SimpleFX Review

SimpleFX is a CFD exchange that enables users to take up short or long positions on cryptocurrencies.

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Our Rating:
4.5
5
Cryptoassets are a highly volatile unregulated investment product. No EU investor protection.

Quick summary

SimpleFX has a great interface and excellent user tools. The only caveat is that it's not suitable for inexperienced traders. However, if you know your stuff, this low-fee, high-reward platform is a top choice. Consider opening an account today.

Pros and Cons

Pros

  • Helpful demo account
  • Rewards for deposit
  • KYC not required

Cons

  • CFDs are complicated
  • Unregulated exchange
  • Smaller community

Interested in crypto CFDs? You need to find a trading platform with a good reputation for CFD trading and a healthy range of cryptocurrency options. Step forward SimpleFX, which promises the best CFD trading around.

If you’re a fan of technical trading, CFDs are an exciting prospect. This is even more true of crypto CFDs – it takes a sharp mind to open effective positions on the future of cryptocurrencies. 

Let’s examine whether SimpleFX is the best place to venture into this new territory if you’re a new trader.

What is SimpleFX?

As its name suggests, SimpleFX is an exchange that offers Forex trading as well as crypto options. This platform’s specialty is CFDs (contracts for difference).

CFDs are highly complex financial instruments and shouldn’t be approached by novice traders. For this reason, SimpleFX isn’t as accessible for beginners as some other exchanges. However, experienced traders might be able to find rich rewards here.

To successfully work with crypto CFDs, you need a solid understanding of derivatives and the ability to accurately predict the behavior of cryptocurrencies. Crypto is famously volatile, making these instruments very risky unless you’re sure you know what you’re doing.

Happily, the platform offers a demo account. This should help new users understand the risks involved with CFDs and get a better idea of how crypto markets work.

The exchange has very low fees and doesn’t require users to pass KYC checks for crypto. It also offers rewards based on your initial deposit.

Who Is SimpleFX For?

The exchange is designed for experienced traders with a strong technical understanding of CFDs. It rewards higher deposits (an initial deposit of $10,000 will earn $2,500, which can be redeemed after a period of activity). This makes it clear that the platform is designed with high-stakes investors in mind.

It has a well-designed mobile app – as it’s also a Forex platform, this makes sense. Day traders need quick access to their investments, and this is also true for crypto CFD traders.

The platform is unregulated, meaning that users don’t need to go through pesky KYC measures. This is good news for crypto enthusiasts looking for a truly decentralized trading experience.

It doesn’t offer as many altcoins as some other platforms, but you can trade bitcoin and ethereum CFDs at very competitive rates. This makes it accessible to most mainstream users.

SimpleFX Company Information

The company was founded in 2014 by a group of like-minded Forex and crypto enthusiasts. It’s based in St. Vincent and the Grenadines.

What Makes SimpleFX Unique?

Crypto CFDs aren’t uncommon, but it’s hard to find a trustworthy exchange specializing in this service. This is what sets SimpleFX apart from other brokers and exchanges. Its demo account is also a nice touch, allowing users to test the risk before they start trading.

SimpleFX Deposits and Withdrawals

Deposits are typically free. Some cryptocurrencies have an upper deposit limit. Withdrawals tend to be either very cheap or free.

SimpleFX Fees

Trading fees are very low on this exchange. It charges inactivity fees, but an account is only considered “inactive” if it is created and then never used.

SimpleFX Reviews and Reputation

Users tend to applaud the platform’s simple, accessible app design. Its support also receives good reviews, which is important for a CFD specialist.

Final Verdict

SimpleFX has a great interface and excellent user tools. The only caveat is that it’s not suitable for inexperienced traders. However, if you know your stuff, this low-fee, high-reward platform is a top choice. Consider opening an account today.

SimpleFX FAQ

Is SimpleFX safe or a scam?

The app is safe to use and comes with no hidden costs.

What can I trade on SimpleFX?

CFDs in cryptocurrencies, Forex, and stocks are all offered. The platform offers several crypto options, including bitcoin and ethereum.

How do I open an account with SimpleFX?

To trade crypto, you don’t need to go through KYC – just sign up with your email address.

Do I pay tax on SimpleFX?

Yes, you need to pay tax according to your country’s taxation laws.

How much is the SimpleFX minimum deposit?

There is no minimum deposit on this platform.

Our Rating:
4.5
5
Cryptoassets are a highly volatile unregulated investment product. No EU investor protection.