SimpleFX Review
4 stars - "SimpleFX Review" SimpleFX Review

SimpleFX Review

www.simplefx.com|US Traders Accepted!|2015 logo
Written on: December 25th, 2015 | Author: David M
QUICK TAKE
  • SimpleFX offers an excellent proprietary trading experience, complete with active trollbox and everpresent support.  MT4 also available for download.
  • Offers anonymous registration and payment funnel for bitcoin holders; standard currency deposit options available pending verification.
  • Low spreads, low swaps, high margins.  But minimum bitcoin contract is 1 bitcoin at 10:1!

Trade with simplefx!

Summary

SimpleFX offers bitcoin users an instant registration and trading experience, with an enhanced registration process for standard currencies. We are big fans of the proprietary web-based platform, and they also provide a metatrader 4 platform which sets the bar. With an attractive product on both desktop and mobile, the best spreads amongst CFD brokers, and the ability to get started in an instant, simpleFX is our favorite bitcoin forex and CFD platform.  However, SimpleFX has two important downsides - it does not accept US traffic, nor does it offer a bitcoin mini contract.  If you are looking to buy bitcoin CFDs and want to deposit less than .1 btc, or if you are a US resident, check out Evolve.Markets, which also runs on MT4, but offers minis and accepts US traders.  Anyone else, SimpleFX sets the bar

Start trading bitcoin CFDs anonymously and instantly!

Opening an account

Though not limited to cryptocurrencies, it is evident that simplefx has been developed with bitcoin in mind. The registration process consists of entering your email account, proving you are not a robot, and confirming your email address. If that is too difficult, they've integrated facebook and google+ insta-login. After email is verified, a return to the site prompts setting a password, after which bitcoin users can deposit. To trade with "hard currency" additional verification is required, which is outlined below.

  Individual Account  Enterprise account 
Identification  Upload passport or ID photo, input full name, citizenship and birth  Memorandum and articles of Incorporation; Last two years financial statements or three month's bank statements; copy of shareholders and director's register; ID verification for directors and 25% shareholders 
Proof of Residence  Full address and a utility or bank statement not older than three months, which clearly shows name, address and date of issue  Full address and utility or bank statement, not older than three months, demonstrating company name, address, and date of issue 

The Simplefx Product

Aside from it's...simple method of registration, users will appreciate the simplicity with which simplefx presents its product. While more advanced traders might prefer downloading their metatrader 4 platform, which can be done through the accounts tab located under the username in the upper right-hand corner, many will be content to trade from the robust web-based platform which greets users when they arrive at the site. As an added bonus, the standard platform offerrs a "shoutbox" which is pretty active with traders to-ing and fro-ing, and a lovely live chat box, staffed by a patient and ever-present support squad. We will not go into the metatrader 4 system, which we have done elsewhere. Instead, we will focus our review on the web-based platform.

Making a Trade on the SimpleFX Platform

A table displays all Commodity, Equity, Index, Metal and Crypto CFDs (bitcoin and litecoin against USD, EUR, CNY and JPY), as well as about 50 forex pairs. Any particular instrument can be added to your favorites with a click of the "star", the graph icon will populate the graphing feature with your selection, and the info icon displays pertinent information about the CFD or forex pair, including swap rates if applicable, contract sizes, margin requirements, and the minimum/maximum order sizes allowable.

HP

Clicking on the buy or sell column opens up the trade slip. We will use the btcusd pair to explain what the different fields mean.

trade-slip

Traders have the choice of setting up a market order, which automatically buys at the market rate, or a pending order, otherwise known as a limit order. You'll notice that the size of the order is set as default to 0.01, or one mbit. However, the contract size for btcusd is set at 100, so actually an order of .01 is the equivalent of buying one bitcoin. While leverages are adjustable up to 500:1 for most CFDs and Forex pairs, crypto pairs offer leverages of only 2:1.

Just underneath the trade "size" box, you'll notice the required margin, which shows the balance amount that must remain frozen to support the position. A margin call is made when 50% of the required margin is breached, a forced closing, otherwise known as the stop out, at 30%. Just underneath required margin is the stops and limits module, expanded by pressing on the plus.

At the bottom of the slip, you'll notice a trade calculator. The trade calculator provides information about the particular instrument, gives a quick link to change your leverage, and allows you to play around with a P/L calculator, to see how price movements affect your position.

Stop losses can be expressed in either a currency or points. As it pertains to bitcoin, points are equal to one cent, or the second digit after the period (in forex a point is a pip, and points vary depending on the underlying CFD instrument). In the example above, then, you can see that the 10 point stop loss means that, if bitcoin were to fall by 10 cents a sell order would automatically be placed. Expressed as currency, you would simply write out the exact level at which you would like to take your profit and/or cut your losses.

After all has been configured, simply click on the buy or sell button, and the order will be placed. Open orders are displayed at the bottom of the screen, conveniently displaying p/l in your base currency and in points, as well as the swap amount owed/due. To avoid the whole process displayed above, a click on "one-click trading" allows for the instant buying or selling of your desired amount of any instrument simply by clicking on its buy or sell ticker from the main display.

Simple FX also provides access to the best-in-show metatrader 4 downloadable trading platform. To download, simply click on your user name top-right, and click on the metatrader 4 logo. Don't forget to adjust the leverage as suits. Deposits, withdrawals and internal transfers are also managed from this accounts page, easily completed by sending your bitcoin to the appropriate address displayed.

Fees

The fees are contained within the spread, spreads which are relatively in tune with the wider market. BTCUSD has a spread of $3 - around $1.50 per trade, or roughly 0.3% - while EURUSD has a spread of 1 pip.

Simple FX Mobile

The web-based product is really nicely optimized for mobile, though it does take a bit of time for the trading template to load. Pro-tip: If it seems to get stuck, click on the graph icon at the bottom, and then back to the up/down icon to load the pairs.

Of course, utilizing the metatrader 4 platform gives access to their excellent mobile apps.

Support

Patient, knowledgeable and ever present, nothing but good things to say about the easily accessible support staff.

Bottom Line

Really like Simplefx. Great, innovative product, optimized for bitcoin, with your choice of their proprietarily-built online platform or the always excellent metatrader 4. Give it a try.

Get started trading with SimpleFX!

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IMPORTANT INFO

  • Trading Platform:MetaTrader 4,  proprietary web-based
  • Markets:7 Crypto pairs, 60 Forex pairs, 12 Indexes, gas & oil, 7 metals,  20 equities
  • US Traders: No
  • Regulated: N/A
  • Offices: St Vincent and Grenadines
  • Min Deposit: .06 bitcoin or equivalent
  • Max leverage - Cryptopairs: 2:1
  • Standard Max Leverage: 500:1
  • Margin call: 50%
  • Stop out: 30%

Contact Details

  • Email:This email address is being protected from spambots. You need JavaScript enabled to view it.
  • Telephone:+44 20 3695 8885
  • Live Chat:Yes

DEPOSIT OPTIONS

Neteller  BitCoin  Skrill  wire  yandex  qiwi

WITHDRAWAL OPTIONS

Neteller  BitCoin  Skrill  wire

SUPPORTED LANGUAGES

English English
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