SimpleFX Review: Is it a Good App to Trade Crypto, and Global Commodities in 2022?
SimpleFX is a CFD broker that offers leveraged trading for low commissions as well as there are no requirements of minimum investment. In 2014, the SimpleFX brokerage debuted into the market. This well regarded worldwide platform offers a diverse range of crypto pairs, Forex dealing, as well as a variety of deposit/withdrawal options.
This broker has significantly expanded its offerings over the last few years. They provide leverage CFD trading of upwards to 500x on a variety of assets. Here on this brokerage, you can invest in Bitcoin cash, ETH, USD, Bitcoin, as well as other top coins/currencies which thus combine up a whopping great tradable assets.
Although the industry is becoming crowded in some parts of the world, finding a free brokerage platform with far too many choices as well as good accessibility is generally difficult.
Could it, though, be secured? We’ll struggle to address something in this SimpleFX review. We’ll tell you what you need to know about just the broker and provide you some great trading advice.
What we are going to learn?
SimpleFX Review: Overview
|Headquarters||St. Vincent and the Grenadines|
|Products offered||Crypto, Forex, Stock, Indices|
|Minimum Initial Deposit||No|
|Maximum Leverage||1:500 for Forex
1:100 for Crypto Pairs
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||No|
|Inactivity fee||3% (min 25$)|
|Withdrawal fee||Depends on Currency|
|Supported currencies||EUR, USD|
|Customer Support||24/7 via Email & FAQ Support|
SimpleFX, as a corporation, offers a simple as well as profitable trading platform as well as converting fiat with crypto-assets. Such assets could be used for speculative trading, investments, as well as profit maximisation. SimpleFX distinguishes itself among major exchanges in the sector considering the wide utilization across numerous exchange markets as well as a user-friendly experience that is accessible throughout the board for both desktops, laptops and smartphones (via an application).
The unmatched ease also comprises an application that brings commodities towards the range of assets that make up SimpleFX broker’s ability.
SimpleFX broker however has kept a presence on social media, so customers may remain updated or contact them. The international CFD broker (Contract For Difference) is accessible including over 160 countries, with over 200,000 users. The firm has also prioritized security, using industry-standard methods including two-factor authentication as well as other functionalities like negative balance prevention.
- SimpleFX gives buyers access to trade marketplaces 24 hours a day, seven days a week, plus cryptocurrency exchanges operate around the time due to its international orientation.
- Both cryptocurrency and ordinary fiat currencies are accepted as deposits upon that site. The deposit alternatives are likewise highly consumer-centric as well as fluctuate by geographic region.
- MetaTrader4 seems to be accessible on SimpleFX’s trading system, and then it includes the widely utilised MQL language, as well as the ability to be using professional advisers for a small deal size.
- With Forex and other commodities and products, fiats to cryptocurrencies, the wide spectrum of investing possibilities looks spectacular.
- The absence of a regulatory license reduces faith throughout the platform, therefore processes are not regulated, despite the fact that no adverse steps have indeed been taken thus far.
- SimpleFX broker is not under the laws of most countries because it is established in a distant country, although there is no requirement for monitoring.
- MT5 had the potential to create a faultless profile. Unfortunately, the most recent version of the trader is indeed not currently available, but it may be provided at a later date with a low possibility.
- For early buyers, there are really too many possibilities.
- Users in the United States are currently unable to access the service.
Features of SimpleFX Platform
SimpleFX broker does not lack in terms of features. An assortment of features which outperforms the majority of the competitors while also providing a means for making investment in fiat money as well as crypto is a strange mix in the industry. SimpleFX accounts are also available 24/7, as some markets, including bitcoin as well as commodities, run on odd or continual hrs. However, the following are among some of the SimpleFX characteristics that you really should be aware of:
Indices of Trading
The website allows users to buy and sell including over 12 indices, each of which is one of several biggest in its respective area, including the Nasdaq 100, Nikkei 225, WTI Crude Oil, and so on and so forth.
Trading CFDs as well as Forex
Several currency trading platforms, in addition to the numerous indices offered by the platform, are considered one of the biggest characteristics of a SimpleFX broker. The blockchain marketplaces facilitate the exchange of multiple worldwide fiat currencies as well as trading pairings using assets of cryptocurrency.
A Currency Exchange System
Working with commodities and cryptocurrency is an advantage that involves investing in both traditional and emerging financial systems.
Each Device Has an Application
SimpleFX broker provides a unique feature: the accessibility of an application for each and every major device as well as operating system. Among these several alternatives are apps for iPhone, Android, Windows, Mac, as well as Huawei smartphones.
Tools for MT4 Trading
This product/service offered by SimpleFX broker seems to be another benefit as well as a popular option for Forex traders. The user-friendly GUI-based platform allows MQL languages for professional experts.
Stake and Trade
SimpleFX, along with many other firms, does not really have a minimum investment requirement. Customers of the network are free to spend as much as they like. This indicates that you can trade with a modest quantity of money with all of this broker. One can wisely make investments as well as hold positions with currency pairs to boost the value of your account. Each 24 hours, customers would earn interest upon their deposits. Customers could also trade with their locked money.
How to setup an Account on SimpleFX Platform?
If you’ve committed to giving SimpleFX a shot, you’ll need to sign up for an account there. This is a really basic process that can be completed in a few short stages.
To begin, click the “new account” button, and you’ll be provided with a brief registration page. All they actually need is your email account, and they’ll mail you a verification link.
When you get the confirmation mail, tap just on the verification link to also be prompted to create a password. After you’ve created your password, you’ll be able to deposit funds as well as start trading.
You should not need to bother regarding verification if you pay using cryptocurrency at SimpleFX. Nevertheless, if you intend to enter with fiat, you must perform KYC if required to conform with the broker’s AML processes.
To finish the confirmation, you must thoroughly identify yourself as well as your location of living. They would want a system of government provided ID and also proof of residence as accompanying papers.
The length of the validation process is determined by how legible the papers are or how hectic the SimpleFX customer service team is. The support crew is normally very fast (more on that below), but you really should give at least a day and then two for such confirmation to be finished.
The SimpleFX Demo account is another option you should consider before funding a real account. This is essentially a simple as well as risk-free approach for you to put your trade technique to the test.
SimpleFX can provide you with 0.4BTC of demo Bitcoin you deal with if you open a demo account fast and effortlessly. The trading circumstances just on live exchange would be replicated on the demo account.
You also can replenish this demo account quite so many times as you could want. There really is no limit on how long you could use these, because then you can bide your time getting acquainted with the system.
Types of SimpleFX Accounts
SimpleFX broker promises to give true adaptability for all users by avoiding the necessity of several as well as distinctive types of accounts. Each sort of account does have a purpose and objectives behind such a design, as well as matching benefits as well as perks, but this is not the case with SimpleFX. SimpleFX provides a dedicated account type that really can operate across all authorized websites as well as exchanges.
To sign up or set up an account with such a SimpleFX broker, the individuals must use a one-for-all trading option and afterwards finish the KYC identity verification as requested by that of the system. Because there are no different sorts of accounts, each stage must be completed by a single account. For FX, it translates in such a minimum trading size of 0.01. The prevention limit for the accounts is 30%, with such a margin account of 50%.
There seems to be, however, an extra demo account option. Even though this isn’t just about a personal/business account, this really does benefit people by familiarizing them with both the administration and functioning of this user-friendly platform.
It’s an opportunity to go right into one of the SimpleFX’s most crucial best features: its trading platform. We could say “platforms,” since there are two of these. They have both their SimpleFX web trader and their MT4 platform.
- One Click Trading: Yes
- Trade off Charts: Yes
- Email Alerts: Yes
- Mobile Alerts: Yes
- Stop Order: Yes
- Market Order: Yes
- Trailing Stop Order: Yes
- OCO Orders: Yes
- Limit Order: Yes
- 24hr Trading: Yes
- Charting Package: Yes
- Streaming News Feed: Yes
SimpleFX Web Platform
The very first thing people notice about the web platform seems to be how sleek and user-friendly it is. SimpleFX clearly tries to make the ui as user-friendly as appropriate.
Looking at the design, it’s very well thought out. The market selection window is located on the left. You select the markets you want to sell from SimpleFX’s extensive market coverage.
Then, in the center, to the right of that, are your graphs. These graphs are really rather practical as well as resemble the Tradingview type which can be found on a lot of other cryptocurrency exchanges.
As a result, the graph is great for technical analytical traders. You have quite a large selection of studies as well as graphing tools at your disposal. Trendlines, oscillators, and Fibonacci retracements are examples of these. It also makes it easy to store your graphs because you may continue analysing them later. You can also divide the panel into multiple charts if you want to monitor and over one market for the first time.
The news and information section is located on the right side of the platform. You can obtain the most recent market data from the SimpleFX blog right here. Another feature we enjoyed was their trade suggestions panel. There are some really trading ideas promoted by the SimpleFX company as well as other platform traders.
Lastly, all of your order forms are located at the platform’s bottom. Users may place an order here and also keep track of those who have been open and closed. Those order forms are really quite useful and therefore necessitate some coverage.
When it comes to finding the best orders on SimpleFX, customers have a lot of alternatives. This included the type of order, the length of time you want something in effect, so whether or not you want to place any stops.
Initially, let’s look at the many types of orders in which you can make.
Market orders: They are orders which, once placed, are promptly performed just at market rate. That’s at the request for just a buy order as well as the bidding for a sell order.
Pending Order: A limit order is something that is put away from the platform at a specific price. You must also pick how much you want the waiting order to be active.
When you process your request, you may also specify a stop-loss as well as a take-profit. This is recommended since it eliminates any psychological element from your trading.
MT4 Trading Platform
SimpleFX’s MT4 platform seems to be the company’s other platform. For all those who are unfamiliar, MetaQuotes’ MT4 is among the most powerful third-party trading systems.
Many global brokers as well as traders use MT4 as their trading platform of choice. There is considerable graphing functionality for even the most in-depth study. You seem to have a plethora of order settings at your disposal.
Learning how to use the MT4 programme will also benefit you in the longterm. This is due to the fact that it is being used by the vast majority of worldwide brokers. So, if you do ever decide to leave SimpleFX, anyone can effortlessly transition to a fresh broker service.
Another factor to bear in mind is that an MT4 enables users to develop their own bots or programs. These would be known as “Expert Advisors,” or EAs, and therefore are written in MetaQuotes’ proprietary code languages (MQL).
The MT4 platform is compatible with a wide range of devices and systems. It is compatible with MacOS, Windows, as well as Linux.
SimpleFX, much like most brokers, has released an application for almost every major trading platform. A customised application for every platform just attracts a massive user base that really can utilise a natively created software that harnesses the power of the operating system as well as device whilst providing a fast and seamless experience. There are specific apps for iOS, Android, Huawei, Windows, Mac, and some MetaTrader 4 systems.
Most of these programmes’ capabilities are comparable to each other because they all attempt to provide that experience, easy accessibility, and comfort of a smartphone or desktop device without depending just on internet trading. Every programme supports several languages, does have a light / night theme, a responsive UI, and therefore is simple to use.
SimpleFX Platform’s Fees and Spreads
Another essential issue which traders will still have considering attempting a new broker is indeed the spreads that would be required to pay while trading with. And besides, these are all the factors which will have the most serious influence on your profitability.
SimpleFX pays spreads just on assets that you sell on their platform. This really is the discrepancy between both the bid and ask prices just on the marketplace.
The precise spreads that would see at SimpleFX will vary depending on the commodity you are dealing with. These also are fluid & alter on a regular basis. However, I tried to bring in and watch them and to get a feel for what they were doing. Here are some examples of indicative live prices:
- AUDUSD: 0.0001
- BTCUSD: 4.05
- EURUSD: 0.00009
- GBPUSD: 0.00012
- USDJPY: 0.009
- LTCUSD: 0.03
- DJI: 3
- OIL: 0.06
The majority among these spreads look to be appropriate and also in line with those other trade brokers. The EURUSD spread is maybe one of the smallest we have witnessed.
Fees & Commissions
- Rollover Fee: No
- Margin Interest: No
- Withdrawal Fees: 0.5 USD
- Depositing Fees: 0 USD
You can send and receive BTC on your SimpleFX account on Bitcoin. You can also use Binance Smart Chain (BEP-20), and free TRON for depositing USDT for zero fee.
Full info of payment options: FasaPay, Neteller, Skrill, Bitcoin, Lighting Network, ADA, ATOM, BAND, BNB, BUSD, Tokens operated on ERC20, BCH, LINK, DAI, DASH, DOGE, DOT, EOS, ETH, ETC, LTC, MATIC, XMR, ONT, CAKE, USDP (former – Paxos Standard PAX), PAXG, USDT, USDT – Omni, UNI, USD Coin, WBTC, XRP, XTZ, YFI, YFII, ZEC and tokens operated on Tron and Binance Smart Chain (BSC).
Is SimpleFX an authorized company?
SimpleFX is an unlicensed broker. Another of the causes for the absence of regulation could be the platform’s functioning, which distributes several traditional as well as non-conventional markets as well as exchanges, making it difficult to regulate. Another explanation is the platform’s sheer size as well as its intention to dip its toe into the seas of decentralized banking and trading platforms.
Despite the fact that SimpleFX is not authorized, the platform has retained a user-friendly and trustworthy trading platform with cheap transaction fees. The unauthorized platform also offers a reasonable as well as appreciable method of demo trading. Demo trading can assist new customers become acquainted with SimpleFX as well as feel confidence in their application as well as technical knowledge.
Further thing worth noting is that, while SimpleFX does not adhere to any outside rules, the platform does have some terms of service and conditions that will be followed by anyone initiated trading with such a SimpleFX broker.
In conclusion, we must state that SimpleFX was exactly stated – simple. We adored the web trading platform’s simple as well as user-friendly design. They were able to create a trading experience that wasn’t too scary for people who are just getting started in FX trading.
We also appreciated their modest FX spreads on a wide selection of Forex pairs. Add to that is the excellent and prompt customer service we experienced, and we have been left with a favourable opinion of the broker. It also is a fantastic combination that they provide MT4 to its dealers. It enables dealers who’ve already advanced from the Web platform to improve their talents on sophisticated as well as world-renowned trading equipment.
If you would like to signup on SimpleFX, please use the link below.