SimpleFX Review – Spreads, Leverage, Demo & More
Cryptocurrency markets are radiating an irresistible lure for all kinds of speculators and traders with a high-risk tolerance. SimpleFX is just the right trading platform for this type of speculator as it offers up to 500x leverage on some trading pairs while still allowing withdrawals in actual cryptocurrencies (unlike many other similar platforms that issue IOUs and never buy/sell real coins).
This SimpleFX review will go over all important information about the broker – is it safe, is it regulated, what are its average spreads, deposit and withdrawal methods, what can be traded on SimpleFX, etc.
While crypto advanced traders usually use BitMex exchange for leveraged, margin trading, SimpleFX’s broad asset offering, good support, and solid reputation make it a very good alternative for the popular bitcoin exchange.
Trade with SimpleFX – at a glance
Here is a quick tabular overview of SimpleFX with all relevant information at a glance:
|Minimum Trade Size:||0.01|
|Spreads start from||0.1 pips|
|Address:||Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, VC, 1510, Saint Vincent And Grenadines|
|Trading platforms:||MT4, WebTrader|
|Cryptocurrencies:||(10+) Bitcoin, Litecoin, Ethereum|
|Actual cryptocurrencies:||Withdrawals are made in actual coins – trading is done via CFDs|
|CFD:||(5+) Gold, Silver, Other Precious Metals, Other Commodities|
|News Spike Trading:||No|
|Deposit Methods:||Bitcoin, Bitcoin Cash, BuyCrypto, Dash, Ether/Ethereum, FasaPay, Litecoin, Monero,|
|Withdrawal methods:||Bitcoin, Bitcoin Cash, Dash, Ether/Ethereum, FasaPay, Litecoin, Monero|
As we have already said, SimpleFX is an online trading provider, offering a diverse basket of trading assets like Forex CFDs on Bitcoins, Litecoins, indices, precious metals, and energy.
SimpleFX’s website is available in 18 languages including Arabic, Spanish, Russian, German, Polish, Indonesian, Malay, and Portuguese.
It is important to note that since SimpleFX is not a regulated broker, it is obliged to ban users from the US. There are ways around it with the help of VPNs, but that is beyond the scope of our article.
SimpleFX Deposit & Withdrawal Methods
NOTE: Your withdrawal has to be in the same currency you used for the deposit. If you deposited using several payment systems and earned a profit/made a loss, you can withdraw funds with the payment choice used for the largest deposit.
There is no minimum deposit on SimpleFX and you can start with as little as $1.
SimpleFX charges no fees on deposits or withdrawals outside of the default fees that are paid for transfers on blockchain networks (and FasaPay).
SimpleFX Fees & Spreads
The motto behind SimpleFX business philosophy is to make CFD trading very simple and straightforward. Their fee structure is organized accordingly.
As we mentioned – there are no deposit fees, aside of the mandatory network fees.
Trading Fees: Also no fees but be aware of the spread (difference between the bid and ask price) charged by the CFD broker.
Overnight Swap Charges / Rollover Fees: Very high (you pay these fees only in the event where your leveraged positions are held overnight – make sure they are not!)
High overnight fees make SimpleFX a good broker for day trading and one to avoid for multi-day positions.
Leverage is a popular way of increasing the value of your position by borrowing a certain amount of money usually from a broker. Here is a list of margin trading platforms that offer cryptocurrencies as trading pairs.
SimpleFX definitely breaks records when it comes to the leveraged possibilities as it offers an unrivaled 1:500 leverage on some trading currency pairs.
This means you can have an initial margin of only $100 and open a position worth $5000. Bear in mind, though, that this is very risky and the chances of you losing all your money are extremely high.
SimpleFX – Supported Assets
SimpleFX is primarily a CFD (Contracts for Difference) broker which means that you do not own the underlying assets while they are on SimpleFX, but you do have the option to withdraw your funds in actual cryptocurrencies, just like with BitMex.
But in contrast to BitMex, SimpleFX allows trading of a much larger set of CFDs, not only cryptocurrencies. You can actually trade CFDs of:
- Cryptocurrencies (BTCUSD, BCHUSD, ETCUSD, ETHUSD, LTCUSD, XRPUSD)
- Forex (about 50 pairs)
- Indices Cash (ASX200, CAC40 and 10 more)
- Commodities (NATURALGAS, UKOIL, USOIL)
- Precious Metals (XAGAUD, XAGUSD, XAUAUD, SAUEUR, XAUUSD)
- Equities (DE, JP, US, BR, FR, SE, TR, UK)
All trading assets are long or short CFDs – Contracts for Difference where experienced traders set their own set expiry dates.
Who can trade on SimpleFX – supported countries
This CFD broker is not available to clients from Algeria, Belgium, The Bahamas, Botswana, Cambodia, Cuba, Ecuador, Ethiopia, Ghana, Iran, Iraq, Monaco, Myanmar, North Korea, Pakistan, Poland, Saint Vincent and the Grenadines, Panama, Sri Lanka, Syrian Arab Republic, Trinidad and Tobago, Tunisia, United States, Yemen.
⚡️ Does SimpleFX accept US clients?
As we clarified above, traders from the US are not allowed on SimpleFX.
SimpleFX Demo Account
Every good forex or crypto broker nowadays has a training field for newcomers to get them up to speed and on good terms with the trading platform. You can see trading conditions on this demo account.
SimpleFX has a free demo account that gets loaded with magic $4000 and 0.3 BTC that you can use to hone your skills with no risk to your actual coins.
You can switch between the live, actual account, and demo version through the menu on the top right side of your screen, after clicking on the field with your name.
How to use SimpleFX – setting up an account and trading
Getting an account on SimpleFX is a quick and easy process. You simply visit their homepage and click on the “Create account” button on the top, right side of your screen.
Once you are in, you are greeted with a message that prompts you to deposit funds.
We advise you to get to know the platform first via their demo account that is activated by default and you have to switch manually to the “Live” account if you want to trade with real money. Of course, you will also need to send one of the supported deposit coins (or fiat via FasaPay) before you start trading.
⚡️ Does SimpleFX require verification?
SimpleFX requires KYC only if you plan to use fiat for deposits. If you are staying crypto-only, there is no need for KYC and you can trade completely anonymously.
SimpleFX is located on an offshore island that has no authority body for oversight of broker platforms, hence SimpleFX is operating without a license. This means that you rely completely on the integrity of the platform operators to protect your funds from thieves (and their own greed).
As for the individual account security – you can enable two-factor authentication which will significantly increase the security of your account.
Additionally, funds are kept in segregated accounts and the majority of coins are held in cold storage, thus further reducing the risks of hacking attacks.
SimpleFX also has negative balance protection, which means that the platform will liquidate you in case you run out of funds and won’t let you go in minus – you can’t lose more than you put in.
SimpleFX Trading Platforms
SimpleFX doesn’t have one, but two trading platforms – their own SimpleFX Web Trader plus the popular and well-established MT4 Platform used by hundreds of other brokers.
⚡️ SimpleFX Web Platform
Staying true to their name, SimpleFX packed a lot of stuff in their web trader while staying uncomplicated and intuitive for navigation.
As you can see by the screenshots below, the left sidebar gives you a complete overview of all assets you can trade on this CFD platform.
The middle spot is reserved for a powerful charting window that features all needed indicators and tools for technical analysis.
The right-hand side shows a sidebar with a couple of sections – a news panel, trade ideas panel, and finally the shoutbox – a chat room where you can sound off anything you like while reading jokes or insults of other users.
And the most important function of the platform is placed at the bottom part of the screen – all of your order forms to place your orders as well as track the status of the already open / closed orders.
⚡️ Order Forms on SimpleFX
There are two types of orders you can place on SimpleFX:
- Market Order: Orders that are placed and filled immediately at market price.
- Pending Order: This is essentially a limit order that you place at a specific price level while also telling the ordering machine how long is the order valid.
Pending order has also two very important options: Take profit and stop loss. These are price levels you set as thresholds for your position and whichever is reached first will close your position.
⚡️ MT4 Trader on SimpleFX
MT4 is one of the most popular and widely used third-party trading platforms that is developed by MetaQuotes.
MT4 is equipped with the most advanced charting tools and indicators for technical analysis. It also supports numerous options for all order forms.
One of the major perks of MT4 is its ability to let you code your own bots or trading algorithms which are dubbed as “Expert Advisors” or EAs. This way you can have the platform execute trades on its own while following the rules you determined.
The MT4 platform runs on all major operating systems like macOS, Windows, and Linux. You can also use it on iOS and Android mobile devices.
One of the biggest shortcomings of BitMex is its lack of mobile trading apps. Even though many professional traders will tell you that nothing can replace wide-screen desktop trading, a good mobile app is like a fire extinguisher that is much appreciated and helpful when you need quick reactions and fixes to your positions.
The SimpleFX apps for iOS and Android feature most of the options that you have access to on desktop with the exception of charting tools – these are much more limited on mobile than on desktop.
Research & Education
They gave their best in educating people about their platform and trading in general. You can read their blog and watch video tutorials to stay up to date with the latest changes and updates on the platform.
Just like almost all other exchanges in the cryptocurrency industry, SimpleFX offers no telephone customer support, but they do have live chat support with a decent response time and a good old email-ticketing system for moderately urgent and non-urgent issues. Also, their social media team is active on all popular social networks and dating sites and responds actively to customer queries and complaints.
Community ratings – scam accusations
Before we wrap up this SimpleFX review, we need to address the elephant in the room – a mountain of complaints about SimpleFX you can find online on forums and subreddits. The company is in business since 2014 and if it was as bad as some of these users claim it to be, it would be gone a long time ago.
It is hard to verify the veracity of those claims as they could easily be fabricated by a competitor but could also be a complaint by real users. It is most likely a mix of both cases.
Our advice would be to test it out slowly and with little funds and see it for yourself. Another piece of advice would be to use this platform exclusively for day trading as their overnight swap rates are awfully high making it completely unreasonable to leave funds in a position after 00:00 UTC.
SimpleFX review – is it legit?
If you are into anonymous and highly leveraged trading where you can deposit Bitcoin to trade traditional financial assets like indices, metals, or fiat currencies – this is the platform for you. But keep in mind it is an unregulated platform and in case things go south with the platform or your personal account – you are on your own and most likely get the short end of the stick. Furthermore, SimpleFX offers various affiliate programs.
If you are a risk-averse and better safe than sorry kind of trader – steer clear of SimpleFX.
In case you are looking for more similar brokers, below is our list of reviews:
- Plus500 Fees, Pros & Cons
- Is eToro a scam?
- AvaTrade pros & cons
- IQ Option complete review
- City Index – scam or legit?
- StormGain – Fees, Pros & Cons
- Margex Review – Fees, Deposits, Withdrawals & Security Explained
- Anonymous accounts - no KYC
- MT4 platform
- Broad asset offering
- High leverage
- Mobile apps
- High spreads
- Very high overnight fees
- Not regulated
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com