10 years and counting: The history of SimpleFX

When SimpleFX entered the trading world in 2014, our goal was to connect blockchain users with global financial markets. Each year brought us new challenges, opportunities, and areas to develop. Let’s take a quick look at vital moments in our history.

The concept

Even though the official start of SimpleFX is dated in 2014, the idea was developed even earlier. Back in 2013, a group of friends working in brokerage houses started a discussion about Bitcoin whitepaper. Nobody could have even thought about the fact that this casual after-work conversation would become a symbolic planting of the seed that has grown into the SimpleFX platform.

The notion of a unique platform circulated around simpler access to financial markets. Keep in mind that there were almost no cryptocurrencies, DeFi, or smart contracts, and Bitcoin was just a mere tidbit. So, this group of friends wanted to combine their experience with financial markets taken from brokerage houses with more simple and accessible transactions.

Did it work out? If you’re here, it means that it worked out.

The first steps

The simplefx.com domain was acquired in December 2013. This was preceded by Bitcoin’s passing of $1000 at Mt. Gox. This major event encouraged our founders to quit their jobs and focus on developing the SimpleFX platform.

Ten years ago, regulatory bodies had no clue what potential was hidden in cryptocurrencies and the technology behind them. As a result, SimpleFX chose Saint Vincent and the Grenadines for its home—the perfect place to connect the traditional financial world with more compelling regulations in terms of crypto and new technologies. We became one of the early adopters of blockchain technology among CFD brokers.

From the very beginning, we’ve aimed to provide cutting-edge solutions to our users. That’s why we created our unique SimpleFX trading platform. Together with blockchain—which has become a fundamental payments processing system on SimpleFX—we used state-of-the-art AngularJS 1.x as a frontend framework.

TRADE BITCOIN

Oh, and you can check our first Bitcoin transaction – TX ID 100b879f9e40b658be9547fa59bbd8c6ee3bb4b2ed2751a774ff0ad331f7819f.

The development

After implementing unusual yet effective solutions, more users eagerly opened accounts on the SimpleFX platform. That’s why we wanted to provide even more trading possibilities. As a forerunner in developing technologies, we began working on our Mobile App in June 2016.

As we kept focusing on mastering our unique solutions, we didn’t forget about potential threads from the crypto world. 2016 was marked as the year of crypto hacking, phishing, and other illegal activities. SimpleFX always stands with the users and traders. Back then, we consistently worked together with financial authorities, implementing essential additions to our security system. Users who trade on SimpleFX can do it safely – and it won’t change.

2017 will be remembered thanks to reaching several milestones. First of all, we reached 100 thousand traders onboarded on our platform. They were able to experience extended offers with the support of three new blockchains, including Bitcoin Cash, DASH, and Ethereum. After two years of working, SimpleFX could present the first version of the mobile app, answering traders’ needs who wanted to trade on the go. Our development hasn’t gone unnoticed – we were awarded Best Trading Platform at the Cryptocurrency World Expo. Moreover, SimpleFX tightened cooperation with affiliates by introducing the Unilink system, which was created for affiliates to monitor and manage their results.

The new trading experience

The constant development of our solutions has stood as a priority for SimpleFX for over a decade. With the emerging mobile app, we had to retool and adjust our solutions to the traders’ convenience. In 2018, the SimpleFX Webtrader began its new life. The IT team has revolutionized it from scratch, focusing on the speed of download and action itself – we reduced load time by 10 times worldwide! We put maximum effort into making the trading experience as simple as it gets in Webtrader and the mobile app..

With a constantly growing offer of assets from various categories, SimpleFX Webtrader and mobile app became integrated with TradingView chart, one of the most recognizable tools for traders’ technical analysis.

This whole new trading experience was a major step forward for us. To sum up another successful year, we were awarded the title of Best Cryptocurrency Trading Platform at the Cryptocurrency World Expo.

The COVID year

We entered 2020 right after winning another major award at the Cryptocurrency World Expo, this time as the Best Trading Platform. However, in March 2020, the whole world stood upside down due to the pandemic. We had to adjust to the new reality and immediately started creating a long-term plan in order to lead the line in the evolving trading environment. Even though there were some changes in mission and vision, SimpleFX’s main objective was to deliver cutting-edge solutions tailored to our users.

Our team from home offices successfully tried to develop the platform holistically. Back then, we extended our offer to 192 financial assets available for trading. Moreover, the Rankia Awards decided that the SimpleFX mobile app won the award for the Best Mobile App.

The lightning development

In May 2021, SimpleFX decided to find a solution to congestion issues—the major problem that led to the sudden drop in Bitcoin’s price to $30 thousand. We contributed to Layer 2 development with the Bitcoin Lightning Network Node. Faster deposits and withdrawals and more convenient trading were not the only additions to our portfolio. With SimpleFX Lightning Network, users will be forever free of any charges if they choose this method.

This year brought significant additions to our offer. 50 new instruments were added for margin trading, crossing the barrier of 200 financial assets available for trading. Moreover, SimpleFX consequently expanded the number of crypto payment methods, including the 2021 sensation—the DOGE meme coin—and several other tokens, including ADA, BUSD, EOS, TRX, ZEC, and many, many more.

The present

At SimpleFX, we constantly develop to provide the best solutions for our users (you’ve read that before, right?). Our Webtrader and mobile apps have been updated several times for faster, smoother, and more simple transactions. The latest reward became the symbol of our road – The Best Support award won at the Crypto Expo in 2023 points out the strength of our team as human beings, not an AI-focused group of people without core values.

Crypto-focused users have multiple possibilities to deposit their assets, with over 50 tokens available as payment methods. But until now, making a deposit in traditional ways, such as credit cards or bank transfers, was impossible. That’s why we decided to take another essential step in our development and acquired a Mauritius license, enabling us to bring even better trading experience.

Traders who choose a Mauritius license (you can still pick SVG if you want) will get much more than the possibility of making deposits with fiat money. It gives multiple options for users who would like to focus on other assets rather than cryptocurrencies. Keep in mind that we also offer forex currency pairs, equities, indices, metals, and commodities.

SimpleFX also facilitates SFX Coins for our platform users. They can be treated as a reward because the more SFX Coins you possess, the higher the possibility of receiving cashback. Again, this is a simple solution to make the trading experience more convenient.

The future

You have been able to use our fresh homepage with a design full of energy and user-experience solutions for a while. But that’s just one of many essentials that SimpleFX would like to offer the users.

First and foremost, the 10th birthday seems to be the perfect time to celebrate with a massive event. The special trading competition, with a $100,000 and 10,000 SFX Coins prize pool, looks decent, don’t you think? Come and join us on this special occasion!

We know that there are plenty of areas where we can be even better. Our state-of-the-art solutions and solid technological foundations enable us to extend our offer in a way that you’ve never seen before. There will be many more instruments to trade from every category.

Moreover, later in 2024, we want to implement SFX Core – another solution created and developed by our team from square one. Our goal is to give you tailored solutions by replacing MetaTrader with SFX Core, a brand-new system dedicated for both novice and seasoned traders.

Our mission has always been to deliver the balance between traditional trading and cutting-edge technological solutions that provide excellent trading experience. We would also like to highlight the importance of safe transactions – secure deposits and withdrawals are still our priority. SimpleFX can proudly announce that it hasn’t changed and that we will never forget our mission and vision.