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SimpleFX3 min read
Broker Review
SimpleFX allows traders from 160 countries to enter international trading floors and work with the most advanced financial instruments. The company is registered in Saint Vincent and the Grenadines. The broker indicates that his clients are more than 200,000 traders from around the world. And his main advantages are the best prices, execution and liquidity, innovative trading technologies, the multiplicity of trading tools, the ability to trade year-round and the provision of security guarantees for client funds.
Platforms
70
Usability
46
Assets
82
Users rating9 Votes
49
Pros Broker
Anonymous Bitcoin account
Possibility of use of cryptocurrencies
High leverage and rebates available
No minimum initial deposit required
Cons Broker
Lack of regulator
Poor quality customer support
No Islamic accounts
Lack some important features
66
Overall Broker Rating
Visit Broker

Review of the company

SimpleFX broker has been providing brokerage services in the Forex market since 2015. The main feature of a brokerage company is the ability to trade cryptocurrency accounts, in particular bitcoins. It is cryptocurrencies that make up the main direction of a forex company. For full functional work, customers are offered a huge range of tools, including more than 60 currency pairs, indices, precious metals, energy, commodities, bitcoins and lightcoins. The peculiarity of the broker is that all traders are offered trading in various digital currencies. SimpleFX deserves a thumbs up for the effort here, for sure.

A new generation broker for traders

SimpleFX was one of the first to introduce crypto accounts and support crypto projects for many years. “Our mission is to maximize the possibilities of cryptocurrency and blockchain. We believe in the community and want to provide users with a wide selection of transfer services. This is the cryptocurrency spirit that we have always believed in”, writes SimpleFX team.

A fast-growing broker with more than 200,000 active traders around the world striving to become an application for a new generation of mobile traders. SimpleFX launched a completely new version of WebTrader and has since introduced several innovative features related to social trading, financial education and affiliate marketing partner services.

Account types

SimpleFX only offers one account to access all available financial instruments, but provides access to demo trading accounts and has a separate crypto account. This review will be going over a number of different aspects around trading conditions, so any information provided will be relevant to the account that you would be using should you sign up with SimpleFX.

Trading advantages

After gaining access to the trading terminal, the client can select an account for trading – Fiat or in BTC. Fiat currency funds are stored in segregated client accounts. The latter type of account has several distinctive features, such as the absence of the need for verification and commission fees. This is often mentioned in user reviews. Other trading conditions are identical:

  • Minimum deposit amount – $1;
  • Spread – floating from 0.1 pips;
  • Leverage up to 1:500.

In addition to the unique web trading platform, you can use the standard MetaTrader 4 trading platform. SimpleFX offers a wide range of underlying assets for CFD trading in all classified assets, including: cryptocurrency, currency pairs, commodities, energy, indices, precious metals and stocks. You also have the option to customize the platform to your liking.

According to the data posted on SimpleFX, the broker offers to use 60 currency pairs and cryptocurrency for trading, including Bitcoin, Litecoin and Ethereum. Among the tools there are indicators and CFD-contracts. The reviews often indicate that trading can be carried out 24 hours a day, without breaks and days off. SimpleFX deserves a thumbs up for the effort here, for sure.

Also, the broker takes care of the safety of customer funds. To do this, he offers negative balance protection and two-factor authentication. In addition, the money of each trader is stored in a separate account.

It is worth noting that for any acceptance of an incoming payment in SimpleFX there is no charge. This includes all cryptocurrencies and web wallets. However, some fees may apply to your withdrawal. If you use a withdrawal mechanism such as Neteller, PayPal, Skrill, FasaPay, WebMoney, you may be charged a small commission of 1%, just like most other brokers.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.