Compare SimpleFX vs Fortrade
What is SimpleFX? What is Fortrade?
SimpleFX is an ECN broker for Forex and CFDs founded in 2014, which also enables trading in four crypto currencies. The broker is based in St. Vincent and the Grenadines and offers its services worldwide. Accounts can be managed in a variety of currencies, including Bitcoin, Etherum and Litecoin.
Fortrade is a regulated broker for Forex and CFDs founded in 2013, which also offers trading in over 300 instruments, including stocks, indices, commodities and crypto currencies. The broker is based in London and has offices in Australia, Canada, Cyprus, Mauritius and Belarus. Accounts can be managed in USD, EUR or GBP.
SimpleFX vs Fortrade Regulation Comparison
Fortrade is regulated by several authorities, such as the FCA in the UK, ASIC in Australia, IIROC in Canada, CySEC in Cyprus and FSC in Mauritius. SimpleFX is not regulated by any authority and operates under the laws of St. Vincent and the Grenadines. This means that Fortrade has more oversight and protection for its clients than SimpleFX.
SimpleFX vs Fortrade Trading Assets Comparison
Both platforms offer a wide range of trading assets, such as Forex, commodities, indices, stocks and crypto currencies. However, Fortrade has more instruments available than SimpleFX, with over 300 products to choose from. SimpleFX has around 170 products, including four crypto currencies (Bitcoin, Ethereum, Litecoin and Bitcoin Cash).
SimpleFX vs Fortrade Trading Fees Comparison
Both platforms charge spreads and swaps for their trades, but they do not charge commissions or other fees. The spreads and swaps vary depending on the asset, market conditions and account type. Generally speaking, SimpleFX has lower spreads than Fortrade, especially for crypto currencies. However, Fortrade has lower swaps than SimpleFX for some assets.
SimpleFX vs Fortrade Account Types Comparison
Both platforms offer two types of accounts: demo and live. The demo account allows users to practice trading with virtual money without risking real funds. The live account allows users to trade with real money and access all the features of the platform. The minimum deposit for a live account is $100 for both platforms.
SimpleFX vs Fortrade Deposit Options Comparison
Both platforms support various methods of depositing and withdrawing funds, such as credit cards, bank transfers, e-wallets and crypto currencies. However, Fortrade only accepts USD, EUR or GBP as base currencies for its accounts, while SimpleFX accepts multiple currencies, including Bitcoin, Ethereum and Litecoin. This means that SimpleFX has more flexibility and convenience for its clients who want to use crypto currencies.
SimpleFX vs Fortrade Trading Platforms Comparison
Both platforms have their own web-based trading platforms that are accessible from any browser. They also have mobile apps for iOS and Android devices that allow users to trade on the go. Additionally, Fortrade supports MetaTrader 4 (MT4), a popular third-party trading platform that offers advanced features and tools. SimpleFX does not support MT4 or any other third-party platform.
SimpleFX vs Fortrade Analytical Tools Comparison
Both platforms provide various tools and resources to help users analyze the market and make informed trading decisions. These include charts, indicators, news feeds, economic calendars, market sentiment indicators, trading signals and educational materials. However, Fortrade has more analytical tools than SimpleFX, such as technical analysis reports, fundamental analysis reports, trading calculators and risk management tools.
SimpleFX vs Fortrade. Which forex broker is better? Which forex broker should you choose?
Choosing a forex broker is an important decision that depends on your personal preferences, trading style and goals. There is no definitive answer to which broker is better, as each one has its own advantages and disadvantages.
SimpleFX and Fortrade are both online trading platforms that offer forex and CFD trading, among other products. They have some similarities, such as:
- They both have a minimum deposit of $100 for a live account .
- They both offer a demo account that allows you to practice trading with virtual money .
- They both have mobile apps for iOS and Android devices that let you trade on the go .
- They both do not charge commissions or other fees, but only spreads and swaps .
However, they also have some significant differences, such as:
- Fortrade is regulated by several authorities, such as the FCA in the UK, ASIC in Australia, IIROC in Canada, CySEC in Cyprus and FSC in Mauritius. SimpleFX is not regulated by any authority and operates under the laws of St. Vincent and the Grenadines. This means that Fortrade has more oversight and protection for its clients than SimpleFX.
- Fortrade offers over 300 trading instruments, including stocks, indices, commodities and crypto currencies. SimpleFX offers around 170 products, including four crypto currencies (Bitcoin, Ethereum, Litecoin and Bitcoin Cash). This means that Fortrade has more variety and diversity than SimpleFX.
- Fortrade supports MetaTrader 4 (MT4), a popular third-party trading platform that offers advanced features and tools. SimpleFX does not support MT4 or any other third-party platform. This means that Fortrade has more flexibility and compatibility than SimpleFX.
- Fortrade provides more analytical tools than SimpleFX, such as technical analysis reports, fundamental analysis reports, trading calculators and risk management tools. SimpleFX provides basic tools such as charts, indicators, news feeds, economic calendars, market sentiment indicators, trading signals and educational materials. This means that Fortrade has more support and guidance than SimpleFX.
Based on these criteria, you may prefer one broker over the other depending on what you value more. For example:
- If you are looking for a regulated broker with more security and credibility, you may prefer Fortrade over SimpleFX.
- If you are looking for a broker with more trading options and instruments, you may prefer Fortrade over SimpleFX.
- If you are looking for a broker that supports MT4 or other third-party platforms, you may prefer Fortrade over SimpleFX.
- If you are looking for a broker with more analytical tools and resources, you may prefer Fortrade over SimpleFX.
- If you are looking for a broker with lower spreads and more crypto currencies, you may prefer SimpleFX over Fortrade.
- If you are looking for a broker that accepts multiple currencies, including Bitcoin, Ethereum and Litecoin, you may prefer SimpleFX over Fortrade.
Ultimately, the best way to decide which broker is better for you is to try them out yourself. You can open a demo account with both brokers and test their platforms, features and services. You can also read reviews from other traders who have used both brokers and learn from their experiences.
