Compare FP Markets vs SimpleFX
What is FP Markets? What is SimpleFX ?
FP Markets is a global contract for differences (CFD) and online retail foreign exchange (Forex) broker established and regulated in Australia since 2005. It offers trading on over 10,000 instruments across Forex, shares, indices, commodities, metals, bonds and futures. It also provides access to advanced trading platforms such as MetaTrader 4 (MT4), MetaTrader 5 (MT5), IRESS and WebTrader.
SimpleFX is a free trading and investing app that allows users to buy and sell cryptocurrencies and other assets from anywhere. It supports over 60 crypto payment methods and offers trading on Forex, indices, cash commodities, precious metals and equities. It also features a web-based platform, native iOS/Android apps, copy trading and a community forum.
FP Markets vs SimpleFX Regulation Comparison
| Broker | Regulation | License Number |
|---|---|---|
| FP Markets | Australian Securities and Investment Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), European Securities and Markets Authority (ESMA) | ABN 16 112 600 281, AFS License No. 286354, HE 372179 |
| SimpleFX | None | N/A |
As you can see, FP Markets is regulated by multiple authorities in Australia and Europe, while SimpleFX does not have any regulatory license. This means that FP Markets has to comply with strict rules regarding client funds protection, financial reporting, risk management and dispute resolution, while SimpleFX does not offer the same level of security and oversight.
FP Markets vs SimpleFX Trading Assets Comparison
| Broker | Forex Pairs | Shares | Indices | Commodities | Metals | Bonds | Futures |
|---|---|---|---|---|---|---|---|
| FP Markets | 60+ | 10,000+ | 19 | Coffee, natural gas, corn & more | Gold, oil, silver & more | US10YR & UK Long Gilt Futures GILT | N/A |
| SimpleFX | 50+ | N/A | 15+ | Oil & natural gas only | Gold & silver only | N/A | N/A |
FP Markets vs SimpleFX Trading Fees Comparison
| Broker | Spreads | Commissions | Swap Rates |
|---|---|---|---|
| FP Markets | From 0.0 pips on major currency pairs | $3 per lot per side on MT4/MT5 Raw accounts, $3.50 per lot per side on IRESS accounts | Variable depending on the instrument and account type |
| SimpleFX | From 0.1 pips on major currency pairs | None | Variable depending on the instrument |
FP Markets has lower spreads than SimpleFX, but charges commissions on some account types. SimpleFX does not charge any commissions, but has higher spreads. Swap rates are variable for both brokers and depend on the instrument and account type.
FP Markets vs SimpleFX Account Types Comparison
| Broker | Account Types |
|---|---|
| FP Markets | Standard (MT4/MT5), Raw (MT4/MT5), Professional (IRESS) |
| SimpleFX | Standard |
FP Markets offers three account types with different features and benefits, while SimpleFX only offers one standard account type. The main differences between the FP Markets account types are:
- Standard: No commissions, higher spreads
- Raw: Low commissions ($3 per lot per side), lower spreads (from 0.0 pips)
- Professional: Higher commissions ($3.50 per lot per side), access to IRESS platform
FP Markets vs SimpleFX Deposit Options Comparison
| Broker | Deposit Options | Withdrawal Options |
|---|---|---|
| FP Markets | Credit/debit cards, bank wire transfer, e-wallets (Neteller, Skrill, PayPal, etc.), cryptocurrencies (Bitcoin, Ethereum, etc.) | Credit/debit cards, bank wire transfer, e-wallets (Neteller, Skrill, PayPal, etc.), cryptocurrencies (Bitcoin, etc.) |
| SimpleFX | Cryptocurrencies (Bitcoin, Ethereum, etc.), e-wallets (Neteller, etc.), FasaPay | Cryptocurrencies (Bitcoin, Ethereum, etc.), e-wallets (Neteller, Skrill, etc.), FasaPay |
FP Markets vs SimpleFX Trading Platforms Comparison
| Broker | Trading Platforms |
|---|---|
| FP Markets | MetaTrader 4 (MT4), MetaTrader 5 (MT5), IRESS, WebTrader |
| SimpleFX | WebTrader, iOS/Android apps |
FP Markets vs SimpleFX Analytical Tools Comparison
| Broker | Analytical Tools |
|---|---|
| FP Markets | Economic calendar, market news, trading signals, technical analysis tools, VPS solutions |
| SimpleFX | Economic calendar, market news, trading ideas, community forum |
FP Markets vs SimpleFX . Which forex broker is better? Which forex broker should you choose?
The best forex broker for you depends on your personal preferences, trading goals, risk appetite and budget. Both FP Markets and SimpleFX have their own advantages and disadvantages. Here are some factors that you may want to consider when choosing a forex broker:
- Regulation: If you value security and peace of mind, you may prefer a regulated broker like FP Markets, which has to follow strict rules and standards to protect your funds and interests. If you don’t mind trading with an unregulated broker, you may opt for SimpleFX, which may offer more flexibility and anonymity.
- Trading assets: If you want to diversify your portfolio and trade a wide range of instruments, you may prefer FP Markets, which offers over 10,000 instruments across various markets. If you are mainly interested in cryptocurrencies and forex, you may opt for SimpleFX, which focuses on these assets.
- Trading fees: If you want to save on trading costs and enjoy low spreads, you may prefer FP Markets, which offers spreads from 0.0 pips on some account types. If you don’t want to pay any commissions, you may opt for SimpleFX, which does not charge any commissions but has higher spreads.
- Account types: If you want to choose an account type that suits your trading style and needs, you may prefer FP Markets, which offers three account types with different features and benefits. If you don’t want to deal with different account types and conditions, you may opt for SimpleFX, which only offers one standard account type.
- Deposit and withdrawal options: If you want to have more payment methods and use credit/debit cards or bank wire transfer, you may prefer FP Markets, which offers these options along with e-wallets and cryptocurrencies. If you only want to use cryptocurrencies and e-wallets, you may opt for SimpleFX, which only supports these methods.
- Trading platforms: If you want to use the most popular and widely used platforms in the industry, such as MetaTrader 4 and 5, you may prefer FP Markets, which offers these platforms along with IRESS and WebTrader. If you don’t mind using a proprietary platform and mobile apps, you may opt for SimpleFX, which only offers its own web-based platform and apps.
- Analytical tools: If you want to access more analytical tools and enhance your trading performance and automation, you may prefer FP Markets, which offers trading signals, technical analysis tools and VPS solutions. If you want to get trading ideas and interact with other traders, you may opt for SimpleFX, which offers a community forum where users can share their opinions and insights.
Ultimately, the choice is yours. You can try both brokers for free by opening a demo account and testing their services before making a decision. You can also read online reviews and ratings from other traders to get more feedback and insights.
