US investors permitted
Simex – Detailed review
A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Simex consists of four parts: general information, fees, deposit methods and security.
Simex is a smaller Russian coin exchange offering trading in a medium-sized selection of trading pairs. The trading volume is also quite high (approx. USD 100 million a day).
In total, there are 29,780 investors registered at the Simex platform.
US-investors can utilize the services offered by Simex. In fact, Simex is even so specific that they list how many investors they have from each different country of the world. There are currently 347 US-investors trading at Simex. US-investors should always try to figure out themselves whether there are any problems arising from their trading at one or several international cryptocurrency exchanges.
It feels unfair tospeak about a Russian cryptocurrency exchange without also mentioning YoBit, one of the first to ever exist. So there, now it’s mentioned.
As you surely know, in the cryptocurrency world, the exchanges most often distinguish between “takers” and “makers”. The maker is the person whose order exists on the order book prior to the trade. The taker is the person who places the order that matches (or “takes”) the maker’s order. Many exchanges charges maker slightly lower trading fees as a reward for providing liquidity to the exchange.
Simex does not charge different fees between takers and makers. Instead, they offer a flat trading fee of 0.20% for both the takers and the makers. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model. 0.20% is in line with industry average. The trading fees charged at Simex is thus not a reason to avoid trading here.
We have not been able to find any information on Simex’s withdrawal fees. This is potentially a risk for you as an investor. When fees are not clearly presented somewhere, it tends to be a reason for that (such reason often being that the fees are high). Accordingly, we strongly urge you to make your own analysis of the withdrawal fees at this exchange before depositing any funds here and before concluding that it is the best cryptocurrency exchange site for you.
At Simex, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information.
- Also, exchanges handle a lot of cash or coin deposits and withdrawals.
Simex’s security score is C, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
If you have concluded that this is the exchange for you, congratulations! Go for it. But if not, find the best cryptocurrency exchange site for you by using our revolutionary matching tool.