SimpleFX Review: Cryptos, Spreads, Pros & Cons
SimpleFX combines years of Forex and cryptocurrency experience with a focus on offering resources to retail traders.
SimpleFX began its operation back in 2014 through a registered entity in St. Vincent and the Grenadines. The brokerage combines years of Forex and cryptocurrency experience with a focus on offering resources to retail traders.
To stand out as a financial services provider, SimpleFX offers multiple trading platforms alongside its proprietary software to ensure a powerful investment experience along with competitive pricing.
Numerous possibilities the broker offers include earning daily rewards from staking cryptocurrencies, the ability to use staked funds for margin trading, diverse conditions and assets catalogue to trade. These features are all supported by educational materials and trading contests for active traders.
SimpleFX has designed a simplified one-stop account type to ensure customers’ access to quite competitive trading conditions. The broker has made a great job with its all-inclusive account to fit the traders of different sizes, risk profiles, and trading styles.
Additionally, there is specified and defined access for cryptocurrency trading where all conditions are tailored for this unique asset class.
On top of that, SimpleFX offers a Demo Account feature to give new traders the opportunity to put their skills to the test with no risk.
SimpleFX offers exposure to various asset classes including FX pairs, indices, metals, commodities, energies, cryptocurrencies, etc. This range is quite unique as it includes mainstream instruments to diversify your portfolio as well as new assets that the retail crowd has shown up en mass.
The asset list includes more than 60 FX pairs to choose from including exotic currencies such as the Turkish Lira, South African Rand and Israeli Shekel. SimpleFX also offers a wide range of indices, 8 cryptocurrency pairs and precious metals to trade with.
SimpleFX provides cryptocurrency fans with a wide spectrum of trading/investing tools. The platform can communicate directly with your crypto wallet. Crypto deposits and withdrawals in SimpleFX are free of charge and are processed within a few minutes.
While traders may primarily buy or sell cryptocurrencies on the platform, SimpleFX allows Ethereum holders to also stake their tokens and earn an interest yield, much like a certificate of deposit or saving bank account.
SimpleFX trading costs are consistent with regular spreads, but you should consider rollover or swaps, also non-trading fees that might be applicable.
SimpleFX allows its traders to choose the most suitable options according to their trading style with all costs included in bid-ask spreads. Thanks to its top-notch technology and liquidity providers it offers competitive spreads, which in the moments of the greatest liquidity can be as low as 0.1 pip.
Another important point within SimpleFX review is the leverage ratios it offers on FX and crypto trades. Overall, the maximum leverage level is defined by the asset class you trade. There are no restrictions related to the type of trader you are, either professional or retail trader, and the offered leverage is also not restricted due to any regulatory requirements the broker obliges to.
With SimpleFX, you are able to use high leverage levels of up to 1:500 available for FX trading. Cryptocurrency traders are entitled for a leverage of up to 1:100.
This is great news for investors who are not risk-averse, i.e. those who prioritize a higher return on their money over the safety of principal. Why? Most online brokers have significantly lowered leverage levels due to a global regulatory clampdown on risky investments.
Nevertheless, this requires you to learn how to use the leverage smartly as it is sort of a double edge sword. Using leverage is for sure a good way to make big profits with trading, but it is also a highway to lose your entire capital in no time.
SimpleFX is a highly regarded broker, having been crowned the winner of several awards thanks to offering its traders a well-rounded package of investing tools and excellent trading conditions. The brokerage firm won numerous recognitions confirming its success within the industry.
SimpleFX earned the top spots in the following categories:
- The Best Trading Platform Cryptocurrency – Warsaw World Expo 2022
- Best Mobile App 2020 – Rankia Awards
- The Best Trading Platform – Finance World Expo – Zug 2019
- Best Cryptocurrency Trading Platform – Cryptocurrency World Expo – Berlin 2018
The nominations were based on spearheading groundbreaking achievements, superior performance, innovations, and progressive contributions in the online trading industry.
Deposits and Withdrawals
SimpleFX offers a great range of secure funding solutions, but you need to verify the available payment options according to your residence. The broker doesn’t require a minimum deposit and also charges zero fees for deposits, yet there are some charges for withdrawals depending on the payment method you prefer.
Each withdrawal has to be made with the same payment system used for deposit. If you deposited using several payment systems and earned a profit/made a loss, you can withdraw funds with the payment system used for the largest deposit.
SimpleFX allows fund deposits and withdrawals through various methods including: 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, PAXG, USDT, USDT – Omni, UNI, USD Coin, WBTC, XRP, XTZ, YFI, YFII, ZEC and tokens operated on Tron and Binance Smart Chain (BSC).
Rather than trading financial markets directly, SimpleFX allows affiliates, introducing brokers and other types of partners to promote its services in exchange for a commission. These commissions can stack up quickly, and it’s one of the reasons why SimpleFX could be a great way to build a robust income stream.
SimpleFX partners can receive up to 50% of the revenue share generated by clients they refer, plus 5% of the revenue produced by the traders recommended by their referrals. They also get access to their transaction statistics in real-time through a transparent 3rd party affiliate software.
SimpleFX offers traders a broad range of options to access financial markets. Besides the industry-standard platform, MetaTrader4, SimpleFX also has its proprietary mobile app, which enables traders to open accounts, deposit and withdraw money, and trade on the go.
SimpleFX’s mobile trading shows excellent performance and allows efficient position management thanks to native iOS, Android, HarmonyOS (Huawei) apps it offers.
The company also offers a web-version platform accessible right from the browser. While it could be a little limited in its tools compared to desktop and mobile versions, it still offers all the necessary tools and functionality needed in everyday trading. SimpleFX WebTrader will also please you with a range of technical analysis and chart option features.
SimpleFX made it as comfortable as possible so that its traders get the support they need and stay satisfied at any step.
SimpleFX provides multilingual customer support 24 hours a day, Monday to Friday. The bulk of customer support at SimpleFX consists of its client portal, FAQ section, and social media channels. In case the need arises, SimpleFX ensures easy access to live chat and E-mail.
Opening a trading account at SimpleFX is as user-friendly and straight as submitting some personal information and a valid email address. There is a $2,500 first deposit bonus for EVERY live account.The bigger your deposit, the higher the bonus. You get the reward for the first depo to every account you open with SimpleFX. The company also offers frequent bonus promotions such as Cashback, Special deposit bonus, Black Friday and more.
Research and Education
Along with its competitive offering as we discover in our review, SimpleFX also offers educational resources suitable for traders of different levels. There are trading guides where you can find good quality information. Also, to support your ongoing trading process SimpleFX runs its Trading Blog with market overview, analysis and research materials.
Novice traders are very much welcomed at SimpleFX. They will get the necessary education support that enables them to have their questions answered live by true industry professionals.
SimpleFX has designed a dedicated community for its investors who are passionate about sharing trading ideas. Post your suggestion on community.simplefx.com, and the development team will add new features for you.
By a few clicks, traders can sign in by simply connecting their Facebook or Google+ account. Additionally, if you need any help or strategy, you can always use SimpleFX shoutbox to discuss market situations with other users
SimpleFX provides quality trading conditions and is one of a few brokers that have in place dedicated offerings for digital asset traders. Apart from the unique staking feature, it has a product catalog that spans a multitude of asset classes, a plethora of research and market insights, and an emphasis on customer service.
In terms of trading costs, there are no unwieldy fees, and although the spreads aren’t the lowest, they are very competitive.