Simex Logo
Exchange Review
This exchange has been flagged as inactive. There are many reasons for being flagged as inactive. We recommend you read the text below to understand why Simex has received the inactive flag.

Simex

Exchange Fees

BTC Withdrawal Fee 0.0005 • Taker Fee 0.10% • Maker Fee 0.10%

Deposit Methods

Yes Wire Transfer Yes Credit Card

Cryptos (27)

GoldCoin, Humaniq Coin, Monetha Coin, OxyCoin, Telcoin and 22 more

UPDATE 1 February 2022: When trying to access the website of Simex today, we were unsuccessful. There have been no preceding messages on system maintenance or new websites or anything similar. We receive the following error message:

Simex Error 522

Accordingly, we believe that this exchange has closed down and we have marked it as "dead" in our Exchange Graveyard. If the exchange's website would become accessible again and the error is just temporary, we will "revive" it and bring it back to our Exchange List.

To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you.

Simex is a Russian coin exchange offering trading in a large selection of trading pairs. It launched in February 2015.

The level of liquidity on this exchange is not too bad. On the date of last updating this review (21 September 2021), the 24-hour trading volume according to CoinGecko was more than USD 785 million. In comparison, the 24-hour trading volume on 23 March 2020 was only USD 51.45 million, so a great improvement during the last 18 months for sure.

Simex also has a very interesting function – its coin aggregator. Through the coin aggregator, you receive access to 1,500+ different tokens and trading pairs, not only on Simex but on a number of other exchanges. Through this access, you can do arbitrage trading over many different exchanges at once. For instance, let’s say that the ETH 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 ETH at Exchange A and then quickly sell it at Exchange B, to a risk free profit of USD 2! A day trader’s dream… And if you set up a trading bot here, you’re practically digging gold. Just go for it!

Simex Coin Aggregator

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 crypto 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 P2P

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 crypto 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 see that it feels right to you. The below is a picture of the trading view at Simex:

Simex Trading View

As you surely know, in the crypto 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 giving 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 far below the global industry average. The global industry average is around 0.25%, although many exchanges are now 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 fees 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.

Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of crypto units withdrawn), and varies from crypto to crypto. For BTC-withdrawals, this exchange charges 0.0005 BTC. This is also slightly below the industry average. Global industry average BTC-withdrawal fee is approx. 0.0008 BTC, so the withdrawal fee at Simex is approx. 40% lower than the industry average.

All in all, with respect to the fees, Simex has a strong offering.

At this trading platform, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors.