SimpleFX Trading Account – Review, Types, Process, Benefits, Charges & moreLast Updated Date: Apr 27, 2022
SimpleFX Trading Account is rather simplified with one account being sufficient to reach all the 200 and more CFD investment assets.
Trading here does not charge commissions. Multi-Currency accounts are possible.
One account for each kind of currency is allowed. No minimum deposits are required and leverage maximum reaches 500:1.
SimpleFX Online Trading is facilitated through the illustrious MetaTrader 4 software that is reputed worldwide.
Further trading platforms include the SimpleFX MT4 Tools, the Web Trader platform, and mobile trading apps for Android and iOS.
With over 200,000 clients in 140 countries, SimpleFX uses 15 base currencies. Investments in cryptocurrencies are feasible.
SimpleFX Trading Account and Benefits
Trading skills and wealth do not matter when it comes to the super mobile-friendly trading platform SimpleFX.
In 2019, SimpleFX Online Trading app WebTrader received the first prize at the FINANCE WORLD EXPO SUMMIT in Switzerland.
Very fast and definitely reliable, the mobile apps work like a breeze.
After 6 years of impeccable services, tight spreads and an API manager have elevated the company to record heights.
Several trading applications and a real-time affiliate manager are some of the many plus points.
SimpleFX Trading Account constantly seeks new dynamic features.
They provide the best trading opportunities to numerous satisfied clients across the world though America and several other countries are denied their services.
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SimpleFX Trading Account Charges
|Trading Account Charges|
|Account Type||Demo/ Live Account|
|Initial Deposit||No minimum deposit|
|Spread||From 0.1 pips|
SimpleFX Trading Account works on easy terms with no minimum deposit required to open a free Demo account or live trading account.
Further, trading assets requires no commission payments. Traders pay for spreads and swaps and these are not fixed but differ with the asset. Spread starts at 0.1 pips.
A trader can deposit cryptocurrency and in that case verification through identity and residence documents is waived.
A trader can start several accounts, one for each currency traded like for GBP and for USD.
Deposits and withdrawals can follow a variety of methods and require no charges. An inactivity charge is levied if no transactions take place between the deposit and withdrawal.
Types of SimpleFX Trading Account
|Types of Trading Account|
|Trading Desk Type||No dealing desk|
|Suitable for beginners||Yes|
|Suitable for professionals||Yes|
|Suitable for scalping||Yes|
|Suitable for daily trading||Yes|
|Suitable for Weekly trading||Yes|
|Suitable for swing trading||Yes|
Suitable both for beginners and professional traders, the SimpleFX Trading Account is a single type. It is a No Dealing Desk type account with a minimum deposit of $1.
Maximum leverage extends to 1:500. A free Demo account is available that helps to learn the trading and investing practices.
A Segregated account is available but no Islamic Account. Only an individual account is possible with no institutional account facility.
The account suits scalping and swing trading, and daily and weekly trading.
Commission-free trading at SimpleFX reduces the expenses for traders and increases the profit margins. Traders pay for swaps and spread only.
Spread starts at 0.1 pips. Spreads are not fixed. Spreads and swaps are different according to the nature of the traded asset.
While deposits and withdrawals of funds are free of charges, an inactivity fee is charged where applicable. The inactivity fee amounts to 3% (minimum of USD 25) if no transaction has taken place between the deposit and withdrawal.
SimpleFX Account Opening and Trading Process
The first step in account opening is the free Demo learning account that provides a safe trading environment. A $10000 virtual fund is also provided to practice trading.
Verification of an email address is all that is required to start the demo account.
The demo account is fully functional and replicates all the trading steps and procedures as if it is real. The only difference is that no financial risk is involved.
After some experience and confidence are gained, it is time to open a trading account where trading involves real money and the possibility of winning or losing.
SimpleFX Trading Account going live with real money does not specify any minimum deposits.
Traders opt for fiat money accounts or cryptocurrency accounts. Cryptocurrency choices are available between bitcoin and ethereum, dash and monero, to mention some types.
Forex trading process
- After opening the trading platform, you need to open the chart.
- Choose a currency pair and open the chart while choosing a timeframe. Eg. Australian dollar and Japanese yen for 15 minutes
- Now some indicators are added to the chart. Technical indicators help decide.
- In currency trading, one currency is bought while the other is sold. MACD line could be an indicator.
- Place the order according to the trends.
- Now set the STOP LOSS and TAKE PROFIT levels
- Submit the order and wait for confirmation
- The waiting commences
- Trade completion may result in profit or loss
Find Different Trading Account Types of Forex Brokers
SimpleFX Trading Account – Features
|Social Trading / Copy Trading||No|
|Guaranteed Stop Loss||Yes|
|Guaranteed Limit Orders||Yes|
|Guaranteed Fills / Liquidity||No|
|Trading From Chart||Yes|
|Interest On Margin||No|
|Other Trading Features||No|
SimpleFX Trading Account offers the MT4 features from the MetaTrader Platform Marketplace.
Among the exceptional features are copy trading services and algorithmic strategies. Benefits come from custom programming for technical indicators.
The company gives social trading ideas from the web trader platform.
Assets for trading include currencies and commodities, indices, stocks, and cryptocurrency.
SimpleFX does not deal in ETFs and Bonds, Futures, and Options. Supported crypto coins are ethereum, ethereum classic, litecoin, and bitcoin cash.
- Trading is possible through 24/7/365
- Spreads commence from 0.1 pips
- There are no hidden fees
- Customer support is available 24/7
- An award-winning company in 2018
- Lucrative affiliate programs
Certainly among the finest online trading apps, SimpleFX has everything about trading worked out very efficiently. Invest fiat money or cryptos across the spectrum of forex and precious metals, commodities, indices, and cryptos.
SimpleFX Online Trading works fine with every device. Simple, fast, and trustworthy, the security of the API manager contributes to the overall quality.
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SimpleFX Trading Account – Conclusion
Download the free Demo account and start a Live trading account too. Covering the range of iOS and Android devices, Windows and Mac OS, Huawei AppGallery, and SimpleFX MT4 Tools, everybody finds something good in SimpleFX.
Very fast executions and free from deposit and withdrawal charges, the trading experience is worth giving a trial.
Testing the system does not require registration.
Security of funds should not be a problem with segregated accounts, negative balance protection, and 2-factor authentication. Fund transfers take place very fast too.
Signing up to start an account is easy with email verification, Facebook, or Google+. Ample trader education and research facilities make sure that it is informed and dynamic trading practices with fewer chances of losses.
SimpleFX Online Trading – FAQs
Here is the list of FAQs related to the SimpleFX online trading account:
Does SimpleFX provide Online Trading?
SimpleFX is a broker that facilitates online trading through the internet across more than 200 instruments.
A renowned online broker since 2014, the trading platform that works with MetaTrader 4 is supremely fast and efficient.
Though the company does not reach every country it does reach every continent with more than 200,000 clients.
What are the Commission Charges in SimpleFX?
Trading assets at SimpleFX does not require the payment of commission charges. The buy and sell actions are not charged any commission.
It is free trading. Account opening is also free with no minimum deposit. The only charges are for spreads and swaps and those are not fixed but vary according to the asset.
Does SimpleFX provide Demo account Trading?
Yes. The first step to successful trading is training. The free Demo account that requires email confirmation only includes $10000 virtual money.
Trading practice can take place without the fear of losing money. Learning the procedures and studying the markets, charts, and indicators would be thus facilitated.
After some experience with the demo account, confident live trading could commence.
Is trading Free at SimpleFX?
Yes. Investments in trading over 200 assets are not charged any commission at SimpleFX.
Account opening also has no minimum deposit.
The terms being very liberal, there is ample opportunity for high profits being made by clever and patient traders. Maximum leverage is 500:1 and pips commence at 0.1.
While no commission is paid on trading, payments are made on spreads and swaps.
Does SimpleFX provide Spot Metals Trading?
Yes. Gold is an example of precious metal that will never diminish in value. Hard and soft commodities may be traded at SimpleFX like oil and precious metals.
Gold spreads usually average 0.17 pips. An excellent track record since 2014, commission-free trading and attractive affiliate programs continue to attract traders.
What are Spot Metals Trading Charges at SimpleFX?
Trading is absolutely commission-free at SimpleFX but traders are required to pay for spreads and swaps. Spreads and swaps are not fixed but change according to the asset being traded.
Gold is a good example of a precious metal that attracts a spread of about 0.17 pips.
Otherwise, deposits and withdrawals do not impose any charges except the inactivity fee.
Does SimpleFX provide Stock Trading?
Yes. Dozens of stocks are traded at this online broker. Leveraged CFD products for investment are found in many global markets.
Spreads on stocks vary with the asset while maximum leverage stands at 1:500. Easy terms like discounted brokerage and no commission attract many traders with the possibility of high profits.
What is Spread at SimpleFX?
While SimpleFX does not charge commissions on trading, clients make payments for spreads and swaps. Spread commences at 0.1 pips and is not fixed but changes according to the trading instrument.
The spreads on major indices like FTSE work out to about 1.3 pips. EUR/USD attracts spreads of about 0.9 pips. The gold spread works out to about 0.17 pips.
Is SimpleFX safe for trading?
SimpleFX is absolutely safe for fund deposits for trading online despite not being a regulated broker.
They are registered and licensed at St. Vincent. Considering favorable reputations since 2014 and winning awards, and maintaining a clean record, they should be considered safe.
They segregate client funds that are convincing for security.
Does SimpleFX provide Trading Tips?
Yes. Starting with the free Demo training account, SimpleFX provides sustained trader educational support through research materials and video lessons.
Free stock tips and an economic calendar along with an offline advisory and relationship manager help improve skills.
Fundamental reports and news from top-tier sources promote awareness. Top picks and company stock reviews help traders.
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