Table of Contents
Introduction
SimpleFX, established in 2015, operates out of Kingstown, Saint Vincent, and the Grenadines. As a CFD broker that emphasizes on cryptocurrency, the platform offers a vast array of trading tools and features to cater to traders worldwide.
Licensing and Regulation
SimpleFX is officially registered as an International Business Company in Kingstown, Saint Vincent, and the Grenadines. However, it remains unregulated as a broker. For security, SimpleFX segregates client funds and provides negative balance protection, ensuring traders’ capital isn’t used to offset the broker’s debts.
Trading Platforms
Traders have access to the proprietary SimpleFX WebTrader and a basic version of the widely recognized MetaTrader 4 (MT4) platform. With user-friendly interfaces, these platforms offer extensive charting tools and trading features. Additionally, SimpleFX ensures that traders can execute trades on-the-go with their mobile applications.
Account Types
SimpleFX offers a universal trading account to access all financial instruments. There is no minimum deposit, and traders can also utilize demo accounts to practice. PAMM services are provided, but features like EAs/Robots and Scalping are excluded.
Tradable Assets
Users can trade over 60 Forex pairs, 16 cryptocurrency pairs, and other instruments including indices and commodities. SimpleFX has added a wide range of commercial equity names from countries like the US, Japan, and Germany.
Spreads & Fees
Trading is commission-free, with spreads starting from 0.1 pips. Spreads are dynamic and dependent on the asset being traded. Swap rates apply to overnight leveraged positions, and inactive accounts might incur fees.
Deposit and Withdrawal
SimpleFX predominantly emphasizes cryptocurrency for deposits and withdrawals, covering Bitcoin, Ethereum, Litecoin, and others. Traditional methods like Skrill and Neteller are also available. Withdrawal methods are varied, with processing times predominantly within 24 hours. There are no deposit fees, but some withdrawal methods might have associated costs.
Withdrawals typically have no fees, except for global transfers. It’s essential to note the minimum and maximum limits for each method.
Customer Support
SimpleFX offers 24/7 customer support through various channels including email and live chat. They also engage with their clientele on social platforms like Facebook, Twitter, and YouTube.
Educational Resources
For traders looking to expand their knowledge, SimpleFX provides educational content through their blog and tutorials. The broker’s YouTube channel also features short video tutorials, assisting new traders in understanding platform functionalities.
Pros and Cons
Pros:
- Comprehensive trading tools and platforms.
- No minimum deposit.
- Diverse asset selection, especially cryptocurrencies.
Cons:
- Lack of regulation.
- Limited account types.
Conclusion
SimpleFX, with its crypto-centric approach, is suitable for traders inclined towards digital currencies. Their trading platforms are diverse, catering to both beginners and seasoned traders. However, the lack of regulation might be a concern for some traders.
FAQs
SimpleFX is a CFD broker, established in 2015, emphasizing cryptocurrency trading and offering a range of trading tools.
No, SimpleFX is registered in Kingstown, Saint Vincent, and the Grenadines but remains unregulated as a broker.
SimpleFX provides its proprietary SimpleFX WebTrader and a basic version of MetaTrader 4.
You can trade over 60 Forex pairs, 16 cryptocurrency pairs, indices, commodities, and various commercial equity names.
No, SimpleFX offers commission-free trading, though there may be spreads and other associated fees.
SimpleFX primarily uses cryptocurrencies for deposits and withdrawals but also offers methods like Skrill and Neteller.
SimpleFX offers 24/7 customer support through email, live chat, and various social media platforms.
Yes, SimpleFX provides educational content through their blog, tutorials, and a YouTube channel with short video tutorials.
Pros include diverse trading tools/platforms, no minimum deposit, and a broad asset selection. A major con is the lack of regulation.
Yes, with its strong emphasis on cryptocurrencies and user-friendly tools, it is suitable for traders inclined towards digital currencies. However, potential users should be cautious due to its unregulated status.
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