Modern traders looking for an innovative, fresh approach to Forex and CFD trading in cryptocurrencies, indices, metals and stocks, may well find the answer at SimpleFX. The first thing that sets SimpleFX apart from most other online brokers is that customers can choose to deposit anonymously in 5 major cryptocurrencies using their cryptocurrency wallets as well as by traditional payment methods in hard currencies. Secondly, the company sticks to its motto ‘keep it simple’ by providing a proprietary, web-based trading platform and live trading accounts with zero deposit requirements.
Nevertheless, customers still have a choice between the in-house trading platform and the popular MetaTrader4 software, offering multiple cross device platforms for desktop, web trading and mobile trading. Currently, SimpleFX is not a regulated online broker, however the brand is owned by SimpleFX Ltd, a company registered in St. Vincent and the Grenadines with the number 21380042B8QJ87V4HA80. The online website gives the company address as Suite 305, Griffith Corporate centre Beachmont, Kingstown VC0100. We were pleased to see on the SimpleFX website, that despite being an unregulated broker, the company takes the security of its customers seriously, by keeping clients’ funds segregated in the Sparkasse Bank on the European Union member state, island of Malta. Launched in 2014, the SimpleFX website is available in 15 languages including English, Chinese, German, French, Arabic and Russian.
Trading Account Features at SimpleFX
Setting up a live trading account is truly simple at SimpleFX. Customers living anywhere in the world can select to open an anonymous cryptocurrency deposit account. Alternatively, clients can set up a conventional ‘hard’ currency account, in any of 15 base currencies. We saw that a hard currency account is not available to traders who are residents of the USA, North Korea, Poland, Iran, Myanmar, Ecuador, Cuba or Algeria.
Customers who have existing Google or Facebook profiles can use either of them to open their SimpleFX accounts and thereafter, log in fast to their trading accounts using those methods if they want to. Notably, the live trading accounts at SimpleFX are free of commission, have built in negative balance protection and leverage up to 1:500. SimpleFX claims on its website that spreads can be as low as 0.1 pips for the major EURUSD currency pair. However, when we were writing this review we saw the EURUSD spread from 0.9 pips. Nevertheless, considering that SimpleFX does not charge commission on trades, we found the spreads reasonably narrow and competitive compared to many other brokers.
We saw some especially interesting features in the SimpleFX trading account. These include the possibility of 24/7 trading, unlike most online Forex brokers who offer only weekday trading. What’s more, SimpleFX has a minimum deposit requirement of ‘Zero’, for customers opening a live trading account. Obviously, a deposit will be needed to trade on live global financial markets eventually, but customers are not put under pressure to make a specified deposit immediately. Another important feature is that customers get access to the entire range of 145 financial assets offered by the broker, from Forex currency pairs to CFDs in cryptocurrencies, indices, precious metals and energy stocks. The cryptocurrency pairs include Bitcoin, Litecoin, Etherium, Bitcoin Cash and Ripple.
SimpleFX Demo Account
It takes a few seconds to set up a Demo account at SimpleFX. Customers can opt for a hard currency demo account, where they are allocated $10,000 of virtual money to practice trading on the SimpleFX trading platform with leverage up to 1:300. Alternatively, traders who want to open a cryptocurrency Demo account are allocated 2 virtual Bitcoins to try out on the proprietary SimpleFX trading platform, with leverage up to 1:200. Practicing in the demo account is totally risk free and lets customers access all the financial assets, trading tools and settings in the same way as they are permitted to do so, on the live trading platform.
SimpleFX Trading Software
Customers going to SimpleFX website are taken immediately to the web based, proprietary trading platform. The centre of the screen has the large trading chart like most trading platforms, with financial assets listed on the left side and open positions shown beneath the chart. Simple explanations of the trading tools and indicators are available on the trading platform and by using the demo account, traders can try out any of these tools without risk. We saw that customers can choose FIFO for hedging or one click trading, for much faster trading. Importantly, traders need to be aware that once the Buy or Sell order is given, there is no possibility of reversing the decision. We saw that a free SimpleFX mobile trading app is available for Android phones from Google Play.
Customers who prefer to use the SimpleFX MetaTrader4 software can download the stable software to their desktops from the SimpleFX website or by asking for the download link from customer support. MT4 is a user-friendly trading software with cross device platforms for trading over the web and with mobile trading apps for Android and iOS devices. The guides to using the MT4 trading platform are incorporated into the software along with multi-lingual support. The outstanding features on the MT4 trading software included powerful charting tools, trading signals, 30 built-in technical indicators and Expert Advisors for automated trading.
SimpleFX Customer Support
Customers at SimpleFX have access to 24/5 support over the live chat function directly on the trading platform which is also the SimpleFX website. As we said in our introduction to our SimpleFX review, the website is supported in 15 languages. Traders using the MT4 trading software have multi-lingual support embedded into the MT4 trading platform.
SimpleFX Deposits and Withdrawals
Customers who choose to deposit in hard currencies, can use a broad range of payment methods and select from multiple base currencies depending on the payment method chosen. Deposits using any payment method are free of fees from SimpleFX. Payment methods include popular credit and debit cards where the minimum deposit is $10. Bank wire transfer where no minimum deposit is stipulated. MegaTransfer where minimum deposit is $10. E-Wallets that currently include Skrill (minimum deposit $20), Neteller (minimum deposit $20), FasaPay where minimum deposit is $0.1.
Withdrawals must be made to the same payment method used to deposit and all withdrawals are charged a fee by SimpleFX. We saw that withdrawals take from 3 to 10 days to arrive in customers’ accounts. Minimum withdrawals to credit cards and using MegaTransfer are $10 and incur a 4% fee. Withdrawals to Skrill and Neteller must be at least $10 and incur a 3% fee. To make a withdrawal using bank wire transfer requires a minimum $100 and incurs a 0.2% fee or a minimum fee of $10. FasaPay does not set a minimum withdrawal amount and the fee is 1% or a maximum of $10.
To deposit and withdraw in cryptocurrencies, customers can choose from Bitcoin, Bitcoin Cash, Dash, Ethereum, and Litecoin. There is no minimum deposit amount specified by SimpleFX on the website and no deposit fees are charged. Withdrawals to cryptocurrency wallets are charged a percentage fee and the minimum withdrawal amount varies between the cryptocurrencies. We saw that withdrawals in cryptocurrency take up to 24 hours to reach customers. Withdrawals in Bitcoin must be at least 0.0025 of the cryptocurrency unit and in Bitcoin Cash 0.002. In Litecoin a minimum of 0.05, in Dash 0.02 and in Ethereum 0.02 of the cryptocurrency unit.
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