SimpleFX Exchange Review
SimpleFX Cryptocurrency Review
Trust Score 9
Unless you have been living in a bubble for the past few years, you will have noticed that the Cryptocurrency industry has grown massively. As well as the many cryptocurrency exchanges that have sprung up in recent years to help demonstrate this, many financial companies have joined in on the act as well.
SimpleFX is one of them that used to deal just in fiat currencies and equities but has now expanded into the cryptocurrency market as well. They now allow the trade of a handful of cryptocurrencies on their slick exchange.
For the purpose of this review, we are going to concentrate on that cryptocurrency side of their operations.There are 16 cryptocurrency trading pairs on SimpleFX at the moment but we are sure they will add more as time goes on. These, of course, include the likes of BTC/USD, ETH/EUR and LTC/GBP.
SimpleFX is based in the Grenadines and was originally launched as a Forex exchange back in 2014. What we do have to mention is that SimpleFX is not actually regulated by any financial regulatory body. They have been registered as an International Business Company though, which does instil a little bit more confidence.
Let’s not forget that there really is no regulations for cryptocurrency trading at the moment anyway. None of the exchanges is properly regulated which means we just have to make sure we keep our wits about us and take on board any complaints or comments that other traders make.
Anyway, on with our review. Here you will learn just about everything that you need to know about SimpleFX.
What we really love about SimpleFX is that it has apps and downloadable software for a range of operating systems. Their Meta Trader 4 app can be downloaded by Android, iOS, Windows and OS X powered devices and computers.
This software will allow for a more seamless and efficient trading experience rather than using the exchange through the browser. Traders will now be able to deposit, withdraw, analyze the markets and also keep up to date on all of their investments while they are out and about.
- Dedicated App
- Can Perform All Functions of the Website
There is also demo accounts that you can use on all versions that allow you to test out the exchange without risking your own money. These are definitely recommended for those of you that are new to the trading world.
SimpleFX currently offers a rather small selection of cryptocurrencies that can be traded on their platform but those that they do are considered the most popular. You have the likes of BitCOin, Ethereum, Litecoin and Ripple to trade and you will be able to trade them against fiat currencies such as the USD, JPY, EUR, CAD and GBP.
Registering at SimpleFX
Signing up and creating an account on SimpleFX is about as easy as it gets and will take you no more than two minutes usually. All you need to do is provide an email address and then verify that email address and you are done. You can use a social media profile too if like but these will not offer anywhere near the privacy that an email does.
- Super-quick account creation
- Email or Social Media Account is Enough
If you are only looking to open a Bitcoin account on SimpleFX, there is no need to have your identification verified. However, if you wanted to use hard currencies, you will need to have your identification verified. This will usually require a government-issued ID and a utility bill or bank statement that can verify your address.
- No Verification Required for Crypto-Trading
- Hard Currency Trading Requires Verification
The good thing about SimpleFX is that it offers up the trading tools and features that make it appealing for both beginners and experienced traders alike. It has the more advanced trading options such as leverage and margin trading but also has some of the more basic trades such as market orders and limit orders.
Even though these trades are considered quite basic, complete beginners would be urged to research them and learn about trading at least a little bit before taking the plunge. SimpleFX actually has demo accounts which would be good for this, as you can learn along the way without losing any money.
- Market Orders
- Limit Orders
We do advise that beginners definitely stay away from leverage or margin trading as these are far more advanced concepts that only experienced traders will know about sufficiently.
Accepted Payment Methods
SimpleFX certainly has its users covered when it comes to payment methods. They allow cryptocurrencies, credit cards, eWallets and bank transfers. More information on each can be found below:
You can deposit onto SimpleFX using Bitcoin, DASH, Ethereum, Litecoin and Bitcoin Cash. These deposits are usually very quick and take no longer than an hour.
- Credit Cards
Credit cards in the fiat currencies of CNY, EUR, GBP, RUB and USD can deposit onto SimpleFX. Deposits will usually be in your account within 15 minutes using this form of payment method.
If you have an account with Skrill, Neteller, Fasapay or MegaTransfer, you will be able to deposit fiat currencies into SimpleFX. These transactions are usually instant in most cases.
- Bank Transfers
Bank transfers are also available for those of you using AUD, CAD, CHF, CZK, DKK, EUR, GBP, NOK, PLN and SEK. These take the longest times to process and will usually take up to three business days to complete.
As you can see, there are plenty of options when it comes to moving money into and out of SimpleFX. The best part is that if you only want to trade in cryptocurrencies, you can keep your identity completely anonymous as there is no verification required.
There are no fees attached to any deposits into SimpleFX but as you might expect, withdrawing is the complete opposite. There are a range of fees you will have to consider when withdrawing while you will also have to verify your account if you want to use anything other than cryptocurrencies.
There are absolutely no fees involved when using cryptocurrency transactions, not any that go to SimpleFX anyway. There may be small coin network charges though.
- Credit Cards
Credit cards offer are quick but also the most expensive as these will cost you 4% in fees when withdrawing. Depositing is completely free.
Fasapay is the cheapest eWallet when withdrawing as it charges just 1%. As for Skrill, Neteller and Megatransfer however, you will pay 3%, 3% and 4% respectively. All deposits using these methods are once again free.
- Bank Transfers
Bank transfers are by far the cheapest method when withdrawing but also the slowest. You will pay just 0.2% in fees for any withdrawal.
Below you will find all of the transaction limits that you might experience when moving your crypto and fiat currencies into and out of SimpleFX:
There are no limits at all when depositing or withdrawing cryptocurrencies on SimpleFX.
- Credit Cards
Credit cards have a minimum deposit of $10 USD and a max deposit of $4,000.
All of the eWallets that can be used on SimpleFX will have a minimum deposit of $20 USD required but no max limits.
- Bank Transfers
If you go down the route of bank transfers to move your money on and off SimpleFX, you will need to move at least $10 USD.
For cryptocurrency traders, moving coins is always going to be the best bet when withdrawing or depositing as there are no fees involved at all. If you do have to withdraw fiat currencies though, bank transfers seem the way to go as long as you are happy to wait.
We actually liked the interface on SimpleFX and the different features that it provides for its users. The colour scheme is not too intrusive and the charts all have history options so that you can view or download.
We actually found the Meta Trader 4 app to be even better. It offers better functionality and efficiency. Being able to do things like open several trade pairs at the same time was not something that was possible through the browser.
All in all, the tools are there and are easy-to-use and there are plenty of good features that will make your trading like a lot simpler.
SimpleFX claims to have more than 100,000 active users from more than 140 countries worldwide but a few countries can not use Simplefx:
Countries that can not use SimpleFX are: Algeria, Cuba, Ecuador, Iraq, Iran, Myanmar, North Korea, Poland, Belgium and United States.
All other countries will be able to register on their exchange.
If you are able to catch them during office hours, you will be able to speak to the customer support on SImpleFX via live chat. If you are not so lucky and are experiencing issues outside of office hours, your only option is to leave them a message through a support ticket which will be replied to as soon as office hours open up again.
On top of the above, there is also a handy F.A.Q that will potentially have the solution to your problem already there. Always check this first before bothering the support staff as you might just be able to fix the problem yourself.
In our experience, support at SimpleFX has always been quick to respond (during office hours) and extremely helpful too.
- Live Chat
- Support Tickets
SimpleFX seems to have just about everything that a would-be trader would need. It has a good interface, some excellent apps, plenty of different trading options and a good little selection of cryptocurrency trading pairs.
Customer support is also of a very good standard and there are plenty of different payment methods to make use of.
Where it is let down a little bit is on the security side which we find quite surprising. This just means, however, that you will have to be extra vigilant with your account and make sure that you do not hold too much on the exchange at any given time.
If you want to get into the Forex side of things as well and trade commodities and fiat currencies. You will not be able to do this anonymously however and will need to verify your account. If you are happy with that though, there is certainly the scope to learn some new markets.
We recommend checking out SimpleFX as it has been around a good few years now and we have not heard anything too bad about them at all. They seem to have most of what a trader would be looking for and their fees are more than competitive too.