Topic: [ANN] SimpleFX.com - forex broker with BTC and LTC crosses and 1:500 leverage - page 19. (Read 64899 times)

UPDATE!

•We have restored Bitcoin payments at https://simplefx.com
•Bitcoin deposits will be transfered to your SimpleFX trading accounts after 1 confirmation

1.   We would need a confirmation of Skrill account closure. Additionally, some other confirmation of your ownership of your other account payment processor account which you would like to send funds to. But it is only general procedure, each case will be investigated separately to avoid possible manipulations and abuses.

2.   Let’s say your deposit 200 USD with Neteller and 100 USD with Skrill to the same USD trading account. Let say you made 500 USD profit (total account balance 800 USD) and want to withdraw your funds. In this case you can withdraw 800 USD with Neteller.

3.   SimpleFX does not exchange crypto to fiat or fiat to crypto. Bitcoin account must be funded with Bitcoin, USD account must be funded with USD.

1. Seems like you want to keep that procedure a secret which I don't see any reason for that cause anyone could post their own experience here of that individual situation. Why is that a secret?

2. Also from above rules: ".... you can withdraw funds with the payment system used for the largest deposit". Does that word can means really CAN or it is a  MUST? If it is really can then it sounds to me if I am correct, that there are 2 possible withdrawal methods: used deposit system(s) and and the largest deposit system.

3. I have just noticed another rule "transfers between digital currencies (BIT) and hard currencies are forbidden". Does that means I can't: deposit bitcoins, buy USD and fund my MT4 USD account with bought USD onto your EXCHANGE?

Such situation would have to be considered individually by contacting SimpleFX support team with more issue details.



////////////// Notice! //////////////


Due to upcoming Bitcoin Segwit, SimpleFX will stop accepting new deposits and withdrawals - today 31 July 2017 after 12:00 UTC. Changes will be reverted asap.

Feel free to contact SimpleFX support team for assistance: https://simplefx.com/support/

Your withdrawal rules reminds of betting sites:

"Each withdrawal has to be made with the same payment system used for deposit. If you deposited using several payment systems and earned a profit/made a loss, you can withdraw funds with the payment system used for the largest deposit."

What if I deposit with one method and then I close account over there for some reason, lets say at Skrill. How could I make withdrawal in that situation?

You can always adjust your leverage at account section: https://simplefx.com/accounts/.
It is difficult to talk with regulators due to the fact that SimpleFX offers anonymous crypto accounts and process Bitcoin, Dash and Litecoin payments.






Due to upcoming Bitcoin Segwit, we have increased the number of required Bitcoin blockchain confirmations for deposits to 3.
On Friday 28th July 2017 at 12:00 UTC, required Bitcoin blockchain confirmations for deposits will be increased to 6.
This change will be reverted as soon as possible.

Trading crypto currencies with leverage is really risky.
But its really nice to deposit btc and withdraw btc from a forex broker.

There is no verification for BTC deposit so its really simple to trade.
There is only one big problem i didnt see a regulation for sipmlefx. but seems they are paying.

Hello,

We are prepared for any scenario. In case of Bitcoin fork, we are ready to implement solutions that will allow our clients to access both coins. Accounts for both coins will work just like standard trading accounts.

Please keep in mind that 24 hours before the event, we will stop accepting bitcoin deposits and processing withdrawals; we’ll resume them once the upgrade is finished.

What approach are you going to take on forks at the end of this month? Will different coin balances be available for withdrawal?

SimpleFX is trying to negotiate best deals with liquidity providers, which result in the lowest spread possible we can offer for our clients.

We have another good news:

•   SimpleFX is ready for Segwit
•   Faster order execution with crypto indexes

I'm seeing spreads today at 6.1 dollars. thats a solid spread price for 2200 btc compared to bitstamp or bitfinex. very satisied.

We are stoked to announce that we just added Dash as deposit currency, hope you enjoy it

also, it is just my opinion, but I am fine with a single LP, multiple are also ok, so long as they are all using the bitfinex platform. if I have to trade on a blended product then I would be forced to watch multiple exchanges, which would make the task of trading more annoying.

so please do not attempt to integrate multiple platforms into one product. it would be annoying to recode my software to account for multiple platforms while trading. it is simple enough to simply watch bitfinex on trading view or bitcoin wisdom as is,  multiple exchanges would mean I would have to screw anther monitor to the wall. and I already have to watch korbit ad bitstamp for irregularities, let alone needing to watch them for minor fluctuations every minute.

if your current LP is content playing 'spread games' like boxing etc.. or if he just wants to manipulate the bid/ask at s/r ... I can live with that minor annoyance.

volume is already annoying but its ok... I can always look up the volumes elsewhere and inject into MT4 indicator.

and it should be noted your 'normal' fx pairs seem to work fine. volume works as intended (that is , its not normal volume but ticks per bar) and the updates were very fast. xauusd updates like it would on any other broker.

Hello Po,

my only problem, and it is not your fault, but rather the design setup of mt4 , is that shorting on a BTC denominated account is quite fruitless and very dangerous. in order to short 10btc to preserve your value, you would have to  short 10btc. since shorting on a 1:1 basis on something as valuable as bitcoin, it is quite dangerous, in the case of prolonged short squeeze.

therefore it is best to short by using an exchange and simply withdrawing to USD. that way you can be assured of that you do not bust your account.

That being said, your platform is very powerful when going long, b/c your account is denominated in BTC.

So in the future I will simply load a USD (for shorts)and a BTC (longs) account to mitigate this problem.

otherwise it is quite a satisfactory platform for my uses, and wish you future success.I am excited to see your progress!

Hello,

Thank you for a review of our platform and service, we will take under consideration all of your notes.

- Withdrawals are indeed processed manually which can take max up to 24h. Waiting period depends mostly on the time of day in which the request was made and on the number of requests waiting in the line to be processed.

- Low liquidity may be an issue sometimes since we rely on a single exchange, but this is about to change because we are finishing tests of a new solution, so stay tuned

final update. I got in a little argument b/c it was taking a while, but then they paid me. its not their fault. it clearly states on website the time for withrawal. but I want to be able to dispose to an alt or usd if btc crashes. and its moving alittle to hot for me today.

so if it does decide to dump I want to be prepared.

Simplefx has made steady improvements. definitely gonna use them again. very easy service!

2 months update.

ok after running simplefx for 2 months. heres my opinion:
first things first. I am a modestly profitable trader. its fair to say I know my way around a technical chart. that being said , the first time I have traded bitcoin was from may to june. and it was a wild ride.

I both shorted and long.  and came out profitable. I've used a number of MT4 platforms, both facilities worked. shorts occasionally showed 'off quotes' , especially before crashing. this may be due to liquidity provider, and not them.

the good:
-I was not kicked off for being a profitable trader.
-I've decided simplefx Bar averaging is a good thing.  you dont get get flashed crashed out and stopped out. on the down side you cant take advantage of the same. but really you should be trading large moves anyway, not micro second moves.
-trades were relatively fast
-bar update speed was improved.
-spread was improved. new low was 7.1 and up to 17.8 in times of volatility. with an average of around 10. this is much better than the ridiculous spreads of 10-15
-pricing started to vary a lot more. but buy price + spread was often within 3 dollars of bitfinex. I believe they pushed part of the spread into the buy price to hide the spread. but still if you venue shopped you can find good opportunity. especially when spread = 7.1 (high liquidity)
-customer service is very knowledgeable. by far the best I have used. they know their product very well. they are trained well, and they are very helpful.

the bad:
-volume still sucks. how can you trade without volume?
-occasional off quotes message , usually on shorts, not so much longs. could be their LP
-small withdraws seem instant, and large ones seem very very slow. I tested with .1 first. it was instant. I am still waiting for hours for a larger withdrawal, but not large by mid size trader standards, to complete. as I write this Im watching 2 h4 bars off the bounce at 2200 bitfinex become far too large far too fast. if I miss my opportunity to liquidate I will be very disappointed. and I will likely only stick with bitfinex or bitstamp in the future.
-no ability to liquidate. (USD wallet) this means you have to withdraw. if the price is hot, you had better be ready to short. of course if it too hot, you will get margin called.  not good.

All in all, they offer a great product. if they mess up my withdrawal I will be very very disappointed. b/c this mean they are not usable in effect. b/c you cannot liquidate on them.



will write final update depending on their withdrawal speed for larger orders.

Hello,

All this information can be found here: https://simplefx.com/legalDocuments/


Unfortunately we do not support cross withdrawals.

simplefx support cross witrdraw or not
sample deposit use bitcoin, withdraw use another option sample skrill, webmoney, netteller or tansfer wire

While visiting your site I couldn't find specific info about spreads, Max. Leverage, Margin Required, Market Hours (open-close-break time), Financing rates, etc for each market offered (Forex, Commodities, Indices, Stocks).

Is that info available only for registered clients?

Making that info available for the general public (like your competitors do) might be interesting, don't you think so?