SimpleFX Review 2023
Table of Contents
- Brokerage Services, Supported Cryptocurrencies & Payment Methods
- The Details
- SimpleFX Wallets
- Deposit & Withdrawal Options
- Trading Platform
- Key features of the SimpleFX platform
- Privacy and Security
- Customer Support
- Additional Information
SimpleFX is an online exchange designed to support the trading of cryptos, forex, global stock, and commodities.
Founded in 2014 and headquartered in St. Vincent and the Grenadines, SimpleFX supports the trading of the crypto market’s largest cryptos by market cap.
These include Cardano (ADA), Atomic Coin (ATOM), Binance Coin (BNB), Bitcoin Cash (BCH), Band Protocol (BAND), PancakeSwap (CAKE), DAI (DAI), Polkadot (DOT), DASH (DASH), Dogecoin (DOGE), Ethereum Classic (ETC), EOS (EOS), Ethereum (ETH), Ethereum 2.0 (ETH2.0), Chainlink (LINK) Litecoin (LTC), Polygon (MATIC), Ontology (ONT), PAX Dollar (USDP), PAX Gold (PAXG), Tron (TRX), Uniswap (UNI), Wrapped Bitcoin (WBTC), Ripple (XRP), Monero (XMR), Tezos (XTZ), yearn.finance (YFI), DFI Money (YFII), and Zcash (ZEC).
Additionally, SimpleFX also supports the following stablecoins: Binance USD (BUSD), USD Coin (USDC), and USD Tether (USDT).
Across the FOREX markets, SimpleFX gives investors access to the major fiats that include: AUD, BRL, CAD, CHF, CNY, CZK, DKK, EUR, GBP, IDR, INR, JPDY, MYR, NOK, PLN, RUB, SEK, SGD, THB, USD, and ZAR.
For investors looking beyond crypto and fiat currencies, SimpleFX also supports the trading of global stocks, indices, and commodities, offering investors more than 100 tradeable assets.
SimpleFX has a global reach, providing services to every country except for:
Albania, Algeria, Austria, Barbados, Belgium, Botswana, Burkina Faso, Cambodia, Cayman Islands, Cuba, Cyprus, Ecuador, Ethiopia, Iran (the Islamic Republic of), Jamaica, Mauritius, Monaco, Myanmar, Nicaragua, North Korea, Pakistan, Panama, Poland, Puerto Rico, Saint Vincent and the Grenadines, Senegal, Sri Lanka, Syrian Arab Republic, Tunisia, Uganda, United States, United States Minor Outlying Islands, Virgin Islands (U.S.), Yemen, and Zimbabwe.
SimpleFX Platform Attributes
Key attributes of the SimpleFX platform include:
- Reputable, with a long-standing history, offering top trading tools.
- Global reach, supporting more than 20 fiat currencies.
- No minimum deposits, fees, or commissions.
- Offers a leverage of up to 50x for stocks and up to 500x for FOREX.
- Efficient crypto payments: Lightning Network supports free BTC transfers, Binance Smart Chain (BEP-20), and free TRON for USDT.
- Stake & trade allows users to receive interest on deposits every 24-hours while being able to trade staked funds.
- Up to 50% lifetime revenue share for users registered via referral links.
- Multi-asset class trading platform, supporting crypto, fiat, equities, indices, and commodities trading.
The Pros and Cons
- No Fees: There are no fees or commissions.
- Security: 2FA is in place to provide an additional layer of security.
- Customer Support: Responsive customer support team via Live Chat.
- Stake & Trade: Users can earn interest on deposits while trading staked cryptos.
- Simple Registration: Easy registration process.
- Deposits: There are no minimum deposits or deposit fees.
- Multi-Asset Class Platform: SimpleFX supports the trading of fiat and crypto, commodities, indices, and equities.
- Leverage: Users can trade fiat with leverage of up to 500x and stocks with leverage of up to 50x.
- Multi-Device Trading: Users can trade on every device. SimpleFX mobile apps are available for iOS, Android, and AppGallery (Huawei).
- Signing-on Bonus: $2,500 first deposit bonus for every live account.
- User-Driven Development: Users may post a suggestion on community.simplefx.com, and the development team will add new features.
- WebTrader: Frequently updated WebTrader (working in every browser), native iOS and Android apps.
Other positives include
- Affiliate Program: Up to 50% lifetime revenue share for users registered via a referral link.
- Demo Account: A demo account is available to allow users to familiarize themselves with the platform and its features.
- Incorporated in St Vincent and the Grenadines, the platform is unregulated. Users still need to complete the verification process to make deposits.
- SimpleFX does not support users in the United States.
SimpleFX Video Review
SimpleFX is an online trading platform supporting the trading of cryptos and fiat currencies, commodities, indices, and global stocks.
Supporting the trading of multiple asset classes with leverage, users can deposit SimpleFX supported cryptos or fiat currencies.
In addition to traditional trading, users may earn interest by staking supported cryptos and trading with staked cryptos.
Users holding SimpleFX supported cryptos may make deposits via wallet-to-wallet transfers to begin trading. Additionally, users may deposit fiat currencies via Fasapay, Neteller, and Skrill.
SimpleFX supported cryptos for deposits include ADA, ATOM, BAND, BNB Chain, BUSD, BTC, BCH, LINK, DAI, DASH, DOGE, DOT, EOS, ETH, ETC, LTC, MATIC, XMR, ONT, CAKE, USDP, PAXG, USDT, TRX, UNI, USDC, WBTC, XRP, XTZ, YFI, YFII, and ZEC.
Via Bitcoin Lightning, users may also send and receive Bitcoin instantaneously and free of charge.
SimpleFX also supports fiat currency deposits via Fasapay, Neteller, and Skrill, subject to jurisdiction. Supported fiat currencies are as follows:
- Fasapay: IDR and USD.
- Neteller: AUD, CAD, CHF, DKK, EUR, GBP, INR, JPY, MYR, NOK, PLN, RUB, SEK, SGD, and USD.
- Skrill: AUD, BRL, CAD, CHF, DKK, EUR, GBP, INR, JPY, MYR, NOK, PLN, RUB, SEK, SGD, THB, USD, and ZAR.
To open an account, go to the SimpleFX homepage and click the start now icon as shown below:
To complete the registration process:
- Go to your email inbox and verify your account.
- Set your password and click sign up.
To qualify for a $2,500 bonus, you will need to deposit within 24-hours.
Click the “make a depo now” icon to continue.
Once you have registered, we recommend that you set up your 2FA to enhance your security settings. See the Security section for details.
Post Registration Deposit
Upon registering, you will need to make a deposit to begin trading.
To make a deposit, users may either:
- Deposit already held SimpleFX supported crypto.
- Deposit fiat currency via Fasapay, Neteller, or Skrill.
To deposit externally held crypto, go to the SimpleFX dropdown menu, located on the top left-hand side of your screen, and select Accounts & Deposits.
- Select Live Accounts and then the crypto of fiat you wish to deposit. (You will need to add an account for crypto or fiat that is not immediately available. See Deposit section for details).
- Click the Deposit icon, enter the amount you wish to deposit, then click Deposit.
To make a deposit, you need to complete the KYC process. The verification process requires users to
- Upload the image of an ID Card, Passport, or Driving License.
- Take a selfie.
Upon completion of the verification process, complete the crypto or fiat deposit.
- Go back to the Accounts & Deposits page.
- Select the crypto and network or fiat that you wish to deposit.
- Copy the SimpleFX crypto wallet address or scan the QR code.
- Complete the wallet-to-wallet transfer. Deposit times vary depending upon the network.
Once you have funded your SimpleFX wallet, you may begin trading or staking supported cryptos. Sending coins or tokens to the incorrect address may result in the loss of funds.
Supported Asset Classes
SimpleFX gives traders access to the most popular cryptos in the marketplace. Crypto pairings available for trading include NEO/USD, XMR/USD, YFI/USD, and ZEC/USD.
Users may also trade the following cryptos by way of Certificates of Deposits (“CFD”) XTZ/USD, WAVES/USD, LTC/USD, LINK/USD, ETH/USD, ETC/USD, EOS/USD, DOT/USD, DASH/USD, BTC/USD, BNB/USD, BCH/USD, and ADA/USD.
Forex pairings available for OTC trading include the majors, the crosses, and exotics.
Pairings include, but are not limited to the AUD/USD, EUR/USD, GBP/USD, NZD/USD, USD/CHF, USD/JPY, and USD/CAD, and exotics such as USD/TRY, USD/MXN, and USD/RUB.
Global Equity CFDs
Users may trade equity CFDs across the global equity markets. SimpleFX covers the following equity markets: the U.S, Swedish, Brazilian, German, French, Turkish, UK, and Japan. Additionally, traders are able to trade index CFDs including the ASX200, CAC40, DAX40, DJI30, FTSE100, HSI50, IBEX35, NDX100, NIFT50, NIKKEI225, RUSSELL2000, SMI20, SPX500, and STOXX50.
Spot Mini Silver in AUD, Spot Mini Silver in USD, Spot Mini Gold in AUD, Spot Mini Gold in EUR, Spot Mini Gold in EUR, Spot Mini Gold in USD.
Natural Gas (Spot), Brent Crude Oil (ICE) (SPOT) CFD, WTI Crude Oil (NYMEX) (Spot) CFD.
Via the trading page, users may view the tradeable assets via the dropdown menu as shown below:
SimpleFX supports the margin trading of cryptos and crypto CFDs with leverage. Additionally, users can trade fiat OTC and commodities (incl. precious metals), global equities, and indices by way of CFDs with leverage.
Traders can take long or short positions with margin, and use take profit and stop-loss features to manage risk.
SimpleFX is a one-stop-shop multi-asset class trading platform. Investors can trade across the major asset classes on a single platform.
Additionally, SimpleFX allows crypto holders to stake Ethereum with interest earned daily. An added feature of staking on SimpleFX is that users can still use staked funds for margin trading.
In summary, SimpleFX services can be classified into the following categories:
- Multi-asset class margin trading.
- CFD Trading – crypto, commodities, equities, and Indices.
- Spot Trading – fiat and selected crypto.
- Stake & Trade – Stake Ethereum and earn interest while using staked ETH for margin trading.
By asset class, SimpleFX offers the following leverage:
- Cryptos: 5x
- Commodities: 62.5x
- Indices: 50x
- TR equities: 12.5x
- Stocks: up to 50x
- Forex majors: up to 500x
- Exotic pair: 50x
- XAG: 50x
- XAU: 100x
SimpleFX provides traders access to interactive charts powered by TradingView.
Via the home page, traders can carry out technical analysis using drawings and technical indicators.
TradingView offers users an array of technical indicators. Users may also select from multiple time intervals.
Additionally, users may view charts with candles, hollow candles, Heikin Ashi, bars, line, area, and baseline.
To view the chart of your preferred crypto pairing, go to the main page and select the asset pairing from the dropdown menu located above the chart.
Balances and Trading History
Users can view open, pending, and closed orders via the main trade page. Details include,
- Size, open price, close price, take profit, stop loss, profit (USD) in addition to asset symbol, order ID, size, side, and open and close time.
- Individual wallet balance in actual and Dollar equivalent.
- Users may also view money operation histories that detail deposits and withdrawals, and bonuses in and out.
- On the main page, there is also a total balance at the top right-hand corner of the screen.
Fees and Charges
SimpleFX has a dedicated “Fees” page with a detailed breakdown of all deposit and withdrawal fees.
Deposit and Withdrawal Fees
SimpleFX does not charge deposit fees for crypto and fiat currencies. However, there are withdrawal fees.
Withdrawal fees are as follows:
- 0.00005 BTC
- 0.002 ETH
- 0.1 USDT
- 15 USDC
- 0.2 XRP
Fiat currency withdrawals fees vary by SimpleFX partner. These are as follows:
- Fasapay: 1%
- Neteller: 3%.
- Skrill: 3%
For withdrawals, the “Time to withdrawal” is 3-days for each of the three partners.
Trading fees are as follows:
- X% for cryptos.
- X% for forex.
- X% for equities.
- X% for indices.
- X% commodities (incl. precious metals).
Users may locate their crypto wallets on the SimpleFX Accounts & Deposits page.
You may deposit, withdraw, or transfer crypto and fiat currencies. Additionally, users may view:
- Individual wallet balances in asset value and USD equivalent.
- Free margin in USD.
- Total available leverage.
- Wallet activity.
While SimpleFX provides adequate security, we recommend that traders transfer idle cryptos to external private wallets.
SimpleFX supports the deposit and withdrawal of crypto and fiat currencies.
- Go to the Accounts & Deposits page, select the fiat you wish to deposit, then click the Deposit icon.
- Select the service provider and then click Deposit.
- Enter the amount you wish to deposit and click Deposit.
- SimpleFX will then redirect you to the partner page to complete the deposit.
To make a crypto deposit, go to the Accounts & Deposits page and select the crypto that you wish to deposit.
- Click the Deposit icon, select the crypto network, then click Deposit.
- For Cardano (ADA) deposits, select the Cardano wallet and click Deposit.
- Enter the amount you wish to deposit.
- Copy your SimpleFX wallet address or scan the QR code and complete the deposit.
While there are no individual minimum deposits, you will need to have enough crypto to cover the minimum margin requirement to trade on margin.
(To avoid making an error in entering the address details, we recommend that you scan the QR code to transfer from your private wallet to your SimpleFX wallet).
In addition to depositing SimpleFX supported crypto, users may purchase crypto with credit and debit cards, Apple Pay, and Bank Transfer.
Instead of copying the address or scanning the wallet QR code, click Buy Crypto. You are then redirected to Changelly, where you can make your crypto purchase.
For withdrawals, go to the Accounts & Deposits page and select the crypto that you wish to withdraw by clicking the “Withdraw” icon.
- Add your external wallet address.
- Enter the withdrawal amount.
- Click the Submit to withdraw icon.
SimpleFX supports the margin trading of crypto and fiat currency pairings and the trading of commodities, equities, and indices by way of CFDs.
To trade crypto, go to the main SimpleFX page.
- On the left-hand side of your page, you may filter by crypto or search for the crypto pairing you wish to trade.
- Select the pairing and then click New Order.
- Choose whether you wish to buy or sell.
- Select either market or pending as your trade type, where pending is buying or selling at a specified price.
- Input the number of units you wish to buy or sell.
- Enter your take profit or stop loss parameters, if needed, and then click Submit.
Your trade will then appear under Open Orders, located at the bottom of the page.
Key features of the SimpleFX platform include:
Forex: Investors may trade forex OTC on the SimpleFX platform with leverage. All of the major FX pairings and crosses are available along with exotics, including the Mexican Peso and the Russian Ruble.
Crypto Trading: A simple to use platform allowing investors to trade supported cryptos. Investors can go long or short on margin.
Certificate of Deposits (“CFDs”): SimpleFX supports the trading of the world’s major indices, equities, commodities, and cryptos by way of CFDs. Investors can trade long or short on margin.
Stop-Loss/Take Profit: Traders may also manage their positions with the use of stop loss and take profit.
Buy Crypto: Users may also purchase supported crypto with credit/debit card and bank transfer via Changelly.
Charts: Via the main page, traders may view charts and carry out technical analysis to identify entry and exit points. There is also a quick link on the Charts section to trade. Simply select a trading pair, click buy or sell and complete the trade parameters as outlined above.
Trade History: Via the main page, users may view trading histories.
Wallet Balances: Users may view individual wallet balances on the Accounts & Deposits page. A total balance is also available in a preferred crypto or fiat currency equivalent.
Wallets Activity: Via the Accounts & Deposits page, users may also view money operations history. Information includes deposit, withdrawal, bonus-in, and bonus-out details with filter options.
Affiliate and Referral Programs: SimpleFX offers an attractive referrals program, where referrers can earn up to 50% lifetime revenue share for users registered via your referral links.
Stake & Trade: Users may stake Ethereum and earn interest daily. While staked, users may still trade staked ETH on margin.
SUPPORT: Users may contact customer support via the “Live Support” link located within the Help Center.
Social Network Platforms: SimpleFX has a presence on YouTube, Twitter, TikTok, and Facebook.
SimpleFX has appropriate security and privacy measures in place.
Privacy and security features include:
- 2FA: Ensures account security.
- Public Visibility: Users can unselect “Public Visibility” for a greater degree of privacy.
SimpleFX provides support via live support. There is also a help center with video tutorials, blog tutorials, and a step-by-step guide. Additionally, users have access to a comprehensive FAQ section.
Social Media: SimpleFX also has a social media presence.
Tik Tok: https://www.tiktok.com/@simplefx_com
Some of the more frequently asked questions available on SimpleFX include:
Do trading conditions for demo accounts differ from the ones for live trading accounts?
Quotes on demo accounts are the same as on real trading accounts.
When is an account considered “inactive?
We consider an account inactive only if there was no trading activity on it, so there were no trades executed. If you open at least one trade, the account will be considered active, even if there is nothing going on there for a longer time.
Do you have video tutorials?
Yes. Please go to the Help Center > Video tutorials in the SimpleFX platform.
SimpleFX is a simple-to-use trading platform giving traders access to cryptos and traditional asset classes.
The platform offers margin trading, with users able to trade both long and short, giving income opportunities from rising and falling markets.
No deposit or trading fees, a global presence, an 8-year track record, and the availability of leverage across multiple asset classes give SimpleFX an edge over many of its competitors.
While offering margin trading across multiple asset classes, the stake & trade and referral features provide alternative income streams.
In conclusion, SimpleFX is a one-stop-shop trading platform that caters to novice and experienced traders.
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|Headquarters Country||Saint Vincent and the Grenadines|