Contents
- 1 SimpleFX Basics
- 2 About SimpleFX
- 3 Key Benefits
- 4 SimpleFX Regulation
- 5 Regulation
- 6 Client Fund Safety
- 7 Trading Awards
- 8 SimpleFX: Legit Or Scam?
- 9 Trading Assets
- 10 Trading Instruments
- 11 Simple FX Account Types
- 12 Live Accounts
- 13 Demo Accounts
- 14 Base Currencies
- 15 SimpleFX Registration – How To Open A Trading Account
- 16 SimpleFX Registration – How To Verify A Trading Account
- 17 SimpleFX Bonuses
- 18 SimpleFX BTC Deposit Bonus
- 19 SimpleFX Welcome Bonus
- 20 SimpleFX Payment Methods
- 21 Deposits
- 22 Withdrawals
- 23 Trading Platforms
- 24 Trading Tools
- 25 Education
- 26 Extra Trading Services
- 27 SimpleFX Customer Support
- 28 Our Verdict
- 29 SimpleFX Forex Broker Review FAQ
- 30 Broker Reviews
SimpleFX Basics
| 🏛️ Based in | Limassol, Cyprus |
|---|---|
| ⚖️ Regulation | SVG |
| 💰 Minimum Deposit | $1 |
| 💳 Deposit Options | Crypto, VISA, MasterCard, Bank Wire, Skrill. |
| 💳 Withdrawal Options | Crypto, VISA, MasterCard, Bank Wire, Skrill. |
| 📌Open an account | Start Trading with SimpleFX |
About SimpleFX
SimpleFX is a reputable, regulated forex broker. It offers low minimum deposits, great trading conditions, and a safe trading environment. It also offers helpful educational resources, useful market analysis, and outstanding customer support.
Key Benefits
SimpleFX Regulation
Regulation
SimpleFX is registered in St. Vincent and the Grenadines. This means that the company has been incorporated by the Registrar of International Business Companies (IBC) and operates under local regulatory supervision. As an SVG broker, SimpleFX has less regulatory requirements than some of the other forex brokers in Kenya. However, they still implement strict client fund safety and client data protection protocols.
Client Fund Safety
At SimpleFX, they take client fund security very seriously. They understand that their traders need to know that their money is secure when trading with them. For this reason, they have put a number of client fund and personal data protection measures in place.
- Data Protection: They use the latest encryption technology for all data transfers, meaning your personal data is kept safe from any potential hacks or cyber security threats. The broker also uses two-factor authentication which adds an extra layer of protection against unauthorized access to your account or funds.
- Segregated Accounts: They operate based on a segregated account policy. All client funds are held in segregated accounts, with top-tier banks, separate from company funds. This means that they can never use your money for business purposes. It also means that you can always be sure your money is kept safe and secure.
- Negative Balance Protection: They also operate based on a negative balance protection policy. All client balances are protected using in-house risk management procedures. This means that they will never allow client balances to fall below zero, or for their clients to fall into debt. However, you still need to implement your own risk management measures, to prevent other losses.
Trading Awards
SimpleFX has won several industry awards over the years. It recently won an award for the Best Trading Platform at the World Cryptocurrency Conference 2022.
SimpleFX: Legit Or Scam?
Simple FX is a legit forex broker. They offers you easy access to the global financial markets. They provide great trading accounts, advanced trading platforms, and transparent trading conditions. SimpleFX also offers competitive spreads and leverage up to 1:500 for retail clients.
Trading Assets
SimpleFX offers a great selection trading assets. You can choose from a wide range of financial instruments including forex pairs, cryptocurrencies, equities, indices, commodities, and metals.
Trading Instruments
Whether you’re a new trader thinking about entering the forex market, or a seasoned trader looking to broaden your investment portfolio, SimpleFX has something for everyone.
- Forex: They have a nice range of major, minor, and exotic currency pairs.
- Crypto: They have crypto CFDs including Bitcoin, Ethereum, Ripple, and Litecoin.
- Equities: They have share CFDs including many American, European, and Asian brands.
- Commodities: They also have trading on commodities including oil and gas.
- Indices: They have trading on all major America, European, and Asian indices.
Simple FX Account Types
It has one main account type. It has excellent trading conditions, including high leverage. It also has a low minimum deposit, making it accessible to all traders.
- Minimum Deposit: $1
- Minimum Trade Size: 0.01 lots
- Leverage: 1:500
- Spreads: From 0.1 pips
- Commission: From $0 commission
- Scalping: Yes
- Hedging: Yes
- Trading platform: MetaTrader4
- Web trading: Yes
- Mobile trading: Yes
Live Accounts
SimpleFX only has one live trading account. This is good in the sense that all traders are treated equally. They receive the same trading conditions, trading tools and account benefits – regardless of their deposit size. It does, however, mean that SimpleFX is less suitable for those with specific trading requirements – such as those looking for cent accounts, micro accounts, or PAMM accounts.
Demo Accounts
SimpleFX does have a demo trading account. In our opinion, this is one of their best forex trading tools. With the SimpleFX demo account you can work on your forex trading skills and test new strategies in a risk-free trading environment. You can also get a feel for different trading platforms and what it’s really like to trade on the forex market. With the demo account, you can trade using virtual money. This is means you can practise trading without having to make a deposit or risk any of your own money.
Base Currencies
They have a large choice of base currencies. You can choose from AUD, CAD, CHF, DKK, EUR, GBP, INR, JPY, MYR, NOK, PLN, RUB, SEK, SGD, USD, and ZAR.
SimpleFX Registration – How To Open A Trading Account
As part of our SimpleFX broker review, we checked their online registration process. It is very straightforward. To get started, you just need to go to their website, fill in the online registration form, and choose your login details. This is so that SimpleFX has the information they need to create your account. Next, you need to complete the account verification process, submit copies of the requested documents, and fund your account. This is so that SimpleFX can approve and activate the account.
SimpleFX Registration – How To Verify A Trading Account
As part of our SimpleFX broker review, we also checked their account verification process. To verify the account, you’ll have to send them a proof of ID and a proof of address. This is so that they can check your identity and carry out their required regulatory checks. It is the standard procedure for all regulated forex brokers. The account verification process is quite simple. You can provide copies of your Passport or Driving License. You can also provide copies of a utility bill or a bank statement registered in your name. After you have verified your account, you can get ready to start trading.
SimpleFX Bonuses
If you’re looking for a broker with forex bonuses, then SimpleFX could be a good choice. They usually have a nice selection of special offers running. The promotions typically include deposit bonuses, cashback offers, and trading competitions.
SimpleFX BTC Deposit Bonus
SimpleFX is currently offering a BTC deposit bonus for new online traders. The bonus is worth 100% up to $100, depending on your initial deposit amount, and their bonus terms and conditions. The SImpleFX welcome bonus is only available to new traders. To access it, you need to register for a trading account and make your first deposit in Bitcoin. Check their website for more details.
SimpleFX Welcome Bonus
SimpleFX is also offering a welcome bonus for new traders. The welcome bonus is worth 100% up to $2500, depending on your initial deposit amount, and their bonus terms and conditions. The SimpleFX welcome bonus is only available to new traders. To qualify, you need to open a trading account and make a deposit. Terms and conditions apply. Check their website for further details.
SimpleFX Payment Methods
As part of our SimpleFX broker review, we took a look at what payment options they offer. SimpleFX has an straightforward registration process, with low entry requirements, and a nice choice of payment methods. As such, it is fairly easy to open and fund an account. They also have good withdrawal methods, with low withdrawal costs, and fast transaction handling. As such, it is also fairly easy to close an account and withdraw money. More details below.
Deposits
SimpleFX has plenty of deposit methods including debit card, credit card, and bank transfer. If needed, they also have other funding methods including Skrill, Bitcoin, Litecoin, Ethereum, Dash and Bitcoin Dash. The SimpleFX minimum deposit is $1. The deposit time and the deposit fee vary depending on which payment method you choose. As an example, deposits made via bank transfer are free, and processed within 1-3 working days.
Withdrawals
SimpleFX has plenty of withdrawal methods including debit card, credit card, and bank transfer. If needed, you can also try one of the other SimpleFX withdrawal methods including Skrill, Bitcoin, Litecoin, Ethereum, Dash and Bitcoin Dash. The withdrawal time and the withdrawal fee vary depending on which payment method you choose. As an example, withdrawal made via bank transfer are free, and processed within 1-5 working days.
Trading Platforms
SimpleFX offers trading on the MT4 trading platform. MetaTrader4 (MT4) is a very well-known trading platform, and very popular among new forex traders in Kenya. This is because it has a simple interface and is very easy to use. It gives you access to many financial markets including commodities, forex, stocks, and indices. The SimpleFX MT4 trading platform also gives you access to charting tools, order execution types, technical indicators, and analytical objects. You can use these trading tools to implement your trading strategies.
Trading Tools
SimpleFX offers has a small selection of free trading tools. For example, you can try using a their trading calculator and their expert advisors. Other forex brokers typically offer more free trading tools, but SimpleFX has enough options for traders to be able to trade the markets successfully.
Education
SimpleFX has many helpful educational resources for new traders including articles, trading videos, and a trading glossary. It also has some useful resources for more experienced traders including free daily market analysis. They provide regular updates about the forex, stock, and cryptocurrency markets. They also provide opinion pieces, by in-house experts, about the latest price trends.
Extra Trading Services
SimpleFX has created a trading community where you can share ideas and discuss your strategies. You can also use it to find out what others think about the latest market news and price trends.
SimpleFX Customer Support
SimpleFX has a helpful customer support team. You can contact them via email. They are available Monday to Friday, from 04:30 – 21:30 UTC.
Our Verdict
SimpleFX is a reputable broker with a wide range of trading instruments. It offers high leverage and fastion. It also offers helpful educational materials, powerful trading platforms, and good customer support.
SimpleFX Forex Broker Review FAQ
Yes, SimpleFX is a good forex broker. They have a nice account structure, with low minimum deposits, and transparent trading conditions. They also have a nice selection of trading assets, including forex, stocks, futures, commodities, indices, and cryptocurrencies. FXSimple is known for offering a secure trading environment and a fast, reliable service. In our opinion, they are a great company and a good choice for forex traders in Kenya.
Yes, SimpleFX is a legit broker. They are regulated by a well-known financial authority, implement strict client fund safety measures, and take good care of their clients. In terms of their trading products, they have a nice account offering and fair trading conditions. They also have a reliable payment methods and a hassle-free withdrawal process. In our opinion, they are definitely a legit forex broker and a good choice for forex traders in Kenya.
Yes, SimpleFX in Kenya is a registered forex broker. SimpleFX is registered in St. Vincent and the Grenadines. The broker is incorporated IBC by the Registrar of International Business Companies. As an SVG-registered broker, they have less regulatory requirements than other regulated brokers. However, they still implement strict security and client fund safety protocols. As such, they are a reputable and regulated broker.
Yes, SimpleFX in Kenya is a safe forex broker. When it comes to fund safety, they choose to go beyond their minimum regulatory requirements, and offer better client fund protection measures. This means that they value their clients and want to help them trade safely. SimpleFX keeps all client funds in segregated accounts, separate from its operating capital. This means that they do not use client money for their own operational needs. In our opinion, SimpleFX is a safe forex company.
Yes, SimpleFX in Kenya is good for beginners. They only have one account option, with no minimum deposit, which makes opening an account easy. The SimpleFX trading account comes with good trading conditions and a simple pricing model. It also comes with a nice range of trading tools and educational resources. For example, beginner traders, who may need more help with their trading, can access a library of trading articles. This will give them access to expert insights and increase their chances of trading profitably.
SimpleFX in Kenya is a great forex broker. They only have one account option, meaning that everyone gets the same excellent conditions, regardless of their deposit size. They have a good range of instruments, trading platforms, and trading resources. They have great learning materials, helpful customer support, and good client fund security. However, if you want to look at alternative options, there are many other great forex brokers as well. We recommend looking at HotForex, FXTM, FXPro, FXPrimus, and Instaforex.
Ready to sign up? Register for an online trading account with SimpleFX.
