If you are looking for an exchange to trade bitcoin and other cryptocurrencies with leverage of up to 500x, SimpleFX represents an option. It is a platform with advanced features that operates in 160 countries and has multiple assets to trade, including stocks, indices, commodities and precious metals. To help you determine whether is a good brokerage, then we will analyze in detail the characteristics of SimpleFX.
Table of Contents
What is SimpleFX?
It is an exchange founded in 2014 based in Saint Vincent and the Grenadines , whose parent company is SimpleFX Ltd. Offers operations with contracts for difference (CFD) for various assets and markets . Since its founding, the exchange has not stopped growing. Currently, more than 200 thousand traders are part of the platform, according to the company, and it has 60 currency pairs.
A CFD It is a type of contract that is made between two parties to speculate on the price of an asset. In this case, it would be between you and Simple FX. Both parties agree to exchange the difference between the entry price and the exit price. When trading CFDs, you do not buy the asset, you only speculate on the movement of its price, whether it goes up or down. In this way, you can obtain profits or losses, depending on market fluctuations.
An advantage of trading with contracts for difference is that, as you do not own the asset, you are not responsible for he. However, you should bear in mind that there are also risks . The more volatile the market, as in the case of cryptocurrencies, the greater the risk of losing the investment, especially if it is operated with leverage.
In fact, in the SimpleFX website you will find the following warning: “ Leveraged trading in foreign currency contracts or other margined off-the-market products carries a high level of risk and may not be suitable for everyone. We recommend that you carefully consider whether trading is appropriate for you in light of your personal circumstances . ”
According to the company itself, SimpleFx’s mission is to keep its offers and trading conditions simple and transparent. His motto is: “Keep it simple” . So all its tools are designed so that trading cryptocurrencies and other assets is a quick and smooth process. They focus on a global audience, which is why their website is available in about 19 languages, including Spanish.
Services of this bitcoin trading exchange?
At SimpleFX you will find a wide variety of services that will probably suit your needs . Let’s learn more about this company.
Trades with leverage
If there is something that SimpleFX excels at, it is margin trading. If you want to know what this type of trading is about, it is that the exchange lends you money so that you can access larger orders. This is what is also known as leverage . For example, if you have $ 1,000 in your account, but you want to invest $ 2,000 in bitcoin, then the exchange will award you the remaining $ 1,000 in exchange for a commission. Depending on the fluctuations of the market, you may have profits or losses.
An advantage of trading with SimpleFX is that its leverage is up to 1: 500. In addition, there are no minimum deposits, trading tables or operating commissions . Its services are characterized by being simple, but with advanced functions for the experts in trading. The platform is fully automated, which translates into faster operations and less execution time.
Trading platforms: Meta Trader 4 and SFX WebTrader
Meta Trader 4 is a platform available for Windows, Linux and MacOS, as well as for iOS and Android mobile devices. It is one of the most advanced and popular third-party trading software , developed by MetaQuotes. It is specially designed for experienced traders.
It has a wide variety of charts and various types of orders. One outstanding feature of Meta Trader 4 is that it allows you to code your own bots or algorithms, called Expert Advisors or EAs. On the other hand, it has copy trading functions, commercial signals, automated trading, one-click mode and analytical tools.
As for SFX WebTrader, it is the Simpler and beginner-friendly version . Its design is quite clean and simple, with the basic functions that every trader would need. It includes a news section, live support, a blog, and a chat room. One of its most important sections is the chart window, which has many functions, 5 chart types, and 9 time frames. There are Gann, Fibonacci tools and trend lines. These charts are provided by TradingView.
View of SimpleFX WebTrader. Source: SimpleFX .
Demo accounts
A positive feature of SimpleFX is that they offer access to demo accounts . This is a type of account with which you can test the functions of the platform without using real money, which eliminates the risk for beginners. You can test your trading strategy without worrying about suffering losses.
When you create a demo account, the exchange will give you 0.4 BTC to trade . It is possible to top up as many times as you want, and there is no time limit to use these funds. So, you can take as long as necessary to familiarize yourself with the exchange platform.
Markets in SimpleFX
There are many markets to trade on SimpleFX, including Forex, cryptocurrencies, indices, stocks, and commodities. You can trade these markets from the comfort of your home and in a couple of clicks. Let’s analyze each one of them.
Forex
Forex (Foreign Exchange Market for its acronym) is the global and decentralized market for trading currencies. In SimpleFX you will find the most popular national currencies , such as the euro and the US dollar, as well as other lesser known ones such as the Turkish lira, the Israeli shekel and the South African rand. They provide instruments to operate 24 hours a day, seven days a week.
Cryptocurrencies
Trade with 15 cryptocurrencies , including bitcoin, litecoin, XRP, bitcoin cash, ether and ethereum classic, all against the dollar (USD). It is easy to deposit cryptocurrencies on the platform, as you just have to enter the deposit address in your wallet and send the funds. You do not need national currency to operate, you can do it only with bitcoin if you wish. But other methods such as debit card or bank transfer are available.
In the SimpleFX application you can select exchange pairs that include stocks, commodities and cryptocurrencies. Source: Google Play.
Indexes
You will have access to the main world stock markets, including FTSE, Dow Jones, CAC 40, Xetra DAX, Hang Seng, DJI30, SMI 20, IBEX35 and ASX . You will be able to acquire shares in these and other indices. To see the terms and conditions that apply to each one, click here.
Raw Materials
You can trade commodities, including oil, natural gas, and precious metals like gold and silver . Trading is available in national currencies such as the euro, the US dollar and the Australian dollar.
Actions
More than a dozen shares are available , including those listed in the UK, United States, Sweden and Turkey. Available stocks include Amazon, Google, Netflix, and Tesla. This exchange works to keep spreads as low as possible to ensure that its clients get higher profits.
What do you need to trade bitcoin with SimpleFX?
If you want to trade in the market, you have to create an account. For that, you go to the section Create account email, password and password confirmation. Once you accept the terms and conditions and click the button Register , they will send you a Mail to the address you indicated for the verification.
Regarding the KYC verification, is only necessary if you are going to make deposits in national currency. They request information such as name, surname, residence address, date of birth, proof of address and a photo of an identity document issued by the government. The SimpleFX team usually processes requests in approximately 24 hours.
The company reveals on its website that there are no minimum deposits, which means that with just $ 1 you can start trading. It is up to you how much you want to invest.
Features of the SimpleFX exchange
Why is SimpleFx a recognized bitcoin trading exchange? These are some of its most relevant features.
Security
A strong point of the platform is the security it provides to its users. It has two-factor authentication that allows you to add an extra layer of security to your account. They also have negative balance protection . This means that, to secure your operations, they can close transactions before your account reaches a negative balance.
According to the company itself, its clients’ funds are kept in segregated accounts. That is, user funds are kept separate from funds to operate on the exchange. He also points out that when it comes to cryptocurrencies, cold or offline storage is available, protecting your funds from cyberattacks. The platform has a 256-bit encryption system , to avoid any type of unauthorized activity.
SimpleFX interface. Source: SimpleFX
Interface
SimpleFX interface is characterized by being simple and intuitive . At a glance, it is possible to understand all the functions and tools that the platform has for you. If you want to analyze more than one market at the same time, you can divide the panel into several charts. At the bottom of the screen you will find the order forms. Here you place new orders or control those that are already open or closed.
Something striking is its trollbox, a live chat made for you to communicate with other traders and share ideas or strategies. In addition, they have a blog in which they publish valuable information related to the different markets available for trading. There’s a news section and a trading ideas section, plus live business TV.
SimpleFX Android application on bitcoin trading screen. Source: Google Play.
Mobile app
If you are one of those who are always on the go, then the SimpleFX application is a good alternative. It has many of the features found on the website, and is available for iOS and Android . In one touch you can order, manage your account, access chat chat and much more.
In the Play Store, the app has a rating of 4.1 / 5. Most users comment that it is easy to use and has a good design. A weak point of the application is its graphics, which do not have the same functions as those found on the website.
Support and customer service
They have live support and chat box, as well as email support and a section with the most frequently asked questions from users. The live chat is available in three languages, English, Spanish and Portuguese, each with opening hours to the public.
Besides, they have Facebook, Telegram, Twitter and YouTube , useful for clarifying more general doubts.
Payment methods
You can trade directly with cryptocurrencies in SimpleFX, so you don’t need national currency. But if you want to make deposits or withdrawals with national currencies, the platform has options like Neteller, Skrill and Fasapay . Until now, they have not incorporated the credit or debit card as a payment method. The US dollar, the euro, the New Zealand dollar, the Australian dollar and the British pound are some of the national currencies to trade.
Regarding its liquidity, it is not possible to verify it as it does not exist order book in the application or sites that publish that data. A repres A member of the company told CriptoNoticias that in order to have high liquidity they use a “pool of liquidity providers”. Regarding who participates in said pool, he replied that “we cannot give you details of who they are because there are many, but we use the best”.
Availability
Operates in 160 countries, including Spain, Brazil, Colombia, Mexico, Chile, Peru, Uruguay, Australia, Canada, United Kingdom, Denmark , India, Norway, Italy, France, Germany and more. Although it is available in a large number of countries, you should know that does not provide its services to residents of the United States due to the regulatory laws of this nation.
What are the fees and commissions of the SimpleFX exchange ?
Good news : SimpleFX does not charge commission for deposits. Neither for cryptocurrencies nor for any other asset. However, there are commissions for withdrawals, depending on the method you choose. If it is a method to withdraw national currencies such as Fasapay, Neteller or Skrill, the commission could be 1%.
But what is the main source of income for the platform? Basically, your earnings come from the spread between the sale price and the purchase price of the assets that are available. These are some of the spreads of the main assets of the company:
AUD / USD: 0.0001 pips
BTC / USD: 4.05 pips
EUR / USD: 0.00009 pips
GBP / USD: 0.00012 pips
USD / JPY: 0.009 pips
LTC / USD: 0.03 pips
DJI: 3 pips
OIL: 0.06 pips
Conclusion: Is SimpleFX a safe bitcoin trading exchange?
SimpleFX logo. Source: SimpleFX.
SimpleFX is an exchange house with 7 years of experience in the market that provides advanced services in a simple way. According to the company, it is considered the simplest and most powerful online trading platform . Its interface is intuitive and has a good design, useful for beginners or experts in margin trading. It has assets in multiple markets, such as Forex, indices, commodities, precious metals and cryptocurrencies.
When compared to other CDF trading exchanges such as Plus500, SimpleFX is a strong competitor . Although Plus500 has a greater variety of assets, especially when it comes to commodities, SimpleFX has more options for cryptocurrencies.
They do not charge deposit fees and there are no trading desks. There are various withdrawal methods in national currency. If you want to test your trading strategies without risking, you can do it with a demo account. It is also possible to interact with other traders thanks to its trollbox and its investor community.
SimpleFX provides its services in many countries, but you will not have access to the platform if you live in the USA. One factor that is important to consider is that the risk of trading CDF in the cryptocurrency market is high . In addition, it is not a company regulated by any government entity.
The Review
Review SimpleFX Exchange
67 % Score
SimpleFX is a CFD exchange that offers leveraged trading of bitcoin and other assets with competitive fees and no minimum deposit. The popular MT4 platform and the proprietary SFX WebTrader solution are available to clients.
PROS
Multiple assets to trade CFDs: cryptocurrencies, precious metals, stocks, ín you say and more.
Leverage on trades up to 500x.
You have demo accounts to test the platform before trading in the market.
It has a platform designed for beginners and another with advanced functions for experts, with MT4.
Various payment methods with national currency, such as Skrill, Neteller and Fasapay.
Available in 160 countries , including Spain and some from Latin America.
CONS
Does not serve residents of the United States.
It is not regulated by a financial body.
Compared to other exchanges, few cryptocurrencies are available.
Do not spot trading is available, only margin t rading (CFD).
Cryptocurrency markets are only available against USD.
It is not possible to verify the liquidity of the exchange (no order book).
