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SimpleFX Trade 24/7 on Global Financial Markets

latest release: 2.1.178.0 ( 15th October 2021 ) last analysed  13th October 2021 Custodial: The provider holds the keys 
4.4 ★★★★★
280 ratings
50 thousand
18th December 2017

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Please help us spread the word discussing the risks of centralized custodians with SimpleFX Trade 24/7 on Global Financial Markets  via their Twitter!

Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis 

App Description

  • Over sixty currency pairs
  • Sixteen cryptocurrency pairs
  • Indices (incl. NYSE, NIKKEI, DAX), equities (incl. Snapchat, Google, Facebook), commodities (incl. Gas, Oil, Gold)

Google Play Critical Reviews

Out of 279 total reviews as of October 11, 2021, the app garnered a total rating of 4.4 stars.

Here are the more critical reviews:

FilipinoTrendz PH
★☆☆☆☆ June 4, 2020
Stop loss is very early. It stopped before it hits the desired price. Take profit is not working. It still going and going and not stopping on the desired price to take the profit. Close my trade to loss profit automatically without me manipulating it. This platform seems magical.

The Site

It is possible to sign up to the web platform as well as through the mobile app.

SimpleFX’s legal documentation are located in separate PDF files. The links to these legal documents can be found on this page

The Terms of Use and Customer Agreement

These are the account termination provisions:

Cryptocurrency Customer also agrees that the Company, may, by giving notice, in its sole discretion terminate Bitcoin Customer access to the Website and to his or her Cryptocurrency Account, including without limitation, the Company’s right to: limit, suspend or terminate the service and Bitcoin Customers’ Bitcoin Accounts, prohibit access to the Website and its content, services and tools, delay or remove hosted content, and take technical and legal steps to keep Cryptocurrency Customers off the Website if the company thinks that they are creating problems or possible legal liabilities, infringing the intellectual property rights of third parties, or acting inconsistently with the letter or spirit of these Terms of Use.

It is possible to deposit bitcoin and other cryptocurrencies. It is also possible to withdraw using cryptocurrencies.

The App

We could not locate the official iOS version of the app and can only seem to find it on their own website.

Providers that don't distribute their apps through the big platforms should be treated with caution. Here they claim "download from the Apple App Store" even though they then go on to explain how to download the app from their servers.

Google and Apple review apps for compliance with their rules and while some apps get rejected for cosmetics, not being listed is suspicious.

Verdict

This app seems to be a hybrid of forex, CFDs and cryptocurrency trading. Unlike other CFD sites, depositing and withdrawing bitcoin is possible albeit the funds are kept in a custodial solution making the app not verifiable.

(dg)

Verdict Explained

As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!

As part of our Methodology, we ask:

Is the product self-custodial? If not, we tag it Custodial! 

A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.

Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.

Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.

This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.

We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:

  • Do your own research if the provider is trust-worthy!
  • Check if you know at least enough about them so you can sue them when you have to!
  • Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
  • Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.
The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.