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Author Topic: SimpleFX.com SCAM ALERT  (Read 386 times)
zckeles
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November 13, 2017, 09:37:08 PM
 #1

Simplefx took .45 btc from me today.

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.)

This my last money, if not withdraw today

simplefx  account number 114075
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November 15, 2017, 09:26:59 PM
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I had the same problem! I made nearly .5 BTC trading on BCH, stayed up with little sleep. And now all that hard work is gone. At least they could have notified us that BCH trades will not be valid and I could have been trading on BTC instead!
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November 15, 2017, 11:15:57 PM
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I had the same problem! I made nearly .5 BTC trading on BCH, stayed up with little sleep. And now all that hard work is gone. At least they could have notified us that BCH trades will not be valid and I could have been trading on BTC instead!

Looks like this story is confirmed. Discussion of trades being unwound on SimpleFX here: https://www.reddit.com/r/BitcoinMarkets/comments/7csmop/warning_simplefx_unwinding_trades_not_in_their/

I have never used SimpleFX because they always appeared unprofessional. And I have always suspected that many of their CFDs are not hedged properly with an actual liquidity provider. I believe they are a bucket shop that primarily engages in trading against its users.

Two days before they recognized the problem with their "liquidity provider?" Haha! No, any reputable service would have noticed within seconds! It looks like SimpleFX lost massive amounts of money to traders during the Bcash pump and dump, so now they are stealing it back. In my mind, this confirms they are bucket shop.

Do they have a rep on the forum?

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November 17, 2017, 01:58:44 PM
 #4

We have discovered a malfunction of our Liquidity Provider’s bridge function. In result of the malfunction, our Bitcoin Cash 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 were forced to cancel all BCH trades placed after the above-mentioned time.

Trading on BCH currency pairs will remain halted until the issue with current Liquidity Provider is fixed, or until we come to an arrangement with a new Liquidity Provider.

zckeles
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November 18, 2017, 12:21:26 PM
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We have discovered a malfunction of our Liquidity Provider’s bridge function. In result of the malfunction, our Bitcoin Cash 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 were forced to cancel all BCH trades placed after the above-mentioned time.

Trading on BCH currency pairs will remain halted until the issue with current Liquidity Provider is fixed, or until we come to an arrangement with a new Liquidity Provider.


i think simplefx is scam! This problem was not technical! they took almost .5 btc!
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November 18, 2017, 04:02:53 PM
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We have discovered a malfunction of our Liquidity Provider’s bridge function. In result of the malfunction, our Bitcoin Cash 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 were forced to cancel all BCH trades placed after the above-mentioned time.

Trading on BCH currency pairs will remain halted until the issue with current Liquidity Provider is fixed, or until we come to an arrangement with a new Liquidity Provider.


Any update on the issue? Any timeline that your user can expect? Its been almost a week now and up until today the issue is still at hand.

I think a lot of people have been waiting for this fixed on your end. Don't let them down because I read good reviews about your services before and this is the first time I've seen a scam accusations open up against you. And if the issue is with your provider then better get a new one to have a continuous service to your customers.

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November 21, 2017, 05:17:23 PM
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FYI stay away from SimpleFX had my account wiped out this week with them this is thier response.   

Our negotiations with the former BitcoinCash liquidity provider confirmed that the malfunction of the bridge function took place on 11th November. As a result of this failure our BitcoinCash liquidity provider has not been able to fill our Clients’ orders since 11th November 08:55 UTC. Taking into account that the malfunction is an unprecedented occurrence caused entirely by the third-party company’s error we had no choice but to utilize The Force Majeure clause. Therefore, acting in accordance with point 27.2 of SimpleFX Terms of Use and Customer Agreement, we were forced to cancel all BitcoinCash trades placed after the above-mentioned time. We regret to inform that due to the repercussions of the malfunction caused by our former BitcoinCash liquidity provider and the sheer nature of this situation no refunds will be approved.

Although incidental, the bridge function’s malfunction is inexcusable for a liquidity provider. Therefore, we decided to temporarily remove BitcoinCash pairs from our trading symbols. Currently we are finishing our business negotiations with new liquidity provider companies that will secure that no incident like that will happen on our platform ever again.

As soon as our negotiations with new BitcoinCash liquidity providers come to a conclusion we will resume trading on all our previous BitcoinCash related pairs. We will inform all our traders regarding the reopening of these symbols for trading in the separate notification on our webtrader.

Once again we would like to deeply apologize for any inconvenience that this situation may have caused to our traders.
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November 22, 2017, 01:20:40 AM
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Any update on the issue? Any timeline that your user can expect? Its been almost a week now and up until today the issue is still at hand.

I think a lot of people have been waiting for this fixed on your end. Don't let them down because I read good reviews about your services before and this is the first time I've seen a scam accusations open up against you. And if the issue is with your provider then better get a new one to have a continuous service to your customers.

I'm not sure what you're expecting. They reversed trades days later, and they didn't stop BCH trading in real time for multiple days while this supposed malfunction was taking place. If you buy that story, I've got a bridge to sell you. They didn't hedge BCH positions and the market ran them over.

This event seals the deal for me....SimpleFX = bucket shop. Take your business to Bitmex for crypto futures, and 1broker for real markets (stocks, forex, etc). Fake and unbelievable excuse for clawing back money from their traders. This is Whaleclub-level theft.

Quote
Although incidental, the bridge function’s malfunction is inexcusable for a liquidity provider. Therefore, we decided to temporarily remove BitcoinCash pairs from our trading symbols. Currently we are finishing our business negotiations with new liquidity provider companies that will secure that no incident like that will happen on our platform ever again.

But why did they wait to halt trading for 2+ days? Either they are the most incompetent broker in the industry, or they are stealing lots of money here. My money is on the latter. Either way, SimpleFX can't be trusted for shit now.

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cdtc
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November 24, 2017, 01:37:02 PM
 #9

Damn looks scammy.
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