Topic: [ANN] SimpleFX.com - forex broker with BTC and LTC crosses and 1:500 leverage - page 20. (Read 64899 times)

Hello, thank you for the feedback, we will definitely take it under consideration. We appreciate the kind words and criticism as well.


The lowest possible leverage is 1:2, you cannot trade without leverage.

its an MT4 System. effectively you cant trade without margin.
mt4 doesnt allow you to have two Wallets "usd", and "btc" to my knowledge. so it wont work.

that being said, technically you are always long btc since the funding currency is btc. so to be long, you just dont trade.
if you want to be short. just short .01 for every btc you have. obviously you will pay swap.

their statement is they will margin call you at 1/3 margin. if you are using only .01 per 1 btc funded, you are very unlikely to get margin called, unless the btc goes to 1/3 its value (getting you margin called) aka, flash crash from say 1000 usd to 300 usd.

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/dPwdyF



I 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.

Ok, seems to be a nice broker, I have a question, I see that the broker have only margin account and if I'm in a losing trade, will the broker make a margin call and make me lose all my money and a portion of my account?

Can I trade on Simplefx without using a margin or leveraging 1:1?

Thanks

Last time we changed margin requirements temporarily for Forex, Metals and Indices was in June 2016 before Brexit - EU Referendum. We have notified our clients by email and via MT4 platform.

Hey SimpleFX,

I wonder, do you change the margin requirements before events leading to a huge volatility on the markets ?

Have a good day

Hello, we are still preparing our infrastructure to implement it, and we are gathering information among our clients about the interest in implement this platform. We are also negotiating with MetaQuotes the license fee. As soon as we know more, we will share the info on this forum. For now please be a little bit more patient, it is the matter of time.

Hello SimpleFX.
How far you are from implementing the multiterminal?

Best regards,
GW

Thank for reply.

Hello TRF, we have just posted our response.

Hey SimpleFX, what happen?
Here a scam accusation against you! Sound strage, but this guy seems say the truth... Please clarify us what happen!
https://bitcointalk.org/index.php?topic=1885742.new#new

Hello,

We are always sad to hear a disappointed client, we are doing everything in our power to satisfy all SimpleFX users but sometimes it is just not possible to make everyone happy.

Like every broker should, we have backup providers which we use in emergency cases, when our main providers are down, are having technical issues or their liquidity drastically drops down. Without backup providers we wouldn't be able to guarantee a stable access to the market. Also, as backup providers are being used only in emergency cases, it is impossible to warn our users about changing the provider, we need to act fast to ensure the continuity of instrument quotations.

We use most popular exchanges as our providers, the situation when instrument's price go up on the exchange and down on our platform is not possible.

Our Web Platform is not perfect, we admit, and minor bugs can still occur, but it is our own creation, still under development and yet it is probably the most advanced trading platform among crypto exchanges.

https://www.forexbrokerz.com/reviews/random-prices-and-buggy-ui

can a simplefx representative comment on this bad review? 

This goes beyond the marketing rhythms because the sooner you get that done the better for your company, forex trading is a wide market that needed to be explore fully otherwise the company might lose some important client.
Intensify efforts of the PAMM issue and update the community as soon as possible.
Good luck.

Hello,

Thank you for understanding, we appreciate that. Also a lot of clients lately are asking about PAMM accounts so we are seriously considering to introduce them to our offer;)

My annoyance is fully pacified by your response, i hope the market will rally back in my favor, please try to keep to your promise of avoiding re-occurrence of such incidence.
You guy should try and implement PAMM accounts since you have started gaining popularity.

Hello,

We are very sorry for the problem today, we admit, there was a screw up on our side. In such cases we encourage to file a complaint through support ticket. We will do our best to avoid such situations in the future.

This broker server is not been updated regularly and it has often make me to loss my investments, thesame today, this trading platform got stuck for more than 1 hour now and the trade that has profits is now running into loss when checked from other server.
This is a bad way to run business.

Hello,

Yes, this is actually the key problem with regulations, regulators do not look favorably on bitcoin brokers. We are investigating our options but acquiring a regulation from one of the respected regulators will be very difficult.
Answering the second question, we are based in St. Vincent and Grenadines.

bad question. as bitcoin isn't regulated yet it's imposible to regulate brokers.