Even though crypto investing can be daunting, trading platforms can become strategic tools to monitor and manage your positions. The type of platform one chooses affects numerous aspects in the trade, including the navigation of its interface, quality of transactions, the ability to make timely trading decisions, and even how much profit is generated. In the long run, such specifics can have a great impact on your career as a crypto trader, especially if you are looking to be a full-time trader. Having said that, we believe that SimpleFx is currently one of the best available platforms for retail crypto traders. Here is why.
What is SimpleFx?
SimpleFX was born from the Forex Exchange; the company established operations under the name SimpleFX Ltd. It has headquarters in St. Vincent and the Grenadines. The company has created an application that brings expediency to crypto-trading, therefore allowing clients to be in control of their transactions. It is currently one of the leading businesses in the financial software and application sector.
According to CryptoCoinTrade’s SimpleFX review, the platform offers a wide variety of cryptocurrencies such as Bitcoin, Bitcoin cash, Litecoin, Dash, and Ethereum. The application has been made so it can be easily used by clients who are very active traders and do not want to miss a trade. The program can run on Android and iOS; it is even compatible with technical analysis desktop solutions like MetaTrader 4.
The platform gives opportunities for beginners to understand the basic concepts and strategies of cryptocurrency trading and how to deal with them through a financial application. “SimpleFX does have free educational tools for clients to use. These are mostly aimed at beginners that wish to trade currencies for the first time, teaching them by using a detailed explanation of what is available and how it should be used”, adds CryptoCoinTrade.
Why SimpleFx is Different than the Other Platforms?
The SimpleFX application consists of trading platforms within a trading platform. Some of these features not only speed up transactions but can give customers a view of financial trends that could affect their trades. Clients can browse through SimpleFX’s content website which hosts online classes, tutorials, and crypto-trading analysis. Furthermore, customer support makes sure that they can be contacted at all times with an e-mail and ticket system.
An important feature of SimpleFX is their leverage system. With this information, borrowing funds or coins has never been this easy. However, bear in mind that highly leveraged positions, which can climb as high as 500:1, can ultimately lead to equally large losses.
Trading tools include multi-chart and multi-graphing options, trading statistics, and direct deposit buttons. There are downloadable versions of the app for both desktop and mobile devices, with slight alterations depending on where your preference. SimpleFX’s interface displays a lot of data with visuals that are easily seen by the user. Analytic tools such as accumulation, bands, and parabolic are a click away, as well as charts of different time periods.
Registration and verification processes to create a SimpleFX account take about 5 to 10 minutes, and no complicated security checks are required for new users. However, traders who are looking to use fiat currencies may need personal identification before they proceed.
Basic uses for SimpleFX involve deposits and withdrawals. Like any other trading platform, there is an option for bank transfers, which usually take 3-7 days before money is withdrawn and accepted into your account. The program also permits clients to use credit and debit cards for longer transactions. Other deposit options are Neteller, fasapay, Skrill, Local Payments, and MegaTransfer. Fiat deposits are free while bank accounts are expected to incur extra charges. Withdrawals also request payment whether in digital or fiat currencies.
Other trading market graphs that can be found within the program include market value coin data and the Buy/Sell button. Order slips for cryptocurrency can be accessed through a separate window; they contain market details and purchase amounts.
There is no such thing as the ideal trading platform. With its anonymous accounts and low deposit/withdrawal fees, SimpleFX covers the essentials of crypto trade, although it lacks a few small features. Although its interface and functionalities might look quite rudimentary for seasoned traders, newcomers to the crypto-trading industry will most likely find in SimpleFX all that they need to get started.