SimpleFX Exchange Review 2022 – Fees, Supported Coins, FAQ’s And More

SimpleFX Exchange Review 2022 – Fees, Supported Coins, FAQ’s And More

The post SimpleFX Exchange Review 2022 – Fees, Supported Coins, FAQ’s And More appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

The simplicity with which cryptocurrencies may be transferred is one of the reasons for its rapid growth. Without the requirement of a service provider or a mediator you can trade altcoins. The worth of cryptocurrencies is an additional factor that individuals get interested in. If you are looking for an exchange where you have many options to trade and do passive earning  then SimpleFX is the one for you.

SimpleFX Exchange offers a wide range of products and services over 190 countries with maximum leverage of 1:1000. The platform offers different kinds of deposit/withdrawal methods, a variety of crypto-to-fiat and crypto-to-crypto trading pairs. It has a dashboard with ample trading options and an understandable interface.

Let us look into one of the detailed review of SimpleFX features, security, trading guides, and  more.

Overview

Legal Name	SimpleFX
Official Web Address	https://simplefx.com/
Headquarters	St. Vincent and the Grenadines.
Founders	No Information.
Exchange Type	Centralized
Trading Options	Cryptocurrencies, Stock, Indices, Forex.
Trading fees	No fees, only spreads.
Trading pairs	70+
Native Token	No
Deposit methods	Crypto wallets, fasapay, Netteler, and Skrill.
Deposit fees	No fees
Withdrawal methods	Crypto wallets, fasapay, Netteler, and Skrill.
Withdrawal fees	Depends on the currency
Supported Countries	160+
Restricted countries	Algeria, Belgium, The Bahamas, Botswana, Cambodia, and more.
Supported Fiat currencies	18
Mobile App	Google play, App store.
Customer Support	Email, FAQ, 24/7 Live chat.

What is SimpleFX?

Launched in 2014, SimpleFX is a Caribbean based exchange, headquartered in St. Vincent and the Grenadines. The Registrar of International Business Companies has incorporated St. Vincent and the Grenadines as an IBC. 

Although the cryptocurrency industry is becoming crowded in certain areas of the globe, the truly diversified marketplace offers a diverse range of cryptocurrency pairings for exchanging throughout Forex. It’s rare to find an unrestricted trading service with so many features and so simple availability.

SimpleFX is a centralized cryptocurrency exchange where you can trade over 77 assets on the platform including Bitcoin, Ethereum, Apple, OIL, GOLD, SPX500, GBPUSD, etc. 

SimpleFX exchange distinguishes it from most other trading services in the space by allowing users to trade over several currency marketplaces and providing a straightforward, convenient interface that is accessible on mobile and desktop devices.

SimpleFX also enables the transaction of forex, crypto, stocks, and commodity markets, giving access to hundreds of tradable products in addition to cryptocurrencies and fiat currencies.

SimpleFX is the quickest and therefore simplest trading desk accessible. It is indeed easy to monitor while yet offering all of the highly automated investing options you’d expect from a very secure and basic API administrator. 

SimpleFX exchange offers quick and reliable transactions, with no investment limits,  leverage upto to 1:1000, trade 24/7, spreads form 0.1, and no trade commissions charged. All MetaTrader 4 brokers can trade signals with each other. Join in along with Facebook in a flash. To try the website, there is no need to register.

Is SimpleFX Safe and Secure?

Yes, SimpleFX is a safe and secure cryptocurrency exchange platform. SimpleFX exchange offers Negative Balance Protection to safeguard the trade and give you a level of security. 

That’s a function which enables them to stop trade activities in terms of protecting your account online if it goes into minus numbers. 

You may enable two-factor authentication for further protection, and most users’ funds are held in reputable banks and financial institutions. To prevent unwanted access, the system is encrypted.

SimpleFX Pros And Cons

Pros

• Wide range of trading options available 24/7.
• Supports deposits of cryptocurrencies and fiat currencies.
• $2500 first deposit bonus for every active account. 
• The platform is accessible on every device.
• No limits on deposits.
• Supports demo account and affiliate programs.

Cons

• The exchange is unregulated. 
• The US clients are not allowed.

SimpleFX Features

1. Trading Options: SimpleFX offers a variety of trading options which include: Spot trading, margin trading, cryptocurrency trading, fiat commodities, fiat OTC, global equities,  indices, stocks, precious metals, CFDs and forex trading. 

2. Affiliate Program: Users can eventually gain about 50% of the income created by SimpleFX clients that you refer to with the unique link, plus 5% of the revenue made by the traders that your referrals suggest. Utilizing a totally open 3rd party affiliated system, you may watch your affiliates’ trade statistics in live data. 
   Analyze what further profits they make during the day and improve the efficiency of the connection. On each and every stage, the SimpleFX partnership programme is straightforward. The procedure is simple : register, get a link, and invite your friends. 

3. Bitcoin lightning network: Any bitcoin holder is aware of the bitcoin network’s difficulties. Scaling up the blockchain network becomes difficult as the amount of participants rises. Trades remain glitchy and expensive amid traffic peaks, because that’s exactly why users demand it the maximum. The Lightning Network (LN) is a solution to this issue.
   Using LN, users could indeed: Instantly receive and send BTC, withdrawals cost nothing – they are always free, it keeps personal information private.  Anyone may quickly send bitcoin from their wallet to the SimpleFX bitcoin wallet. Users have to pay a minimum of US penny to the wallet service for deposits. 

4. Stake and trade: Like any other exchange, SimpleFX offers a variety of features, including cryptocurrency staking.  Users may bet their ETH 2.0 on the site and get large profits as contrasted with other methods.   SimpleFX offers consumers ‘assured returns’ on their deposits using this site.  Approximately the yearly return rates up to 8.5 percent are attainable to participants. Anyone may use SimpleFX to stake any quantity and benefit from the increase in the price of Ethereum tokens. Earn interest and also you can use frozen funds for trading. 

5. MetaTrader 4: MT4 offers Quick, robust, and dependable, with a wealth of advanced and established advanced analytics to pick among. Trading signals and copy trading are two types of trading available on MT4.  Professional Agents as well as the MQL4 Open Software Platform with numerous metrics, programs, and EAs to install allow for automated trading. Market, pending limits and stops, trailing stops, quick dealing, chart trading, and pricing notifications are just a few of the order types available.  SimpleFX MT4 is compatible with Windows, Mac, Linux, and iOS, iPad, and Android mobile devices.

6. SimpleFX Leverage: The platform offers leverage to the following sectors – Cryptos:5X, Commodities: 62.5X, Indices: 50X, TR equities: 12.5X, Stocks: 50X, Forex majors: 500X, Exotic pair: 50X, XAG: 50X,  and XAU: 100X . The minimum leverage is 1:2 and maximum leverage is 1:1000. Users may modify the leverage to 1:200, 1:100, 1:50, and so forth. However, if the account value exceeds $1000, the ratio would be immediately decreased to 1:500 or maybe less.

SimpleFX Fees

SimpleFX Exchange does not charge any fee for registration and deposits. It charges an inactivity fee of 3%. The withdrawal fee depends on the cryptocurrency you want to trade. 

For example: 0.2 ADA, 0.015 ATOM, 0.0002 BNB, 0.1 BUSD, 0.00005 BTC, 0.0003 BCH, 0.001 DASH, 2 DOGE, 0.008 DOT, etc.

Fiat currency withdrawal fee depends on the payment partner, like fasapay charges a withdrawal fee of 1%, and 3% Neteller and Skrill. 

Simple FX charges a spread fee for indices  such as the FTSE 100, which have spreads of roughly 1.3 pips, LTCUSD – 0.03, Oil – 0.06, DJI – 3, USDJPY – 0.009, GBPUSD – 0.00012, and BTCUSD – 4.05. 

The majority of spreads are in accordance with market norms, and in certain instances are considerably less. Spreads on the EUR/USD average at 0.9 pips, while spreads on gold are around 1.5 pips, the fee varies and depends on the indices. 

SimpleFX Supported Currencies

As of May 2022, SimpleFX Exchange supports 77 assets and 70+ trading pairs. Some of the major cryptocurrencies include:

• Bitcoin(BTC)
• Ethereum(ETC)
• Cardano(ADA)
• Cosmos(ATOM)
• Binance Coin(BNB)
• Binance USD(BUSD)
• Bitcoin Cash(BCH)
• ChainLink(LINK)
• DogeCoin(DOGE)
• Polkadot(DOT)
• Ethereum Classic (ETC)
• LiteCoin (LTC)
• Monero (XMR)
• Tether(USDT)
• USD Coin(USDC)
• Uniswap (UNI)
• Ripple (XRP)
• Zcash (ZEC)

Some of the trading pairs include:

• NEO/USD
• BTC/USD
• ADA/USD
• YFI/USD
• AUD/USD
• GBP/USD
• EUR/USD
• USD/RUB

Supported Fiat currencies: 

• Neteller: AUD, CAD, CHF, DKK, EUR, GBP, INR, JPY, MYR, NOK, PLN, RUB, SEK, SGD, and USD.
• Fasapay: IDR and USD.
• Skrill: AUD, BRL, CAD, CHF, DKK, EUR, GBP, INR, JPY, MYR, NOK, PLN, RUB, SEK, SGD, THB, USD, and ZAR.

SimpleFX Supported Countries: 

SimpleFX operates over 160+ countries world-wide except the following countries: 

Algeria, Belgium, The Bahamas, Botswana, Cambodia, Cuba, Ecuador, Ethiopia, Ghana, Iran, Monaco, Myanmar, North Korea, Pakistan, Poland, Saint Vincent and the Grenadines, Panama, Sri Lanka, Syrian Arab Republic, Trinidad and Tobago, Tunisia, United States, and Yemen.

SimpleFX Mobile App

SimpleFX has launched its native mobile app. The App is compatible with IOS and Android devices. Users can download it on Google play or App store. 

Having specialized software for every system just attracts a lot of users, who really can benefit from a professionally created application which maximizes the capabilities of the gadgets whilst providing a speedy and smooth customer experience. 

How to Register on SimpleFX?

1. Go to the official website of SimpleFX. Click ‘Start Now’.
2. Enter your Email ID, password, and agree to the terms.
3. Click ‘Create account’. Check your mailbox. Click on ‘Verify Now’.

4. You will be redirected to the SimpleFX platform.

How to recover your password on SimpleFX?

1. Go to the official website and navigate to Login.
2. Click on ‘Forgot password’. Enter your Email. 

3. Click ‘Send’. Check your Email and follow the instructions to set your new password.

How to do KYC Verification on SimpleFX?

1. Login into your account. Go to the profile section.

2. Click on ‘Identity’. Tap on ‘Start verification’.
3. Select your country and document type. Upload your identity documents like ID Card, Passport, or drivers license. Make sure the documents are not expired.  
4. Next you have to go through a liveness-detection check. This completes your identity verification. You can complete this process on a mobile app by scanning QR Code.

How to Deposit Cryptocurrencies on SimpleFX? 

1. Login into your account. Navigate to ‘Accounts and Deposits’.
2. Select whether you want to deposit fiat currency or cryptocurrency. Click ‘Deposit’.
3. Enter the amount. Click ‘Deposit’.

4. Scan the QR Code or copy the wallet address and paste it on your external wallet.
5. Deposit time varies depending on the network you choose.

How to Withdraw Cryptocurrencies on SimpleFX?

1. Withdrawing funds from the SimpleFX broker is also a wonderful experience, however this isn’t as straightforward. Just the exact method of a deposit sent to SimpleFX can be used for the withdrawals. Users who deposit cryptocurrency, for example, will be allowed to deduct the cash just performing the trade on cryptocurrency. Such assets can’t be withdrawn in cash or any alternative currency.

How to Buy Cryptocurrencies on SimpleFX?

1. Login into your account. Select the cryptocurrency you want to buy.
2. Click on ‘Buy’. Select the type of order, market or pending.
3. Choose the size of a position and you will see the required margin below in base currency of your account.
4. Enter the units. You can apply to take profit and stop loss.These parameters help you control when to close position and also minimize your losses. It’s a great risk-management tool to use when you don’t have time or ability to keep constant track of stock prices.

5. When all order parameters are set correctly, the button is active to submit an order.
6. Keep track of all Opened, Pending and Closed positions at the top of the screen.
7. Check your account status  at the bottom of the page. 

How to Sell Cryptocurrencies on SimpleFX?

1. Login into your account. Select the cryptocurrency you want to sell.
2. Click ‘Sell’. Select the type of order, market or pending.
3. Choose the size of a position and you will see the required margin below in base currency of your account.
4. Enter the units. You can apply to take profit and stop loss.These parameters help you control when to close position and also minimize your losses. It’s a great risk-management tool to use when you don’t have time or ability to keep constant track of stock prices.
5. Check the parameters and click ‘Submit’.
6. You can check your account status at the bottom of the page.

Traders Reviews

According to trustpilot reviews there are 4 reviews and based on SimpleFX is a reliable platform to trade, the platform closed positions abruptly, instant withdrawals, no limits for deposits, demo-accounts are useful, lost all the money invested, etc. 

Coinpedia Review:

Cybersecurity	8/10
Liquidity	7/10
Customer support	8/10
Online reputation	8/10
Total Trust score	8/10

FAQ’s

Final Thoughts

SimpleFX is a fantastic tool for people who wish to try out a variety of trading strategies. It offers a user-friendly interface that both professionals and newbies may use. The platform has the greatest features and low costs, therefore it’s easy to suggest it to other traders. Trading view also provides interactive trading charts. You can earn by sharing your trading ideas on the platform, which can add to another source of income.  It has a number of tracking features for you to keep track of your trades. SimpleFX may also be found on YouTube, Tiktok, Twitter, Facebook, and Telegram.