SimpleFX Trading Signals - TU Expert review
Trading signals are one of the best trading options for beginners and for earning passive income. Novice traders can use such signals and earn a profit, while still learning. Brokers can offer various ways of receiving signals. Traders Union analysts have prepared a detailed analysis of SimpleFX trading signals. You will learn what kinds of trading signals SimpleFX offers and what the conditions for using them are.
Short introduction of SimpleFX
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.
| 💰 Account currency: | USD, cryptocurrencies |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | Up to 1:500 |
| 💱 Spread: | From 0.9 pips |
| 🔧 Instruments: | Currencies, stocks, indices, commodities, cryptocurrencies |
| 💹 Margin Call / Stop Out: | 20%/20% |
SimpleFX Pros and Cons
👍 Advantages of trading with SimpleFX:
•the ability to open an account in cryptocurrency;
•the minimum deposit amount is $1;
•its trading platform is the Metatrader 4.
👎 Disadvantages of SimpleFX:
•the inability to withdraw funds to a bank card;
•no multilingual technical support;
•the broker doesn't have a financial regulator;
•the broker provides only one account type.
What are trading signals?
Trading signals are signals to enter a trade, which the broker provides to traders. They can be based both on fundamental and technical analysis.
A broker can provide signals in several ways:
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Copy trading.
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Email alerts.
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Signals through a blog on the website.
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Recommendations of a personal manager, etc.
When choosing signals, it is important to take into consideration their profitability, the list of trading instruments, the conditions of their provision – fees, markup, etc.
SimpleFX Trading Signals
The SimpleFX broker was analyzed by the Traders Union experts for any hidden commissions. The broker charges commissions: when withdrawing money to the FasaPay e-wallet in the amount of 1% of the withdrawal amount, and when withdrawing money to Skrill and Neteller – 3%. When withdrawing money to personal wallets in cryptocurrency, no commission is charged.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | from $9 | 1% when withdrawing money to the FasaPay e-wallet; 3% when withdrawing money to Neteller or Skrill |
Conclusion
Based on the results of the analysis, Traders Union analysts have concluded that SimpleFX does not have the best conditions for trading signals. The broker offers a limited choice of instruments, for which signals are provided, high fees and there are questions about signal profitability. Therefore, if you are planning to trade signals, it would be a good idea to consider another option.
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FAQs
Are there fees charged for trading signals?
Yes. As a rule, the fee is charged as a markup to the spread, or it could be a subscription fee, or a percentage of the profit, etc.
For what assets can trading signals be provided?
Brokers may provide trading signals for any asset, for example Forex, stocks, cryptocurrencies, etc.
In which form can signals be provided?
Signals can be provided as copy trading, newsletters, alerts, blog articles, etc.
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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.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.