Trade Forex with Bitcoin: SimpleFX Review
It used to be when you buy bitcoins, you just trade bitcoin or other altcoins. Now we have numerous ways to use bitcoin as margin for other types of market.
- Most of the known forex trading platforms that accept bitcoin automatically convert your BTC into fiat. And then you use dollars to trade positions. This is not good for people who want to hold bitcoin while trading with it. SimpleFX lets you stay in bitcoin — deposit in bitcoin, withdraw in bitcoin. However, you can choose to wire in fiat or withdraw in fiat instead of crypto-currencies. One thing you can’t do is convert fiat to BTC, vice-versa, because the platform is not an exchange.
- It has Metatrader 4 (MT4) support. In spite of newer web technologies with trading platforms, using MT4 for trading is still the most stable and fastest execution of orders. Browser-based trading sometimes lag when there’s heavy web traffic or the site is actively being DDOS. But when you use MT4, everything is seamless. Though you can still choose to use the web platform if you like.
- Smaller spreads than 1Broker, its nearest, most similar competitor.
- Maximum 1:500 leverage for the degenerate gambler.
- You can quickly withdraw your bitcoins.
It is a brokerage company established in 2014. Currently, the company is not licensed by any financial regulator. There is a wide selection of trading instruments to choose from: over 60 currency pairs, stock indices, oil, metals (XAG, XAU, XPD, XPT), bitcoins and litecoins (BTCEUR, BTCUSD, BTCJPY, BTCCNY, LTCEUR, LTCUSD, LTCCNY, LTCJPY).
The broker’s clients are allowed to open up to 5 live trading accounts and 5 demo accounts. SimpleFX also offers live accounts for bitcoin traders — BTC and a standard trading account.
- Minimal transaction volume 0.01 lot for currency pairs and 1 lot for indices and oil
- Top liquidity
- More than 60 Pairs
- Indices, Oil and Metal Assets
- Fairly safe margin level (at 100%) and fairly safe stop out level (at 30%)