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 Russian coin exchange offering trading in a large selection of trading pairs. It launched in February 2015.
The Simex-platform has a very impressive liquidity. On 6 June 2019, Simex had a 24 hour trading volume of USD 320 million. This placed it on the top 35 list of the exchanges in the world with the highest 24 hour trading volumes. Accordingly, if you’re looking for liquidity, you are very likely to find it here.
Coin Aggregator — Possibility for Arbitrage Trading
Simex also has a very interesting function — its coin aggregator. Through the coin aggregator, you receive access to 1500+ different tokens and trading pairs, not only on Simex but on a number of different exchanges. Through this access, you can do arbitrage trading over many different exchanges at once. For instance, let’s say that the Ethereum token is priced at USD 250 at one exchange (Exchange A) and USD 252 at another exchange (Exchange B). Through your Simex-account, you can buy the Ethereum token at Exchange A and then quickly sell it at Exchange B, to a risk free profit of USD 2! A day trader’s dream…
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.
This platform also has a feature they call P2P Transactions. This means that you can transfer assets to other users of the Simex platform fast and with minimal fees.
Simex Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Simex:
Simex Trading fees
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 0.10% for both the takers and the makers.
0.10% is substantially below the global industry average. The global industry average is arguably around 0.25%, although many exchanges are moving towards lower fees like 0.10% or 0.15%.
Also, if you hold the Simex Exchange Token (SMX) in your wallet at the exchange, you can trade with even lower commissions than 0.10%. How much lower you can trade depends on how many Simex tokens (SMX) you hold. As follows:
- 1 000 SMX: 0.075% Maker Fee / 0.075% Taker Fee.
- 5 000 SMX: 0.05% Maker Fee / 0.05% Taker Fee.
- 10 000 SMX: 0% Maker Fee / 0% Taker Fee.
One SMX token is apparently worth 1 USD.
Simex Withdrawal fees
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 urge you to make your own analysis of the withdrawal fees.
At this trading platform, 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.
This exchange’s security score is C, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is actually way above average when it comes to the cryptocurrency exchanges listed in our Cryptocurrency Exchange List. Most of the exchanges only receive an F.
Liquidity is something very important for all exchanges, cryptocurrency exchanges but also regular stock market exchanges. The above exchange does indeed have great liquidity. However, the following cryptocurrency exchanges are also regularly among the cryptocurrency exchanges with the absolutely best liquidity in the world: