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Simplefx.com Review 2019 – Pros and Cons of Trading on SimpleFX
- Best Crypto Trading App
- Anonymous accounts
- Low deposit and withdrawal fees
- Extremely high swap rates
- Lacking some important features
- Low transparency (cold wallet address, liquidity providers, etc.)
SimpleFX is an online trading company based in Kingstown, Saint Vincent and the Grenadines. It was founded in 2014, but registered in June 24, 2015, under number 22361 IBC. The Local Operating Unit in charge of SimpleFX is the London Stock Exchange, under Legal Entity Identifier (LEI) 21380042B8QJ87V4HA89.
In March 2019 SimpleFX won an award for their world class trading app. On the Finance World Expo Summit (Switzerland) the app was voted as best trading app due to their excellent usability on mobile phones, remarkable reliability and speed as well as for their quick updates of app features. The crypto broker has a huge increase in new users lately. Go to the website here.
The platform is not focused on any particular market, but it runs under the laws of the United Kingdom. There is not public information about its daily trading volume, but they claim to be associated with “top liquidity providers”.
Using The Site: Signing Up
Setting up an account is extremely easy, you can either register through social login (with VKontakte, Facebook or Google) or with an email address. If you choose the latter, you just have to put an email in the corresponding field, submit the form and wait for the confirmation link to arrive.
The password is established right after completing the process above. From this point on, you can decide whether to stay anonymous by depositing with cryptocurrencies or switching to a verified account and have a broader range of payment methods at your disposition.
If you opt for a fiat-enabled account, you must submit a valid national ID and a proof of residence, and the SimpleFX team will decide whether to upgrade or not your account.
Demo accounts are available and two are automatically created after signing up. You can add up to 10 such accounts to test the platform, in any of the 15 supported base currencies, or in cryptocurrencies.
Adding more accounts on SimpleFX. You can add a maximum of 20 accounts: 10 demo and 10 live
Using The Site: Funding Your Account
All accounts can deposit with cryptocurrencies, more specifically with Bitcoin, Litecoin and Dashcoin. No commissions besides the network fee are caused, and the funds will arrive within 2 hours depending on the congestion.
Other payment methods take no fee either. Supported systems include credit cards, Skrill, Neteller, bank transfers, Fasapay and many local alternatives. Verified accounts can be directly funded using any of the 15 accepted currencies, avoiding losses for currency conversion.
The following currencies are supported by SimpleFX: Australian Dollar, Canadian Dollar, Swiss Franc, Chinese Yuan, Czech Koruna, Danish Krone, Euro, Pound Sterling, Indonesian Rupiah, Japanese Yen, Norwegian Krone, Polish Zloty, Russian Ruble, Swedish Krona and United States Dollar.
Besides anonymity, cryptocurrencies offer the added benefit of chargeless withdrawals. On the other hand, most fiat methods originate a fee that starts at 0.2% with a minimum of 10 USD per transaction.
Using The Site: Trading
SimpleFX offers a good range of investment options, including cryptocurrencies, currency pairs, indices, oil and precious metals. 60 currency pairs are available for trading on the site, along with 8 cryptocurrency pairs.
Users can select from two trading platforms: the built-in web interface of SimpleFX and MetaTrader 4. Four order types are supported by either platform, namely market, limit, stop and trailing stop orders.
Orders can be placed from the dashboard, which is loaded by default after signing in. If you are somewhere else, you can quickly go to the aforementioned page by just clicking the SimpleFX logo at the top-left corner.
Pairs are presented to the left of the page, while charts come immediately after and take more than 70% of the screen width. You can have open several charts at once by clicking the plus icon at the top of the interface; you can as well personalize the plots and include some financial analysis such as candlesticks.
There are many different ways to place an order, including clicking on a pair, selecting the appropriate option in the dropdown menu displayed by clicking the arrow at the left of every pair or, clicking the plus sign in the order browser.
The open order menu will be presented in a pop up where you can personalize the terms and select the type of order. When you are done with the configuration, click either buy or sell to place the respective order.
The order will immediately be listed in the order browser at the bottom of the page. There, you can see a summary of its behavior as well as update or delete it at anytime.
You can change the take profit and stop loss by clicking the respective icon and updating the values to whatever you find appropriate.
Once you are ready to close your orders, simply click the x button and grab your hard-earned profits. For long term orders consider that swap rates on SimpleFX are extremely high and your earnings may not be enough to cover the overnight fee.
On SimpleFX you can take advantage of leverage by setting it to anything between 1:2 and 1:500. Actual limits will depend on the balance, with higher balances been limited to lower leverages.
For more in-depth information about how to trade on SimpleFX, you can download this very helpful file provided by the broker: https://simplefx.com/resources/SimpleFX_Tips.pdf
Using The Site: Mobile App
The website itself is responsive, meaning that users can safely browse the site from virtually any device. The integrated MetaTrader 4 support, also enables SimpleFX to provide iOS, Android and Windows mobile apps for its customers to trade on the go.
Security On SimpleFX
Security comes in different levels. 2FA can be configured to add a second layer of protection to customer accounts.
Fiat funds are stored in segregated client trust accounts, with Sparkasse Bank Malta. Bitcoin funds on the other hand are stored in cold wallets, with no more than 10% of the total BTC held by SimpleFX in their hot wallet at any time.
HTTPS is enabled in the website, providing encryption to any data traveling from and to the platform. Personal details, including billing information, are held in offline servers.
Emails sent by the company are not encrypted in any way, but they are careful enough to not disclose any sensitive data through this channel.
The SimpleFX mailing system was hacked once in May, 2016, with no balances or account details compromised in the process. Users received two random emails after the hacking with price predictions for BTC and ETH.
User Experience With SimpleFX
A common concern for many users are the high swap rates, something which SimpleFX does not warn explicitly about. Spreads have also been questioned, saying that their values do not seem to match the claimed partnership of SimpleFX with “top liquidity providers”.
The site shows caring about its customers by actively listening to customer requests and suggestions, and providing multiple tutorials and guides to get newcomers started.
Support channels include live chat (24/5), email and ticket system. They are also actively present in some social networks (Facebook, Twitter, Linkedin and Google Plus).
- Anonymous accounts.
- Low deposit and withdrawal fees.
- Extremely high swap rates.
- Lacking some important features.
- Low transparency (cold wallet address, liquidity providers, etc.).
SimpleFX is a good choice for short-term cryptocurrency investors, wanting to take advantage of the market volatility, with no need to verify their identity or pay any fees. Long-term positions are charged usurious swap rates, making it unviable for any serious trading.