sooo... I'm very familar on how to trade on bitcoin exchanges. But I never traded on forex or whatever simplefx is...
1) There is no orderbook? So if your Bid Ask is 700$/BTC to 700.5$/BTC , how to know how much btc I could buy for 700.5$/BTC if I don't see any orderbook?
2) The fee is the spread, which is 0.1. But 0.1 what? 0.1% ? 0.1USD ?
3) Since there is no orderbook, I can't place limit orders? I'm only able to place market orders?
4) I'm not registered yet, but I'm interested in API trading, but did not found any API documentation yet. Is trading via REST, websocket or FIX API possible?
5) Trading without leverage is possible, right? So I just can deposit 1 BTC, sell it for your actual Bid price and withdraw the money?
6) In the referral program is written, that you get 25% of trading spread of the user.... what the hell does this mean ?
I know what a spread is. But from what I know the spread can't be "from a trader", except he is the market maker ?!
To answer most of these questions, it would be the best to compare it to regular bitcoin exchanges, since I know how they work
Hello,
1. There is no orderbook, your whole trade is executed on a one, currently best available price.
2. Spread is floating and given in points, the value of the point depends on the size of an order which you opened (for example with 0.01 order size on BTCUSD, 1 point is worth 0.01 USD).
3. You can place limit orders, no problem at all.
4. Unfortunately there is no API for current version of our web platform, it will be available in the future. If you are interested in automated trading, please check MetaTrader4 platform which we also offer.
5. Minimum leverage is 1:2. Beside you cannot sell 1 BTC and withdraw money because you are not trading Bitcoins at SimpleFX, you are trading CFD contracts based on Bitcoin value.
6. Like in point 2, if user paid 100 points spread on 0.01 position on BTCUSD (1 USD according to calculations from point 2), you get 25% so 0.25 USD.
If you have any further questions, do not hesitate to ask.
Best regards,
SimpleFX Customer Service