Platform Name: SimpleFX
Owner: SimpleFX Limited
Registered Address: Suite 305, Griffith Corporate Centre Beachmont, Kingstown VC0100, St. Vincent and the Grenadines
Company Registration: 21380042B8QJ87V4HA89
Regulations: The Financial Services Authority of St. Vincent & the Grenadines
Deposit and Withdrawal Options: Bitcoin, Bitcoin Cash, DASH, Ethereum, Ethereum Classic, Fasapay, Litecoin, Buy Crypto, Monero, Neteller and Skrill.
Trading Instruments: CFDs, Forex, Cryptocurrencies, Indices, Commodities, Stocks.
Cryptocurrency World Expo 2017, Warsaw Poland – “Best Cryptocurrency Trading Platform” Award for SimpleFX
Cryptocurrency World Expo – Berlin Summit : “Best Cryptocurrency Trading Platform 2018”
Finance World Expo Summit 2019, Zug, Switzerland – “Best Trading App” Award for SimpleFX WebTrader
For many online traders, SimpleFX is a well-known platform that has been around for some time. It has built a reputation for itself over the years, winning multiple awards at different events. As the name suggests, SimpleFX maintains “Simplicity” as its USP, with an easy-to-use interface available on almost all devices. It offers unprecedented levels of flexibility to the users through multi-lingual platform, multiple deposit and withdrawal options, round the clock customer support and a host of trading instruments.
The platform also provides its users with informative content, tutorials, market news and insights, and demo accounts which makes it an ideal choice for both new and experienced traders.
Unlike most of the other offerings out there, SimpleFX is a feature rich platform with a variety of trading instruments and supported devices. It is currently the fastest and most intuitive CFD trading tool available in the market with high levels of automation for intelligent trading.
The platform supports over 60 currency pairs and 8 cryptocurrency pairs along with a range of indices and commodities. In order to provide the best trading experience, SimpleFX has built strong ties with technology and liquidity providers, allowing them to offer the lowest possible spreads starting from 0.1.
The variety of trading instruments offered on SimpleFX allows traders to play on the markets 24/7/365. However, the standard instruments like currency pairs, indices and precious metals can be traded only during the market hours while cryptocurrencies can be traded at any time.
The multi-device support combined with the availability of APIs makes the entire trading process much easier by allowing users to pick and start trading on any device of their choice, as long as it is connected to the internet. The WebTrader can be used on any browser application, similarly those preferring MetaTrader4 can connect their SimpleFX accounts to the application and access the market. The standalone Android and iOS applications offer a native mobile phone experience to those wishing to trade on-the-go.
Signing up on SimpleFX is an easy, and users aren’t expected to confine themselves to just one account on the platform. SimpleFX allows users to create up to 3 Live and Demo accounts for each currency and once the accounts are created, they can always practice their trades by first placing them on a demo account. This will help users in ensuring that they are familiar with the platform as well as the market before placing orders with real money. It will help minimize the potential for losses.
The platform also provides a host of tools and widgets for users to explore the market trends.
In addition to all the regular features of a trading platform, SimpleFX also pays special attention to social trading, a practice that has gained popularity in the recent times. Being one of the prominent players in the online CFD market, SimpleFX has a strong reach in over 160 countries with more than 200,000 active traders. With few simple tools, SimpleFX has brought its entire community together allowing them to interact with each other in real time.
The Shoutbox feature on SimpleFX allows traders to discuss market movements and trading strategies with each other. It has further increased engagement between the community members and helped traders share their knowledge and experience with others, thus promoting profitable trading on the platform as a whole. In addition to the Shoutbox, the Signals Trading feature for MetaTrader 4 users, allows traders to follow the actions and strategies of other experienced users on the platform and implement these learnings in their own trades.
SimpleFX also maintains a strong social media presence, sharing informative content for the community’s consumption.
Payments and Fees
SimpleFX offers a range of payment options for deposits and withdrawals. The list of supported payments includes some of the leading cryptocurrencies like Bitcoin, Bitcoin Cash, DASH, Ethereum, Ethereum Classic, Monero etc., along with Fiat payments support through payment processors like Fasapay, Skrill and Neteller. The accounts can be funded in the following fiat currencies – AUD, CAD, CHF, DKK, EUR, GBP, JPY, NOK, PLN, RUB, SEK and USD. There is no minimum deposit or withdrawal limits for funding the account and the users can start trading with as less as $1.
Once the users choose one of the available deposit options, the money will be credited to their account instantly in case of fiat payments and in less than an hour for cryptocurrencies (depending on the time taken for confirmation on the blockchain). There is no processing fee charged on deposits. When it comes to withdrawals, SimpleFX allows the users to request for the funds on their SimpleFX account to the transferred over the same payment mode used to fund the account. The platform has a timeframe of 3-5 business days to process withdrawals. Any withdrawal in cryptocurrencies is processed free of charge whereas fiat withdrawals might incur a small fee ranging from 1% on Fasapay to 3% on Neteller and Skrill. A minimum withdrawal of $10 is applicable for Neteller and Skill and there is no maximum withdrawal limit for any of the payment modes.
Privacy and Security
SimpleFX implements some of the standard security features to protect the users’ account information as well as funds. The platform implements SSL protocol and two factor authentication to prevent unauthorized access. It also implements segregated client trust accounts and cold wallets to manage the deposits made into the user accounts on the platform. The platform further states that the network is constantly monitored to prevent any suspicious activities and the implementation of negative balance protection further ensures that traders on the platform aren’t affected due to unforeseen market shifts which may cause them to lose their funds. The negative balance protection caps the maximum loss to the total deposit available in the account and eliminates the possibility of claims by the platform due to negative balance.
SimpleFX has a robust customer support mechanism in place to resolve any issues one might face while trading on the platform. To start with, the comprehensive FAQs section lists most of the issues one might come across on any regular day. Users can either look for solution by entering their query in the “Search” field or scroll through all FAQs and responses. If they are unable to find the solution, then they can directly connect with the platform’s customer support team by writing an email to [email protected]. Alternatively, users can also make use of the live chat window available at the bottom left part of the webpage to connect with a support agent.
The support desk is available round the clock at SimpleFX.
SimpleFX has positioned itself as a leader in the online trading space with its virtually unlimited offering of features and trading instruments. Operating since 2014, it checks all the right boxes in terms of features as well as reputation. All the offerings on SimpleFX seems to be well thought-out and aimed at pleasing the trading community which makes it worth trying, as the chance of finding what one’s looking for in a trading platform is very high.