According to comprehensive studies, The Simple FX broker offered services to traders all over the world and was established in the state of Saint Vincent and the Grenadines in 2014. This company stands out from the competition due to the broker’s ability to let customers open accounts and make withdrawals in bitcoin. Although the SimpleFX broker is registered as an international financial corporation (IBC), the financial regulator has no control over its operations. There are currently no prizes in the SimpleFX asset.
Trading with SimpleFX has several benefits.
- Opening a cryptocurrency account is possible; the minimum deposit is $1, and its trading platform is Metatrader 4.
Cons
- SimpleFX’s inability to withdraw money to a bank card is a drawback.
- The broker only offers one type of account; it lacks a financial regulator.
Account Types
To ensure that consumers have access to highly competitive trading conditions, SimpleFX has developed a streamlined one-stop account type. With its all-inclusive account, the broker has done a remarkable job of accommodating traders of various sizes, risk tolerances, and trading philosophies.
Additionally, there is a defined and specified access for trading cryptocurrencies, with all requirements catered to this particular asset type. SimpleFX provides a Demo Account function to let inexperienced traders practice their trades with no risk.
Tradable Resources
SimpleFX exposes various asset classes, such as foreign exchange (FX) pairs, indexes, metals, commodities, energy, cryptocurrencies, etc.
This selection is distinctive because it comprises well-known assets that will diversify your portfolio and brand-new holdings in which the public has demonstrated a strong interest. More than 60 FX pairs are available on the asset list, including rare currencies like the Turkish Lira, South African Rand, and Israeli Shekel. A large selection of indices, eight cryptocurrency pairs, and precious metals are also available for trading on SimpleFX.
Users of cryptocurrencies can access a wide range of trading and investment instruments through SimpleFX. Your cryptocurrency wallet can directly interface with the platform. SimpleFX accepts cryptocurrency for deposits and withdrawals; both processes are free and quick.
SimpleFX enables Ethereum holders to stake their tokens and receive an interest yield, much like a certificate of deposit or saving bank account, in addition to the ability for traders to purchase and sell cryptocurrencies on the platform. The best time to trade this forex is on after noon 1PM.
Spreads
SimpleFX trading expenses are consistent with standard spreads, but you need additionally take rollover or swap costs into account as any potential non-trading fees.
With all expenses included in bid-ask spreads, SimpleFX enables its traders to select the best options for their trading styles. It provides competitive spaces, which, during periods of the most excellent liquidity, can be as low as 0.1 pip, thanks to its top-notch technology and liquidity sources.
Leverage
The leverage ratios that SimpleFX offers on FX and cryptocurrency trades are a vital component of the assessment.
Overall, the asset class you trade determines the maximum level of leverage. There are no limitations based on whether you are a professional or retail trader, and there are no limitations on the power given because of any regulations the broker is obliged to follow.
SimpleFX Account Types
The SimpleFX broker tries to provide all users with genuine adaptability without offering various distinctive accounts. At SimpleFX, this is not the case. Each type of account has a specific use for which it was designed and advantages and perks that correlate to those uses. One type of account is available from SimpleFX and may be used to trade on all supported domains and exchanges.
All users must register for an account with a SimpleFX broker using a single trading solution and then go through the platform’s required KYC verification steps. A single account must complete each step since there are no different types of accounts. As a result, the minimum trading size for FX is 0.01. The account’s stop-out threshold is 30%, and the request for an additional margin is 50%.
An additional demo account feature does exist, though. Although this is not the same as a personal or company account, it nonetheless helps users by helping them become familiar
