Cashback Promotion Every 2 months
|Headquarters||Suite 305, Griffith Corporate Centre Beachmont, Kingstown VC0100, St. Vincent and the Grandines|
|Support Types||Live Chat, email: [email protected]|
|Languages||English, Arabic, German, Spanish, French, Hindi, Bahasa Indonesia, Italian, Japanese, Korean, Malay, Dutch, Portuguese, Romanian, Russian, Thai, Turkish|
|Trading Platform||SimpleFX WebTrader, MetaTrader 4, SimpleFX iOS, SimpleFX Android|
|Minimum 1st Deposit||$1|
|Minimum Account Size||$1|
|Minimum Trade Amount||$1|
|Maximum Trade Amount||None|
|Bonus||Cashback Promotion Every 2 months|
|Payout||Between 2 hours and 10 working days, depending on withdrawal method chosen|
|Leverage||1:1 up to 1:500|
|Spread||low, floating spreads|
|Free Demo Account||Open Demo|
|Fee Info||up to 4% withdrawal fees when using Credit card. Minimum fees: $10|
|Account Types||Anonymous cryptocurrency trading account, Hard Currency Account, Demo Account|
|Deposit Methods||Bank Wire Transfer, Credit Card, Cryptocurrencies, Local Transfer, Neteller, Skrill, FasaPay|
|Withdrawal Methods||Bank Wire Transfer, Credit Card, Cryptocurrencies, Local Transfer, Neteller, Skrill, FasaPay|
|Trading Methods||Hedging, scalping, no dealing desk, STP|
|Number of Assets||150+|
|Expiry Times||SimpleFX doesn't offer option trading|
|Types of Assets||Currencies, Commodities, Indices, Stocks, Crypto|
|Option Types||SimpleFX doesn't offer option trading|
|Trading Currency||Over 40 forex pairs, including major, minor, exotic and cryptocurrency/fiat pairs|
|Account Currency||AUD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, JPY, NOK, PLN, SEK, USD.|
|US Traders Allowed|
In this SimpleFX Review, updated for 2020, we are going to look at all the pros and cons of trading with this offshore forex, crypto and CFD broker.
What is SimpleFX?
SimpleFX is a broker mostly suitable for forex and crypto traders. The broker offers up to 1:500 leverage world wide and 1:30 for citizens of the EEA or EU on over 100 financial instruments, including forex, commodities, precious metals and cryptocurrencies. The offered leverage of course depends on the amount and asset traded.
SimpleFX is founded on the 8th of October 2014 by a group of professional forex traders from different countries. In just 6 years the company now has over 200.000 forex and crypto traders on their platform and this number keeps on growing daily.
SimpleFX Review – SimpleFX Company Information
This broker has it’s headquarters in Saint Vincent and the Grenadines. This is a small offshore jurisdiction that’s independent from the United Kingdom since 1979 and is located north of Venezuela in the area of the Caribbean Islands. The company is registered under registration number 22361 IBC by the Registrar of International Companies and the identification number of the legal entity is 21380042B8QJ87V4HA89.
Please note that although the broker is a legal entity, SimpleFX is clearly an offshore broker.
The mission of SimpleFX is as stated on their website: to offer transparent and simple forex trading. Their motto by the way is: Keeping all things simple on their easy to use trading platform.
The people behind this platform are professional traders and they perfectly understand the needs of traders when it comes to forex trading. This is why they created an easy platform, for both experienced and beginner traders to understand. On their broker website there’s a tutorial that explains exactly how one trades the financial markets using one or more of their trading platforms.
An other pro of this broker is that it’s possible to trade 7 days a week, 24 hours a day, 365 days a year. This only count’s for the cryptocurrency markets, though, and not for other asset classes or markets.
SimpleFX Review – SimpleFX Account Types
SimpleFX has two account types available for traders and investors to use on their platform. Both are solid account types and each trader or investor can decide themselves which account type suits them best.
Crypto Deposit Account
This account is solely for trading cryptocurrencies on the SimpleFX platform. For this account type no form of identification is required or verification of address. All transactions are completely anonymous and your deposited cryptocurrencies are 100% safe at SimpleFX. No chance on fraud or losing your coins, as SimpleFX guarantees to securely store your crypto.
Cryptocurrency transactions are anonymous because they aren’t regulated in any country or state. Because of this, new crypto only traders and investors don’t need to verify their account to use SimpleFX, as long as they trade crypto only. Everyone who opens an SimpleFX account can access a demo account with a virtual balance of 2 Bitcoins. With this demo account novice and beginner traders can learn how to trade cryptocurrencies.
If you want to trade fiat currencies like Euros or Dollars, you’d have to verify your identity and residential address. There’s no minimum deposit amount but it’s recommended to deposit and trade with at least $20 or more.
Hard currency account
With the hard currency account you can trade any base currency as offered on the platform. It is mandatory to verify your identity as well as residential address with this account type. Once your hard currency account is verified, you can deposit and trade the following currencies: AUD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, JPY, NOK, PLN, SEK, and USD.
Both accounts have no minimum deposit amount, but traders and investors have to comply with the margin requirements. Luckily the broker offers a trading calculator that traders can use to calculate the required margin. The minimum trade size on the hard currency account, however, is $20, regardless of the base currency used to fund the account.
It should be noted that after creating a live account, traders can have portfolios and wallets in multiple different currencies. So, one can have a BTC account and one or multiple USD, EUR, GBP etc. account(s). The platform allows the creation of multiple currency wallets and traders can, if they want, use multiple currencies as base currencies.
With the demo account you can practice online trading with virtual money. This is perfect for novice and beginner traders that which to trade the forex and cryptocurrency markets. The moment you open a free demo account, it’s loaded with a virtual balance of $10,000 to trade forex and 2 Bitcoins to trade cryptocurrencies.
SimpleFX Review – SimpleFX trading platforms
SimpleFX offers two trading platforms of high quality for it’s traders and investors to trade on. Both are equally good and powerful but it depends on the type of trader which platforms suits best.
1. MetaTrader 4: This broker offers the popular MT4 platform to trade on. As per usual, MT4 is being offered by many brokers and thus SimpleFX cannot be left behind. Note that at SimpleFX, also cryptocurrencies can be traded using MetaTrader 4.
2. WebTrader: This is SimpleFX own trading platform and mostly used for forex trading. It has all the necessary tools and features to trade more than 100 financial instruments in a simple and user friendly way.
Both these trading platforms are available on smartphones, tablets and computers. As a trader you can perfectly trade on-the-go with SimpleFX.
How to deposit and withdraw funds from SimpleFX
There are eight methods available to deposit or withdraw funds from and to SimpleFX. Each method comes with it’s own pros, cons, fees and duration.
Depositing money at SimpleFX
1. Bitcoin: The minimum Bitcoin deposit is undefined at SimpleFX, but it’s quite clear that this has to be at least one dollar to start trading. After your Bitcoin deposit it takes about one hour to be verified and able to start trading. There is no maximum deposit amount in BTC at SimpleFX.
2. Litecoin: Just like BTC, there’s no minimum deposit amount in Litecoin. However, Litecoin deposits also take about an hour to be verified by the SimpleFX brokerage firm and there’s no maximum deposit amount.
3. Credit card / debit card: depositing using a credit or debit card is instant. The minimum deposit is $10 and the maximum deposit is $4.000. You can deposit money using a credit or debit card using the following currencies: CNY, EUR, GBP, USD.
4. Skrill: This E-wallet deposit method is also instant. The minimum deposit amount is $20 and there is no maximum deposit amount. You can deposit money on SimpleFX using Skrill in the following currencies: AUD, CAD, CHF, DKK, EUR, GBP, JPY, NOK, PLN, SEK, USD.
5. Neteller: For Neteller the same methods, minimum, maximum and currencies count as for Skrill.
6. FasaPay: The minimum deposit using FasaPay is just a single dollar, without maximums. The money gets verified instantly and one can only deposit in USD using this payment method.
7. Local Payment Methods: Although this method says initially that it doesn’t support any currencies, this might have to do with your geolocation or VPN. please note that only deposits in USD and BRL are allowed. The confirmation and verification of these deposits are instant. The minimum deposit amount using local payment methods is $10 and the maximum is $3.000.
8. International Wire Transfer: This payment method is the slowest of them all; it can take up to 72 office hours for deposits to come trough. The minimum deposit is just a single dollar and the maximum deposit amount is $3.000. You can wire transfer money to SimpleFX in the following curencies: AUD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, JPY, NOK, PLN, SEK, USD.
Withdrawing money from SimpleFX
1. Bitcoin: The minimum withdraw amount in Bitcoin is 0.0001 BTC and it takes about 24 hours to withdraw succesfully to your wallet. Bitcoin withdrawals are free and there are no hidden commissions, fees or charges.
2. Litecoin: The minimum withdraw amount using Litecoin is 0.0005 LTC and the same rules apply as with Bitcoin.
3. Credit card / debit card: It can take up to 10 working days before a credit card withdrawal is confirmed and shows up in your bank account. The minimum withdrawal amount is $10 and these kind of withdrawals cost 4%. You can withdraw money from SimpleFX using credit and debit cards in the following currencies: CNY, EUR, GBP and USD.
4. Skrill: The minimum withdrawal amount is $10 and it can take up to 72 hours before withdrawal requests are confirmed. These kind of E-Wallet withdrawals are subject to 4% fees and can be done in the following currencies: AUD, CAD, CHF, CHF, DKK, EUR, GBP, JPY, NOK, PLN, SEK, USD.
5. Neteller: Withdrawing money using Neteller follows the same set of rules as Skrill withdrawals outlined above.
6. FasaPay: The minimum withdrawal amount using FasaPay is just a single dollar and it can take up to 72 office hours before these withdrawal requests are processed. You can only withdraw USD and IDR using FasaPay.
7. Local Payment Methods: The minimal withdrawal amounts using local payment methods is $10 and it can take up to 5 working days before these are processed. The commission on these withdrawals is 3% and these can be done in USD and BRL.
8. International Bank Wire Transfers: The minimum withdrawal amount using international bank wire transfers is $100 and it can take up to 72 hours before these withdrawal requests are processed. The fee on these withdrawals is 0.2% and can be done in the following currencies: AUD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, JPY, NOK, PLN, SEK, USD.
The minimum fees or commissions for withdrawing money from the SimpleFX trading platform, except for Bitcoin and Litecoin, is $10, so please take this in consideration when you’re reading 0,2%, 3%, 4% commission. In other words, to withdraw small amounts of money is relatively expensive compared to withdrawing bigger sums.
SimpleFX Currency Exchange Platform
Apart from the investment opportunities on SimpleFX for forex trading, there’s also an currency exchange platform featured on SimpleFX. This is a platform for foreign currency where you can swap around currencies for just 5% commission. So, if you want to trade your dollars for euro’s you can do so quite cheap using SimpleFX.
Make Money Online using the SimpleFX Affiliate Program
It is possible to make money online using the SimpleFX affiliate program. You simply refer traders to SimpleFX and get paid between 5% and 25% of the fees and commissions SimpleFX charges them. Slowly you’ll build up a trader’s base and earn money passively as a second income, apart from just your trading.
SimpleFX Review 2020 Conclusion
We can conclude that SimpleFX is an excellent broker, especially for anonymous cryptocurrency trading. The low minimum deposit requirements make SimpleFX an ideal broker for both novice and experienced traders and investors. Spread wise SimpleFX is a little bit more expensive compared to other brokers but the easy-to-use trading platform and innovative trading app available for iOS and Android devices makes up for this. You could always practice online trading using the free SimpleFX demo account.
- Anonymous Cryptocurrency Trading
- No Minimum Deposit amount
- Available in over 15 languages
- High spreads compared to other forex brokers
There is no review.