SimpleFX Review – Forex and CFD Broker

SimpleFX Broker is one of the best you can choose to trade Forex, has a maximum leverage of 1:500 and a maximum of 1:30 for residents of the European Union, to make investments with more than 100 financial instruments including currency pairs, commodities, precious metals, among others, such leverage depends on the amount with which you are trading. SimpleFX was founded on October 8, 2014 by a group of professional experts in Forex and the stock exchange of various countries, although it has little time its foundation currently has more than 60,000 traders on its platform and continues to grow exponentially monthly.

This Broker has its headquarters in Saint Vincent and the Grenadines, this is a small country that became independent from the United Kingdom in 1979 and its location is located north of Venezuela in the chain of the Lesser Antilles of the Caribbean Sea. The company was incorporated under registration number 22361 IBC by the Registrar of International Companies and the legal entity identifier number is: 21380042B8QJ87V4HA89. With this information you can be sure that the company is totally legal and provides high quality services to its customers.

The mission of SimpleFX as indicated in its platform is to offer transparent and simple Forex investment services, after all its motto is to keep simple all the operations that are carried out in its platform with the tools they offer to trade. The people who are behind this platform are professional traders and understand perfectly the needs that others have when they want to operate in the currency market and for that reason they offer simple ways to execute investments in their Broker, there is also a tutorial that explains how to trade with them and where everything is located on their page.

Another advantage of this Broker is that it is possible to trade seven days a week, twenty-four hours a day, 365 days a year. It should be taken into account that only the crypto currency market is open during the weekend while the others are closed. Remember that when trading in a Broker you must do with the capital that you are willing to lose, no matter how much this platform helps Traders in their operations and tells you which are the most optimal ways to trade with them you should only risk in investments the money that you are willing to lose because trading with currency pairs, indices, CFDs and futures carries a high risk.

SimpleFX Account Types

SimpleFX offers two types of accounts for traders to trade on its platform, both are very good and it is up to each person to choose the account that best suits their needs, these are:

Account to operate with Bitcoin or Litecoin 

This account is exclusive for trading with Bitcoin or Litecoin, in other words it is only for trading with crypto currencies, this account does not require verification of the Trader’s identity or address, all transactions can be performed in a completely anonymous manner and you can be sure that the funds deposited in crypto currencies with this Broker are 100% safe, so there is no risk of fraud so you can be reassured.

Transactions in cryptocurrencies are anonymous because they are not a currency subject to the regulations of any country, so it is not required to verify identity to operate in SimpleFX. Everyone who opens an account on the platform has available a demo account with virtual money to learn how to trade and a BTC account, if you want to trade in a legal tender currency such as dollars or euros if you have to verify the identity along with the home address. There is no minimum deposit amount, but it is recommended that the deposit be equivalent to $20 or more.

Currency Account 

With the currency account you can trade using any base currency offered by the platform, for this account if it is required to verify the identity together with the domicile, as already mentioned above when opening an account with this Broker two types of account are available: the demo account and the BTC or LTC account; at the moment when all the data is verified, both the identity and the domicile address is automatically opened an account in foreign currency in which you can trade with a legal tender currency and the deposit can be made in the following currencies: AUD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, JPY, NOK, PLN, RUB, SEK, USD.

For the two types of accounts mentioned above there is no fixed minimum deposit, however investors must comply with a margin requirement in the Broker’s trading calculator which shows the minimum investment to open a trade and beyond that the profit of Traders will depend on the volume of money they invest in trading with the platform. The minimum deposit amount for this account is $20, regardless of the base currency used the deposit must be equal to or greater than the amount indicated above.

It should be noted that after creating a live account the Trader can create portfolios in more than one currency and thus have several accounts in different base currencies to trade, ie you can have an account in BTC, another in USD, EUR, GBP, etc.. This platform supports the creation of more than two portfolios for multiple currencies and that way Traders can, if they wish, trade with several currencies as a base.

Demo Account

With the demo account you can make trading using virtual money, that designed for people who are learning to make investments in the forex market. At the time an account is opened, it is available and has a fictitious currency balance of $10,000.

SimpleFX Trading Platforms 

SimpleFX offers two platforms of high quality and prestige to be able to trade Forex, one is as good as the other and both are excellent for trading. Depending on the needs the inverter can choose:

1. MetaTrader4: This Broker offers the popular MT4 platform to make investment operations, as is customary MT4 is offered by multiple companies to trade Forex and therefore SimpleFX could not be left behind, either to trade with the account of crypto currencies or the currency will be able to make use of MT4 for trading.
2. Webtrader: This is another popular platform for Forex trading, it has all the necessary tools to trade with all the financial instruments you have.

The two platforms mentioned above are available for both mobile and desktop computers, so you as a Trader will always be able to keep track of your investments from anywhere, even if you are not in front of a computer because you will have access to trading through your Smartphone.

How to deposit and withdraw funds from SimpleFX? 

To deposit and withdraw funds in the Broker there are eight methods available, each is as good as the other and are adapted to the needs of people, these methods are:

For deposit:

1. Bitcoin: The minimum deposit in Bitcoin is not defined but it is understood that the equivalent must be at least one dollar to start trading, once the deposit is made this takes an hour to verify and the maximum deposit amount has no limit.
2. Litecoin: Like the BTC, the minimum deposit in LTC is not defined but it is understood the same as with the BTC, it takes one hour to confirm the payment to the account and the maximum deposit amount has no limit.
3. Credit Card: The confirmation of the deposit using this method is instantaneous, the minimum deposit is 10 dollars and the maximum is 4,000 dollars, you can make credits to the account using this method in the following currencies: CNY, EUR, GBP, RUB, USD.
4. Skrill: The confirmation of the deposit using this method is instantaneous, the minimum deposit is 20 dollars and the maximum has no limits, you can make deposits to the account using this method in the following currencies: AUD, CAD, CHF, DKK, EUR, GBP, JPY, NOK, PLN, RUB, SEK, USD.
5. Neteller: For Neteller the same conditions apply as above with Skrill.
6. FasaPay: The minimum deposit in FasaPay is one dollar, the maximum has no limit, confirmation is instantaneous and the currencies accepted for this payment method are USD and IDR.
7. Local payments: Although the option says local payments does not support any currency, most people are confused when it comes to paying money into their account because they believe they can use any currency to do so and it is not, only BRL and USD are allowed, the confirmation of the deposit is instantaneous, the minimum money to deposit is 10 dollars and the maximum is 3,000 dollars.
8. International bank transfer: This method of payment is a bit tedious as it takes up to 72 business hours to verify the payment to the account, the minimum deposit is one dollar and the maximum is 30,000 dollars and the following currencies are allowed: AUD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, JPY, NOK, PLN, RUB, SEK, USD.

For the eight deposit methods mentioned above the commission is completely free.

For retirement:

1. Bitcoin: The minimum withdrawal in Bitcoin is 0.0001 BTC, it takes 24 hours to become effective in the virtual wallet and the commission is free.
2. Litecoin: The minimum withdrawal at Litecoin is 0.0005 LTC and all other conditions apply in the same way as for BTC withdrawals.
3. Credit Card: Withdrawal by credit card can take up to 10 days to be confirmed, the minimum withdrawal is $10 and the fee charged is 4%, withdrawals can be made in the following currencies: CNY, EUR, GBP, RUB, USD.
4. Skrill: The minimum withdrawal is $10, it can take up to 72 business hours to confirm and the commission charged is 4%, withdrawals can be made in the following currencies: AUD, CAD, CHF, DKK, EUR, GBP, JPY, NOK, PLN, RUB, SEK, USD.
5. Neteller: To withdraw funds with Neteller the same conditions apply as above with Skrill.
6. FasaPay: The minimum withdrawal with FasaPay is one dollar and takes up to 72 business hours to confirm, the currencies accepted for this payment method are USD and IDR.
7. Local payments: The minimum withdrawal is 10 dollars and can take up to 5 working days to be confirmed, the commission charged is 3%, withdrawals can be made in the following currencies: BRL and USD.
8. International Bank Transfer: The minimum withdrawal is $100 and may take up to 72 business hours to confirm, the fee charged is 0.2%, the following currencies are allowed: AUD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, JPY, NOK, PLN, RUB, SEK, USD.

The minimum charge for commissions when withdrawing money from the platform with any of the methods mentioned above except for BTC and LTC is 10 dollars, regardless of whether the percentage of commission charged is 0.2%, 3% or 4%. In other words, for small amounts of money in which the minimum commission percentage cannot be calculated that is equal to or greater than $10, the minimum fee mentioned above will apply.

SimpleFX offers on its website an Exchange platform

Apart from the investment services provided by SimpleFX Broker for Forex trading, there is also an Exchange platform for foreign exchange, which charges a commission of only 5% for doing this operation. In this case if you want to exchange dollars for euros you can deposit your money and make the change, for some people this is important to do because they like to invest and then change their money to a different currency to pay into another account, as such use this service is left to the discretion of everyone, likewise not this other count on this.

The Broker also offers the possibility to work with them. 

If you are a certified professional with a university degree in accounting, digital marketing, economics or any other career related to the area of finance or investments you can choose to work with this platform, but first you must verify that there are vacancies available for your professional area.

SimpleFX Conclusion 

It can be concluded by saying that this Broker is excellent for trading, since it offers the best platforms in the market to trade, apart from offering very good accounts to do so and if you want to maintain anonymity when trading with crypto currency can be done with total security because the funds will not be at risk even if the identity and address are not verified. If you are looking for a Broker with whom to carry out your investment operations in the foreign exchange market, without a doubt you should consider SimpleFX.

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Autor

Leonardo Muñoz

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SimpleFX Review - Forex and CFD Broker

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