[WARNING] SimpleFX - account deleted, lost 80 000 USD

[gaminn]

Hi,
I have been trading on SimpleFX for several months. I'm profitable trader (several thousands percent ROI on SimpleFX since I started). In November I started having problems with SimpleFX.

1) At the beginning of November, I initiated two bank withdrawals. I was waiting more than 3 weeks for one withdrawal, the second one hasn't been processed yet. All the time I contact customer support I get answer "contact our payment processor, we have procecssed your payment".

2) On November 13 they cancelled all Bitcoin Cash trades since November 11. Several users wrote about this on this forum before me. It is the "liqudity provider problem". It is weird they discovered the problem after 2 days it occured. However, I can somehow live with that - they probably lost too much money on BCH pump.

3) On November 14 I initiated some crypto withdrawals. After waiting for 1 day I asked why they wasn't processed yet - the answer was "you are under investigation". They promised my investigation will be finished on November 20 - 24. It wasn't. As a bonus, SimpleFX completely froze my account on November 23 (I can't login). Till now they are not able to tell me the reason of investigation. I'm just allowed to send them complaint that will be answered in 30 days . I'm not aware of any violation of their terms. However I am aware of my profits I have on SimpleFx. This is the only reason of blocking I can think of.

At the time of writing they hold approx 80 000 USD of my funds (fiat and crypto). Not counting several tens of thousands USD on cancelled BCH trades.

I give SimpleFX opportunity to comment the issues (mainly 3)) here.

[SimpleFX]

Hi,

we will not comment the case which is under the ongoing investigation for compliance with SimpleFX terms.

Immediately after investigation is finished, you will receive official reply to your email address registered at SimpleFX.

[gaminn]

FYI: Here - https://bitcointalk.org/index.php?topic=1059253.420 - you commented investigation. You were able to provide reasons of this investigation. Why not in my case?

When will the investigation be finished?

[SimpleFX]

Investigation may take up to 30 days, within that time frame you will receive an official reply.

[Nando1]

I have same problem... After investigation (14 business days) (blocked account without reason) I recieve this reply:

Hello nando,

An investigation of your account has reached its final conclusion.

Our research confirmed, that an activity recorded on your accounts: 83318, 96792, 112646 violated regulations stated in our Terms of Business (CFD) point 8.24 b. In accordance with this rule, it is not allowed to perform any trades at SimpleFX that would stem from the sheer urge of exploiting any temporary inaccuracy or any delay in quoted prices.

As a result of the violation of point 8.24 b, we had no other choice but to intervene in accordance with point 8.9 of our Terms of Business (CFD) and cancel all your transactions that took place within the following period of time: 18.07.2017 and 10.11.2017.

Furthermore, due to the infringement of our company’s regulations we are forced to terminate your contract with SimpleFX. Please be informed that your SimpleFX profile will be closed permanently.

Following the point 8.24 of Terms of Business (CFD), company’s decision is irreversible and no complaints will be accepted.

Best regards,
SimpleFX Customer Service

SimpleFX hold my 176BTC ( without BCH trades 134BTC) and my trading account has been deleted... I'm not aware of any violation of their terms.

[gaminn]

So, finally, my account was deleted, 80 000 USD confiscated. SimpleFX can delete your account if you are profitable. Court of simplefx decided that I violated point 8.24b of their terms.

See also this thread https://bitcointalk.org/index.php?topic=1059253

[SimpleFX]

I have same problem... After investigation (14 business days) (blocked account without reason) I recieve this reply:

Hello nando,

An investigation of your account has reached its final conclusion.

Our research confirmed, that an activity recorded on your accounts: 83318, 96792, 112646 violated regulations stated in our Terms of Business (CFD) point 8.24 b. In accordance with this rule, it is not allowed to perform any trades at SimpleFX that would stem from the sheer urge of exploiting any temporary inaccuracy or any delay in quoted prices.

As a result of the violation of point 8.24 b, we had no other choice but to intervene in accordance with point 8.9 of our Terms of Business (CFD) and cancel all your transactions that took place within the following period of time: 18.07.2017 and 10.11.2017.

Furthermore, due to the infringement of our company’s regulations we are forced to terminate your contract with SimpleFX. Please be informed that your SimpleFX profile will be closed permanently.

Following the point 8.24 of Terms of Business (CFD), company’s decision is irreversible and no complaints will be accepted.

Best regards,
SimpleFX Customer Service

SimpleFX hold my 176BTC ( without BCH trades 134BTC) and my trading account has been deleted... I'm not aware of any violation of their terms.

Can not confirm legitimacy of you message, however you wrote that you violated 8.24 Terms of Business (CFD).

[Nando1]

I didnt violate any point.If yes, write exactly what I did. Reply me to an emails please

[gaminn]

LOL, simplefx can't confirm legitimacy of the message You are sooo funny ... Question for simplefx: Have you ever deleted an account of non-profitable trader? No, you don't have to answer, we know the answer

Nando, you violated point 8.24b, the most important point! You will burn in hell! And me too, cause I also violated that point.

To all who want to trade on SimpleFX - you can, but be prepared they can delete your account. They act according to their terms but the terms are written in a way that allows them to delete your account whenever they decide to do so. First, the will investigate you (I guess that happens when you start to earn too much on simplefx), then they will tell you that you violated some point of their terms, then they delete your account. They won't explain you what you did in contradiction with their terms, they won't provide any evidence that you really violated the terms, they will just kick your ass... and good bye... Yes that happeneed to me.

[zckeles]

simplefx is iscam they took 5 btc!

[spamsucks]

Wow...

So in short if you violate a rule on the site they are allowed to take your money and keep it?

Where is this company located, so I will watch the news when the violence starts.

[gaminn]

Wow...

So in short if you violate a rule on the site they are allowed to take your money and keep it?

Where is this company located, so I will watch the news when the violence starts.

I think it is normal that broker can take your profits if they find you violated their terms. In my case, I'm sure that I haven't violated any of their term. I traded mainly BTCUSD, watching order books and charts and hiting BUY/SELL/CLOSE button to submit an order. I think nothing special, many people trade like that. After 5 months of trading they told me I violated rules on all trades made during these 5 months Yes, I was exploiting some inaccuracies in prices (point 8.24b of terms) on simplefx for 5 months

When I saw they are trying to eliminate me, I made an offer to them - to voluntarily leave their platform, in exchange they will pay my profits. Not accepted.

[LazyPeon]

funny thing... http://www.nasdaq.com/article/simplefx-8211-the-best-cryptocurrency-trading-platform-2017-cm886794 

[gaminn]

Yes, that's what I call "mixed feelings"

[DEFASCAM]

"point 8.24 b"

how is this point not made to fuck with people? how can u know the listed trade is faulty. this sounds like we fucked up [system error, intentional w/e] and lets make the customer pay for it.

how is this a thing? i was thinking to maybe open an account here, good that i found this site, its def a scam.

you unknowingly make a trade on system error and instead of they just canceling/refunding the trade they can take your money and ban you ? :DDDDDDDDDDDDDDD

the can easily manipulate the system [admins, programmers] make a president ban you and cashout.

i dont know shit but i wish people could sue them and make them go to jail for this bullshit.

[P2Pfinder]

Maybe my situation is different, but I can confirm that I resumed  managing accounts on SimpleFX and in the last three months I had no problem.

[DEFASCAM]

this replay u just made is very narrow minded, THEY ARE NOT SCAMING EVERYONE, i am talking about them having the option to target you take your money and ban you, even tho u did nothing wrong. U UNDERSTAND THAT? it doesnt mean it will happen to you, BUT THERE IS A CHANCE IT WILL... fools

[P2Pfinder]

Edit: here proof of withdrawal.

https://imgur.com/a/xtMta

[DEFASCAM]

stfu u are a simplefx bot, u try to make them look better. and u are a bot only bcoz both replies u made makes absolutely no sense. if u are not a bot i feel sad for you, clearly stupid.

you guys see this?  simplefx site is so bad they have to hire people to make them look better and hide the truth... expected from a shady business. =/

[P2Pfinder]

stfu u are a simplefx bot, u try to make them look better. and u are a bot only bcoz both replies u made makes absolutely no sense. if u are not a bot i feel sad for you, clearly stupid.

you guys see this?  simplefx site is so bad they have to hire people to make them look better and hide the truth... expected from a shady business. =/

No bot, no support for SimpleFX . I only gave proof of what i wrote. Also check my past posts, see my discussion where i suspended my managing service on this broker.