Trading Cryptocurrency with SimpleFX: Step by Step Guide

This article is provided by SimpleFX, a forex and CFDs broker

After opening the app, users will be greeted by a
welcome screen that will automatically prompt you to view your demo account
(balance $10,000.00). It is here that users can get to know the functions of
the platform before creating a fully operational personal account.

Source: SimpleFX mobile app

To
set up a new account, click the icon in the upper left corner, followed by the
signup button. If you have already registered you can log in directly, or check
SimpleFX’s social media channels:

Source: Simple FX mobile app

The process of creating an account is quite easy. Of
note, the user simply needs to provide a personal e-mail address and will
receive an automated message containing an activation link.

Source: SimpleFX mobile app

Upon
receiving the email notification with the verification link, users need only
click ‘verify’, which will redirect them to the official SimpleFX website. From
here, users are prompted to create a new secure password (6-15 characters, 1
number, 1 letter).

Source: SimpleFX mobile app

After
setting your password, you can go back to the mobile app, click again on the
icon in the top left corner and this time choose the login option. With a
verified account you should see a short presentation about the brand new
SimpleFX app (beta version) – just click to continue.

Source: SimpleFX  mobile app

Your first deposit and managing trading accounts

After successfully installing and setting up a user
account, the next step is to learn how to manage the trading account and make
your first deposit.

From here, just select ‘demo account balance’ in the
middle of the screen followed by the ‘switch trading account’ button. On the
next screen, you will see all active trading accounts (live and demo). You
should now have two demo accounts (both in USD and BTC) and one live account
denominated in Bitcoin:

Source: SimpleFX mobile app

To
transfer initial funds, click on the ‘deposit’ icon in the top left corner of
the screen and then choose a destination account. SimpleFX displays the QR code
and wallet address for you, where you can transfer your bitcoins.

Source: SimpleFX mobile app

If you do not possess any BTCs or instead wish to utilize
fiat currencies, simply click the ‘plus’ icon near ‘live account’ and choose from
one of the available currencies (AUD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, IDR,
JPY, NOK, PLN, RUB, SEK, and USD). Deposits are also available in several
popular altcoins including Bitcoin Cash, Dash, Ethereum, and Litecoin:

Source: SimpleFX mobile app

For example, if a user selects the Australian dollar (AUD)
in this way, there should be an alert requiring additional verification on the
next screen. Users need to choose one of two available account types (individual
or corporate), while also providing additional personal details and a scanned
ID or another document confirming identity.

Source: SimpleFX mobile app

After
submitting all of the necessary information, the account will be verified and the
user will be able to deposit one of the chosen fiat currencies noted above.

Placing your first order with SimpleFX trading app

After you have successfully installed and funded
your trading account, the final step is to make your first transaction using the
SimpleFX mobile app. Choose one of the available instruments and move to the
charting screen:

Source: SimpleFX mobile app

Placing
orders is streamlined process. Just click the ‘Amount’ button in the middle of
the screen and choose the appropriate size for the trade. From here users need
only swipe right to SELL the contract or left to BUY. If successful, you will be prompted
with a notification similar to the one shown below:

Source: SimpleFX mobile app

To
place the order more precisely and get access to additional features, click the
SELL or BUY button. Now you should have access to more information, including
being able to choose ‘market’ or ‘pending’ orders, see the trade value,
required deposit and set take profit (close at profit), and stop loss (close at
loss) positions:

Source: SimpleFX mobile app

Explore the SimpleFX app from the inside

At this point, you should be familiar with all of the
basic functions of the SimpleFX platform. This includes setting up accounts,
depositing funds and making transactions. If you want to learn more about the
features offered by the application, read this article: SimpleFX Launches
Trading App, Cryptocurrency in Focus.

You can also check the functionality of the
available tools yourself. If necessary, you are welcome to make use of the
support department, or submit your feedback to the platform developers.