General Information & Regulation
SIMARKETS is allegedly a suspicious regulated forex broker registered in China that claims to provide its clients with various tradable financial instruments with variable spreads on the MetaTrader4, MT4 on iOS and MT4 on Android trading platforms, as well as 24-hour customer support service. Here is the home page of this brokers official site:
As for regulation, it has been verified that SIMARKETS does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and it receives a relatively low score of 1.29/10. Please be aware of the risk.
Market Instruments
SIMARKETS advertises that it offers access to a wide range of trading instruments in financial markets, covering three trading assets, forex, equities and ETFs. Specifically, major currency crosses (e.g. EUR/USD, GBP/USD etc.), commodities (precious metals like gold and silver, energy products such as crude oil or even agricultural commodities such as coffee, cocoa, rubber etc.) and stock markets (futures on stock indices or on individual stocks) are all said to be tradable financial instruments.
Account Types
SIMARKETS claims to offer demo and live accounts, yet it says nothing about the minimum initial deposit amount.
Spreads
SIMARKETS claims that different trading assets have quite different spreads. For example, the EUR/USD spread was floating around 24 while we wrote this introduction. Spreads on other forex currency pairs can be found in the below screenshot.
Trading Platform Available
Platforms available for trading at SIMARKETS are MetaTrader4, MT4 on iOS and MT4 on Android. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
From the logos shown at the foot of the home page on SIMARKETSs official website, we found that this broker seems to accept numerous means of deposit and withdrawal choices, consisting of Visa, MasterCard, Apple Pay, China UnionPay, Discover, Diners Club International, American Express and SAMAUNG pay.
Customer Support
SIMARKETS‘ customer support can be reached by email: info@simarkets.com, send messages online to get in touch or request a callback. However, this broker doesn’t disclose other more direct contact information like telephone numbers or the company address that most brokers offer.
Risk Warning
Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
