SimpleFX has offered CFD and forex trading since 2014, giving users the ability to fund accounts with a range of cryptocurrencies. Traders on the platform have the ability to trade in a wide range of markets, including indices, precious metals, energy commodities and cryptocurrency CFDs. As the name implies, their aim is to be the simplest trading platform out there. We will explore whether this is the case in this SimpleFX review and find out if it offers beginner-friendly trading without compromising on professional CFD and forex trading tools.
SimpleFX the company
SimpleFX has been operating since 2014 and has headquarters in St Vincent and the Grenadines. The platform is AML (Anti-Money Laundering) compliant and GDPR (General Data Protection Regulation) compliant. Currently, SimpleFX is very accessible and available in over 160 countries.
However, citizens and residents of the following countries are unable to trade on SimpleFX: Algeria, Bahamas, Botswana, Cuba, Ecuador, Ethiopia, Ghana, Iran, Monaco, Myanmar, North Korea, Pakistan, St Vincent and the Grenadines, Serbia, Sri Lanka, Switzerland, Syrian Arab Republic, Trinidad and Tobago, the United States of America, Yemen and anywhere else that doesn’t legally allow this type of trading or platform.
Account Setup
As we previously mentioned in this SimpleFX review, the platform allows users to trade using cryptocurrencies with a crypto account as well as with fiat currencies with a fiat account. Professional traders also have access to an enterprise account. Fiat currency accounts need to be verified and to do so SimpleFX requires a copy of a government-issued ID, some personal information and a photo.
Cryptocurrency accounts don’t require verification and are particularly attractive as you can trade in a 24/7 market, there are no charges for deposits, no minimum deposits and traders can leverage up to 1:500. You don’t have to decide between a cryptocurrency account or fiat account as SimpleFX conveniently allows users to open multiple accounts in different currencies. Note that fiat accounts will still require verification.
Before depositing funds to begin trading on SimpleFX, you also have the opportunity to use multiple demo accounts in different currencies to test out the functions and explore the platform.
Deposits
Once you’ve familiarized yourself with the site you can deposit crypto and begin trading by going to the accounts page of the menu, selecting your country of residence and selecting one of the supported cryptocurrencies: Bitcoin, Bitcoin Cash, Dash, Litecoin or Ethereum.
Accepted fiat currencies include: US dollars, euros, Australian dollars, Canadian dollars, Japanese yen, Swiss francs, Danish krone, British pounds, Norwegian krona, Polish zloty, Indonesian Rupiah, Russian rubles, and the Swedish krona.
Deposit options for fiat currencies include: Neteller, Skrill, Rapid transfer by Skrill and Fasapay.
All deposits, crypto or otherwise, are fee free and fiat transfer times are near instant. However, cryptocurrency transfers can take up to an hour to be deposited. There is also a minimum of USD 20 (or the equivalent in the chosen deposit currency) for most fiat deposit options. Cryptocurrency deposits have no minimums; however, all of this information is neatly and conveniently displayed when each deposit method is selected.
Withdrawals
Withdrawals are simple but there are a few things to take note of:
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Funds have to be withdrawn in the same way as they were deposited e.g. when you deposit with credit card, the withdrawal must be made via credit card.
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Withdrawals involving electronic payment systems, cryptocurrencies, and bank cards are processed within 24 hours. Bank transfers usually take between 3 and 5 business days.
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Bitcoin withdrawals must be a minimum of BTC 0.001, attract 0% fees with a BTC 0.0005 minimum.
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Fiat withdrawal fees and minimums depend on the withdrawal method but must be a minimum of between USD 0 and USD 10 with fees of 1% – 3%.
Trading and tools
As this SimpleFX review previously mentioned, we would like to find out not just if the platform is easy to use and navigate, but if it also offers professional tools for traders. SimpleFX uses MetaTrader 4, probably the most popular trading software in the world which can be downloaded for free if you do not already have it.
Trade types such as Stop Loss and Take Profit are supported as well as a range of graphing functions. Users can also trade over the SimpleFX app which is functional and well designed making it easy to use. Available for both iOS and Android, the app allows for a lot of trading functions and tools on the go.
Real-time quote streaming, support of multiple currency accounts, in-depth trading statistics, practical graphing layout and functions provide a professional and refined trading experience. With over 6o currency pairs and the number of trading instruments totaling over 150, the range of symbols is diverse with something to match most traders’ interests and strategies.
On SimpleFX, there are no commission fees charged and spreads can be as little as 0.1 however can also be somewhat high depending on the symbol. Swap fees to hold overnight positions can also be high when compared to other trading platforms.
Customer support
SimpleFX is contactable via email, [email protected] and via their live chat function which is accessible, after signing up or with a demo account, in the bottom left of the main platform window. They also have an FAQ page with some useful information should you want to check there first before contacting customer support.
Company address
Suite 305 Griffith Corporate Centre Beachmont,
Kingstown VC0100,
St Vincent and the Grenadines.
SimpleFX Review Summary
This professional and accessible platform is a good option for beginner, enthusiast and professional forex and CFD traders. As the name suggests, SimpleFX is not a trading platform that is complicated or difficult to use. As no verification is required when using cryptocurrencies to fund an account, setting up and getting started is very simple. There are also low or no fees when depositing and withdrawing funds. Spreads can be quite low, starting at 0.1 but can also vary widely. The MetaTrader 4 platform gives traders the ability to trade on a professional platform with a large range of tools however care should be taken when conducting this sort of trading and you should never trade more than you are prepared to lose, particularly when leveraging trades. If you are interested in trading forex and CFDs on SimpleFX, then sign up here. Equally, if you’d like to check out some other reviews of other cryptocurrency platforms and products then have a look at our other reviews here.
Disclaimer: Bitcoin News does not provide any warranties towards the accuracy of the statements in the above SimpleFX review. Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research of the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.
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Images Courtesy: SimpleFX, Flickr
