An online CFD broker, SimpleFX offers leveraged trading with low fees and no deposit requirements. There are two platforms accessible to customers: the well-liked MT4 and the exclusive SFX WebTrader system. St. Vincent and Grenadines-based SimpleFX Ltd have been in business since 2014. The broker has attracted more than 200,000 traders from 160 countries, including beginners and experienced traders alike.
Available Assets
Over 170 tradable instruments are available in many marketplaces with SimpleFX. All of the main indexes are available, as well as 60 currency pairings and dozens of equities. Moreover, it offers several well-known cryptocurrencies, such as BTC and XRP. You may also trade a modest range of commodities such as oil and precious metals.
SimpleFX Fees
SimpleFX does not charge any fees for trading. Major indexes like the FTSE 100 have spreads of roughly 1.3 pips. You should expect spreads of roughly 0.9 pips for the EUR/USD currency pair and 0.17 pips for gold. Compared to those charged by other brokerages of a comparable calibre, these trading costs are reasonable. Contract specifications provide information on swap costs and rates. Inactive accounts will be charged an extra 3% fee (minimum $25).
Leverage
At SimpleFX, products may be leveraged up to a maximum of 1:500, depending on the account balance. The website outlines the margin requirements, and the margin call is 50%.
Mobile App Support
SimpleFX’s mobile trading app is available for both iOS and Android devices. Charting tools, several periods, plus an interactive news feed and community discussion are all included in the app. Also included are pinch-and-zoom movements for a mobile-friendly experience and a swipe. There is a QR code on the website that directs you to the download page.
Deposit and Withdrawal Methods
Most payments are made using cryptocurrency such as Bitcoin or Dash or via e-wallets such as Neteller or Skrill, both fast and commission-free. A cryptocurrency exchange will be required if you do not currently own any. The processing time for most methods is around an hour, and there is normally no restriction on the amount of money that may be deposited. There is no acceptance of credit cards.
The same method used to deposit cash must be utilized to withdraw monies. Payments are typically processed within 24 hours and are normally free of charge. You may see the minimum withdrawal limitations that apply to your account on the website.
SimpleFX supports numerous currencies and does not charge any fees for deposit or withdrawal of cryptocurrencies. The currencies supported are listed below;
Cardano, Cosmos, Band Protocol, BNB Coin, BUSD, BUSD-ERC20, Bitcoin, Bitcoin-BNB, Bitcoin Cash, Bitcoin Cash BNB, Bitcoin Lightning Network, Chainlink, Dai, Dai BNB, Dash, Dogecoin, Dogecoin BEP20-BSC, Polkadot, EOS, Ethereum, Ethereum Staking, Ethereum Staking BNB, Ethereum Classic, Fasapay, Chainlink BNB, Litecoin, Litecoin BNB, MATIC, Monero, Ontology, PancakeSwap, USDP, PAX Gold, Tether, Tether BEP20 BNB, Tether Omni, Tether TRC-20, TRON, Uniswap, USD Coin, USD Coin BEP20 BNB, USD Coin TRC-20, Wrapped Bitcoin, Ripple, Tezos, Yearn.finance, Yearn.finance BNB, DFI.money, Zcash and Zcash BNB are all supported.
Demo Account
After signing up for an account, traders at SimpleFX get immediate access to a demo account. There are several advantages to utilizing a demo account before depositing real money into a trading account.
Upcoming USDC Bonus Offer
The first USDC deposit made before June 17 will get a $150 bonus. It depends on how much you deposit into your SimpleFX USD Coin account after 08:00 AM UTC on June 6, when the bonus will be applied. You’ll receive the following:
- $30 for a deposit higher than $100
- $50 for a deposit higher than $250
- $150 for a deposit higher than $500
Staking by SimpleFX
One of the services offered by SimpleFX is asset staking. SimpleFX promises investors ‘guaranteed interest’ on their investments. An annual interest rate of approx. 8.5 percent is possible for investors. There is a method to hedge your ETH investments using smart leveraged shorts on SimpleFX, built on ETH 2.0.
Knowledge Section
With more than a dozen languages accessible, SimpleFX’s Blog area provides extensive news articles, currency updates and how-to tutorials.
Account Types at SimpleFX
Traders may use a single account to trade on both platforms, having access to all tradable financial products. Accounts may be started in multiple currencies with no minimum deposit. For FX, commodities, and cryptos, the minimum contract size is 0.01 lots. The margin call is 50%, and the stop-out level is 30%.
Customer Support
SimpleFX’s customer service is responsive and courteous. There is no need for you to fill out any personal information before starting a live chat. Alternatively, you may email support@simplefx.com to get in touch with the broker. On the Help page, you’ll find a FAQ section as well.
Pros
- VPS and API
- No Minimum Deposit
- Quick Customer Support
- Intuitive platform
- Leverage: up to 500x for FOREX and 50x for stocks
- 2FA Security
- Multi-currency single account
Cons
- No access to MT5
- Non-crypto financing options are few
- U.S users not allowed
- No Islamic Account
Conclusion
SimpleFX delivers on its promise of simple but powerful services, inexpensive trading costs, and a strong demo offering. In addition, since they provide both their own online platform and MetaTrader 4, this broker is suitable for both new and experienced traders. Additionally, a major plus is that SimpleFX allows investors to trade worldwide equities, indices, and commodities in addition to fiat currencies, providing more than 100 tradable assets.
