- February 11, 2018
- Posted by: CryptoDerivativeTrading.com
The brokers reviewed by CryptoDerivativeTrading.com are offering a variety of Bitcoin and cryptocurrency trading products as Crypto CFDs, Futures and Options. Be aware that the brokers
don’t offer buying or selling of the actual cryptocurrency as exchanges do. There are a variety of advantages of trading Bitcoin and/or cryptocurrency without owning the actual Bitcoin and/or cryptocurrency. CryptoDerivativeTrading.com reviews trading platforms that offer trading with leverage, meaning huge wins and losses can be made in a short amount of time.
The information in this review is by no means an endorsement for any specific provider, service or offering. This is not a recommendation to trade.
Please click here for a clear comparison and benchmark table on Bitcoin and cryptocurrency brokers
SimpleFX is an online broker based in Saint Vincent and the Grenadines and makes itself populair by allowing depositing and withdrawing without fees in BTC, BCH, ETH, LTC and DASH. Other great features of trading at SimpleFX are the options to trade anonymously and trading support by the highly popular MetaTrader4 (MT4) trading platform.
A risk is that SimpleFX is not regulated. Among traders there also have been discussion about the high overnight fees and high swap rates.
SimpeFX is possibly a good choice for short-term Bitcoin and cryptocurrency traders. Long term positions are charged highly with swap rates and overnight fees making the trading platform/broker (close to) unviable for long term trading.
Before we dive in the more detailed aspects we recommend to open the website of SimpleFX in a new tab by clicking on the button below. Please sign-in (no account is needed) to get familiar with the interface of SimpleFX.
Deposit without fees in BTC, BCH, ETH, LTC and DASH
Low minimum deposit
MetaTrader 4 (MT4) trading platform supported
24/7 trading hours
High swap rates and overnight fees
Besides trading BTC, ETH, ETC, LTC and XRP SimpleFX offers trading a wide range of currencies, indices and commodities. Cryptocurrency trading on leverage is available up to 5:1. The initial margin, when trading with leverage, starts with 30%.
Funding and withdrawal
Besides with regular fiat money your account can be funded with BTC, BTH, ETH, LTC and DASH. The minimum deposit is 0.01 BTC or equivalent. Deposit methods in fiat include Creditcard, Skrill, Neteller, Fasapay, and bank transfer. SimpleFX supports up to 15 different currencies and therefore enables you to avoid losses for currency conversion.
Opening a Bitcoin / cryptocurrency account at SimpleFX is easy and can be done completely anonymous. If you choose a fiat-enabled account you have to submit a government issued ID and a proof of address.
It is a risk that SimpleFX is not regulated and that it is not a licensed broker. For example not being regulated means that you are not protected by the Investors Compensation Fund. SimpleFX does offer a Guaranteed Deposit Protection Fund. You can add a second layer of protection to your customer account by configuring a 2FA.
SimpleFX has no trading fees. Transfer fees only apply for fiat currencies. The swap rates and overnight fees on SimpleFX are considered high.
SimpleFX offers live chat support 24/5 (10:00 PM UTC sunday to 10:00 PM UTC Friday). In the weekends the customer service can be reached by mail. For technical issues SimpleFX there is a phone number available.
Visit the website of SimpleFX Opening an account at SimpleFX