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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. 
  1. 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. 
  1. 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. 
  1. 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. 
  1. 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.
  1. 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’.
  1. 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. 
  1. 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.
  1. Click on ‘Identity’. Tap on ‘Start verification’.
  2. Select your country and document type. Upload your identity documents like ID Card, Passport, or drivers license. Make sure the documents are not expired.  
  3. 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’.
  1. Scan the QR Code or copy the wallet address and paste it on your external wallet.
  2. 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.
  1. When all order parameters are set correctly, the button is active to submit an order.
  2. Keep track of all Opened, Pending and Closed positions at the top of the screen.
  3. 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

Are the trading conditions for a demo account different from those for a regular account?

Prices on demo accounts are identical to those on live accounts.

What makes SimpleFX so unique?

SimpleFX is an innovative internet trading platform. Trade in Forex, cryptocurrencies, indices, precious metals, and commodities using either fiat money or cryptocurrency. Assured to be the finest trip!

Are there any video tutorials available?

Yes. Feel free to visit the SimpleFX platform’s Help Center -> Video Tutorials.

How long will it take to withdraw my funds?

Withdrawals by wire transfer might take up to three days. Withdrawals made using electronic payment methods, bank cards, and cryptocurrency are completed within 24 hours. Withdrawal requests submitted on weekends will be handled the following Monday.

Is it safe to trade Bitcoin with SimpleFX?

Yes, SimpleFX takes extra care to guarantee that our system is secure, and they regularly monitor the system for any illegal behavior.

How can I get into MT4?

To access MT4, enter the SimpleFX user id as well as the password previously utilized to sign in to the webtrader.

Does SimpleFX take fiat (paper) money?

Yes. You have the option of opening an account in one of 18 different hard currencies.

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. 

Bitcoin Reserve Risk Falls To 2015 Levels, What Happened To BTC’s Price That Year?

Bitcoin has returned to the $20,000 area after experiencing rejection. The cryptocurrency has been displaying some strength during today’s trading session despite a spike in the U.S. dollar which signals danger for risk-on assets. Related Reading | Cardano Releases New Update On Testnet, How Will The Price Respond? At the time of writing, BTC’s price trades::Listen

Bitcoin has returned to the $20,000 area after experiencing rejection. The cryptocurrency has been displaying some strength during today’s trading session despite a spike in the U.S. dollar which signals danger for risk-on assets.

Related Reading | Cardano Releases New Update On Testnet, How Will The Price Respond?

At the time of writing, BTC’s price trades at $20,300 with a 2.2% profit in the last 24 hours. Data from Material Indicators (MI) records an increase in buying pressure from Bitcoin whales with bid orders of over $1 million (brown in the chart below).

Large investors have been accumulating BTC over the past week as the cryptocurrency moved below its current levels. BTC Whales could have been preparing for bullish continuation. At the time of writing, every investor’s class except retail is jumping into BTC’s price action.

The cryptocurrency needs to break above $20,500 and continue above $22,000 to clear out any potential short-term downside risk.

Material Indicators records over $20 million in asks order for BTC’s price at around $20,500 until $22,000 alone. There is little resistance above those levels until $24,000 which stands as the next major area of resistance.

On the possibility that large investors were accumulating BTC expecting a larger move to the upside, MI wrote:

The FireCharts heat map and CVD both show that the purple class of whales which have historically had the most influence over BTC price have been trending up since the dump to $17.5k on May 18th. Too early to validate this as accumulation phase. Time will tell.

The key behind the current price action could be the U.S. dollar. The currency aggressively moved to the upside, to levels last seen in 2003, and could be about to retest previous lows.

As seen below, this could send the DXY Index to the 105 area or to its June range below 100, if these levels fail. Thus, providing some more room for BTC’s price to reclaim higher levels.

DXY Index (U.S. Dollar) sees some losses after a breakout on the daily chart. Source: Tradingview
Bitcoin Indicators Suggest Bullish Continuation

Quantum Economics analyst Jan Wüstenfeld indicated that BTC’s Reserve Risk dropped to 0.001, a metric used to measure long-term holders’ conviction. The last time Bitcoin saw a Reserve Risk this low was in 2015 before it began a persistent uptrend.

Related Reading | Bitcoin (BTC) Claws Back To $20,000, First Time In 5 Days

Currently, there are macroeconomics factors that could hurdle BTC’s price reclaim of previous highs. However, the current area could be a major accumulation zone for the coming months and a good place to apply a Dollar Cost Average (DCA) strategy. Wüstenfeld said:

Bitcoin reserve risk has fallen below the green box. The last and only other time this happened was in August 2015. One thing is sure, this cycle is genuinely different to other cycles due to the macro conditions, and we are partially seeing that as well in the indicators.

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

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