Learning something new is always a beneficial thing for you. Especially, if this new venture can potentially bring you extra income. Online trading is one of them. To make some cash from forex trading, it’s not necessary to have super skills. But if you gain some, it will be a good thing for you. Learn how to trade with one of the brokers we are going to compare today – DotBig LTD vs SimpleFX.
|Bonus||10% welcome bonus||50% spread cashback|
|Year of foundation||2003||2014|
|Assets||Currency pairssharescryptocurrenciescommodities indices cryptocurrencies ETFs CFDs||ForexCFDsStocksCryptocurrenciesIndicesCommodities|
A comparison of brokers’ commissions must be made when you decide on which online platform to trade. This aspect might seem meaningless for some beginners but this really can impact the way you’ll manage your budget. That’s why you should take some time to find out which broker offers better conditions in terms of commission.
SimpleFX doesn’t impose on its client’s additional fees for trading operations. That’s a good thing because some companies charge money per trade. Trading fees of SimpleFX are included in spreads. The average spread for forex might fall as low as 0.9 pips. It should be noted that this is lower than the average spreads of DotBig, which vary from 1.25 pips on currency pair. DotBig doesn’t charge trading commissions, as well.
To activate your personal account on DotBig you have to fund it with at least $250, while SimpleFX doesn’t have a minimum account – start trading with $1. One more thing that disturbs clients of DotBig is a 3.5% withdrawal commission. Inactivity fees are charged as well.
SimpleFX also has inactivity fees, and they cannot be lower than $25. This is quite significant because other companies, usually, take from $10 to $15 for inactivity.
Markets & Products
SimpleFX is a good option for beginners because it offers free access to all major markets. Thanks to tight spreads, it’s a good platform to start forex trading. Besides, the selection of assets is quite competitive – there are 60 currency pairs displayed for trading. The selection of Forex assets available on DotBig is higher – 72 tradable products, which come with an average spread of 1.25 pips.
DotBig is a better choice if you want to practice stock trading. The broker offers the possibility to speculate on 244 stocks that come with an average spread of 2.25 pips. SimpleFX offers only a few dozens of shares.
Both DotBig and SimpleFX have commodities and major indices. Plus, they display cryptocurrencies but the selection of crypto products is wider on DotBig. You can also buy cryptos on DotBig and withdraw them from any convenient crypto wallet. The list of available payment methods is displayed on the website of the company.
On the whole, SimpleFX has around 180 tradable products.
Except for access to major trading markets, DotBig also displays venture investments. This might be a risky affair but it’s quite an interesting thing to explore. If you invest money in a startup that will later become a global hit, you will make a fortune!
Platforms & Tools
Web Trader of SimpleFX might seem better than DotBig Web because it has a news column, which is much better when you want to make quick research. With DotBig you have to use additional resources, which might turn out to be time-consuming. Both platforms have a lot of built-in tools that make technical trading much more efficient. Plus, these terminals were designed for beginners, that’s why they feature a very simple interface.
If you prefer trading on the desktop platform, DotBig offers MetaTrader 5 and SimpleFX – MetaTrader 4. These are the most popular desktop trading platforms in the industry, developed by MetaQuotes. It’s relevant to check out whether MetaTrader 5 is available in your country.
These two brokers have advanced features for automated trading as well. Both offer social trading platforms, on which newbies can just copy deals of successful users. Trade signals are also available. These are special robots that help to choose the time when to make a deal.
Which Broker is Better Overall?
Both DotBig and SimpleFX have their advantages:
|Advantages||a long list of tradable assets advanced automated trading solutionslow trading fees free educational programs||no account minimum responsive customer support user-friendly platform multi-currency account|
To sum it up, we can conclude that both brokers are relevant for inexperienced traders and investors. Their platforms are easy to navigate and offer good conditions. But DotBig is more advanced from the perspective of the selection of financial instruments. It offers access to more markets and displays a wider range of products.
Choose your broker wisely and don’t be afraid of practicing new ventures!