At CryptoTrend, we want you to make informed decisions, so we bring you the review of one of the main brokers for trading cryptocurrencies and other important assets: SimpleFX.
If you want to start making profits through cryptocurrency trading, you should start by choosing the most suitable broker for you. For this reason, and to help you in this process, we bring you reviews of the best brokers currently on the market, with the aim that you can make informed decisions.
Basic Broker Data
Name: SimpleFX
Foundation year: 2014
Country of registration: St. Vincent and the Grenadines
Negotiable assets: Cryptocurrencies, forex, indices, commodities, stocks, precious metals.
Minimum deposit: Does not have
Website: simplefx.com/es/
Trading app anywhere
SimpleFX has a clean and easy to use platform for trading cryptocurrencies. Users can easily trade popular digital tokens like Bitcoin and Ethereum from the SimpleFX mobile app, available on Android and iOS.
The SimpleFX WebTrader is also a favorite of traders. You can easily access the trading platform using your computer or laptop, through a normal browser. You don’t need to install anything. Just go to the SimpleFX website, log in, and you are good to go.
Everything you need is in one tab: the charts in the center, the trading symbols on the left, and the news panel on the right. To place a trade, simply click on the symbol and choose “new order”. And for experienced traders who like to trade the old way, MetaTrader 4 is also available.
SimpleFX is perfect for both beginners and experienced crypto traders.
The SimpleFX trading platform is available 24/7 so you can open a position in cryptocurrencies at any time, as well as in other assets such as stocks, currencies, indices, commodities such as oil, and precious metals such as gold and silver. . There are currently more than 200 trading symbols available.
Users are always well informed of the latest trends and market news through the platform’s news panel. It provides a feed from the SimpleFX blog and other media. Traders can even share ideas with other traders. This broker also has active accounts on the main social networks: YouTube, Twitter and Facebook.
Deposits and withdrawals
For the convenience of traders in all countries, SimpleFX users have the option of making deposits and withdrawals using cryptocurrencies or fiat money.
Cryptocurrency deposits will be commission-free using Bitcoin, Bitcoin Cash, Chainlink, Dash, Ethereum, Litecoin, Monero, Tether ERC20, and Tether Omni. None of the crypto-asset deposit methods have a minimum or maximum amount, except for Tether ERC20 and Tether Omni, which have a small minimum deposit amount of 0.01 USDT.
Deposits with fiat money are also commission-free, and can be made through Fasapay, Skrill and Neteller. For deposits with Skrill and Neteller, there is no maximum amount but a minimum deposit of $ 20 is required.
As for withdrawals in cryptocurrencies, they have no commission, but the following minimum amounts do: Bitcoin (BTC 0.001), Bitcoin Cash (BCH 0.001), Chainlink (LINK 1), Dash (DASH 0. 01), Ethereum ( ETH 0.02), Ethereum Classic (ETC 0.02), Fasapay (0), Litecoin (LTC 0.005), Monero (XMR 0.01), Tether ERC20 (USDT 5), and Tether Omni (USDT 10). Cryptocurrency withdrawals are processed within 24 hours.
Withdrawals in fiat money are made through Fasapay, Skrill and Neteller. For Fasapay, there is no maximum or minimum withdrawal amount, but a 1% commission is charged on them. Neteller has a minimum withdrawal amount of $ 10 with no maximum amount, and a 3% commission.
Skrill has a minimum withdrawal amount of $ 10, a maximum amount of $ 50,000, and a 3% commission. All withdrawals made in fiat money are processed within the next 72 hours.
Withdrawals must be made with the same payment method with which the deposits were made. In case you have made deposits with more than one method, then you can make your withdrawals with the method with which you deposited the most amount.
Cryptocurrency trading
To start trading Bitcoin and other cryptocurrencies, you need to have a trading account. SimpleFX is one of the easiest ways to access the crypto market. To create a SimpleFX account, you only need an email address. This broker does not have strict KYC requirements, so you can start trading right away.
SimpleFX products can be traded with leverage ranging from 2x to 500x. This means that traders can open a position with a margin, thus obtaining higher returns. How does it work? For example, if you have $ 100 and you want to trade Bitcoin with 100x leverage, then you can open a position worth $ 10,000 with just that $ 100 as collateral.
When the market is in your favor, you make a bigger profit because you traded $ 10,000 ($ 100 with 100x leverage), rather than $ 100 without any leverage. SimpleFX offers up to 500x leverage to cater to a wide range of traders with different risk appetites.
If you want to try margin trading without any risk, you can use your demo account. SimpleFX provides you with a full and free demo account upon registration. In a demo account, you can use simulated funds and do simulated trades with real-time market data. It’s a great way to practice trading before trading for real money.
SimpleFX automatically protects you from falling into a negative balance in case the market goes against you. If your trade does not go well and there is a risk that your account will end up with a negative balance, SimpleFX will instantly close that position, thus saving you further losses. Therefore, by trading on margin, you have unlimited profit potential but with a stop loss.
Conclusions
SimpleFX is still one of the most interesting brokers on the market. With it, you can easily create a trading account with your email address without any lengthy KYC process and without exposing any legal documents.
Their platform is one of the easiest to use. You can trade anytime and anywhere thanks to its mobile application. And above all, SimpleFX has very competitive trading conditions – no commissions, no minimum deposit requirements, with deposits and withdrawals available in crypto and fiat. It even offers a maximum leverage of up to 500x, which is unbeatable in the market.