Popular FAQs about SimpleFX

Is there a minimum deposit required to open an account?

No, there is no minimum deposit required to open an account.

Do demo accounts have different trading conditions compared to live accounts?

No, demo accounts offer the same quotes and trading conditions as live accounts.

How many accounts can I open?

You can open up to 3 Live and 3 Demo accounts in each currency.

What is a verification email

A verification email is sent as part of the account creation process to confirm your email address.

What is SimpleFX?

SimpleFX is a leading online trading platform allowing investments in Forex, cryptocurrencies, indices, precious metals, and commodities using fiat or crypto, ensuring a top-notch trading experience.

What is the company information for SimpleFX?

SimpleFX Ltd. is registered in Saint Vincent and the Grenadines with the number 22361 IBC, complying with local laws. Established on October 8, 2014, it offers innovative forex brokerage services globally. Details on Terms and Conditions, AML, and refund policies are available on the SimpleFX Terms and Conditions page.

What type of broker is SimpleFX?

SimpleFX is an STP (Straight Through Processing) broker, meaning trades are sent directly to the liquidity pool without a dealing desk, allowing you to trade against other market participants.

How many accounts per currency can I open?

You are allowed up to 3 accounts for each currency type, applicable to both Live and Demo accounts. Account creation is accessible via Main Menu -> Accounts & Deposits -> Add account.

Are there additional fees when switching from a Demo to a Live account?

No, there are no additional fees or commissions when switching; trading conditions remain consistent across Demo and Live accounts.

Why can’t I close an order on the webtrader?

This issue may occur if the market for the symbol is closed or if your web browser cache needs clearing. Try refreshing your browser with CTRL+SHIFT+R.

Are there video tutorials available?

Yes, video tutorials are available in the Help Center under Video tutorials on the SimpleFX platform.

What is Margin Trading?

Margin trading allows you to profit from price movements in any direction by opening buy or sell orders, enabling earnings on both rising and falling asset prices.

When is an account considered inactive?

An account is inactive only if no trading activity, such as executing trades, occurs. Opening at least one trade keeps your account active.

From which countries are clients not accepted?

Clients from certain countries, including Algeria, Belgium, and the United States among others, cannot open accounts due to regulatory restrictions.

Can my account display be set to a different currency?

Yes, you can choose to display all account values in a preferred currency by adjusting the settings under Trading platform -> Preview currency.

Why does my balance/profit/loss show as “0”?

Ensure the cryptocurrency precision setting is at its maximum value to accurately reflect your balance/profit/loss. Adjust this in Settings -> Trading platform -> Cryptocurrency precision.

Does SimpleFX make unsolicited phone calls for services or withdrawals?

No, SimpleFX does not initiate phone calls for services or withdrawals. Any such calls should be reported to support@simplefx.com.

How do I delete my account?

You can delete your account anytime via App => Profile => Delete account. For information on data retention and privacy, please consult SimpleFX’s Privacy Policy.

Go to SimpleFX Official Website

FAQs about Payments to SimpleFX

How long does it take to withdraw my money?

Withdrawals via wire transfer typically take 3-5 working days, while electronic payment systems, bank cards, and cryptocurrencies are processed within 24 hours. Withdrawal requests made during weekends are processed on Monday.

Can I trade after making a withdrawal request?

Yes, funds are debited from your trading account immediately upon withdrawal request, allowing you to continue trading with the remaining balance.

I used multiple electronic payment systems to fund my account. How can I withdraw funds?

Funds are withdrawn using the payment system with the largest deposit. Wire transfers and local deposits must be withdrawn via bank account.

Can I transfer money between my trading accounts?

Yes, internal transfers are immediate and fee-free for accounts with the same currency.

Is it possible to charge back deposit to credit card?

Yes, it’s the only method for withdrawing funds deposited via credit card.

What happens if I don’t provide a copy of my credit card to SimpleFX?

Without verification, you cannot deposit or withdraw funds using the credit card.

What happens if I use someone else’s credit card?

Using a third party’s credit card is prohibited, and the transferred amount will be reduced by chargeback fees and returned to the cardholder.

How much time do I have to provide required documents?

There’s no time limit, but failure to provide documents may result in restrictions on future credit card use.

Does SimpleFX accept fiat currency?

Yes, accounts can be opened in 18 different fiat currencies.

Why are Bitcoin deposits not instant?

Bitcoin deposits require confirmation from the network, typically 1-30 minutes. Lightning Network transfers are instant and free.

Why are cryptocurrency withdrawals not instant?

To ensure security, cryptocurrency withdrawals may take up to 24 hours for verification.

Can I exchange cryptocurrencies for fiat currency?

Cryptocurrency exchange for fiat is not supported, but all instruments can be traded using crypto accounts.

Can I exchange cryptocurrencies for Tether (USDT)?

Unfortunately, conversion to Tether is not possible.

What is the minimum initial deposit required to open an account?

There’s no minimum deposit, but it’s advisable to check required margins for instruments.

What are the main rules regarding withdrawals?

Withdrawals are processed 24/7, subject to certain conditions. The withdrawal method and currency must match deposits, and withdrawals cannot exceed available margin.

What are the main rules regarding deposits?

Deposits are free and instant for fiat, with slight delays possible due to payment processors. Cryptocurrency deposit times vary based on network efficiency.

Can I withdraw if I have open positions?

Yes, as long as free margin covers the withdrawal amount, including fees.

What documents are needed for fiat deposits?

Identity and residence verification are required, typically with a valid ID and recent utility bill.

What is a withdrawal fee?

It’s the fee charged for making a withdrawal. Check SimpleFX’s withdrawal fee schedule for details.

Why is the received amount smaller than the deposit?

SimpleFX doesn’t charge deposit fees, so any discrepancy may be due to intermediary bank fees.

What is the conversion rate for Skrill and Neteller withdrawals?

USD withdrawals are converted at a 1:1 rate; other currencies use current trading rates.

What is the conversion rate for currency exchange?

Rates for currency exchange match trading rates at the time of withdrawal.

Can I deposit/withdraw from someone else’s account/card?

No, deposits and withdrawals must come from the account/card holder.

Can I transfer funds to another client’s account?

No, transfers between accounts are not possible.

My ETH deposit is delayed, what should I do?

Delays may be due to smart contract payments or network congestion. Retrieving funds sent via smart contract incurs a fee.

What is a gas limit?

Gas is a transaction fee; SimpleFX requires a minimum of 32,000 gas for all transfers.

I didn’t receive a verification email for a withdrawal wallet address, what should I do?

Check your spam folder and if not found, remove and re-add the wallet address for verification.

Go to SimpleFX Official Website

FAQs about MetaTrader 4

How do I initiate a trading position?

To open a trading position, select a financial instrument from the Market Watch section (located at the top-right corner of the screen) and double-click on it.

How can I create a new chart?

Navigate to the File menu, click on New Chart, and select a financial instrument from the provided list.

What do Balance, Equity, Margin, and Free Margin represent?

Balance denotes the remaining funds in your account after the last closed trade. Equity combines the Balance with the current Profit/Loss of open positions and SWAP. Margin represents the necessary amount to cover potential losses in margin trading. Free margin indicates the available funds to initiate additional trades, calculated as equity minus margin.

I’ve downloaded MetaTrader 4 from another broker. Can I still trade with SimpleFX?

Certainly. Simply adjust the Server name in the MetaTrader settings by accessing Tools → Options → Server and input the corresponding Server DNS:

• SimpleFX Demo: demo-mt4.simplefx.io
• SimpleFX Live: live-mt4.simplefx.io

Why can’t MetaTrader connect to SimpleFX’s server after installation?

If you’re using MetaTrader at your workplace, it’s likely that your computer connects to the Internet through a firewall or proxy server.

Where can I find SWAP values?

Right-click within the Market Watch field, select Symbols from the context menu, choose a currency pair, and click on Properties.

Is it possible to adjust the time zone in MetaTrader?

No, the time zone for SimpleFX’s trading servers remains fixed at UTC.

How can I access my trading history?

Press Ctrl+T to open the terminal window, then navigate to the Account History tab. Right-click to enable the context menu, which allows you to save your trading history as an .html file.

Can I utilize robot/auto traders or expert advisers (EAs)?

Certainly, all SimpleFX’s trading platforms support the use of EAs.

How do I know when a trade is closed?

You can view the list of open positions in the Terminal tab at the bottom of the MetaTrader window.

Why does my balance appear high when denominated in BTC?

MetaTrader displays account balance with two decimal places, where 1 BIT equals 100 satoshis or 0.01 BIT equals 1 satoshi, hence the use of BIT instead of BTC.

Is it feasible to switch the display currency (BIT/LIT/EIT/EIC) to another currency in MT4?

No, this feature is not available.

How can I download historical data for symbols offered by SimpleFX?

Access MetaTrader4, press F2, select a symbol, double-click on the desired time interval, and click on the “Export” button.

Can I adjust the time displayed on MT4 charts?

No, MT4 charts display UTC time. You may consider using SimpleFX’s webtrader, which presents your local time zone.

I can’t find BTCUSD or other cryptocurrencies on MT4. What should I do?

Right-click on Market Watch, select “Show All” in the new window that appears.

Can I run multiple instances of MT4 to monitor several accounts?

Yes, download MT4 again from SimpleFX’s download section and install it in a different location than the default directory.

How do I log in to MT4?

Enter your SimpleFX account number and the corresponding password used on the webtrader.

Is it possible to set a Trailing Stop using the web platform?

No, however, you can utilize the Trailing Stop feature on SimpleFX’s MT4 platform. Right-click on an open position and select Trailing Stop after connecting your account with MT4.

I’m unable to add a new trading account in MT4. Why is this happening?

New trading accounts can only be created through SimpleFX’s website. Visit SimpleFX, navigate to Main Menu -> Accounts & Deposits -> Add accounts, and then connect the newly created account to the MetaTrader4 software.

Go to SimpleFX Official Website

FAQs about Forex Terms

What is take profit?

Take profit is an instruction to close a previously opened position at a more favorable price for the trader than the initial entry price. When the take profit level is reached, the trade will be automatically closed.

What is a margin call?

A margin call is a notification to the trader when their account equity falls below 80% of the Margin Level. This indicates that the account has only the supplied margin remaining and may require additional funding to prevent it from reaching a Stop Out level or being forcibly closed. The trading platform will begin closing trading positions when the Stop Out level, set at 30% of the Margin Level, is reached.

What is a spread?

The spread is the difference between the bid (sell) and ask (buy) prices. It represents the cost of trading and varies depending on the financial instrument. SimpleFX offers competitive spreads across a wide range of instruments, providing traders with transparent pricing.

What is FIFO?

In forex trading, FIFO (First In, First Out) is a regulation requiring the closure of the oldest open trade when multiple trades of the same pair and value are open simultaneously.

What is “trade size” in Forex?

Trade size refers to the volume of the position a trader wants to open, measured in standard lots. For example, 1.00 signifies 1 standard lot or 100,000 units of the base currency.

What does it mean to have a ‘long’ or ‘short’ position?

A ‘long’ position is taken when a trader buys a currency pair, anticipating its value to rise. Conversely, a ‘short’ position is opened by selling a currency pair, speculating on its decline in value.

What is a stop loss?

A stop loss is an order to close a position at a less profitable price than the entry price. It serves to limit potential losses by automatically closing the trade if the market moves against the trader.

What is a trailing stop?

A trailing stop is a type of stop loss order that adjusts automatically as the market price moves in the trader’s favor. It is set at a percentage level above or below the market price, locking in profits while allowing for potential further gains.

What is a Forex broker?

A Forex broker acts as an intermediary between traders and the interbank market, facilitating trading by offering price quotes from banks and providing access to the global currency market.

What is margin?

Margin is a percentage of the total trade size required by a broker as a deposit to open a position. It is not a transaction cost but rather a portion of the trader’s account equity set aside as collateral for the trade.

What is a spot market?

A spot market is where financial instruments are traded for immediate delivery and settlement, at the current market price.

What is slippage and why does it happen?

Slippage occurs when the execution price of a trade differs from the expected price due to market volatility or insufficient liquidity at the desired price level.

What is a rollover/swap?

Rollover, also known as swap or interest rate, is the cost or credit applied to positions held overnight. It is determined by the difference in interest rates between the currencies being traded.

What is a 3-day swap?

A 3-day swap is a rollover strategy employed by SimpleFX on Wednesdays or Fridays to account for the lack of rollover on weekends, ensuring fair treatment for positions held over the weekend.

What is “Size”?

Trade size refers to the volume of the position a trader wishes to open, indicating the amount of currency or units of the financial instrument being traded.

Go to SimpleFX Official Website

General Questions

How can I profit from trading Forex?

Profitability in Forex trading depends on effective trading strategies, accurate prediction of market movements, and prudent risk management.

How does Forex trading work?

Forex trading involves buying one currency while simultaneously selling another, with the aim of profiting from fluctuations in exchange rates.

How can I open a trading account?

To open a trading account with SimpleFX, register on SimpleFX’s platform, verify your email, and receive your login credentials. Bitcoin accounts require no further verification, while hard currency accounts require additional identity verification.

What tools do I need for Forex trading?

To start trading Forex, you need a computer with internet access and either a demo or funded live account. Additionally, acquiring proper Forex education and utilizing trading tools can help mitigate risks.

Who participates in the Forex market?

The Forex market includes a diverse range of participants, such as banks, central banks, corporations, money managers, brokers, and individual traders.

Where is the central location of the Forex market?

Unlike stock or futures markets, the Forex market operates globally and is decentralized. Transactions take place over-the-counter (OTC) between counterparties via electronic networks.

What is Forex?

Forex, short for foreign exchange, is the market where currencies are traded. It operates 24 hours a day, five days a week, and is one of the largest and most liquid financial markets globally.

Does SimpleFX provide tax returns?

SimpleFX sends monthly and daily statements via email, which traders can use for tax purposes. However, SimpleFX does not directly submit documents to tax authorities. Traders are responsible for calculating and reporting taxes based on their account statements and local regulations.

Can I lose more than I deposited in my SimpleFX account?

SimpleFX implements Negative Balance Protection, ensuring that traders cannot lose more than their deposited funds. This feature automatically closes positions to prevent accounts from reaching a negative balance.

Go to SimpleFX Official Website

FAQs about Trading Conditions of SimpleFX

Do trades have expiration or settlement dates?

Opened orders do not have expiration or settlement dates. Unexecuted pending orders expire after 180 calendar days from the date of placement.

Can I trade using my mobile devices?

SimpleFX offers trading via mobile devices, with fully adjustable web platform compatibility and dedicated iOS and Android apps. Additionally, MetaTrader4 software is available for mobile devices. Please refer to the MetaTrader4 download page for more details.

How do I check historical data regarding any symbol from SimpleFX’s offerings?

Charts for currency pairs on SimpleFX date back several years. To access historical data, click on “W1” on the web trader or “MN” in MetaTrader4 to reveal a wider data range.

My account is in Bitcoin, but I do not have any orders opened on Bitcoin. Will my account be affected if the price of Bitcoin rapidly declines?

Changes in trading conditions, like required margin, may occur due to price fluctuations in Bitcoin. Your profit or loss is also influenced by the exchange rate of Bitcoin against other symbols over time.

Why does my equity/profit/loss change even though the market is closed?

Equity, profit, and loss values are recalculated in Bitcoin, even when the market is closed, as the quoted currency of the instrument on which you have an open position is USD. Therefore, changes in Bitcoin price can affect your profit or loss.

Why are spreads so high during the opening of the market?

Spreads tend to be higher during market openings due to lower liquidity, which can result in increased market volatility.

Is the spread applied twice, once during opening and again during closing of the order?

The spread is applied once during the opening of an order.

Why is the market frozen and prices do not change?

Market closure during standard trading hours or holiday periods can cause prices to remain static. Issues with base exchanges may also contribute to this. Contact SimpleFX Support if you suspect a system issue.

What does it mean when the market is closed?

During market closure, you cannot close, modify, or open orders for closed symbols.

Are dividends paid to my account?

Yes, SimpleFX pays dividends for stocks and indices. Dividends are added to your equity for BUY orders and subtracted for SELL orders.

Should I long or short?

A long (buy) order is opened if you anticipate price increases, while a short (sell) order is preferred if you predict price declines.

Can I partially close my position?

Yes, you can partially close a position using various methods. Refer to SimpleFX’s short video tutorial for guidance.

My stop loss or take profit order was not activated or was activated too early. Why?

Orders may be executed based on bid or ask prices, depending on whether you are closing a buy or sell order. Consult SimpleFX’s Trading Tips for further clarification.

I just got margin called. What do I do?

If your equity falls below 80% of your Margin Level, make an additional deposit to prevent automatic closure of your trades.

My position was closed without my permission/I just got stopped out. Why?

A stop out occurs when your margin level reaches 30%, automatically closing trades to limit further losses.

How do I convert SWAP rates?

Refer to the SimpleFX Terms and Conditions for SWAP rate details and use the provided formula for calculations.

Why was my previous order closed when I opened a new one?

With FIFO enabled, opening a new order on the same instrument and size as an existing order will close the original position. Disable FIFO for simultaneous BUY and SELL positions.

What time do symbols close today?

Symbol closing times vary; check specific symbol information or the SimpleFX Terms and Conditions for details.

Why do spreads change?

Floating spreads, obtained from top liquidity providers, may vary based on market conditions, with wider spreads during night sessions or major economic data releases.

What are the requirements for an order to be executed?

An order can be executed if there is an opposing order(s) in the market.

Why do prices at SimpleFX differ from other exchanges?

SimpleFX offers spot prices, which may differ from contract prices on other exchanges.

How do I calculate the required margin?

Use the provided formula and refer to the SimpleFX Terms and Conditions for other necessary data.

What value is 1 pip of BTCUSD?

Calculate 1 pip in quote currency using the given formula, based on the order size and tick size.

What is SimpleFX’s market gap policy?

Orders are executed at the first available price when the market opens after a gap. If preset Stop Loss/Take Profit levels fall within the gap, the order will not be opened.

Go to SimpleFX Official Website

FAQs about Cryptocurrencies offered by SimpleFX

What is Bitcoin?

Bitcoin is a digital currency introduced in 2009, designed for rapid and low-cost payments without central authorities or issuers.

Is it safe to use SimpleFX for Bitcoin trading?

Yes, SimpleFX ensures system security and monitors for suspicious activities. However, users should take additional steps to secure their bitcoin wallets.

I don’t own cryptocurrency. Can I trade Bitcoin or other coins at SimpleFX?

Yes, you can deposit fiat currency and trade cryptocurrencies like BTCUSD, ETHUSD, LINKUSD, LTCUSD, and others.