Updated: Aug 6, 2019
Ministry of Margin Trading review SimpleFX in Aug 2019 - is still legit or scam?
SimpleFX is the only one crypto CFD broker we are trading with now, as they are complementary to BitMEX exchange. BTC, ETH, LTC (...) trading with high leverage + indexes + currencies + commodities and precious metals. And low spreads.
Many websites like our list all exchanges and all brokers, but Ministry of Margin Trading review ONLY the best and checked platforms to trade safely with high leverage like 1:100 and help you to find market opportunities on different markets.
Shorting UBER using Bitcoins or Monero
When is boring on Bitcoin market we switch and start shorting Uber using leveraged CFDs on SimpleFX. There will be not Brexit? We can use 200X leverage and open long GBPUSD.
Well, many readers of our site look for some CFD trading opportunities as a form of arbitrage to BitMEX or Deribit. We needed a platform with accounts that are easy to set up (preferably anonymous), fast and comfortable payments, low spreads, high leverage, and a light app with great UX to open positions whenever you find an arbitrage opportunity.
SimpleFX has it all.
They offer accounts in 22 different currencies, including seven cryptocurrencies - Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, and Monero. They offer a fully functional demo account, live accounts with no minimum deposits, and up to 1:500 leverage.
SimpleFX in a nutshell
1. We can trade any financial instruments we want - stocks, currencies on Forex, Bitcoin and other cryptocurrencies, commodities and precious metals.
2. We can open both long and short positions. Opening a "buy" orders (long positions) is like buying an asset. You want to acquire it at a low price, hold until the price goes up and sell it with profit. On the other hand, "sell" orders (short positions) allow you to profit from the price of cryptocurrency or stock going down. If we don't believe in Bitcoin or Tesla - we can not only engage in discussions in social media but put money where your mouth is and make a profit.
What we like about SimpleFX
There are many CFD brokers, but we find SimpleFX WebTraderstanding out in three major areas:
1. Wide range of currencies you can deposit and withdraw (both fiat and cryptocurrencies)
2. The UX on different devices (especially on mobile)
3. SimpleFX is Europe traders friendly, they have 1:100 or higher leverage when most of the European brokers can offer only 5x or 20x in the best scenario.
Preparing this SimpleFX review: scam or legit, we have done the investigation to verify if this broker is 100% reliable. To be honest, they are not 100% competitor or alternative for BitMEX, maybe 25%. They cover different markets.
We started our tests with $10 two months weeks ago, because we realized that the company looks fine and has a sensible mission. They want to make "CFD trading accessible to everyone - no matter the level of expertise nor wealth." It sounds like bullshit (and probably is😊) but we got convinced approaching several times their support.
SimpleFX customer service time respond via chat is less than a minute! And very accurate and reliable answers! It was woow at the beginning of the story as we realized they know what they are doing.
Test it for free using Demo Account
Let's start with leverage. On the SimpleFX free demo account, we use for this review, we have 3 000 EUR deposit.
This kind of leverage has some key advantages. First of all, we don't have to deposit and risk much to make colossal profit fast. If we are convinced about which way the market will go, we can make money fast. Of course, if the market goes the other way, we will drain your account equally quickly, but that's what we have our stop loss limits for.
As you can see in the screen, we can open a EURGBP position worth 100 000 EUR using just 200 EUR margin for this trade.
It means you get 1:500 leverage! Crazy!
Run your account in any currency you want
That's another feature what SimpleFX has and it is worth to mention about it in this review. The app is fully global. We have accounts in GBP and USD but traders can open an account in 22 different currencies:
● Australian Dollar (AUD)
● Canadian dollar (CAD)
● Swiss franc (CHF)
● Chinese yuan (CNY)
● Czech koruna (CZK)
● Danish krone(DKK)
● Euro (EUR)
● British pound (GBP)
● Indian rupee (IDR)
● Japanese yen (JPY)
● Norwegian krone (NOK)
● Polish zloty (PLN)
● Russian ruble (RUB)
● Swedish Krona (SEK)
● US dollar (USD)
● Bitcoin Cash (BCH)
● Bitcoin (BTC)
● Dash (DASH)
● Ethereum Classic (ETC)
● Ethereum (ETH)
● Litecoin (LTC)
● Monero (XMR)
Traders can make deposits using nine different payment services. This flexibility is an outstanding feature of the broker. We haven’t experienced any issues with withdrawals so far.
There’s a big difference in the level of anonymity between the fiat and cryptocurrency accounts.
To fund an account with traditional money transfers, everyone must go through SimpleFX’s know your customer (KYC) process. It's very smooth in the SimpleFX app but still requires sending a photograph of an ID.
The cryptocurrency accounts work even faster. All you need is a valid email address. You can make a deposit right after verifying your email. That’s a feature we really like since that’s what cryptocurrency is all about - safety and anonymity. Always remember to make 2FA before you start trading.
1:500 leveraged broker you can trade in Europe 2019
Since the European Securities and Markets Authority (ESMA) introduced MiFID II/MiFIR regulation that entered into force on January 3, 2018, SimpleFX offers the lowest spreads.
How double your 0.1 Bitcoin in just an hour?
Similar to BitMEX exchange with high leverage, you can double your money very quickly. Here's an example. Let's say I'm trading with an anonymous Bitcoin account with 0.1 BTC deposit. Let's say I don't believe in Uber, or I don't like them, because my cousin is a taxi driver. I short them at $44.28 per share I make a sell order with maximum leverage available for this instrument, which is 1:50. A can open a position worth 900 lots. I set "take profit" at 43.39, which is enough for me to double my deposit and looking at the current Uber stock volatility can happen in less than an hour any day. Just be smart and responsible when you use high leverage.
SimpleFX offers 200 different financial instruments:
- Major and exotic Forex currency pairs
- Stocks and indices from all major global exchanges
- Commodities Oil, Gas, Corn, Peppers
- Precious metals: Gold, Silver and more
Simple and powerful UX and UI
The core platform is SimpleFX WebTrader - a web application (no need to install anything), designed for mobile with additional advanced features available on desktop. Here’s the complete list of SimpleFX trading apps:
- SimpleFX WebTrader
- SimpleFX native iOS app
- SimpleFX native Android app
- MetaTrader4 (MT4)
SimpleFX praises their WebTrader won the competition for the best trading app during the Finance World Expo Summit 2019 that took place in Switzerland. As they underline in their blog, the Swiss experts appreciated "great usability on mobile devices" and "remarkable speed and reliability." It looks legit.
We haven't tested the app on all devices for long enough to say anything about the reliability. However, the speed was impressive, and you suffer no time penalty for trades executed in SimpleFX. Margin trading traders have often a huge problem with execution, but not here. No scam so fare.
Speed aside, the user experience is truly delightful. The web application performs perfectly on desktop (where it has some additional features), but first of all, it's a killer on mobile. No other forex broker has such an intuitive interface. SimpleFX offers native mobile apps, but to be honest, the WebTrader is more than enough for your online trading on both iPhone and Android.
Social Trading on SimpleFX platform
That's a growing trend in trading. The experts share their knowledge (and get some additional incentives, such as income from referral program), and the beginners have some guidance of how to make their first trades before they develop their strategy of entries and exits.
No wonder they have developed some superb social trading features since it’s reflected directly in their mission We quoted at the beginning of this review.
On SimpleFX we can create a Trading Idea in just a few clicks - making a snapshot of their chart analysis, adding a comment and sharing it inside the app, in social media or through any other channels. Each Trading Idea carries the user’s referral link that will track the registrations and trades to pay out the lifetime revenue share.
We don’t use it, please share your comments with us. We are a bit concern about social trading in general because you have two accounts and open long trades on first one and shorts on the second one. After few days, one of these account will be high profitable and you will become an expert😊 Even broker has a good intentions to make it legit, but don’t worry traders will scam it soon. Do you want to become an expert?
24/7 support -checked by us
We learned how to use platform asking on their web chat. As an underdog in competition with the dominating platforms, SimpleFX must do everything better than the biggest brands. What's surprising, they can do it. One of the biggest surprises in our tests was the quality and speed of live support. They speak all the main languages and react fast to any problems, which is vital for anonymous forex exchange and builds trust.
They provide a wide range of useful content from basic tutorials, to advanced courses, and the most helpful news. But We have learned a lot chatting with them😊
Traditional CFD platforms sometimes can be useful in addition to peer-to-peer trading on BitMEX and Deribit. You can take advantage of the price differences and hedge your positions on cryptocurrency mercantile exchanges and make safe profits through arbitrage. With straightforward CFD brokers that offer leverage, it’s easy to seize any trading opportunity.
Summary of this SimpleFX review and what we do here:
Nothing is forever. We will update this article when we notice any prospects of scam, any not legit behaviour. We have no mercy policy, are you not reliable? Go away. Good start doesn’t mean we will get married.
What we do not like about them is that they have too high spreads for margin trading on cryptocurrencies! Execution is amazing, but it’s expensive. This is why we use the platform mainly to short USA and Europe companies to take advantage of price declines because we expect huge shares decline soon. To be safer we open long on the best companies and we short with the same volume companies with no futures, or we open match them with long/short with world indexes. Spreads on Forex market, indexes, commodities and precious metals are very low.
SimpleFX looks like no bullshit legit CFD broker, and they don't require any minimum deposits. They offer multiple payment methods, and free deposit withdraw. From our perspective - no strings attached, no scam. A good alternative for BitMEX when cryptocurrency market has no volatility.