SimpleFX Review (2023)

Is SimpleFX a scam or a legit broker?

SimpleFX is 100% fraud company. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade SimpleFX. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable.

SimpleFX is an offshore broker offering Forex and CFD trading. The company is owned and operated by SimpleFX Ltd., based and registered in the St. Vincent and the Grenadines.

It is a popular destination for forex brokers, because registration procedure is simple and low-cost and they face limited regulatory supervision, if any.

The contact phone numbers of Customer Support and Partnership department are British, although the firm is not authorized in the UK by FCA (Financial Conduct Authority).

That’s why we recommend to deal only with the regulated brokers, as they have strict regulatory standards and a number of requirements.

For obtaining an STP FCA license, the required capital for the broker to have is EUR 125,000. Also in order to get this type of license, the broker needs to have a physical office in the UK.

All clients of the FCA-regulated brokers are protected by the Financial Services Compensation Scheme.

Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Pepperstone and TMGM.

Yet, it is always great to hear your personal opinion about SimpleFX. So you may share your experience or thoughts or discuss them below or ask us for additional information.