SimpleFX or Trading212 – which is better for UK traders 2024? Compare SimpleFX and Trading212 in this detailed breakdown of their platforms, features and fees.
SimpleFX is an online broker specializing in CFD and cryptocurrency trading, with multi-currency accounts, STP execution, low pricing and no minimum deposit. Bringing innovation and gaining recognition at numerous industry events since 2014, SimpleFX now caters to retail traders from over 190 countries, boasting a client base exceeding 200,000 active users.
Trading 212 is a European and UK-regulated CFD broker that also offers stock investing and ISAs. It’s best known for its commission-free trading model and beginner-friendly app, which has helped it attract 2.5 million users and £3.5 billion in client assets.
Pros
SimpleFX’s proprietary WebTrader - powered by TradingView - delivers a stable trading environment with a user-friendly interface that’s accessible even to novice traders.
With MT4 support, experienced traders can access sophisticated charting tools, advanced technical indicators, customizable algorithms, and expert advisors (EAs) for automated strategies.
SimpleFX underwent a revamp in 2021, now sporting a slicker client area with faster load times and a social trading community where you can exchange ideas.
With leverage up to 1:1000, traders have the potential to amplify their positions significantly, allowing for greater exposure to market movements and magnified returns (as well as losses).
The range of cryptocurrencies available for trading is broad, encompassing well-known selections such as ADA, BTC, and ETH, as well as more specialized options like YFI, YFII, and ZEC.
One of the standout features of Trading 212 is its commission-free trading, meaning you can buy and sell stocks, ETFs, and other financial instruments without incurring traditional brokerage fees
Trading 212 has an intuitive and user-friendly platform that is especially accessible for beginners, with a straightforward layout and a reasonable range of tools for analysis
The platform offers a good suite of instruments, including stocks, indices, ETFs, currencies, commodities, and CFDs. This variety can help you to create a diversified investment portfolio
A sleek mobile app lets you trade on the go. It’s well-designed and offers features similar to the web platform, making it convenient if you prefer mobile trading
Up to 5.1% interest on uninvested cash is available, appealing to hands-off investors
Cons
SimpleFX operates with weak regulatory oversight, allowing it to offer high leverage, but meaning it faces less stringent supervision from authorities compared to brokers like IG which operate in tightly regulated jurisdictions.
While the Bloomberg TV news feed and economic calendar are valuable resources, the lack of research tools like Autochartist and Trading Central is a serious disadvantage for traders wanting support in identifying opportunities.
The educational tools are okay but not great. The ‘Opinion’ section needs updating more frequently while video tutorials covering market analysis and risk management would be valuable additions for beginners.
The availability of only a few non-crypto funding methods is a downside for traders seeking more diverse and convenient options for managing their accounts.
Experienced traders who rely on sophisticated technical analysis tools will find Trading 212’s charting features to be somewhat basic, especially compared to alternatives like IG
While Trading 212 offers leveraged trading through CFDs, there are restrictions on leverage for certain instruments. If you want high leverage for your strategies, you will find these limitations constraining
There’s no copy trading, a significant drawback given Trading 212's client base is largely beginners and brokers like eToro offer this feature
There is no support for algorithmic or automated trading, nor third-party apps like MetaTrader 4, which will deter advanced traders. IC Markets ticks these boxes
Awards
Best Support 2023, Crypto Expo Europe
The Best Trading Platform Cryptocurrency, World Expo 2022 - Warsaw
Best Mobile App 2020 - Rankia Awards
The Best Trading Platform, Finance World Expo 2019 - Zug
Best Cryptocurrency Trading Platform, Cryptocurrency World Expo 2018 - Berlin
SimpleFX provides a proprietary app for both Apple and Android mobile devices. The application boasts a user-friendly design, facilitating easy opening and closing of trades with access to the broker’s 220+ tradable assets. However, occasional unresponsiveness during testing, alongside an average charting package, means it won’t meet the needs of highly active traders.
Trading212 have positioned themselves at the front of the mobile trading movement. Their platform is based on a ‘mobile-first’ model, so they prioritize this type of trader. The app offers 1800+ instruments, zero commissions and a free practise account. Download the app risk free and try it out.
iOS App Rating
4.4
Android App Rating
3.8
Margin Trading
Yes
Yes
MetaTrader 4
Yes
No
MetaTrader 5
No
No
cTrader
No
No
AlgoTrader
No
No
OmniTrader
No
No
TradingView
No
No
Autochartist
No
No
eSignal
No
No
Trading Central
No
No
STP Account
Yes
Yes
ECN Account
No
No
DMA Account
No
No
MAM Account
No
No
PAMM Account
No
No
LAMM Account
No
No
Demat Account
No
No
AI / Machine Learning
Yes
No
Robo Advisor
Yes
No
Negative Balance Protection
Yes
Yes
Market Maker
No
Yes
P2P Trading
No
No
Spot Trading
No
No
Auto Trading
Expert Advisors (EAs) on MetaTrader
AutoInvest Portfolio
Copy Trading
No
No
Social Trading
Yes
Yes
Trade Signals
Yes
VPS Hosting
No
No
Tournaments
No
No
Demo Competitions
No
No
Ethical Investing
No
Yes
Custodial Account
No
No
Guaranteed Stop Loss
No
No
Inactivity Fee
3%
Islamic Account
No
No
Account Currencies
USD
EUR
GBP
USD
EUR
GBP
CAD
SEK
NOK
DKK
CHF
PLN
CZK
HUF
Commodities
Copper
Palladium
Platinum
Gold
Silver
Oil
Cocoa
Coffee
Cotton
Corn
Natural Gas
Soybeans
Sugar
Wheat
Gold
Silver
Gasoline
Oil
Copper
Palladium
Coffee
Cotton
Platinum
Corn
Sugar
Cocoa
Livestock
Wheat
Soybeans
Natural Gas
Lead
CFD
SimpleFX stands out with highly leveraged trading options up to 1:1000 covering popular asset classes, including stocks, indices, currencies and commodities. Additionally, the social community serves as an excellent resource for gathering CFD strategy tips and short-term trading ideas.
Engage in leveraged CFD trading across a wide array of instruments, encompassing forex, stocks, commodities, and indices. Yet while the selection of asset classes is satisfactory, the charting software and floating spreads for short-term traders fall behind that of competitors.
Leverage
1:1000
1:30
FTSE Spread
1.3
2.5
GBPUSD Spread<
1.2
0.00028
Oil Spread
0.04
0.4
Stocks Spread
Variable
0.2% Var
Forex
SimpleFX provides a comprehensive selection of around 60 currency pairs, from majors like GBP/USD to exotics like CHF/PLN. Forex trading fees are competitive, averaging 0.9 pips on EUR/USD during testing, while MetaTrader 4, available on desktop, web and mobile, was built specifically for trading currencies online.
Trade over 180 major, minor, and exotic forex pairs on the Trading 212 platform, featuring floating spreads and leverage up to 1:30. It’s important to note, though, that the forex broker has a history of adjusting margin requirements without providing adequate notice. As a result, CMC Markets is a better pick for forex traders with more currency pairs and a cleaner record.
Assets
57
180+
GBPUSD Spread
1.2
0.00028
EURUSD Spread
0.9
0.00015
EURGBP Spread
1.0
0.00044
Currency Indices
USD
Cryptocurrency
SimpleFX’s strongest offering is its crypto trading environment, with a growing range of tokens, including Bitcoin and Ethereum paired with the USD. Its crypto-based accounts also ensure a smooth trading experience for crypto enthusiasts, while the bespoke staking service allows capital to be utilized for margin trading.
