MTrading vs SimpleFX - Fees Review included
Which broker is better MTrading or SimpleFX? Our expert assessment conducted according to TU’s own methodology showed that MTrading is one of the top brokers in the financial market with the TU Overall Score of 3.04 out of 10. SimpleFX is one of the top brokers in the financial market with the TU Overall Score of 6.48 out of 10. Find out more about TU Overall Score.
| Feature | MTrading | SimpleFX |
|---|---|---|
Overall |
3.5 |
3.3 |
1 |
1 |
|
3.8 |
3.5 |
|
3.6 |
3.3 |
|
Investment Instruments |
3.5 |
2.5 |
Platforms and Charting Tools |
3.6 |
4.1 |
Deposit and Withdrawal |
4 |
4.0 |
Research |
3.5 |
1 |
Education |
3.5 |
1 |
Support |
4.1 |
3.2 |
Bonuses |
4.2 |
4.1 |
|
|
|
MTrading vs SimpleFX: Pros and Cons
“MTrading” broker is the company that presents its brokerage services in the field of online-trading, giving a possibility to deal with currencies, precious metals, securities, etc. “MTrading” company offers to use up-to-date and advanced software, which will allow you to carry out an efficient trading on the financial markets regardless of your experience.
The SimpleFX broker was registered in the state of Saint Vincent and the Grenadines in 2014 and provides services to traders globally. A distinctive feature of this company is that the broker provides its clients with the opportunity to open accounts and withdraw funds in cryptocurrency. The SimpleFX broker is registered as an international financial company (IBC), but its activities are not subject to the financial regulator. At the moment, there are no awards in the SimpleFX asset.
| MTrading | SimpleFX | |
|---|---|---|
| Overall Pros | Low minimum deposit requirements | the ability to open an account in cryptocurrency |
| Demo account is free and available | the minimum deposit amount is $1 | |
| Copy trading avaible | ETH 2.0 Staking | |
| Overall Cons | Not regulated | Not regulated |
| No cent accounts | The broker's website lacks key information about spreads and trading conditions | |
| No bank transfer withdrawal |
MTrading vs SimpleFX: Safety and Regulation
| Regulated By: | MTrading | SimpleFX |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
No |
No |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
No |
No |
Other Regulators |
No |
The SimpleFX broker is registered as an international financial company (IBC), but its activities are not subject to the financial regulator. |
MTrading vs SimpleFX: Trading Conditions
| Trading Conditions | MTrading | SimpleFX |
|---|---|---|
Minimum Deposit |
$1 |
$1 |
Trading Platforms |
MetaTrader 4, MT4 Multiterminal, MT4 Supreme Edition, MT4 Web Trader |
MetaTrader 4, SFX |
Max Leverage (Futures) |
1-1000 |
1-500 |
Supported Markets |
Forex, Stocks, Commodities, Indices |
Currencies, stocks, indices, commodities, cryptocurrencies |
Trading assets |
100+ |
70+ |
Trading Accounts |
Demo, M.Premium, M.Pro |
Standard |
Base Account Currencies |
EUR, USD, RUB |
USD, cryptocurrencies |
MTrading vs SimpleFX: Fees
Forex Trading Fees
| Fee | MTrading | SimpleFX |
|---|---|---|
Standard Account EURUSD Average Spread |
1.2 pips |
1.1 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
Not supported |
Not supported |
ECN Account EUR Average Spread |
Not supported |
Not supported |
CFD Trading Fees
| Fee | MTrading | SimpleFX |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | MTrading | SimpleFX |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
Visa/Mastercard - 1,5%; Perfect Money - 1%; Wire transfer/Skrill/Neteller - 0% |
No |
Withdrawal Fee |
Visa/Mastercard - 1,5%; Perfect Money - 1%; Wire transfer - 0%; Skrill/Neteller - 3% |
FasaPay e-wallet - 1%, Skrill and Neteller – 3%, crypto - free |
Inactivity Fee |
No |
Yes |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
MTrading vs SimpleFX: Trading Assets
| Asset Name | MTrading | SimpleFX |
|---|---|---|
Overall |
100+ |
70+ |
Forex |
Yes |
yes |
Stocks |
Yes (CFD) |
Yes (CFD) |
Metals |
Yes (CFD) |
Yes (CFD) |
Cryptocurrencies |
No |
Yes (CFD) |
Energy |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes (CFD) |
Yes (CFD) |
ETFs |
No |
No |
Bonds |
No |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
No |
No |
Binary Options |
No |
No |
MTrading or SimpleFX: Investment Programs
| Asset Name | MTrading | SimpleFX |
|---|---|---|
Copy Trading |
Yes |
No |
MAM/PAMM |
Yes |
No |
Managed Accounts |
No |
No |
Other |
No |
ETH 2.0 staking |
Trading Platforms: SimpleFX or MTrading
| MTrading | SimpleFX | |
|---|---|---|
MT4 |
Yes |
Yes |
MT5 |
No |
No |
cTrader |
No |
No |
Appropriate platform |
No |
SimpleFX |
Others |
No |
No |
|
|
|
MTrading vs SimpleFX: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | MTrading | SimpleFX |
|---|---|---|
Bank Transfer |
Yes |
No |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes |
Yes |
Crypto |
No |
Yes |
MTrading vs SimpleFX: Research
| Research Type | MTrading | SimpleFX |
|---|---|---|
News Feed |
Yes |
No |
Fundamental Data |
No |
No |
Chart Analysis |
Yes |
No |
Trading Ideas |
No |
No |
E-Mail Reports |
No |
no |
MTrading vs SimpleFX: Education
| Education Type | MTrading | SimpleFX |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
No |
Articles |
Yes |
No |
Videos |
No |
No |
Cent account |
No |
no |
SimpleFX vs MTrading: Support
| Support Features | MTrading | SimpleFX |
|---|---|---|
Working Days |
24/7 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
No |
Online chat |
Yes |
Yes |
Other |
No |
No |
MTrading vs SimpleFX: Forex Bonuses and Promo
| Promo | MTrading | SimpleFX |
|---|---|---|
Forex Bonus |
Welcome Bonus 30$, Deposit Bonus up to 200%. |
First deposit bonus |
Affiliate Program |
Yes |
SimpleFX Affiliate. The client of the company can earn extra income by attracting new clients: up to 25% of the spread of the invited trader and 5% of the spread of the traders who were invited by the invited traders. |
Other Promos |
||
|
|
|
Top 5 Reviews on SimpleFX
-
Comment
I never thought that I would be able to let myself be deceived. Last year I fell for the tricks of this SimpleFX company. They swindled $10,000 out of me. And after a month of trading with a mentor, there was nothing left in my account. Be careful!
-
Comment
Blatant deception, your money was used, in the end you are in the zeros and nothing more
-
Comment
About a month ago, my account was reset. Just one, and one zero. Luckily there wasn't much money. Support says "it's just a glitch". But they can't restore it! So draw your own conclusions.
-
Comment
A broker that offers accounts with standard terms. I traded with him for six months, but I could not reach a normal income. It seems that the spreads are not so high, but the profit that I expected when opening an account was still not there. I think that this is due to the speed of order execution - SimpleFX does not have it very good. More precisely, it is suitable for intraday traders, but for high-frequency trading it is better to look for another broker. SimpleFX also has advantages. For example, you can open a cryptocurrency account with this broker. You can also withdraw income in crypto. Leverage for majors is high - up to 1:500. In general, a normal intermediary, but definitely not for scalpers.
-
Comment
SimpleFX is a mid-level company, so I can't say anything particularly bad. Everything is fine here, both the terms and the quality of work. There's not much to praise either. But I've been with them for a few years now)
Top 5 Reviews on MTrading
-
Comment
Without a doubt, MTrading is reliable. I opened an account there a long time ago and during all this time there was no reason to change the broker. The main thing is that I have withdrawn my profits more than once to different payment systems; depending on the system, withdrawals take from two hours to two days. There are no special complaints regarding trading. There are, however, gaps and slippages. Well, where would we be without them? But I didn’t notice any manipulations on the part of MTrading.
-
Comment
MTrading is one of the oldest brokers and it has a high rating on various platforms. Therefore, many people leave positive reviews of this company. What I personally want to say about MTrading is that its conditions are the same as with others, reliability is also an important aspect for work. I am satisfied with the withdrawal process, because all funds are withdrawn on time and in full.
-
Comment
I tried trading with MTrading twice. The first time, I lost money, but I assumed it was due to my mistakes. However, when I tried trading here again a year later, I realized that the issue was not with me but with the company. The MTrading platform is very slow, making it impossible to open trades quickly. Moreover, the gaps that appear every day can wipe out all trades.
-
Comment
Collaborating with MTrading has caused significant issues. I don't believe this company is focused on providing quality brokerage services. After transferring my funds here, the platform stopped working altogether after three months of trading. I waited for another two months, wrote emails to MTrading's support, but there was no result. Now I've received a message that MTrading has fixed the platform, and trading is possible again. However, I no longer wish to deal with this broker.
-
Comment
Mtrading isn’t licensed by any regulator. Therefore, no one can give you a guarantee that there will be no problems with trading and finance. And there are a lot of problems. I opened an account with Mtrading three months ago and have already lost $250. The broker's trading platform works very slowly and Internet connection often disappears. Therefore, it is impossible to trade profitably. And since the company does not have a regulator, there is no one to complain to.
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FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!