TradeMax Vs SimpleFX: A Comparison of Trading Platforms and Features
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TradeMax is an electronic marketplace for trading. TradeMax, which calls itself a CFD and Forex broker, has been around since 2013. Business-wise, you can trade in currency pairings, stock contracts, indexes, energy, and precious metals, for example, among the five asset classes they provide. Through the company, they provide trading services to more than 150 nations. The broker’s use of ECN technology provides traders with unfettered access to a wide range of liquidity providers. However, SimpleFX is a business that facilitates easy and profitable trading and exchange between fiat and crypto-assets. These assets have considerable potential for profit via trade, investment, and speculation. Because of its adaptability and ease of use across many exchange markets, SimpleFX distinguishes out above other platforms in this space.
Table of Contents
TradeMax’s Various Account Options
TradeMax offers its consumers four distinct accounts, but the differences between them are unclear. You can open a Standard, Premium, Pro, or Raw spread account with this broker.
The Standard Account
In exchange for a minimum investment of $1,000 USD, traders gain access to a dedicated account manager and leverage of 1:400.
The Premium Account
This account requires a 50,000 USD opening balance. There is no indication about the difference among both accounts, despite the large difference in the needed deposits, and the features are identical to those of the ordinary account.
The Spread Account
The features of both types of accounts are same. Trading with a 1:200 leverage, dedicated account manager, MAMM service, VIP desk, and free VPS is possible with a minimum deposit of $100,000 USD. The Raw Spread Account has an initial spread of 0 pips, while the other account has an existing spread.
TradeMax’s Fee Structure and Deposit/Withdrawal Options
TradeMax necessitates an initial deposit of $100 from new clients. TradeMax provides its traders with a variety of deposit security services. The company does not add any fees for completing a transaction. Withdrawals can be requested by logging in, going to the “Manage my Fund” section, and filling out the form there. Withdrawal requests received after 4pm will generally be processed the following business day. Customers can also find an explanation of their problem by watching the withdrawal lesson on the company website.
Features of SimpleFX
Some key aspects of the SimpleFX trading company are outlined below:
Indicator Trading
Over 12 indices are available for trading on the platform, each of which is among the largest in its field.
Currency Futures and Options
The website allows users to trade on a number of different financial indices and systems. Through blockchain-based exchanges, you can convert between a wide variety of fiat currencies and crypto assets.
A Multi-Currency Exchange System
One of the advantages of investing in both traditional and new financial systems is the possibility of making money trading commodities and cryptocurrencies.
Universally Compatible Software
The availability of an application for all of the most popular devices and operating systems is a unique selling point offered by SimpleFX broker. A variety of platforms (iOS, Android, Windows, macOS, and Huawei) are supported by the available apps.
SimpleFX Charges
SimpleFX has maintained extremely low and competitive trading costs despite providing some of the most lucrative and alluring features in the business. Although there are no commissions or fees to use the SimpleFX broker, there are still spreads to consider. Spreads are index-specific and are therefore subject to change. The EUR/USD spread, for instance, often hovers near 0.9. Gold’s worth rises to a maximum of 0.17. In their offering paper, SimpleFX details all potential fees and rates that could apply to the transactions. If your SimpleFX account remains dormant for more than a year, you will be charged a $25 inactivity fee. This minimal price for inactivity is included in the contract as well, so it’s important for everyone to read it well before signing.
Glory Faleke – A Professional Writer
Glory Faleke is an expert writer who has worked in the fields of NFTs, cryptocurrencies, the Metaverse, blockchain technology, and the World Wide Web for over five years. For Traders Union, one of the most popular crypto and NFT news and information websites, he has written extensively on these subjects. As a writer, Glory is committed to keeping his readers abreast of developments in the cryptocurrency and NFT markets. She works hard to give her audience relevant and timely data they may utilise to make wise financial choices.
