Today, I will give you an extensive introduction to trading on my favorite trading platform, SimpleFX.
I like this broker a lot, and I’m using it on a regular basis for a variety of reasons:
- the user interface is one of the best I’ve seen so far (everyone who is using the common cryptocurrency exchanges knows what I mean)
- there is a MetaTrader 4 (MT4) integration
- you can set your leverage as needed (up to 500x)
- they have one of the best affiliate programs I have encountered
So, let’s get started: the registration process
The registration process is simple and straightforward. First, open an account on SimpleFX (using referral links benefits both sides – the one referring as well as the referred person) by clicking the green button “CREATE ACCOUNT” on the top right navigation bar.
If you already own an account at either vk.com, facebook.com or plus.google.com, you can click the corresponding icon and confirm SimpleFX getting access to some basic profile information, such as:
- age and language (will be used to verify you’re old enough for trading and to automatically set the correct language for the website)
- email address (needed for registration)
- and some general profile information (so they know who you are).
Check the “I’m not a robot” checkbox (unless you are, heh) and hit the “Register” button. Your account is set up and you’re ready to go.
As long as you’re planning to only use cryptocurrencies to trade (Bitcoin, specifically), you won’t need to give any personal details (such as a copy of your ID and a mugshot as well as other shenanigans other exchanges came up with to “comply with AML/KYC”).
Accounts: overview and what they’re used for
When you finished registration, you will start with:
- BTC: an empty live account
- BTC: a demo account with 50 BTC
- USD: a demo account with 10.000 USD
The left menu item in the top navigation lets you switch between your accounts: the selected one becomes active. The demo accounts can obviously be used for testing. As the site is quite complex, I strongly recommend doing so, as you don’t want to wipe your live account because you screwed up a trade on 500x leverage. 😉
When you feel that you understood how the site works and got a feeling for it (creating orders, watching your positions, setting stop loss / entry orders, exiting positions), and you think you’ve just become the new top trader #1, you might consider moving forward and doing your first real trade.
Deposit Bitcoin into your account
Click on the top left navigation item (the one showing your currently active account) and click the “Accounts” button on the panel which opened. You’ll be directed to the accounts overview (make sure you’re in the “LIVE Accounts” tab!) where you can:
- change password: every now and then, it makes sense to change your password to a new, secure one
- inspect your trade logs: see how profitable your past trades were
- set the leverage: depending on how many BTC you’ll be depositing into your account, you can change to a leverage between 100 and 500. Later on, I will explain a possible way how to trade breakouts with high leverage, giving you opportunities for high returns (and losses… sorry to say that, but they’re part of the game!)
- deposit , withdraw, internal transfer: send BTC to / withdraw BTC from your account or move BTC between your accounts
Part two will cover general trading on SimpleFX as well as trading using MetaTrader 4.