SIMEX Review explained by professional Forex trading experts the “ForexSQ” FX trading team.
SIMEX Review
SIMEX is a Russian cryptocurrency exchange and equity investment platform registered in the US. It offers trading in Bitcoin, Ethereum, and several ERC-20 tokens and also supports fiat currencies (RUB & USD).
SIMEX offers small businesses and startups clear, open and transparent opportunity to raise funds from investors.In addition, the platform provides a secondary market giving liquidity to the initial investors.
In this review, we will focus on the cryptocurrency exchange offering of SIMEX.
SIMEX Advantages
Fiat currencies accepted
SIMEX supports “traditional” fiat currencies (USD and RUB), so its users can buy coins directly with cash, or cash out their Bitcoins and altcoins. This is definitely an advantage, especially for newcomers in the crypto-verse.
Many payment methods supported, including credit cards
The above-mentioned fiat currencies can be deposited to and withdrawn from SIMEX in various methods: via credit/debit cards (Visa and MasterCard), bank wire transfer, Webmoney, or Yandex. Of course, these transfers come with a price (see details below).
Decent amount of altcoins available
There are a number of digital assets available at SIMEX. Apart from the most popular Bitcoin, as well as Ethereum, one can also trade in OmiseGo, EOS, Augur, Revain, and others.
By the time of writing this, the most popular trading pairs on the exchange are BTC/USD and ETH/USD.
Competitive trading fees
SIMEX charges both market takers and market makers with a flat fee of 0.2%, which is the current industry average.
Platform with advanced features
SIMEX’s web platform is nicely designed and is very user-friendly. Yet, it is also equipped with a set of advanced features, powered by trading view – great charting, technical analysis tools, etc.
SIMEX Disadvantages
Hefty transfer fees
As we mentioned in the beginning, transfers from crypto to fiat at SIMEX are charged with quite solid fees. Charges vary depending on the payment method, but deposits are charged up to up to 3.3%, and withdrawals with up to 6%. Here are the deposit fees:
Visa and MasterCard: 2.9% (min: 100 RUB, max: 60 000 RUB)
Yandex Money: 3.3% (min: 100 руб, max: 15 000 RUB)
Webmoney RUB: 2.9% (min: 100 руб, max: 14 000 RUB)
Wire Transfer (USD account): 0% + 45 USD (min: 1$)
No leveraged trading
Unlike forex brokers, most crypto-exchanges don’t provide margin trading. SIMEX is no exception, so, if you need some leverage to gear up your trading, you may check out what brokers have to offer.
Keep in mind that with forex brokers you don;t own any coins, but simply speculate on the price of crypto assets, as they are traded as CFDs.
Slow transaction speed
SIMEX warns its users that digital currency transactions on the platform might take 48 hours or even more, which is rather disappointing, especially given the price volatility of cryptocurrencies.
Low trading volumes
It seems that trading volumes on many trading pairs on SIMEX are rather poor, which means low liquidity
SIMEX is a Russian cryptocyrrency exchange that also offers crowdfunding services. The main benefit of using SIMEX is that it supports fiat currencies and convenient payment methods, such as credit cards and bank wire. Besides, its trading platform is really nice and equipped with advanced features, and the trading fees charged are not high.
What we don’t like about this exchange is its slow transaction speed and low trading volumes. Besides, it charges comparatively high fiat transfer fees.
SIMEX` services are provided by Simex Inc., a US entity, which is not a regulated financial services provider. The company also has a Russian representative, a Moscow based company called Multipay OOO. Lack of regulation involves certain risks, so if you’d rather use a licensed firm, we remind you that you can also trade in Bitcoin and other digital assets with forex brokers, many of which are regulated.
SIMEX Review Conclusion
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