SimpleFX is one of the top trading platforms in the crypto space. In this review, we will be discussing key features of the exchange, how to use it, supported cryptocurrencies, available countries, fees, security, and many more interesting details.
The SimpleFX review is designed to bring you the latest information on the trading platform. Without any further delay, let’s get into it.
SimpleFX boasts of the simplicity of its interface for trading CFDs. CFDs can be traded in many assets, including cryptocurrencies. Trading can be done using any device, whether it is a computer or mobile. There is no minimum deposit, which makes it a platform for everyone to participate, no matter how small their position is.
Accounts on SimpleFX support multiple currencies, meaning that you can have a portfolio with several different cryptos. They also offer one of the biggest leverages for trading at 1:500. It is very easy to make deposits and withdrawals on the platform with a long list of available cryptocurrencies.
One of the most notable things about this exchange is their generous affiliate program. The program pays affiliates 25% of their referral deposits through a transparent reward system. Moreover, there is a third party affiliate software with which users can track all transaction statistics in real-time. Learn more about their affiliate system on the official website.
Supported Currencies and Available Countries
There are 200 tradable assets, which includes 15 crypto pairs, 99 stocks, 57 forex pairs, and more. It is worth noting that supported cryptocurrencies are some of the most popular on the market, such as Bitcoin, Bitcoin Cash, and Ethereum. SimpleFX’s trading services are available in most countries of the world, except for the United States and few others where such trading is against local regulations.
User Interface and Experience
SImpleFX strives to make trading as easy as it possibly can be. That’s why the user interface on all devices has been designed for easy navigation. There are different options for this. You can use the web trading platform, which is given in our SimpleFX review as an example, or you can opt for the desktop platform, which is an app you need to install on your computer. The mobile trading platform is also an app, but they all work the same way.
To start your experience of using this platform, you can click on the “New Order” button at the bottom left, next to the “Deposit” button. You will see a window pop up for you to place your trade, be it a sell or buy order. Set your take profit and stop loss, then click “Submit” as shown below, and your trade is live.
The stop loss is the price at which the system will automatically terminate your trade to minimize your loss if the market is going in the opposite direction to your trade. The take profit is the price at which the system also terminates the trade but in the direction of your trade and saves your profit before trend reversal occurs.
After trading, you can also easily withdraw your profits in the same assets that you used to make the deposits.
How to Use SimpleFX
So you know so much about SimpleFX, but how can you actually use it to trade? The first step is to create an account. On the landing page of the SimpleFX.com website, click on “Start trading,” and it will take you to the sign up page. At the top right-hand corner, you will find the “Create Account” and “Log In” buttons. Click on the former, and you will get to a page like the one below.
You will then need to provide your email address and create a password. Alternatively, you can also simply log in with your Facebook, Google, Twitter, Instagram, and Telegram accounts.
To start trading, you will need to make a deposit using any of the supported cryptocurrencies. As soon as you sign up, a “deposit” page pops up as shown below.
There are many other cryptocurrencies listed. Just use the slide bar to scroll down to find them and choose the one you wish to deposit with. Other deposit methods, such as FasaPay, Netteller, and Skrill are also available. There is no minimum deposit, so you can start from whatever level you choose.
SimpleFX Review: Fees
There are no deposit and withdrawal fees for cryptocurrencies on SimpleFX. There are only swap and spread fees as well as for withdrawal operators. They also charge an inactivity fee, which is 3% upon withdrawal of deposits made on the exchange and not used for trading.
Security and Regulation
SimpleFX is a legally recognized and regulated trading platform. The company is incorporated by the registrar of international business companies. It has a legal entity identifier number 21380042B8QJ87V4HA89. This means that it is safe and reliable to trade, as the company is fully regulated to ensure your safety.
Customer Support and Reputation
A key component of this SimpleFX review is customer support, as there is a whole section dedicated to Frequently Asked Questions (FAQs). It is so comprehensive that virtually any question you have can be answered there. Moreover, there is a dedicated email address for reaching the support team in case customers need any assistance. This way, all issues can be resolved as soon as possible.
There is also the live chat option, which some customers say is the best they ever used. Other customers have commended the support on the platform in general. Besides, there are several other positive reviews, which point out that traders with little experience can make profitable trades on the exchange.
SimpleFX Review: Verdict
This SimpleFX review shows that the exchange is indeed a simple one that makes it possible for almost anyone to trade and make money. The affiliate program is a plus and is quite generous compared to other platforms.
Also, not charging fees for crypto deposits and withdrawals is a commendable gesture that will encourage traders to trade many times in a day. The reputation of any trading platform depends strongly on customer support and based on this, it can be called the best cryptocurrency exchange.