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Review of SimpleSwap
SimpleSwap is available worldwide and enables you to seamlessly complete crypto exchanges in three easy steps. We’ll take you through how to use the platform, and help you decide if SimpleSwap is right for you.
Pros & Cons
What can I do with SimpleSwap?
With SimpleSwap you can buy and sell a wide range of cryptocurrencies quickly and easily. SimpleSwap is an online cryptocurrency exchange, which allows you to exchange 300 different coins without needing to register for an account. You can buy coins with a small range of fiat currencies or swap crypto coins, which can be easily selected from the home page.
As the name implies, SimpleSwap is dedicated to this sole function and to keeping the process as easy as possible. This makes it a useful service for beginners – allowing you to select which cryptos you want to exchange, and seeing the rates immediately.
SimpleSwap cryptocurrencies and trading options
What cryptocurrencies can you trade on SimpleSwap?
SimpleSwap allows you to trade over 300 different cryptocurrencies, including major coins such as Bitcoin, Litecoin, Cardano, and Ethereum. Here’s a quick summary of some of the most prominent coins you can buy on SimpleSwap, along with the platform’s main currency pairs.
Major cryptos traded on SimpleSwap
SimpleSwap core currency pairs
All SimpleSwap trading options
SimpleSwap makes available a total of over 300 cryptocurrencies to buy, sell, or trade. There are also over 500 pairs available too, which makes it stand out with one of the most expansive coin offerings of any exchange.
Can I trade with leverage on SimpleSwap?
No, SimpleSwap doesn’t currently allow its clients to trade using leverage. Trading with leverage involves placing large trades using money borrowed from a broker. It results in loss in more than 70% of cases and represents a risky and highly complex financial mechanism, therefore it should only be conducted by professional brokers or experienced traders.
What are the spreads?
SimpleSwap does not use fixed spreads, instead it offers customers a certain rate that the platform figures out on the basis of market analysis. This typically ranges between 0.5% to 1.5% of the value of a transaction – with higher rates applied for ‘fixed’ fees rather than ‘floating’ which can change after an exchange has been agreed.
Fees, limits, and payment options on SimpleSwap
What payment methods are accepted by SimpleSwap?
The primary payment method on SimpleSwap is cryptocurrency, meaning you can make crypto deposits/exchanges, but you can also use traditional fiat currency denominated payment methods to facilitate exchanges, although you cannot exchange crypto for fiat on the platform.
|Visa/ MasterCard Credit- min/max- fees- speed||Yes|
How much are SimpleSwap’s fees and commissions?
As previously mentioned, SimpleSwap charges a variable fee for every transaction made through its platform. The transaction fee is variable depending on both its volume and the cryptocurrency pair you are trading in.
SimpleSwap also allows you to choose between a floating rate exchange and a fixed rate exchange based on your desired level of risk and trading expertise. Clients who want to protect themselves from market fluctuations can opt for the fixed rate exchange.
|Fee type||Fee amount||Commission|
|Crypto trading||Variable (typcially between 0.5% and 1.5%)||None|
SimpleSwap trade sizes and limits
There are no limits on how much cryptocurrency you can trade using SimpleSwap, therefore the platform is suitable for both small, individual traders and larger volume institutions as well.
|Product||Minimum trade||Maximum trade|
SimpleSwap trading platform
What devices can I use SimpleSwap on?
The SimpleSwap trading platform is available both as a browser-based platform and as a mobile app. This means you can use SimpleSwap on:
- Web browsers
- iOS Mobile Devices
- Android Mobile Devices
Can I use SimpleSwap in my country?
While SimpleSwap is available in the vast majority of countries around the world, it is not universally accessible. For example, you cannot use SimpleSwap in the USA, North Korea, Sudan, Crimea and Sevastopol, Cuba, Syria, or Japan.
To find out of you can use SimpleSwap where you are, have a read of the terms of service on the platform’s website.
Is SimpleSwap available in my language?
SimpleSwap is currently available in 10 languages:
- Chinese (simplified)
How easy is it to use SimpleSwap?
Very. SimpleSwap is designed with a user-friendly interface that is free from sign-up and supports more than 300 cryptocurrencies. You simply choose the crypto exchange pair, input the amount you would like to exchange, enter the recipient’s wallet address, confirm this address on the exchange page and you are done!
Founded in 2018, SimpleSwap has made the crypto exchange process simple, safe, and fast. Here are some of the main features of the platform:
Live Cryptocurrency Prices
Real-time pricing for more than 300 cryptocurrencies as well as market cap, past 24 hour pricing chart, and send/receive network availability data for the same.
Floating and Fixed Rate Transactions
SimpleSwap allows you to pay a little extra for certainty. With floating rate exchanges there is always the possibility that the cryptocurrency rate may change at a moment’s notice before your transaction is completed, whereas with a fixed rate you are spared changes, albeit for a higher fee in most instances.
Partners with Reliable Exchanges
SimpleSwap partners with some of the most well-known cryptocurrency exchanges in the world to reliably complete transactions at the best rates. These include familiar names such as Binance and KuCoin.
Security and regulation
Is SimpleSwap safe?
SimpleSwap is a safe exchange, as you are not obligated to divulge personal information by creating an account, nor does it store any coins on your behalf. It simply facilitates your exchange transactions through its interface.
Am I and my cryptocurrency protected?
SimpleSwap does not store any of your crypto funds, but merely facilitates your transactions. This makes it safe to use as long as you provide the correct wallet address you want your coins deposited to. Once the exchange has received and verified your info, it completes the exchange, and the funds are sent to the specified recipient wallet address.
Is SimpleSwap regulated?
No. SimpleSwap is not currently regulated by any recognised financial authority in any country.
Do I have to verify my account with SimpleSwap?
No, SimpleSwap doesn’t require its users to provide any personal information but it depends on the amount of crypto exchanged and the rules of the country you reside in. Some countries might require extra information to comply with their anti-money laundering policies, which means certain transactions may have a longer “pending” status for this reason.
SimpleSwap is a crypto exchange platform dedicated to both beginner and professional traders alike. It does come with a blog where you can read easy-to-understand articles concerning the world of crypto, as well as a series of “how-to’s” regarding crypto exchange. Moreover, SimpleSwap also offers a detailed FAQ page where important issues related to the exchange are discussed and answered.
Tools and charting
SimpleSwap features a very limited set of exchange tools, which are limited to a simple live price quote, 24 hour crypto coin chart, and a fixed or floating exchange rate available for traders.
SimpleSwap rates very well in terms of customer support. There is a direct chat box available 24/7 for support, and you can also send a direct email to the support team anytime and they will usually reply within 24 hours. SimpleSwap also provides an FAQ section and can also be reached via their official social media channels, including Twitter, Facebook, Telegram, Reddit, and Youtube.
SimpleSwap is a great platform for people who want to make no-hassle cryptocurrency exchanges. The exchange facilitates crypto transactions without the need to open an account or store your coins with SimpleSwap, and therefore you can keep control of your crypto and ensure security.
SimpleSwap’s easy, straightforward exchange process can be completed in just three simple steps. What it lacks in advanced exchange features (which are limited to live price quotes and a 24 hour price chart) it makes up for with sheer convenience, speed, and utility.
Given its ease of use, SimpleSwap has built up a good reputation online, with hundreds of positive reviews on independent, third-party websites. If you need to complete a fast, reliable crypto exchange, SimpleSwap is among the top destinations to do so.
How to buy and sell cryptocurrency with SimpleSwap
How to buy crypto on SimpleSwap
As there is no deposit storage, only coin exchange with SimpleSwap. This means that in order to be able to use the service, you will need your own cryptocurrency wallet address.
- Choose the crypto you wish to buy and the quantity
- Select the payment method you want to use (fiat or crypto)
- Enter your wallet address or bank details
- Click on the “exchange” button to confirm all your data is correct and complete your transaction
How to sell crypto on SimpleSwap
- Add the type of coin you wish to sell and the quantity
- Select which cryptocurrency you want to exchange it for
- Add your wallet address
- Click on the “exchange” button to confirm your information and complete your transaction
SimpleSwap is registered under a physical address in the Marshall Islands: Trust Company Complex, Ajeltake Road, Ajeltake Island Majuro, Marshall Islands MH 96960 – but details pertaining to the exchange’s ownership are scarce.
SimpleSwap makes money by receiving a variable percentage of each transaction it helps facilitate through its platform. This typically ranges between 0.50% and 1.5%, depending on a number of factors.
Depending on the country of your residence, you might be asked to pay taxes on your SimpleSwap profits. Check with your local regulations for more details.
To delete your SimpleSwap account you must send an email to email@example.com and the customer service team will guide you through the process.
SimpleSwap does not offer any short selling capabilities at this time. Short selling is a speculative trading strategy whereby you profit on the decline in a security’s price, it is not possible with a basic exchange such as SimpleSwap.
Simply press the “My Account” button on the SimpleSwap home page, then click on the “Forgot your password?” button. To reset your password you will have to enter the email address associated with your account, and all information will be sent there to reset your password.
No, Paypal is not currently a supported payment method. SimpleSwap also facilitates exchanges without needing to sign up for an account on its platform in the first instance, so there’s no such thing as a ‘SimpleSwap account.’
SimpleSwap claims it is operational 99% of the time and has not encountered any mass system outages throughout the years. However, should the exchange temporarily go down, simply close it and open it again.
Should SimpleSwap cease operations altogether, your coins won’t be at risk as SimpleSwap doesn’t store any cryptocurrencies on behalf of its users.
The cryptocurrency exchange history is stored in the platform’s mobile app. Clients can quickly access and track operations, statuses, and cryptos that were previously exchanged. It is also possible to check the detailed information of every crypto exchange made through the SimpleSwap platform.
Yes, SimpleSwap does offer the ability to pay in supported crypto coins – of which there are more than 300.
No, but you can earn money back through the SimpleSwap Loyalty and Affiliate programs.
You can’t. Since SimpleSwap is merely an exchange platform, you cannot transfer and store coins on SimpleSwap.
SimpleSwap allows its customers to trade anonymously because it doesn’t keep a regular KYC policy. However, further personal information might be required to meet the standards of the European Union’s anti-money laundry policy.
No, SimpleSwap does not offer any integrated wallet. The platform simply enables users to exchange cryptocurrency.
There is no withdrawal mechanism on SimpleSwap, because you cannot open an account. The platform was created simply to facilitate the exchange of cryptocurrencies for others.
There is no public record of SimpleSwap ever being hacked to date.
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