What is SimpleFX?
SimpleFX is a trading platform registered in Saint Vincent and the Grenadines. It has been operating since 2014, even though their cryptocurrency segment was launched later. On the date of first writing this review, SimpleFX stated on its website that they had more than 200,000 traders from 160 countries.
The platform focuses on Forex CFDs on Bitcoin, Litecoin, indices, precious metals and energy. Their core values are simplicity and functionality.
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that SimpleFX’s trading platform is also available as an app for iPhone and Android users.
Create An Account
You don't need to go through KYC to create an account on SimpleFX and trade with cryptocurrency. However, if you want to use fiat accounts, you will have to pass KYC. SimpleFX does not accept documents from certain countries for KYC, including Iran, Mauritius, Myanmar, North Korea, Pakistan, Puerto Rico, Saint Vincent and the Grenadines, United States, United States Minor Outlying Islands, and Virgin Islands (U.S.).
SimpleFX Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. The following is the trading view at SimpleFX:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
SimpleFX also offers leveraged trading. Leveraged derivatives trading can lead to massive returns but – on the contrary – also to massive losses. For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD. As you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC decreases in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, there is potential for huge upside but also for huge downside.
Traders are spoilt for choice at this exchange as they have many cryptocurrencies and tokens to choose from when trading. The full list of supported cryptocurrencies available at SimpleFX are listed here: ADA, ATOM, AUD, BAND, BCH, BNB, BTC, BUSD, CAKE, CNY, DAI, DASH, DOT, DOGE, ETC, EOS, ETH, LINK, LTC, MANA, MATIC, OKB, ONT, USDP, PAXG, PYUSD, SAND, TRX, UNI, USDC, USD, USDT, WBTC, XRP, XMR, XTZ, YFI, YFII, and ZEC.
As well as these cryptocurrencies, SimpleFX provides traders with 19 different cryptocurrency instruments for trading. These include ADAUSD, APEUSD, BCHUSD, BNBUSD, BTCUSD, DASUSD, DOTUSD, EOSUSD, ETCUSD, ETHBTC, ETHUSD, LNKUSD, LTCUSD, NEOUSD, WAVUSD, XMRUSD, XTZUSD, YFIUSD, and ZECUSD. There are 57 Forex instruments available. In addition, there are 5 Metals, 13 indices, 3 commodities, and 132 stocks. Therefore, there are more than 200 instruments in total.
SimpleFX Trading fees
SimpleFX does not charge trading fees. Instead, they operate as a STP forex broker. This means that they don't apply a maker/taker fee in an exchange model. The only fees they charge are for swap and spread. They also have one fee for inactivity, which is 3% (minimum 10 USD) for those who deposit and withdraw without making any trades. The swap rate is applied to your account daily and is the difference between the interest rates of the two currencies. This rate is either earned or paid when a position is kept open overnight. You can find the specific swap rates listed on their website's terms and conditions section.
SimpleFX Withdrawal fees
This exchange does not charge any withdrawal fees themselves. However, as always, there are network fees involved when making a transaction. This means that the only fee you need to be concerned with when withdrawing from this platform, is the network fees paid to the miner. This withdrawal fee, or rather lack of withdrawal fee, is below the industry average and very competitive.
Overall, the fee level here is perfectly fine.
You have the option to deposit using over sixty cryptocurrencies. Additionally, you can also use Neteller and Skrill as payment methods. Seeing as SimpleFX accepts deposits of fiat currency, the exchange qualifies as a so-called “entry-level exchange”, at which new crypto investors can take their first steps into the exciting crypto world.