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SimpleFX broker review 2020: How to buy cryptocurrencies as CFD

SimpleFX is an award-winning CFD broker that lets you trade over 200 symbols in one place. It houses popular trading assets like forex, stocks, commodities, cryptocurrencies, and more. This broker has served since 2014 in over 160 countries worldwide and is registered as an International Business Company in St. Vincent and the Grenadines. It boasts…

SimpleFX is an award-winning CFD broker that lets you trade over 200 symbols in one place. It houses popular trading assets like forex, stocks, commodities, cryptocurrencies, and more. This broker has served since 2014 in over 160 countries worldwide and is registered as an International Business Company in St. Vincent and the Grenadines. It boasts of excellent trading conditions with up to 500x leverage – the highest in the market.

Easy trading anytime

If you want to trade anytime and from anywhere, SimpleFX is the right place. SimpleFX is a simple yet feature-rich trading tool for both beginner and seasoned traders. Traders can easily buy or sell any asset on the SimpleFX mobile app, which is available on both Android and iOS devices. The SimpleFX WebTrader can also be accessed from a desktop or laptop using a web browser. Just go to the SimpleFX website, log in, and you’re ready to trade. Seasoned traders can opt to trade using the MetaTrader 4 versions available on desktop and mobile devices.

simplefx

SimpleFX is the go-to trading app for both beginner and seasoned traders

The SimpleFX WebTrader has a clean and easy-to-use screen for trading a huge list of instruments. Popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin are available alongside gold, stocks, commodities, and other symbols. Everything is found on a single screen and trading is a straightforward process. Just pick a symbol from the left panel, click “new order,” set your order details, and hit “buy” or “sell.” All transactions are recorded on the tabs found at the bottom. On the right side of the screen, you can see a blog and news feeds so traders are up to date with the latest market happenings and make timely trades.

The platform has fully customizable features. You can easily change the chart type, chart view, and you can use basic and advanced charting tools found at the top part of the screen. What’s great about it is that the symbols panel on the left and the feeds panel on the right can be hidden using toggle arrows. This way, you can focus on what data you want to see.

The SimpleFX trading platform is available 24/7. You can trade cryptocurrencies anytime, and other symbols from anywhere subject to their respective market trading schedules. This broker has also active social media accounts on YouTube, Twitter, and Facebook.

Deposits and withdrawals

Convenient payment using cryptocurrencies and fiat money are available. Users can deposit in Bitcoin, BitcoinCash, Chainlink, Dash, Ethereum, Litecoin, and Monero with zero fee and no minimum and maximum limits. Payments in Tether ERC20 and Tether Omni have a minimum deposit requirement of USDT 0.01.

Traders can also make deposit payments using fiat money through trusted partners such as Fasapay, Skrill, and Netteler. Payments through Skrill and Netteler require a 20 USD minimum deposit and no maximum limit.

Withdrawals in cryptocurrencies are free and have the following minimum limits: Bitcoin 0.001, BitcoinCash 0.001, Chainlink 1, Dash 0.01, Ethereum 0.02, Ethereum Classic 0.02, Litecoin 0.005, Monero 0.01, Tether ERC20 (USDT 5), Tether Omni (USDT 10). Withdrawals in cryptocurrencies are processed within 24 hours.

SimpleFX traders can also withdraw their earnings in fiat money via Fasapay, Skrill, and Netteler. Fasapay has no maximum/minimum withdrawal limits but requires a 1% withdrawal fee. Neteller has a 3% fee, no maximum withdrawal limit, and a $10 minimum withdrawal requirement. Lastly, Skrill also has a 3% fee, a $10 minimum withdrawal limit, and a $50000 maximum limit. Withdrawals in fiat money are processed within 72 hours.

Traders must take note that the same method should be used for both deposit and withdrawal. If more than one method was used, then the method with the biggest deposit or withdrawal should be used.

Trading with leverage

 SimpleFX offers traders the freedom to pick leverage from 1x up to 500x. Trading with leverage is a great way to boost trading revenue without investing a lot. When you trade on leverage, you can open a position based on a margin amount or a percentage of the position value. The broker provides the borrowed funds. For example, you can buy Apple stocks with $100 traded with 100x leverage and end up with a position amounting to $10,000. Pushing further with 500x leverage, the $100 that you initially had will be $50,000. In other words, leverage offers higher returns. SimpleFX caters to a wide range of traders with different risk appetites.

Risk management

SimpleFX offers demo accounts to its traders. A demo account is a feature where traders can place orders using mock funds but with real market data. It’s a great venue to practice trading or try out different trading strategies without risking any real capital. Upon sign up, traders can easily create a demo trading account alongside the live accounts. It is free and has all features present in live trading.

Another great feature in the SimpleFX is that the system automatically protects traders from negative balance if the market goes unfavorable. If a trade is not successful and can result in a negative balance account, SimpleFX instantly closes that position. This way, the trader’s loss is only limited to the deposit amount and does not include any borrowed funds. This feature lets traders earn unlimited income with limited loss.

Conclusion

SimpleFX offers one of the best trading conditions among CFD brokers. Traders can easily trade popular instruments in different asset classes in a single app. The high leverage of up to 500x lets traders get more freedom in their trades. SimpleFX also has no commissions, no minimum deposit requirements, and no strict KYC involved. Anyone can start trading immediately. Just create a free trading account using an email address. The ability to deposit and withdraw in both cryptocurrency and fiat money is very convenient especially for traders in countries not yet embracing crypto.

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Forex Trading Knowledge Questions and Answers

Forex Trading Knowledge Questions and Answers

Forex Trading Knowledge Questions and Answers

What Is A Demo Account?

Demo accounts enable new investors to test their ideas and learn how to use trading technologies without risk. Users can use the demo account to trade with simulated money and see what their returns would be if they traded with real money. Demo accounts are often used in schools and universities to teach investing and compete in trading competitions.

Demo accounts are commonly used by stock traders, currency exchange traders, and commodities dealers, but not by long-term investors. A demo account is less effective since the longer it takes to produce earnings from an investment, the more time it takes away from compounding real money.

 

How Does A Demo Account Work?

Using demo accounts, investors can practice trading on a platform without putting their own money at risk. You will not be exposed to the dangers associated with live trading platforms on a demo account. As a result, you can learn how platforms work without putting your money at danger.

A demo account guarantees that you will not lose money, but it also guarantees that you will not make money. To reduce risk when trading on the real market, traders must learn discipline and establish techniques.

How to Open A Demo Account?

In general, opening a demo trading account is pretty simple. Choose a Broker – Most brokers provide demo trading interfaces to help you become acquainted with the features and create techniques. Choose which broker to use initially.

Registration is necessary, and you must provide your personal information. Name, address, and financial information will be requested. Your identification will almost certainly have to be validated as well.

Once you’ve decided on a broker, you can install MetaTrader4. Once you have decided on a broker, you will require a trading platform. MetaTrader 4 and MetaTrader 5 are the most popular trading platforms.

You will obtain login details after registering with a trading program. You will be able to open an account.

How Long Do Demo Accounts Last?

Traders can use a demo account to test out a program for up to three months before deciding whether to purchase the complete edition. The three-month term is basically offered to guarantee that the prospective buyer has enough information to make them desire to buy.

Why Is It Necessary to Open A Demo Account?

Traders can use a demo account to test out a program for up to three months before deciding whether to purchase the complete edition. The three-month term is basically offered to guarantee that the prospective buyer has enough information to make them desire to buy.

What Are Advantages of A Demo Accounts?

Demo accounts are an excellent method to learn about various trading tactics and software. Paper trading is a lot safer way for a beginner investor to make technical mistakes than real trading. Investors can benefit from the customised trading software provided by each firm.

A demo account lets you to test methods without risking any money, whether you are a novice or an experienced trader. Trading on a demo account allows the trader to test the approach before trading with real money.

Even though many traders begin with equities, commodities and Forex can be profitable. The same strategies, however, may not be applicable in all three asset groups. A demo account allows experienced traders to experiment with several asset classes.

 

The Differences Between Demo & Live Accounts

A forex demo account is distinct from a genuine account in that it is utilised as a training account for traders to practise trading without putting real money at risk. Real accounts, on the other hand, use actual money, and traders put their own money at risk. A demo account enables users to trade with fictitious money in order to imitate the earnings they would receive if they traded with real money. Demo accounts are often used in colleges and institutions to teach investing and compete in trading competitions.

However, studies have shown that even if a person has obtained extensive trading expertise through the use of virtual accounts, things may turn out differently when real money is involved. Because you are not putting anything at risk  is more accessible when dealing with virtual money than when trading with actual money.

Can I have Multiple Forex Demo Accounts?

You may be able to open up to five demo accounts depending on the broker. Some, however, provide up to 19 demo accounts. There is no way to predict how many demo accounts are available at any particular time. All brokers do not limit the number of demo accounts.

If your broker has a demo account limit, you can contact their customer service via email or live chat to request more demo accounts.

There are brokers who will only allow you to open one account of each type per email address.

As a result, you are not able to establish any additional accounts until you give them with another email address or open a new account. Traders do not benefit from this practise because it requires them to spend their resources on opening new accounts rather than allowing them to open as many as they like.

In most circumstances, you won’t need more than five accounts, and depending on your plan, one may enough.

In any case, you should practise on a demo account until you are really proficient.

Is A Demo Trading Account Free?

Demo platforms are usually free. There is no risk of losing money because you will not be dealing with real money. As a result, there are no deposits, withdrawals, or training fees involved.

 

How to Choose Forex Accounts?

Different accounts have different settings. Before you open a trading account, you should answer the following questions:

How much money do you want to put down? You should keep in mind that trading with money you cannot afford to lose is not a good idea.

What is your level of risk tolerance? If you are a cautious trader, you can open a micro account and trade micro-lots. However, if you wish to trade more aggressively, you should open a regular account.

Do you require any specialised equipment? Many forex brokers provide their best trading tools to its professional clients, which may include cutting-edge news analysis or access to a diverse set of indicators.

Once you’ve determined what kind of trader you are, your trading objectives, and your risk tolerance, you’ll be able to choose which account is best for you.

Can I Take Money Out of a Demo Account?

Unfortunately, the answer is no. Demo accounts are only for practise purposes. You do not deposit anything because the account is not funded with real money.

As a result, any profits you would have made would be ineligible for withdrawal.

Forex Trading Knowledge Questions and Answers

Forex Trading Knowledge Questions and Answers

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AvaTrade introducing 3 new crypto pairs

crypto trading with Avatrade

AvaTrade introducing 3 new crypto pairs – updating 3 others

AvaTrade has yet again improved their cryptocurrency trading offering.

AvaTrade is introducing three new cryptocurrency pairs: NEOUSD, EOSUSD & MIOTAUSD in addition to the 15 crypto assets already on offer.

These new pairs have been available since July 1st, 2019 and provide an excellent opportunity to diversify your clients’ portfolios and increase their exposure to this vibrant 24/7 market.

AssetTypical SpreadLeverageMarginMin Nominal Trade Size
NEOUSD1.5% Over-market2:0150%10
EOSUSD2% Over-market2:0150%10
MIOTAUSD1.5% Over-market2:0150%10

To unify their cryptocurrency instrument labels, They are relabeling their existing Ethereum, Ripple & Litecoin instruments, by replacing the existing instruments with new USD labelled ones:

AssetOld SymbolNew Symbol
RIPPLEXRPXRPUSD
ETHEREUMETHETHUSD
LITECOINLTC_MiniLTCUSD

These new pairs have also been available since July 1st,

The trading conditions for each one is identical to those of the older respective assets they replace.

Effective immediately, new positions are only available on the new pairs.

Avatrade Clients will not be able to open new positions on the old assets, but those already open will remain unaffected until July 29th.

Existing positions on XRP, ETH and Litecoin-mini that remain open on July 29th will be automatically replaced with corresponding positions on the new pairs, , at the same opening price and at no cost to clients.

as any broker that values their clients would do , Avatrade makes sure that the clients will not be affected by the change.

Visit Avatrade NOW

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Neteller Launches Cryptocurrency Exchange Service

Neteller Launches Cryptocurrency Exchange Service

Neteller  one of the most known Digital fiat currency wallet provider , has started allowing its users to buy, sell, and hold cryptocurrencies including BTC, BCH, ETH, ETC, and LTC.

They do this on the large scale with a pilot in 10 countries and soon another 50 countries to join . They understand that if you do this effort it will only succeed if you can do this on a global scale.

Neteller and Cryptocurrencies

Neteller is a service which is operated by Paysafe Financial Services Ltd.,

paysafe

paysafe

founded in 1999, Paysafe Financial Services entered the market with the mission to provide an online alternative to the known traditional payment methods.

Most of the traders aiming us now neteller as one of the companies through which we made our deposits and if we had any profits also our withdrawals. A couple of years ago they left the Forex and Binary industry behind since the charge-back issue became just too expensive.

But as any companies knows, if you do not adept you die. The binary option market is all but dead and the Forex industry has moved also into the directions of the cryptocurrencies. thus, neteller understands that this is where the future is.

So Lasts week they announced that they are now offering a wallet with buy and sell cryptocurrency options.

As of today, Neteller users can buy, hold and sell cryptocurrencies via a recognized cryptocurrency exchange including bitcoin, bitcoin cash, ethereum, ethereum classic and litecoin, purchased using any one of 28 fiat currencies available in the Neteller wallet.

It may not seem so exciting but for many users that love this service it actually is. More and more currencies will be added making them an true exchange in the near future.

Now one is able to fund their neteller account through many different means (Mobile, Epay, Paysafecard, local bank deposits, and bitcoin)

We think that will make the threshold for many people, who would want to buy or sell cryptocurrencies, lower. This in return is a good thing for the overall acceptance of the cryptocurrencies in the mainstream of every day life.

Conditions for buying and selling cryptocurrencies through Neteller

The rates offered are somewhat in the lower middle of the current market making them go for the save route. The average market rates on the major cryptocurrency exchanges differ all in all not that much anyways, as this is not the main reason to choose to buy Bitcoin through Neteller

The minimum cryptocurrency purchase or sale amount is “approximately equal to 10 EUR,” the firm clarified, adding that the maximum amount depends on the transaction limits associated with each account.

When You open an account with Neteller you have to choose your default currency. This is of course for most people in accordance on their geographical locations, people in Britain will go for the pound most Europeans go for the euro and pretty much the rest of the work goes for the US Dollar, thou other currencies are available

The fee is 1.5 percent for purchasing and selling cryptocurrencies from wallets with EUR or USD as the default currency.

The fee rises to 3 percent for wallets with other default currencies.

Neteller  | Why is this a good move for neteller and one that we should expect from other online Payment providers as well ?

At this moment till last week Neteller users can pay, get paid on thousands of sites, and send money around the world through their system.

The company claims to have “millions of point-of-sale, ATM and online locations” for users to withdraw or spend their cash.

Last July 25, Paysafe ( which as you remember is the company that owns Neteller and Skrill)  announced that another digital wallet provider in its group, Skrill ( formerly known as moneybookers), started allowing customers to “instantly buy and sell cryptocurrencies, including bitcoin, bitcoin cash, ether and litecoin, using any one of the 40+ fiat currencies available in the Skrill wallet.”

We could now see that this was like their test run on this concept.

We do not know the numbers that Skrill produced since they offered this service but it must have been encouraging enough for Paysafe to include their flagship brand in this endevour.

We will see where this leads but we are hopeful that this is the next step in global acceptance to the cryptocurrency revolution. Let me know what you think

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