SimpleFX is a trading platform that has been operating since 2014 and offers cryptocurrency and fiat forex trading as well as CFD trading in a wide range of markets, including indices, precious metals, energy commodities, and equities. Their aim is to be the easiest trading platform out there. The beginner-friendly layout of their multi-device platform and the wealth of trading tools, as well as a useful and secure API manager, make this trading platform suitable for beginners and experienced traders alike. SimpleFX is also AML (Anti-Money Laundering) compliant and GDPR (General Data Protection Regulation) compliant. To help you make an informed decision about whether SimpleFX is right for you, we will run through the account set up, deposits and withdrawals, trading tools as well as their customer support options in this SimpleFX review.
There are various account types, cryptocurrency and fiat accounts as well as individual or enterprise accounts. Fiat currency accounts need to be verified and to do so SimpleFX requires a copy of a government issued ID, personal information and a photo.
Cryptocurrency accounts don’t require verification and are particularly attractive as you have access to a 24/7 market, no charges for deposits, no minimum deposits and can leverage from 1:2 to 1:500. You don’t have to decide between a pure cryptocurrency account or fiat account as SimpleFX allows you to open multiple accounts in different currencies but fiat accounts will still require verification. Their affiliate program allows users to invite friends and receive a commission from their trades and up to 25% of their generated spread.
Citizens and residents are not accepted from the following countries: 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, Yemen and anywhere else that doesn’t legally allow services of this nature.
Before depositing funds to begin trading on SimpleFX, you have the opportunity to use multiple demo accounts in different currencies (even cryptocurrencies) to test out the functions of the platform.
Once you’ve familiarized yourself with the site you can deposit crypto-funds 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, made in cryptocurrencies or otherwise, are fee free and fiat transfer times are near instant, however, cryptocurrency transfer can take up to an hour to be deposited. Also, a minimum of 20 USD (or the equivalent in the chosen deposit currency) is required for most fiat deposit options. Cryptocurrency deposits have no minimum, however, this is all neatly and conveniently displayed in the same window as each deposit method is selected.
Withdrawals are simple but there are a few things to take note of:
- Funds must be paid out using the same deposit method e.g. when you deposit with credit card, the withdrawal must be made via credit card.
- Withdrawals involving electronic payment systems, cryptocurrencies, and bank cards are processed within 24 hours and bank transfers between 3 and 5 business days.
- Bitcoin withdrawals must be a minimum of 0.001 BTC, attract 0% fees with a 0.0005 BTC minimum.
- Fiat withdrawals have a minimum of between 0 USD and 10 USD and fees of 1% – 3% depending on withdrawal method.
Trading and Tools
As this SimpleFX review previously mentioned there is a range of professional tools available for use on this platform. Trade types such as Stop Loss and Take Profit are supported as well as a range of graphing functions. They are also accessible from their easy to use app which is well designed and functional. Available for both iOS and Android, the app allows users to access a great range of functions anywhere, anytime.
What’s more, the real-time quote streaming, support of multiple currency accounts, in-depth trading statistics and practical graphing layout and functions provide a professional and refined trading experience. A useful API manager with lots of practical trading tools makes SimpleFX a good option for experienced traders, whether you want to trade forex or CFDs in multiple markets.
Trade fees apply and on SimpleFX there are no commission fees charged but the spread can be a little high. Swap fees to hold overnight positions are also high when compared to other trading platforms.
SimpleFX is contactable via email, email@example.com and via their live chat function which is accessible, after signing up or when trying out the site, 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 the helpful customer support service.
Suite 305 Griffith Corporate Centre Beachmont,
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. It delivers on its promise to be an easy and fast trading platform that can be used anywhere, thanks to their Android and iOS apps and anytime, thanks to their 24/7 trading options. Unfortunately, the site is not accessible in every country and fees are higher than on some other trading platforms but the over 150 symbols and many trading tools make the platform an attractive option. If you are interested in trading on SimpleFX then you can sign up here.
Disclaimer: Buy For Bitcoin 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.