my review on Simple FX
I wanted to trade btc via mt4, since I despise bitstamp and bitfinex UI. been using MT4 for years. I happen to like it. no need to change the status quo. so I found simplefx. seems liked here, so I tried them.
Pros:
-Absolutely **simple** AND user friendly interface. actually one of the best I've used
-Allows me to trade bitcoin on MT4. this is an absolute must.
-fantastic knowledgeable support.
-trades execute immediately.
-doesnt seem to have any spikes in prices. I believe this is because they average bars together. very handy b/c you dont have to worry about flash crashes or getting stopped out from pins.
Cons:
-their system is SLOW to update.
-their "LP" is apparently screwing me. BAD.
-when I first started, my spread was 2.7 dollars . around price BTCUSD 1500 USD. we are back in the 1900's again. at first I thought it was due to the increased price + volatility. apparently not. while the market has been volatile, not like it was a few days ago when it was shooting to the moon. and even then it wasnt so expensive on spread. then it went to 3.8-4 dollars. now it ranges from a minimum of 10.1 dollars to 30 dollars. I believe part of this is due to update differences between the reference site bitcoinwisdom, or bitfinex(their LP), so I wrote some code to watch the price myself and viola, they are constantly messing with the price.
-price is typically 5-30 dollars lower than market price. thats in ADDITION to the spread.
-the system is deliberately slow. volume is essentially worthless on simplefx.
here is an example
https://ibb.co/dPwdyFI actually love their system. its great. but they are effectively asking me to pull my account with 30 dollar spreads. Im debating on closing out open positions that I was waiting for finish. but now I'm thinking its time to move on.
Anyone else have a similar experience with them?
Edit: I should also add... bitfinex's taker fee is .2 % ... thats .002, so on a trade at 2000 USD, that should be about 5 bucks a trade. I do understand that I should have to pay more for a trade at a broker. they need to earn too. when I started, my spread was below cost. but minimum 100% mark up? often times at resistance, where there would presumably be an oder directly above the price, they charge 200% mark up. as in 20+ dollar spread. for a trade likely 10 cents above me.
any time the price drops as well, your spread shoots up, so you can effectively never take advantage of price changes.