Table of Content
Contract for Difference (CFD) Broker
SimpleFX is a leveraged, contract for difference (CFD) broker. Offering leveraged trading, funded with cryptocurrencies (Bitcoin, Bitcoin Cash, Litecoin, Ethereum and Dash), plus all major and a few exotic fiat currencies. Available markets include Cryptocurrencies in USD, EUR, CNY, JPY and BTC pairs. An extensive list of FX, Indexes, Commodities, Metals and Global Equity markets too.
Maximum account leverage is 1:500 however some markets are limited, as follows.
- Cryptocurrencies 1:5
- FX – Major pairs 1:500
- FX – Exotic pairs 1:50
- Indexes 1:100
- Commodities 1:125
- Metals – Fiat pairs 1:250
- Metals – BTC pairs 1:5
- Equities 1:50
Ease of Use
There are now three ways to use the exchange (1) via the website with its native charts and orders, (2) a trading app for desktop, tablet and phone (3) by connecting to the exchange via Meta Trader 4 which you download to your desktop, tablet and/or phone (meaning you don’t have to log into the website to open and close trades). The website itself looks pretty good, if you’ve traded on other exchanges you shouldn’t have too much trouble navigating the controls. Plus, there’s a tutorial feature to walk you around the site and show you how everything works.
Also, it’s possible to set up a ‘Demo’ account to practise with before you risk any real money. But please remember that trading with 500x leverage is extremely risky and not for beginners.
Withdrawal fees are around 0.001 for cryptocurrencies and vary for fiat options. There are no fees for cryptocurrency or fiat deposits.
No trading fees, but the spreads aren’t great
Overnight swap rates can be quite expensive, and this should be considered when holding a position overnight. Generally speaking, SimpleFX is great in many ways for intra-day trading but not really viable for long-term positions in Cryptocurrencies.
However, SimpleFX’s CFD’s do pay the yields of currencies and stocks to your account, meaning swap rates can be in your favour depending on your position.
Customer service is available via live web-support, email, skype and also a UK telephone number. SimpleFX is active on social media, twitter and Facebook. There are also multiple chatboxes for different markets in various languages.
We’ve already mentioned the tutorial feature but, again, if you’re new to leveraged trading this is actually a great place to have a look around and learn the ropes.
No I.D. verification required for cryptocurrency-only accounts.
No minimum or maximum deposits and withdrawals for Cryptocurrencies.
For deposit and withdrawal of fiat currencies, accounts must be verified with Passport and I.D. with proof of address
Minimum deposits are between $0-$20. Minimum withdrawals are $0-$100 depending on your preferred method. There is no mention of a maximum withdrawal limit.
There are two sides to SimpleFX’s reputation. One side is a broker that continuously improves their website, it’s functionality and its usability. Their down-time is minimal, the list of tradable instruments is extensive and the features that continue to be added (especially the new trading app, and the fiat-to-crypto exchange that is coming) are all very good reasons to use this broker.
The other side is SimpleFX has had some issues with liquidity providers in the past that have lead to certain markets being disrupted. They’re also well known for the terrible spreads on crypto pairs, plus overnight fees. Going forward, it would be good to see significant improvements regarding these issues.
As you must expect from any crypto-funded exchange, 2-Factor Authentication (2FA), is available with SimpleFX. Note: when starting a new account on any exchange it is extremely important to enable 2FA as soon as you create your acc. SimpleFX has never lost any funds in a hack. Their email system was hacked in 2016 and emails were sent out to customers from the SimpleFX address.
SimpleFX has some really good points. The freedom to deposit one or more of a few different cryptocurrencies and trade some diverse markets from around the world. From the Japanese stock market index to German stocks, a global basket of FX currency pairs, gold, platinum, the S&P500 – there’s plenty to do. If they could get their spreads and liquidity sorted out in the crypto markets and tone down the overnight swaps, there wouldn’t be too much else to worry about. The new app for desktop and mobile is awesome and a welcome addition. If you want to try leveraged, CFD trading, opening an account and sending over some coins is child's play. This is a fantastic and simple entrance into CFD trading with cryptocurrency - and no verification required.
- Extremely easy to open an account
- No verification required on cryptocurrency accounts
- CFD trading from 1:2-1:500 leverage with cryptocurrency
- Desktop and mobile app
- Wide variety of stocks from various regions
- Wide variety of FX pairs
- MT4-compatible (plus MT4 phone app)
- No trading fees
- Active customer support
- No min. deposit or max. withdrawal on cryptocurrencies
- Wide spreads
- Expensive overnight swaps
- Issues with liquidity providers
Ease of use