Aloha! good people, today we will review SimpleFX, a crypto trading platform. Is SimpleFX a scam or a legit, safe option for you? Today we going to review SimpleFX, a platform that you can trade bitcoin for other staffs and other staff for bitcoin. What is the first thing you think when you hear about forex trading? Am thrilled with joy for the many opportunities cryptocurrency have opened around the globe and am sure you are too, however it is important to be careful.
Do you always do your own research? Because you should! I truly understand that getting away from scammers can be tricky sometimes. Today I make this review of the SimpleFX trading platform. Just to answer a few (but important) questions about it, Is it a scam? Are there other alternatives like SimpleFX out there for you? These and a few others shall be discussed in my review today. Keep reading.
SimpleFX – The Review
Owner: SimpleFX Ltd.
Price: Free membership and 3 free demo accounts for your practice (minimum deposit is $1)
Who can use SimpleFX: Cryptocurrency traders and also traders in general
Overall rating: (4.8 / 5) (as a Cryptocurrency Trading Platform)
As we mentioned earlier SimpleFX (SFX) is an online trading platform where you can trade with commodities, currencies, equities, and the huge name Cryptocurrencies. Since the platform was introduced to the world back in 2014, it has acquired over 100,000 users distributed in over 140 countries worldwide. As a trade, I assure you that the feeling in SFX is great due to the great incentives this broker has to offer. Below is their intro video:
Though there are a lot of great other commodities and currency that you can use to trade on this platform, I strongly base my verdict on the cryptocurrency section of SimpleFX. The rating is for the best Cryptocurrencies product and services offered in SFX. In simple term, it is a great platform to trade using cryptocurrency. So SFX is all about the trade just like any other trade platform out there, but it has its advantages.
The products and services
In SimpleFX, you can trade using the following commodities
- Precious metals
How SFX works
SimpleFX is an NDD(No Dealing Desk) offshore Forex broker, offering online trading. It offers 60 currency pairs, CFDs on indices, commodities and precious metals, as well as several cryptocurrencies through both the MetaTrader 4 and the broker’s web platform.
Simple FX offers one type Trading account. This account has no minimum initial deposit requirements. The leverage is up to a ratio of 1:500 with very competitive spreads. By default, the trade size is set to 0.01 on the broker’s website and also available on Meta trade 4.
More so, SFX offers 15 base account currencies, a wide range of trading instruments and anonymous registration for bitcoin users.
SimpleFX Trading Conditions
Minimum initial deposit. In SFX, there is no minimum account deposit required. This way one can open an account for free and add as low as $1 in your live account.
Leverage in SFX depends on the customer’s account balance. The highest leverage level that the provider offers is a ratio of 1:500. Such leverage enables traders to make high profits when the markets swing in their favor. However, the opposite is possible too. Should the market swing against them, it might stub deep in their pockets. You just have to be smart and avoid such situations happening.
P.S. As a general rule of thumb, do NOT invest more money than you can afford to lose into this or anything else.
In simple FX it is considered that anyone can join and trade freely. This way simple FX has made sure that all the languages are covered and no one would have a language barrier during his/trading session. SimpleFX is not limited by languages. It offers several common languages used in the world.
Fees are tokens of money charged during deposits and withdrawals. In SimpleFX there are no fees needed for any deposit at all. For any withdrawals, the fee depends on the currency that you are withdrawing. There are some parameters set for currencies such as Bitcoin and Ethereum (It is 0.002), Litecoin and Dash (0.001) and For Bitcoin Cash, it is 0.0005. For direct deposits such as Creditcard, Neteller, Skrill etc it varies from every different deposit method.
SimpleFX Trading Platforms
SimpleFX offers different features on its platform. It offers a chat where you can express your views or ask for some help from other people who are already using the platform. On the other side, they offer market news and great statistic platform that helps you know when to buy and when to sell.
In order to assure the traders of a smooth trade in the markets efficiently and safely, Simple FX has made sure to provide one of the best and popular MetaTrader 4(MT4) platform. This is the most widely used platform in the online industry. The platform is very user-friendly with simplicity to all available skill levels. The platform allows flexible systems, advanced technical analysis and also automated trading features. Most important of MT4 is the security that it offers to the users, it is very secure and reliable. The following are some of the features of the MT4 trade platform.
- Comprehensive charting package help in speculation
- Inbuilt MQL4 programming language
- One-click trading. buy and sell in a single push of a button.
- Support automated trading
- Support copy trading
- Support multiple types of market orders
- 30 inbuilt technical indicators
SimpleFX Mobile Trading
For all those traders who would wish to trade while on the move, your issues also are sorted. The MT4 trade platform is also available on play store as well as in the apple store depending on your mobile operating system.The mobile platform supports the following features.
- Account status and trade history to always keep track of your account.
- Interactive charts
- Multiple trade order types
- One-click trading
- Push Notifications
- Real-time Chat
Is SimpleFX A Scam?
Absolutely NOT a scam! SimpleFX is not a scam and has built its reputation since it was introduced back in 2014. If it was a scam its existence couldn’t be extended up to now. And it is still promising and proving its existence through users reviews and confessions. For the record, it was also awarded as the best cryptocurrency trading platform on the cryptocurrency expo of 2017.
PROs & CONs of SFX
- No Minimum Deposit requirement. This gives investors independence over what to invest from which they can choose to invest as low as $1.
- Robust MetaTrader 4 platform. This being the most popular trade platform for the online trade industry, SimplFX couldn’t have helped losing investors due to lack of it.
- Interactive Trading Wall. Shows when currencies fall and rise giving you the grounds to choose when to buy and sell on the platform.
- Good support for Cryptocurrencies transactions
- Copy Trading Available. SimpleFX also has a feature that you can copy trades placed by few selected traders who are good in trading.
- Only MT4 platform support
- Modest range of Underlying Asset
- Unregulated Broker
Focusing on the PROs they seem to outdo the CONs. Since the available PROs are way sweeter than the CONs, this way we have to focus on the brighter side of what SFX offers.
- How does SimpleFX make money? SFX makes money from charging very little on the prices quotes received from the price feeds
- How to deposit in SimpleFX account? SFX offers broad ways in which you can deposit funds. Furthermore, there are actually 12 ways to fund your SimpleFX account. Visit simpleFX to view different ways.
- How to withdraw money from SimpleFX? To withdraw funds from SmpleFX, you will need to withdraw in the same way that you deposited. Through the credit cards, e-wallets and bank wire transfers and as well as cryptocurrency wallets
- How to open an account with SimpleFX? To open an account with SFX is very simple. You can choose to open using facebook or google. Apart from that to open an account with SimpleFX simply fill in the registration form provided and submit. Verify your email and you ready to go.
- Does SimpleFX use MetaTrader? Yes, SFX uses Meta Trade 4 as a desktop application and is also available on Apple store and play store for IOS and Android operating system respectively.
Overal rating (4.8 / 5)
Forex trading has been up for a while now. Many platforms have come up trading various trading commodities available. Trading of currency is the most common one in all trade platform. But with the currently rising industry on the cryptocurrency, Most of the trade platforms have lost clients due to lack of Cryptocurrency trading which is the trend now in the online trade. Currently only a few of the platforms that support cryptocurrency transactions. Fortunately, experts are forecasting that the feature of cryptocurrency to be bright thus making traders move their assets and investments on cryptocurrency. Hence brokers have to provide traders with the ability to trade and do transactions using cryptocurrencies. Bottom line, it is not a scam. It is for this reason I wrote this review and for this very reason recommend SimpleFX because I found SFX to be the best broker of choice when it comes to cryptocurrency trading, it is by far the one I use most.
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I wish you the best!
Crypto trader and blogger on: