SimpleFX is a CFD trading platform that makes trading easy providing over 60 trading pairs for traders to trade. Since 2014 SimpleFX has offered its users the chance to trade with up to 500x leverage on various pairs with the latest addition being cryptocurrencies.
With a range of deposit methods and an amazing user experience, SimpleFX differentiates itself from other similar CFD trading platforms like Margex and Bybit. But is SimpleFX reliable with all of those features and products?
Pros / Cons
- Good User Interface
- Over 50+ trading pairs
- Multiple Markets Available
- Limited Order Types
- Confusing User Experience
SimpleFX Features Review
|Deposit Options||Crypto, USD, EUR, and more|
|Min. Deposit||0.001 BTC|
|Max. Withdrawal Limit||Depending on verification level|
|Trading fee||0.01 pips|
|Support||live chat, e-mail|
SimpleFX Security Review
SimpleFX has provided a good security level for its customers since 2014. For the management of the fiat currencies of its users, SimpleFX uses segregated accounts meaning that the user’s funds are separated from the company personal funds. SimpleFX uses cold storage for the user’s cryptocurrencies which is a standard and mandatory practice for this space. While for account security there is a 2FA authentication present.
The company SimpleFX Ltd. is based in Saint Vincent and the Grenadines registered under the number 22361 IBC and it is not regulated by any major financial regulator.
Deposits and Withdrawals
SimpleFX has a good amount of cryptocurrencies through which you can deposit and start trading right away. Depending on your location deposit methods will vary quite a bit. On SimpleFX you can deposit through the following methods:
- Bitcoin Cash
- Binance Coin
- Ethereum Classic
Fiat deposits can be done through:
- Bodega Aurrera
- Circle K
- Farmacia Benavides
- Master Card
- And many more
SimpleFX tries to be a universal trading platform that offers trading pairs from all markets be it crypto, forex, indices, commodities, and equities with up to 500x leverage on some of the trading instruments.
With all of the available trading instruments on SimpleFX you can rest assured that you will not miss a trading opportunity on the markets. Here are some of the trading pairs that you can find on the platform:
- And more…
- And more…
- And more…
SimpleFX really stays simple even on its offering of order types. You will find only Market and Limit (Pending) order types that are sufficient enough for trading but if you are a trader demanding more control over your orders, SimpleFX might not be a good fit as it doesn’t come with a full range of advanced order types.Visit SimpleFX
SimpleFX implements a spread trading fee that starts from 0.1 pips. In some cases implementing such a fee structure can be negative in highly volatile markets as the cost of opening positions over time can quickly escalate.
There is an inactivity account fee which is set at 3%.
This trading platform tries to be a hybrid between a forex trading platform and a crypto trading platform. Overall it takes the fundamental design of a traditional environment and simplifies it.
When it comes to the user interface, SimpleFX boasts one of the most pleasant designs, which is both a positive and a negative, as too much variety can lead to confusion even for the most experienced traders.
All of the trading pairs are displayed on the left side, with all of the relevant information such as charts, positions and orders are in the center. A neat feature that is not found on many trading platforms is the news section on the right that can help in staying up to date on the current market conditions and events.
The affiliate system of SimpleFX offers a 25% commission share flat and 5% of the fees of traders referred by your referrals. It is not one of the most lucrative affiliate programs but still, it can lead to a significant passive income with a snowballing effect.
SimpleFX Review Conclusion
SimpleFX is a trading platform for those looking to trade multiple markets with a single deposit. With forex, crypto, commodities, and more available on SimpleFX, you can rest assured that there are a lot of options to choose from when trading.
The user interface is good but it can lead to confusion as it tries to be too different in order to achieve the ultimate simplicity. Simplicity is at the core of this CFD trading platform but at the same time, it lacks seriousness compared to other platforms of a similar type. Nevertheless, SimpleFX is a very good trading platform with a lot of deposit options and markets to choose from.