Are you wondering if SimpleFX is worth it? Is SimpleFX safe? Is SimpleFX a trustworthy platform? Let's find out in today's SimpleFX review!
Follow the link below and get a $150 LTC bonus on SimpleFX!
SimpleFX Review: Background and History
SimpleFX launched at the very early stage of cryptocurrency development. They have been in since 2014, which allowed them to gain trust among Bitcoin, Ethereum, Litecoin, Tether, and other crypto communities.
They were pioneers offering access to global stocks, commodities, gold, silver, forex investments. At the moment, they report over 200,000 users in 190 countries. SimpleFX Ltd is registered in St. Vincent, and the Grenadines is incorporated IBC by the Registrar of International Business Companies. Their Legal Entity Identifier is 21380042B8QJ87V4HA89.
When investing with SimpleFX, you may choose any of the over 60 different accounts (+30 crypto and traditional currencies).
SimpleFX Review: Main Features
We were impressed with SimpleFX features. Most users go to invest their Bitcoin, Ethereum, Tether, Binance Coin, and more (22 cryptocurrency accounts and over) in global markets. SimpleFX boasts with top-notch payments solutions. There’s some truth to this. We were able to send and withdraw our BTC on-chain and over the Lightning Network. ETH can be sent via generic ERC20 protocol and BEP-20 (Binance Smart Chain). Finally, a piece of useful information for Tether owners, SimpleFX supports fast and economic TRON payments for USDT.
SimpleFX doesn’t limit itself to crypto. You can also invest in your local fiat currency.
We liked the smooth interface of WebTrader - the most popular channel. The UX is quite intuitive; opening and closing orders work well. The app is light and fast. They also provide a wide range of Technical Analysis tools and indicators, which help make trading decisions.
You can also use a native iOS, Android, or HarmonyOS app. More advanced traders often choose the MetaTrader 4 trading app, a worldwide standard.
You can use Fasapay, Neteller, or Skrill providers for fiat accounts.
For cryptocurrencies, you can use native on-chain transactions. Additionally, Binance users can send their crypto via BEP-20 (Binance Smart Chain), Bitcoin holders can make fast Lightning Network payments with practically 0 fees.
You can send USDT via ERC-20 or TRON network, where you pay ~$1 for transactions.
WebTrader offers all trading features a casual trader would want. Technical analysis tools market indicators allow you to make trading decisions based on historical data. Pending orders make it easy to plan.
SimpleFX also offers social trading tools, such as Trading Ideas. More experienced traders can share their strategy with the community, gain respect, and earn a 50% lifetime revenue share for each new user who registered after clicking their referral links.
Here’s a summary of the main SimpleFX features:
- Hundreds of assets grouped into stocks (the US, German, French, Brazilian, Turkish, etc.), commodities, forex, crypto
- Very high maximum leverage is an option for risk-hungry traders, but beginners should start with no leverage. SimpleFX offers up to 50x leverage for stocks ($1,000 depo = $50,000 position), and up to 500x leverage for forex ($1,000 depo = $50,000 position)
- $2,500 first deposit bonus for every LIVE account
- No minimum deposits
- No fees, no commissions
- The most efficient cryptocurrency payments. Lightning Network (free BTC transfers), Binance Smart Chain (BEP-20), and free TRON for USDT
- Cryptocurrency staking. You can earn interest on your deposit (added every 24 hours to your account) and use the locked funds for trading.
- 50% lifetime revenue share for users registered via your referral links
- TRON payments for Tether, BEP20 payments for Binance, and Lightning Network payments for Bitcoin holders.
- Accessible on every screen. You can trade with SimpleFX WebTrader, native iOS, Android, or HarmonyOS (Huawei) app
- MetaTrader4 for more advanced and demanding traders
SimpleFX Review: Security
With over eight years of experience, you can expect world-class security. This is especially important in the cryptocurrency market. Your crypto sent to SimpleFX is stored in cold wallets. The access to user accounts is protected with two-factor authentication, which is a must-have for every modern financial service.
Additionally, you confirm the transaction by email when you withdraw your funds. Finally, you can always ask SimpleFX cryptocurrency engineers for help if anything goes wrong.
SimpleFX Review: Privacy
Deeply rooted in crypto, SimpleFX values its users’ privacy. We checked it, and there are no trackers on the site apart from standard Google Analytics. You sign up to SimpleFX with an email address, so it’s not a big fuss to check their platform for your own. They value your privacy; however, you need to go through a standard KYC process to trade with your local currency.
SimpleFX Review: Fees
All services on SimpleFX are free to use. Unlike some other companies, they don’t charge you anything on withdrawals (just the fee applying to the network you are using). Lightning Network is for free (meaning SimpleFX covers the costs); for Binance Smart Chain and TRON, you’ll pay a symbolic fee of about $1.
There are no fees nor commissions for trading, as SimpleFX makes its profit from spreads 1000% transparent. You can see the difference between ask and bid prices in the app. Additionally, all trading conditions are listed on their homepage.
SimpleFX Review: Roadmap
SimpleFX is constantly monitoring the current trends in crypto - such as staking or new, more efficient transfers. They are also improving their trading tools making new software deploys every week. The number of trading assets listed on SimpleFX is growing, and every user can request something new on the Discourse SimpleFX Community Forum.
SimpleFX Review: Pros & Cons
The best thing about SimpleFX is the wide range of assets you can trade. That’s the easiest way of investing your fiat or cryptocurrencies in global markets - US, Japanese, Brazilian, Turkish stocks. Gold, silver, oil, and gas. The Turkish lira, euro, dollar, yen, and more exotic currencies. You can invest your fiat or crypto in global markets, high maximum leverage (up to 1:500).
The development team is responsive and adds new features. With SimpleFX, you can be sure that they will include the fastest and most economical payment method for each currency. They also add listings “on request.”
WebTrader, mobile apps look great and have great UX. MetaTrader 4 is an excellent app for advanced traders.
Some more exotic forex pairs, cryptocurrencies, and stocks are not listed on SimpleFX. However, you can request it through the community forum if you miss anything.
Maximum 500x leverage increases the potential profits but also a risk of loss. Beginner traders should start with unleveraged trades and increase them gradually.
SimpleFX Review: Verdict
Unlike some larger competitors, SimpleFX is 100% independent. That means Wall Street has zero control over them. Sign up with an email address, make a deposit, and cash in profits. In our opinion, they are a great crypto-first broker that gives you access to the global market without much fuss.
The apps are well designed and coded. They have received several rewards:
- Cryptocurrency World Expo 2017, Warsaw Poland – Best Cryptocurrency Trading Platform
- Cryptocurrency World Expo – Berlin Summit – Best Cryptocurrency Trading Platform 2018
- Finance World Expo Summit 2019, Zug, Switzerland – Best Trading App
- Best Trading Platform – Finance World Expo 2019
Using just your email address, you can also become a SimpleFX affiliate. You don’t need to deposit a single cent to start earning lifetime revenue share (up to 50%) from your referral links.
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