading domain, underpins our critical assessment. Compared to an expanded list of 1000 brokers, SimpleFX's overall ranking is dismayingly positioned at 0.4 out of 5. This evaluation is derived from juxtaposing SimpleFX against other reputable and industry-leading brokers.
SimpleFX Deposits and Withdrawals ▲
Our detailed investigation into SimpleFX's financial transaction mechanisms has revealed significant deficiencies. The absence of stringent regulatory oversight raises questions about the security and reliability of deposits and withdrawals. Traders seeking assurance in their financial dealings are advised to consider well-regulated brokerages that offer transparent and secure transaction processes.
Concluding our exhaustive review, we strongly advise against trading with SimpleFX due to its unregulated status and the associated risks to investors' capital. The lack of oversight from reputable regulatory bodies such as the FCA in the UK and ASIC in Australia poses significant dangers. Traders are encouraged to opt for highly regulated brokers that ensure a higher level of security and reliability. Our overall assessment and experience with SimpleFX are unequivocally negative, steering traders towards safer and more reliable trading avenues.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
SimpleFX Review 2024
