SSIM is a forex broker that has been operating since 2010. They offer a variety of trading products, including forex, CFDs, and cryptocurrencies. However, there are a number of red flags that suggest that SSIM may be a scam broker.
Company Overview
SSIM is a privately held company that is registered in Belize. They also have offices in Australia, NZ, etc. However, they did not show any license from these locations to operate their business.
Does SSIM Have Any License?
No, SSIM does not have any licenses or regulations from any reputable financial authorities. This is a major red flag. It means they are not legally entitled to operate their business in these locations.
Is SSIM Regulated By Any Authority?
No, SSIM is not regulated by any authority. Their claim of being regulated by ASIC with the registration number 001293587, is suspected to be a possible clone company.
SSIM Pros and Cons
Pros:
- SSIM offers a variety of trading products, including forex, CFDs, and cryptocurrencies.
- They have a user-friendly trading platform.
Cons:
- SSIM is not regulated by any reputable financial authorities.
- They have a history of customer complaints.
- There have been reports of SSIM manipulating prices and engaging in other fraudulent activities.
How Does SSIM Reach To Their Prey?
SSIM uses a variety of methods to reach out to potential customers, including:
- Online advertising
- Social media marketing
- Cold calling
They often target inexperienced traders who are looking for a way to make quick money. They promise high returns and easy trading, but in reality, they are just looking to scam people out of their money.
Technical Details of SSIM
Minimum Deposit
The minimum deposit requirement for SSIM is $250. This is relatively low, which may make it seem like a good option for traders who are looking to start with a small amount of money. However, it is important to remember that SSIM is a scam broker, so you are likely to lose your money even if you only deposit a small amount.
Trading Platform
SSIM uses the MetaTrader 4 trading platform. This is a popular platform that is used by many legitimate brokers. However, it is important to remember that SSIM is not a legitimate broker, so even if you use the MetaTrader 4 platform, you are still at risk of losing your money.
Spread
The spread is the difference between the buy price and the sell price of a currency pair. SSIM’s spreads are relatively low (0-1.5), which means that you will pay less to trade with them. This can eat into your profits and make it more difficult to make money.
Leverages
SSIM offers high leverage, which can be attractive to traders who want to make big profits with a small amount of money. However, high leverages also magnify losses, so you are at a greater risk of losing money if you trade with SSIM.
Packages and Products They Offer
SSIM offers a variety of packages and products, Straight-through STP account,s and Electronic Matching ECN Accounts.
Withdrawal and Deposit Method
SSIM offers a variety of withdrawal and deposit methods, including:
- Credit cards
- Debit cards
- Bank transfers
- Cryptocurrency
The withdrawal and deposit process is relatively easy, but there have been reports of SSIM delaying or refusing withdrawals. This is another red flag, as it suggests that SSIM may be having financial problems and may not be able to pay its customers.
What Do Their Previous Traders Say?
There are a number of complaints about SSIM online from previous traders. These complaints allege that SSIM is a scam broker that manipulates prices, engages in fraudulent activities, and steals money from its customers.
Summing Up- Why Should Not You Trust SSIM
There are a number of reasons why you should not trust SSIM. The company is not regulated by any financial authority, it has a history of negative reviews, and it has been accused of being a scam broker.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have lost money with SSIM or if you have any other problems with the company, you can contact us to get a quick solution. You will have a free consultation and service recommendations to help you in recovering the lost fund.
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Final Thought
When you look at their website, you will find them trustworthy and professional. But, if you follow our previously mentioned red flags, you will easily identify that this platform is a scam. Stay away from them.
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