Compare SimpleFX vs Coinexx
What is SimpleFX? What is Coinexx?
SimpleFX is a free trading and investing app that allows you to trade and stake with no fees and no minimum deposits. You can trade Bitcoin, Ethereum, Tesla, NDX100, USOIL and more with SimpleFX. You can also create an account using just an e-mail address.
Coinexx is a crypto forex broker that lets you trade forex and crypto currencies with the lowest spreads in the industry. You can deposit and withdraw funds with 25 altcoins and choose your account base currency from crypto or fiat.
SimpleFX vs Coinexx Regulation Comparison
- Authority: Neither SimpleFX nor Coinexx are regulated by any financial authority. This means that they are not subject to any oversight or supervision by any official body. This also means that they do not have to comply with any rules or standards regarding customer protection, security, or transparency.
- Risk: Trading with unregulated brokers carries a high level of risk, as you may not have any recourse in case of any dispute or problem. You may also face issues such as price manipulation, hidden fees, delayed payments, or fraud. You should always do your own research and due diligence before choosing a broker.
- Location: SimpleFX is based in Saint Vincent and the Grenadines, a small island nation in the Caribbean. Coinexx is based in Dominica, another small island nation in the Caribbean. Both countries are known for their lax regulations and tax havens for offshore companies. This makes it difficult to track and verify the legitimacy and reputation of these brokers.
- License: Neither SimpleFX nor Coinexx have a license or registration number that can be verified by any authority. They do not provide any information about their legal status, ownership, or address on their websites. They also do not disclose any details about their financial partners, liquidity providers, or auditors. This raises questions about their credibility and transparency.
SimpleFX vs Coinexx Trading Assets Comparison
SimpleFX offers over 200 trading instruments, including forex, indices, commodities, stocks, and cryptocurrencies. Coinexx offers over 100 trading instruments, including forex, indices, commodities, metals, energies, and cryptocurrencies. Both platforms allow you to trade major, minor, and exotic currency pairs, as well as popular crypto assets such as Bitcoin, Ethereum, Litecoin, and more.
SimpleFX vs Coinexx Trading Fees Comparison
- Commission: Both SimpleFX and Coinexx do not charge any commissions or fees on trading. They make money from the spreads, which are the difference between the bid and ask prices of an asset .
- Spread: Both SimpleFX and Coinexx offer ECN spreads from 0.0 pips, which means that they have very low or no markups on the market prices. However, the actual spreads may vary depending on the market conditions and the asset type. Generally, forex and crypto pairs have lower spreads than stocks and commodities .
- Swap: Both SimpleFX and Coinexx charge swap fees, which are interest rates that are applied to positions that are held overnight. The swap fees depend on the direction of the trade (long or short), the asset type, and the market interest rates. The swap fees are calculated and charged daily at 21:00 GMT for SimpleFX and at 00:00 GMT for Coinexx .
- Conversion: Both SimpleFX and Coinexx charge conversion fees, which are applied when you deposit or withdraw funds in a different currency than your account base currency. The conversion fees are based on the current exchange rates and may vary depending on the payment method. For SimpleFX, the conversion fees range from 0.5% to 5%, while for Coinexx, they range from 0% to 2% .
- Withdrawal: Both SimpleFX and Coinexx charge withdrawal fees, which are deducted from the amount you withdraw from your account. The withdrawal fees depend on the payment method and the currency you choose. For SimpleFX, the withdrawal fees range from 0% to 5%, while for Coinexx, they range from 0% to 0.5% .
- Inactivity: Both SimpleFX and Coinexx charge inactivity fees, which are applied to accounts that have not been used for a certain period of time. For SimpleFX, the inactivity fee is $10 per month after 6 months of inactivity, while for Coinexx, it is $5 per month after 3 months of inactivity .
SimpleFX vs Coinexx Account Types Comparison
SimpleFX offers two types of accounts: Standard and Pro. The Standard account has a minimum deposit of 0.001 BTC and a maximum leverage of 500:1. The Pro account has a minimum deposit of 0.01 BTC and a maximum leverage of 200:1. The Pro account also has lower spreads and faster execution than the Standard account.
Coinexx offers four types of accounts: Micro, Classic, Pro, and ECN. The Micro account has a minimum deposit of 0.001 BTC and a maximum leverage of 500:1. The Classic account has a minimum deposit of 0.01 BTC and a maximum leverage of 200:1. The Pro account has a minimum deposit of 0.05 BTC and a maximum leverage of 100:1. The ECN account has a minimum deposit of 0.1 BTC and a maximum leverage of 100:1. The ECN account also has the lowest spreads and the highest liquidity among all accounts.
SimpleFX vs Coinexx Deposit Options Comparison
SimpleFX accepts deposits and withdrawals in Bitcoin, Ethereum, Tether, Binance Coin, Litecoin, Bitcoin Cash, Chainlink, Uniswap, Polkadot, Cardano, Stellar Lumens, Dogecoin, Monero, Dash, EOS, Tron, Ripple, USD Coin, Dai Stablecoin, TrueUSD, Paxos Standard, and Bitcoin SV. You can also deposit fiat currencies such as USD, EUR, GBP, CAD, AUD, CHF, JPY, PLN, RUB, and NOK via various payment methods such as Skrill, Neteller, Fasapay, and AstroPay.
Coinexx accepts deposits and withdrawals in Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dash, Monero, Ripple, and Tether. You can also deposit fiat currencies such as USD via bank wire transfer.
SimpleFX vs Coinexx Trading Platforms Comparison
SimpleFX offers its own web-based trading platform called SimpleFX WebTrader. It is a fast and intuitive trading tool that works on any device and browser. It offers charting and analytical tools, indicators, EAs, scripts, and more. SimpleFX also provides mobile apps for iOS and Android devices that allow you to trade on your phone.
Coinexx offers the popular MetaTrader 4 and MetaTrader 5 platforms that are widely used by traders around the world. They are advanced trading platforms that offer a range of features and functionalities such as multiple order types, customizable charts, technical analysis tools, automated trading, and more. Coinexx also provides mobile apps for iOS and Android devices that are compatible with the MT4 and MT5 platforms.
SimpleFX vs Coinexx Analytical Tools Comparison
SimpleFX provides a variety of analytical tools to help you with your trading decisions. Some of these tools are:
- Trading Ideas: You can share your trading ideas with others and earn revenue share from them. You can also view and follow the trading ideas of other traders and experts.
- SimpleFX Blog: You can read the latest market news, analysis, tutorials, and tips from the SimpleFX team and guest authors.
- Trading Academy: You can learn how to trade with the best margin trading tool through video lessons, articles, quizzes, and webinars.
- Dividend Calendar: You can see the upcoming dividend payments for the stocks you trade or invest in.
- Trading Schedule: You can see the trading hours and holidays for the different markets and instruments you trade.
Coinexx also provides some analytical tools to assist you with your trading strategies. Some of these tools are:
- Economic Calendar: You can see the upcoming economic events and indicators that may affect the market movements and volatility.
- Forex Calculator: You can calculate the margin, pip value, swap, and profit or loss for your trades.
- VPS Hosting: You can access a virtual private server that allows you to run your EAs and automated strategies 24/7 without any interruptions or delays.
- MAM/PAMM Accounts: You can manage multiple accounts or join a money manager who can trade on your behalf using a multi-account management system.
SimpleFX vs Coinexx. Which forex broker is better? Which forex broker should you choose?
There is no definitive answer as to which forex broker is better or which one you should choose. It depends on your personal preference, trading goals, risk appetite and budget. However, you can review some of the pros and cons of each broker to help you make an informed decision.
SimpleFX Pros:
- SimpleFX offers a free trading and investing app that allows you to trade and stake with no fees and no minimum deposits.
- SimpleFX supports a wide range of deposit and withdrawal options, including 25 cryptocurrencies and 10 fiat currencies.
- SimpleFX provides a variety of analytical tools, such as trading ideas, blog, trading academy, dividend calendar, and trading schedule.
SimpleFX Cons:
- SimpleFX is not regulated by any financial authority, which means that it does not have to comply with any rules or standards regarding customer protection, security, or transparency.
- SimpleFX does not offer the popular MetaTrader 4 and MetaTrader 5 platforms, which are widely used by traders around the world.
- SimpleFX charges conversion fees, withdrawal fees, and inactivity fees, which may reduce your profits or increase your losses.
Coinexx Pros:
- Coinexx offers the lowest spreads in the industry, starting from 0.0 pips.
- Coinexx offers the MetaTrader 4 and MetaTrader 5 platforms, which are advanced trading platforms that offer a range of features and functionalities.
- Coinexx provides some useful tools, such as economic calendar, forex calculator, VPS hosting, and MAM/PAMM accounts.
Coinexx Cons:
- Coinexx is also not regulated by any financial authority, which means that it also does not have to comply with any rules or standards regarding customer protection, security, or transparency.
- Coinexx has a limited number of deposit and withdrawal options, only accepting 8 cryptocurrencies and 1 fiat currency.
- Coinexx has a higher minimum deposit requirement than SimpleFX for some account types.
As you can see, both brokers have their advantages and disadvantages. You should weigh them carefully and consider your own needs and preferences before choosing one. You should also do your own research and due diligence before trading with any broker. Trading forex and cryptocurrencies involves a high level of risk and you may lose more than your initial investment.
