Topic: SimpleFX.com SCAM ALERT! (Read 4087 times)

Account deleted, lost 80 000 USD. More here https://bitcointalksearch.org/topic/warning-simplefx-account-deleted-lost-80-000-usd-2470593

Some icos had audit and still turned out to be scammy, but it would lower the chances.

I agree with you. It can help to avoid scam projects. And do you know any companies that can do this? Thank you!

It seems to me that if all of the projects provided their external audit reports, then the scum would be much smaller.
It is a pity that this is still not so well developed among ICO projects...

BCH it's a big scam. Simplefx liquidity failure jut proves that point once again.

Simplefx is scam. i withdraw 0.45 btc yesterday. Simplefx canceled.(we have discovered a malfunction of our Liquidity Provider’s bridge function. In result of the malfunction, our BitcoinCash Liquidity Provider has not been able to fill our Clients’ orders since 11th November 08:55 UTC. Acting in accordance with point 27.2 of SimpleFX Terms of Use and Customer Agreement, we are forced to cancel all BCH trades placed after the above-mentioned time.)


simplefx  account number 114075

ToniBit, we are sorry to hear that you are not satisfied by SimpleFX services. We do not manipulate our prices, you can compare any asset price to our competition.

Feel free to file official complaint to [email protected] and present as much details about your losing trades as possible. However, please be aware that we do not refund our clients loses if they do not present any valuable and reasonable arguments that issues with trades were on our side.

If there were any issues on our side during time you traded on our platform please send us details (time of occurrence, trade ID, issue description, platform/ device(s) you were using, screenshots), we will investigate them thoroughly. 

/// Company Legal Info:

All information regarding Terms and Conditions as well as our AML policy and refund policy is available at our website under following link: https://simplefx.com/legalDocuments/.

Since SimpleFX offers anonymous trading accounts for crypto holders, the process of acquiring financial licence which is time and effort consuming, but hopefully we will be finally regulated.

SimpleFX company details:
SimpleFX Ltd., Suite 305, Griffith Corporate Centre Beachmont, Kingstown VC0100, St. Vincent and the Grenadines, is incorporated IBC by the Registrar of International Business Companies.
Legal Entity Identifier: 21380042B8QJ87V4HA89

ohh i can see. it's seems you also lost a money there.
so you are not just a dumbass with fake arguments but a looser too.


Have been using their service for  8 months. so far, there have been no troubles. And deposit/withdrawals are instant in most cases which are wonderful.

I can assure that simplefx is a scam, it is not regulated by any European commission and I doubt that worldwide, an alert has been issued in the CMNV of Spain that is not a regulated broker.
I have not found the international mercantile registry of this company and they are protected in that they are regulated by the laws of san vicente and grenadines, fiscal paradise.
The service was quite bad, after the deposit they no longer contact you, nor by margin call or too much risk in the operations, they do not analyze the clients to recommend the most adapted products for each one.
Documentation only in English not adapted for understanding the local language where they offer their services.
In the conversations box, the conversations are not real and they eliminate the messages that are convenient for them to attract more clients.
Detect variations and manipulation of prices quite important between different brokers, being simplefx the one that had more variation, I lost almost 70 percent of my account after being manipulated the market, it is true that gold and silver are the most manipulated markets grobal for all these institutions.
For my part, with the proofs I am going to issue a complaint to this company because they have not listened to me. SIMPLEFX IS A GREAT SCAM, if you know someone who is inside or intends to invest their savings please advise them to stay out of doing business with this company. SIMPLEFX IS A SCAM, IS NOT REGISTERED IN ANY INTERNATIONAL SECURITIES COMMISSION AND HAS NO CONVENIENT COMMERCIAL REGISTRY TO OFFER ITS SERVICES BEYOND SAN VICENTE AND GRANADINA, IT IS A BAD TO LISTEN THAT PEOPLE LOSE THEIR MONEY FOR THIS TYPE OF COMPANY. IF SOMEONE HAS UNDERTAKEN LEGAL ACTIONS AGAINST THEM PLEASE CONTACT ME.
regards

By now, most litecoin volume does not occur on the OKCoin exchange used by SimpleFX for LTCUSD, not that liquidity is directly proportional to volume anyway.  When litecoin used to be at $3 million daily volume even just a month ago, a $200 million volume day for Litecoin is a sign of volatility, not stability.

Litecoin has not had time to consolidate on every exchange at its new price point yet, not that I would count on that happening on OKCoin anyway with all People's Bank of China uncertainties.

In this case, it looks like a whale deliberately dumped and tried to crash the price on OKCoin.  Of your plots, the only ones really relevant are your SimpleFX and OKCoin plots.  Other exchanges no doubt influenced the recovery indirectly but lack direct relevance to the momentary OKCoin downspike.

There does superficially seem to be deviation between your 5-minute-scale plot of OKCoin futures, versus your 5-minute-scale SimpleFX plot.  But it is hard to really conclude much.  I know, from other exchange plots unrelated to SimpleFX, sometimes a downspike appearing on a 1-minute plot is reduced on a 5-minute plot's display, and so on.  Not all plots are really perfect.

SimpleFX seems to sometimes lag the exchange it is based on by a few seconds, so some weirdness is quite possible.  It is not a deliberate scam at all necessarily, though.

Beyond that, I have been using SimpleFX since last year, on many markets, and there is no time for me when they have seemed to deliberately be unfair.  So I would be inclined to give them the benefit of the doubt here.


You choose the size of your positions relative to the amount in your account.  Personally, I like the range of options available.   Yet I usually deliberately maintain less than maximum-leverage positions even on Bitcoin, and that has far more liquidity than any altcoin.

Just because you can take out up to 16.67:1 leverage doesn't mean you regularly should, outside of brief hyper-monitored trading as a limited portion of a diversified portfolio.

SimpleFX market manipulation is doubtful, judging from my own positive experience, but there is always market manipulation by deliberate whale dumps.  For instance, whales will not only do dumps but deliberately yank away giant buy walls just at the moment they are actually needed, potentially on any exchange.

JayT, We do apologize for the inconvenience and would like to ask for more patience. Please file official complaint on SimpleFX support section: https://simplefx.com/support/
In your complaint please include your trade ID and complete description of the issue. All complaints are responded to within 30 days. SimpleFX treats all customers equally, complaints are reviewed according to the date of submission.

Looks like MORE fake lies to me. SIMPLEFX price dropped from $12.60-$11.10 (-12.6%), a far cry from $14.00 - $12.91, which is shown on OKCOIN (-8% https://www.okcoin.com/future/market.do?symbol=1). The discrepancy is too high. Had it fallen only 8%, I would have been NO at risk of force liquidation.  The difference is a massive -76% BIGGER LOSS by SIMPLEFX on 16.6x. Care to explain? Because I see no correlation.  -76% bigger loss is night and day difference. Oh? is that what you're calling 'volatility? Your exchange gives it a little extra kick in the butt? TOO many large positions that you couldn't cover/didn't hedge, so needed to steal? WHY SUCH FALL? ONE CAN ONLY guess without any real answers. FAKE exchange numbers, FAKE answers too.

"^{Unfortunately trading is very risky, especially such volatile and low liquidity instruments"
"1. Civilized way to resolve such issue would be to file an official complaint and wait for a response}"

- LTC was doing ~$200,000,000 daily volume back then, nearly same as BTC. Not exactly 'low liquidity.
- No thx, I'll warn others of your fake exchange before I follow your definition of 'civility'.

Same timeline: 5 MINUTE CHART = NOT WHAT YOU ARE USING. Numbers don't match up. ~8% on this chart, vs your -12.6% NOTHING lines up.


Spare us your fake/generic answers, we can see the charts clearly - STOP LYING TO ME, I FEEL BAD ENOUGH YOU STOLE MY MONEY!

They use OK coin as providers.

This is the chart: https://www.okcoin.com/future/market.do?symbol=1

Edit: movement really happened on Ok coin

Hello,

First of all we are sorry that you took a significant loss on your trading activity. Unfortunately trading is very risky, especially such volatile and low liquidity instruments as crypto currencies.
At this point we would like to emphasize few facts:

1. Civilized way to resolve such issue would be to file an official complaint and wait for a response.
2. According to our Terms and Regulations, we have 30 days to refer to client's official complaint.
3. NONE of above screenshots present the chart from our LTC liquidity provider, which is clearly stated in Contracts Specification on our website

thanks for info

YES. I went to live SUPPORT chat, they said, crypto was volatile and risky. Wouldn't give explanation for drop, but did lie to me saying it happened on other exchanges too. That was going nowhere fast, so I emailed them, asking an explanation. NO response to my question, but did email me that I am BANNED from chat. They don't want me telling other ppl they are scammers.

I make a post on their service discussio for see what they have to say

Good (or badm damn really bad! ) to see. Have you contacted their support?

COINMARKETCAP.COM = NO FLASH CRASH at 20:00, just the big rise before it!




GDAX.COM = SAME DATE on chart, 4/24. SLOW FALL only % OVER HOURS - normal.



BITFINEX.COM = STEADY TRADING +/- FEW %. SEE '25' on timeline, is 4/25. 20:00 to the left is where try matching.




POLONIX.COM =  steady 5% +/- range ALL DAY.




BTC-E.COM = VERY stable/level @ 20:00



SCAMMER SITE: SIMPLEFX.COM = FLASH crashed 12% in 5 minutes, taking out highly leveraged positions before resuming UP. It is currently HIGHER +14% than it was before the crash! 1.5 DAY AFTER. THEFT.

Post this screen plese. we need to understand if we could continue to trust them

Just look at the chart. It is a 5M chart, the total drop was 12%.
Date: 24 Apr 2017
Time: ~22:00

I have screenshots of other exchanges at this time, none have this big drop. You can look at charts too, and see that ONLY simplefx have this sudden 12% drop.

They are offering you 16.6x leverage, they know this is going to wipe everyone out, because the 12% drop @ 16.6x leverage is -200% of your investment!

I suggest you don't stick around for a FAKE FLASH crash so they steal all your $ too.

ONLY EXCHANGE TO do -12% in 5 minutes to steal LTC investors money!

I manage on this broker about 100 BTC , an never had any issue. Could you post mor proof about your loss? I need to know if i could continue to trust them.
Thank you

 
I had most of my money invested at SimpleFX.com on LTC tonight. I had my positions for awhile, I was up nearly 100% with leverage. I tabbed over to their site, and seen LTC was crashing some, I checked other exchanges real quick...they were fine. Within a matter of minutes LITECOIN crashed ~12% on SimpleFX. Mind you, this is the ONLY exchange this happened on, all well within 5 minutes. Every other exchange was doing 'normal' trading.

It seem to me this was a manufactured drop on a scammer / fake exchange, to steal all the money invested LONG on litecoin. OF course, as soon as I lost my positions, it recovered a whole bunch. I am convinced they artificially/intentionally dropped the price ~12% to steal money. Litecoin has a $700,000,000+ market cap. We are talking nearly $80,000,000 in capital wiped out on some tiny little POS exchange in 5 minutes, I DONT THINK SO.  SimpleFX.com is 16:1 leverage, and 12% down in 5 minutes under HEAVY LATENCY would / probably did steal everyone's money invested.

It was lagging so bad while it was happening, I was delayed nearly a whole minute on all my actions. I KNEW something was wrong and I was smashing the red X to try and save my $ while my margin call was flashing red. I had a couple of my LTC positions force-liquidate, but manage to save like 10% of my investment. MIND YOU, i was up 100% before the crash! In hindsight, me trying to liquidate at the bottom of the crash was a BAD idea, because support told me it's MY fault that I sold! OMG ALMOST ANYONE would of did what I did. I was clicking those red x, and nothing was happening. It was 1 minute after, I finally seen it, they liquidate. IF I hadn't done the blind clicking, I would of lost it ALL ANYWAY. Besides, THE ISSUE is a FAKE 12% drop in price. WHAT A JOKE EXCHANGE, 100% FAKE.

Please help me report this to the right people. I don't think i'll get my money back, but I want that them shut down! I'm SO PISSED. Please warn ppl or share your thoughts!