An Introduction to Trading on SimpleFX: Part 1: Setup an Account

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.

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Ethereum Logo

The Ethereum / Ethereum Classic “Replay Attack” explained

In the recent days – when Ethereum’s Ether-blockchain forked into ETH and ETC – we could not do else but read the term “Replay Attack”. If you wondered what exactly a replay attack is, continue to read. I will explain.

The basis of the Replay Attack is the fact that all wallets which contained Ether at the time of the fork will credit their corresponsing Ethereum Classic wallets with ETC. So, if you had, say, 100 ETH in your wallet, then you’ll be credited with 100 ETC.
But that’s not an automatic process (well, it is, but only under certain circumstances): it only works on exchanges which support the quasi-new Ethereum Classic chain.

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Bitcoin, Cryptocurrency and other Exchanges

I will give you a list of a couple of cryptocurrency exchanges which have been around for some time and can thus be used with as little risk as possible.

bitfinex.com

Bitfinex is an exchange which offers Bitcoin, Litecoin and Ethereum trading. With those three, you can use your account to do the following:

  • Spot trading: buy or sell any of these cryptocurrencies.
  • Margin trading: you can also trade USD, BTC, LTC and ETH on 3.3x margin. For more information, I will include a tutorial on margin trading later.
  • Lending: You can use your funds to provide liquidity to the markets (for the margin traders) and get a certain percentage paid daily.

okcoin.com

OKCoin is a Chinese exchange which also provides an international version of its exchange. You can trade Bitcoin and Litecoin against US Dollar.
OKCoin is famous for its insane leverage (10x and 20x) on its Futures. There’s rumor (especially on Twitter) of people who made a lot of money trading OKCoin Futures, but there are also stories of users who have lost a lot of money there.

20x (well, even 10x) is a lot – even more so on a currency like Bitcoin which already has a lot of volatility on its own – and you should only trade there if you know exactly what you’re doing.

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