As you are reading our SimpleFX review, you are probably interested in which cryptocurrencies you can buy and sell on the platform. We found that the platform had a fairly average performance in this area.
SimpleFX puts in a fairly good offering when it comes to cryptocurrency support for transactions, allowing users to deposit and withdraw in the following:
- Bitcoin Cash
- Ethereum Class
Ostensibly, this is above average when it comes to deposits and withdrawals, however, our SimpleFX review found that when it comes to actually trading, several of these currencies are not offered. At the time of writing, SimpleFX offers Bitcoin Cash, Bitcoin, Ethereum Classic, Ethereum, Litecoin and Ripple against the US dollar, with no options to trade with Monero, Tether or Dash. This is slightly surprising and something that could be seen as a weak area for the platform, especially given that it offers trading in over 170 other financial instruments. However, the options for depositing crypto have recently been expanded and it’s perfectly possible that SimpleFX will add additional trading pairs in future.
An important part of any SimpleFX review is the fees involved in using the platform. When it comes to making deposits and withdrawals, SimpleFX charges no fees at all. There are costs involved however, as cryptocurrency transactions will invoke a network fee and, depending on the payment method you use for fiat currency, it is possible the provider will add on their own fees.
SimpleFX also offers commission-free trading, which on the surface sounds ideal, but users should be aware that the platform makes up for this with a slightly elevated cost structure when it comes to spreads. For example, the spread for the EUR/USD is listed as 0.9 pips, which is slightly above average when compared with rival platforms.
There are also additional costs that users can incur. For example, there are swap rates on overnight leveraged positions. These vary for different assets and are listed on the website. Finally, our SimpleFX review found that the broker charges an inactivity fee of 3% or a minimum of $25.
A key consideration for our SimpleFX review is what jurisdictions the platform is available in and what limits – if any – are placed upon accounts held in certain countries. SimpleFX is very much a global platform, which is reflected in the fact that it is supported in over 160 countries. In addition, the website is available in over 18 languages, which makes Simplefx a viable option for traders from around the world. It should be noted, however, that whilst the platform is offered in a large number of countries, SimpleFX itself is based in St. Vincent and the Grenadines and is not regulated by any bodies in the jurisdiction in which it operates.
Unfortunately, at the time of writing, SimpleFX is not available in the US due to American trading rules. It also does not accept clients from Algeria, Belgium, The Bahamas, Botswana, Cambodia, Cuba, Ecuador, Ethiopia, Ghana, Iran, Iraq, Monaco, Myanmar, North Korea, Pakistan, Poland, Saint Vincent and the Grenadines, Panama, Sri Lanka, Syrian Arab Republic, Trinidad and Tobago, Tunisia, Yemen.
Once again, it is likely that SimpleFX will review its global offering regularly and jurisdictions may be subject to change.
Next up in our SimpleFX review, we will go through the steps involved in actually trading on the platform.
The first thing to do is to set up an account. This is a simple process and upon visiting the site you will see the button “Create Account”. Clicking this will take you to a registration form that requires minimal details but will need you to confirm your email address via the link sent out. Once this has been done, you choose a password and you are up and running. If you plan to deposit/withdraw fiat currency, you’ll need to complete a KYC process, which requires a proof of ID and proof of address. You do not need to complete this process if you are only using Simple FX for crypto.
Once your account is active, you’ll want to add some funds. Once you are logged in, you’ll find the “Deposit” button under the “Accounts & Deposits” tab. It’s then just a simple case of choosing your currency, then following the steps on-screen. For example, if you plan to use SimpleFX with Bitcoin, then select this currency and the amount, before hitting the “Deposit” button. You will then be given the BTC address and a QR code to complete the process. Deposit times for crypto are 1 hour.
As soon as your funds have cleared, you can start making trades. The SimpleFX’s in-house platform is likely to be the best option for those just starting out, as it offers a straightforward interface that’s easy to navigate and free from too many confusing metrics. All the trade pairs are displayed in a window on the left-hand side and you can change the information that is displayed to suit. Clicking on any trade pair will bring up a list of options, which include displaying the chart for the given asset or placing a “New Order”. Alternatively, you can also click the large “New Order” button on the bottom left of the screen, which will bring up the order form populated with whichever asset is charted at the time. The form itself is extremely straightforward, you simply choose the units you want to trade, add any instructions, such as stop-loss orders, and click the “Submit” button.
When it comes to withdrawals, the process is more or less identical to depositing. You simply click on the “Accounts & Deposits” tab and click on the three dots next to “Add Funds”, where you will see the option for “Withdrawal”. Then it’s simply a case of following the on-screen instructions.