SimpleFX Online Broker – Review
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Financial trading is one way to make a ton of money, but it also a well presented way to part with a huge amount of money in the shortest period of money. This means you need to open your eyes and mind when you are picking the weapons you want to go to financial battles with. A CFDs broker is one thing that can not be done without when it comes to financial trading.
Be it that you are a commodity trader or a Currency trader, you will definitely still need to make use of a broker to process your orders and register your trades into the market. They are like the one behind the processing of every single trade transaction that is being made every day. There are a lot of brokers out there and you need to be very careful when you are selecting the broker that you want to bank with. An example of a CFDs broker is SimpleFx.
What is SimpleFx?
SimpleFx is a CFD broker best known for winning the best Cryptocurrency broker of the year in 2017. They operate mainly by allowing traders the chance to make bets on whether an asset will increase in price or not. They cover all kind of instruments with Cryptocurrency just being the main focus of the company.
When you choose to make your tent with this broker, you get to enjoy access to the following trading instruments;
- Stocks: you get to enjoy access to trade on the potential movement of top stocks shares like US: BAC, MS, APPL; JP: Toyota, Sony, NTT; DE: BAY and ALD.
- Cryptocurrency: cryptocurrencies instrument provided are up to 16 in numbers, which included all the major crosses like (BTC/ETH, ETH/USD, and BTC/USD). SimpleFx allows a leverage of up to 10:1 on Cryptocurrency trading.
- CFDs Commodities – SimpleFX Commodities instrument basket contains about 11 instruments which are solely Natural oil and gas (USOIL, UKOIL) and precious metals (Spot mini Silver, Spot mini Gold, Spot mini palladium).
- Forex – with over 60 Currencies pair being traded on the platform, you have access to all major crosses such GBP/USD, EUR/USD and minor Forex pairs like AUD/NZD. Through this, you will be able to alternate your trades as you wish.
- Indices – when you register with simple FX, trading up to 13 popular Indices CFD’s will become an easy thing for you. With indices instruments like DAX30, IBEX35, SPX500, FTSE100, your chances of kissing it all goodbye becomes greatly reduced.
SimpleFx was founded in the year 2014 as a subsidiary of SimpleFx Ltd, with registration in St. Vincent and the Grenadines a Caribbean country. The Caribbean country has little or no regulation, which makes SimpleFx perfect for irregular and not well document transactional procedures. With a single known office in the Caribbean, the company serves more than 140,000 clients worldwide. Even US clients are being accepted on their platform.
How SimpleFX works?
The main work of a CFDs broker is to provide its clients with the opportunity to make bets on whether any of their listed pairs are going to increase in prices or they will go down. The trader then profits from accurate predictions of this movements. This means whenever you make a trade for a position, you are in no way buying a right to own the underlying instruments you have made your purchase on. With SimpleFx also, you will be provided with leverages which will further amplify the effect of your account and make it quite possible for you to buy into large priced instruments without having to shell out a lot of money in the process.
There is no record of SimpleFX regulation details although their very responsive customer care insists they are under registration in the Caribbean.
SimpleFX Cryptocurrencies Trading- how it works?
When it comes to Cryptocurrency trading online by a CFDs broker, Simple FX is a leader. Being the first broker to integrate cryptocurrency trading as part of its tradable instruments, the broker is recognized as a pacesetter in the industry. SimpleFx has also gone extra with cryptocurrency by making it possible for a trader to actually buy real bitcoin and not the CFDs. This is far above what is done by other brokers. So now they also act like a wallet for Bitcoin and also a broker for its CFDs.
on SimpleFX bitcoin is not the only tradable asset on the network. You are also allowed to trade up to about 16 other cryptocurrency crosses. To trade Cryptocurrency CFDs your leverage is being caped at 10:1.
Available Cryptocurrencies on SimpleFX
With SimpleFX, you are much more assured that you will be able to trade up to 16 very popular Cryptocurrencies. You will be able to bet and open different positions based on your analysis and profit or loss. The top cryptocurrencies on the exchange are:
- BTC/USD (Bitcoin)
- ETH/BTC (Ethereum / Bitcoin)
- BCH/USD (Bitcoin Cash)
- ETH/USD (Ethereum)
- NEO/USD (NEO)
- LTC/USD (Litecoin)
- XRP/USD (Ripple)
The exchanges charges depending on the type of trade made:
- Spreads – This is basically padding on actual or current market price of a particular trading instrument by the brokers. This way every trades being made is actually starting up with a negative balance and it becomes positive or remain negative based on whether the trader made the right trade choice. SimpleFx offers a fix spread rate on its pairs. This means you get to be charged the same amount of spread during news or a significant economic period that is known to rapidly increase the size of spreads. The downside to a fixed spread rate is that they are generally higher than that of brokers with variable spread rate. Positively also, SimpleFx fees do not go beyond these fixed rates so you get to enjoy zero fees charges on all other transactions performed in your account.
- Overnight commission – This is a standard fee charged to all brokers. The overnight commission is regarded as the cost charged by a broker to carry a long trade overnight. The fee is only restricted to long trades and short trades might get a commission from the liquidity provider/broker in some cases. SimpleFx overnight fees are actually known to be on the very high side.
- Withdrawal fees and deposit fees– Simple FX has won great points by not charging a single extra dime of withdrawal and deposit done from a traders account.
SimpleFx accounts and verification
SimpleFx allows traders to open two types of accounts namely the popular demo account and the real live account. With SimpleFx the real standard account and the demo account happens to be the same, only that one exposes you to risk while the other one doesn’t;
Demo trading account
Here you get to enjoy the chance and opportunity of trading the very risky financial market absolutely risk-free. You get to make long or short trades without actually having to worry about you losing money even if you made the wrong call on your trades. You also get enjoy all you would be enjoying when you switch to a standard trading account. With SimpleFx you can only a demo account with just a few steps of registration and a simple email confirmation process.
Real live account
With the real trading account, you greatly become introduced to a risky market environment, where any single mistake might cost you a huge amount of money in a matter of seconds. So always make sure you are careful ones you are in this phase as there is no room for mistake allowed here. With SimpleFx no level of verification is needed to successfully run a standard account. As a matter of fact, the opening of the live account and demo account is the same thing, just fill the sign-up forms and you are good to go full steam. For traders that would love to upgrade their accounts, they might be required to submit some supporting documents in the process.
Special Futures and bonus offers
- SimpleFx offers easy signup using your Google, Facebook and VK preexisting accounts details for registration and logging in to trade.
- The only consistent thing with them is the nonfarm payroll forecast contest that is done
- The broker also allows a minimum deposit of just $1 and you can use this to make trades on a cent account.
Is Simple safe?
Simple FX has been around for up to 4 years now. In those 4 years, they have made a lot of improvements and also achieved quite a lot especially when it comes to Cryptocurrency. Apart from the recent SimpleFX scam scandal where the exchange nullified all cryptocurrency trades made after November 11, 2017; there have been few complaints about them. Nonetheless, the scandal affected their reputation a lot, with some traders quitting operations on the exchange immediately.
What’s Simple FX lacks in regulation they made up for it to some extents with the use of security. With their 2FA you can easily set up your account to a 2 level of authentications. You are more assured that anyone with a password can’t just access your account. The website has HTTPS enabled so every piece of information going in and out of the website is encrypted. They also make sure to keep your personal details of the emails channels and all logins, and payment details are being kept on an offline server. Fiat money accounts are also being kept in a segregated account and for Bitcoin, they claim to keep the cryptocurrency in a cold wallet, while making just 10% of it available on their hot wallet at any point in time. All this is not normal with a broker, so it is quite a big deal for SimpleFx security to be this tight.
SimpleFx offers a 24/5 live support with emails and phone call support available. Their ever ready customer care service is known to respond to inquiries quickly. They happen to be the fastest we have tested so far. They are also very knowledgeable and they offer the best solutions to a problem. They also have support ticket system, where you can easily follow up on your inquiry without having to state your case all over again. Overall the speed of service is what we find impressive the most.
All trades are processed directly and you rest assured of booking your trade at the same amount you entered it into the market at no slippage of anything similar to that. All trades are processed through automatic means which makes it very fast and straightforward.
How to use SimpleFx?
This is the basic thing and also the first stage of trading with a CFDs broker. Without a fully registered account, there is very little you can do on the platform apart from just taking a tour of the site overall frontend. The account registered could be a Demo account meant for practice purposes or a real live account. Upon filling out the online forms and confirming your email address, you need to go to the verify account section of the website to submit your valid documents and also verify your mobile number.
Make a Deposit
To start making trades for the purpose of making money with you brokers, fund your account. SimpleFx is well known for its extensive network of depositing methods. There are about 15 different ways to fund your account with the broker. You can fund your account using Local bank transfers: Fasapay, QiwiWallet, and others.
Downloading and choosing of the trading terminal.
There are only just two terminals available for trading, namely the MT4 trading terminal and the web terminal.
- MT4 terminal
The MT4 trading terminal is widely recognized and also well supported. With more than 30 inbuilt indicators which includes all the popular ones like the RSI, MACD, EMA. It also has a forum and a very large library of customs indicators that you can easily choose from to make winning trades.
- the web terminal
SimpleFx web terminal is well structured and also simplified terminal that even a newbie will be able to grasp the content upon first look. The chart covers the main space while the left-hand tile lists the available instruments and their various prices. The terminal is well designed to provide the basic information that is needed for a trader to make trade orders.
Making your trades
Upon selection of the perfect market conditions and you picking the directions you think the prices will go, all you need to do is just to pull the trigger and make that trade whether through the Mobile MT4 terminal or the desktop version or even the web trader. After that, you can set notifications to monitor the current states of your trades at all time, whether on mobile or on PC.
In a Nutshell
The exchange is easy to use and provide a variety of Cryptocurrencies to trade on. They also offer secure wallet system that further protects your interest.
- No minimum balance or deposit
With SimpleFx you get to enjoy the no minimum deposit. Which means anything from $1 is allowed to be deposited on the platform.
- High leverage
The broker allows a leverage of up to 500:1 which is perfect for traders who want to risk a lot in the market and for small balance traders.
- Limited Contest and Bonus program
SimpleFx is pretty stingy when it comes to giving out money to either entice new traders or reward existing traders of the network.
- Very High Swap rate
The overnight commission charged by SimpleFX is considered to be on the high side as it usually causes a dent in the overall account balance of a small funded trader.
- No regulations
SimpleFx is not in anyway registered with any regulatory body what’s so ever. This has made it quite difficult to track they discrepancies and also to check and sanction them in case of bad conduct. This is a big deal if you are a big roller, but small-time traders who want to just make some money before moving on to more safe and regulated brokers with lower leverage.
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