Author:
Dave Thatcher
Last Updated on:
26/03/2021
Topic:
Review
Topic:
Review
SimpleFX Crypto
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T&Cs apply, 18+
Highlights
SimpleFX Review Review 2021
Formed in 2014, SimpleFX is an established exchange that offers an intuitive and streamlined Forex and cryptocurrency trading environment. If there is one thing that jumps out about SimpleFX, it is how the trading platform manages to seamlessly appeal to both novice traders and seasoned pros – simple enough for beginners to get to grips with, yet also providing plenty of tools for more advanced traders via its MT4 platform.
SimpleFX is also very much a global platform – available in over 15 languages and supporting numerous currencies. In this SimpleFX review, we take a look at the trading platform and consider its strengths and weaknesses, as well as how it compares to other crypto exchanges, to help you decide if it’s the right exchange for your own crypto trading needs.
SimpleFX: Pros & Cons
- Comprehensive yet easy to use platform
- Supports several fiat currencies
- Offers demo account
- Good customer support
- Not regulated
- The website has been known to lag
When considering crypto exchanges, the usability and feel of their trading platform is often the most important factor for those considering opening an account. As such, our SimpleFX review took an in-depth look at the exchange’s trading platform and the tools it offers.
One of the things that first struck our review was how streamlined and intuitive the SimpleFX platform is. Whilst there are plenty of trading tools on offer, the simplicity of the interface suggests that SimpleFX is designed to appeal to the more inexperienced trader, as well as the seasoned pro. The trading platform also offers plenty of options for customisation – users can split the panel into different charts and there is also the option to switch between a dark and light theme.
The platform has over 200,000 active users and as such has a reasonably high trading volume when compared with its competitors. This, combined with the simplicity of its trading screen, means that SimpleFX will appeal to a broad range of traders, from novices to high-volume professionals. For the more experienced trader, there is also the option to use the MetaTrader4 platform.
Our SimpleFX review also notes that the exchange offers a mobile version of its trading platform. It is a slightly stripped-down version but easily competes with other mobile trading apps on the market.
Company
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| Web Site | simplefx.com |
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Our SimpleFX review found that the platform supports an impressive amount of currencies. Users with a standard account can trade in numerous fiat currencies, including GBP, USD, AUD, JPY, and CNY. You can also make deposits and withdrawals in fiat currency, however, it is unclear whether conversion rates apply and this is something you should check with your bank. For fiat currency deposits and withdrawals, SimpleFX supports several payment methods, such as bank wire transfer, credit/debit cards, e-wallets like Skrill, NETELLER, AstroPay and China UnionPay.
Of course, the platform also allows you to carry out transactions using your cryptocurrency. The website supports Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Class, Litecoin, Monero and Tether. Our SimpleFX review was also pleased to find that there are zero charges for deposits and withdrawals, however, network fees may apply depending on the currency.
Our SimpleFX review was impressed with the platform’s customer service facility. Whilst there is no direct telephone service, this is pretty much standard in the industry these days and SimpleFX makes up for it with its quick and efficient chat service. Support via webchat is available in English, Spanish and Portuguese. English help is available 24 hours a day, from Monday to Friday and the additional languages from 1400 to 2200. Generally, the customer service team responds extremely quickly, with minimal waiting time to be connected to an agent.
Support is also available in additional languages via email. Whilst this is slower than chat, we found that replies were often made within a few hours. The customer service team is noted for its personal responses and efficiency when dealing with queries.
Finally, SimpleFX also offers a comprehensive FAQ page that is useful for dealing with more common queries related to using the platform.
SimpleFX is currently unregulated, which of course will deter some traders. However, the exchange is said to be pursuing regulation as a priority and this could well be something that changes soon.
When it comes to security, our SimpleFX review found the platform employs plenty of industry-standard protocols to ensure protect users privacy and their crypto assets. The website features the standard SSL encryption and DDoS protection. Users also have the option of two-factor authentication for additional security. Encryption is also applied to all communications made via the site.
Measures are also in place to keep your crypto safe. SimpleFX utilises a majority cold wallet protocol – meaning the bulk of the cryptocurrency is stored offline, keeping them out of the reach of hackers.
Finally, our SimpleFX review also noted that the platform has strict solvency requirements, using a buffer of funds in order to protect against any sudden downturn in the markets.
SimpleFX Crypto
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
- Bitcoin Cash
- Dash
- Ethereum
- Ethereum Class
- Litecoin
- Monero
- Tether
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.
Register
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.
Deposit
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.
Start Trading
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.
SimpleFX has a solid reputation amongst traders from around the world. Judging by customer reviews and general feedback, SimpleFX is amongst the top cryptocurrency brokers for entry-level and intermediate traders. However, a lot of top-level pros have complained about the platform’s lack of regulation and the fact that it is headquartered in a comparatively remote location. There are also a few complaints that users in some parts of the world have experienced lag with the website – though our review team did not notice this in effect.
SimpleFX is an intuitive platform that offers an easy way for users to start buying and selling cryptocurrencies, as well as numerous other assets. Whilst the lack of regulation may bother some, this is tempered to some extent by the fact that the platform has a proven track record for reliability and security. It offers a simple-to-use interface, yet also has the option to switch to the more professional MetaTrader4 platform, which makes it a viable option for both beginners and more experienced traders. SimpleFX also supports numerous currencies as well as offering its platform in several languages. This makes it particularly popular with international traders.
All in all, SimpleFX is a reliable platform that is worth considering if you are looking to enter the world of cryptocurrency trading.
SimpleFX Crypto
–
T&Cs apply, 18+
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