With over 600 supported coins, SimpleSwap aims to make crypto trading accessible for everyone by removing sign-up hurdles and offering instant swaps. But how exactly does it work, and is it a secure and affordable option?
This detailed SimpleSwap review provides an in-depth look at its features, fees, security, pros and cons, and more to help you determine if it’s the right crypto exchange platform for your needs.
Introduction to SimpleSwap
Founded in 2019, SimpleSwap is an online cryptocurrency exchange platform that enables trading various digital assets across multiple exchanges through one convenient interface. Some key features include:
- Access to over 600 cryptocurrencies including major coins like Bitcoin, Ethereum, Litecoin, etc.
- They may not make all of the Services available in all markets and jurisdictions, and may restrict or prohibit use of all or a portion of the Services from Restricted Locations, which at this time include the USA.
- Affiliate program rewards for referrals
- Loyalty program offering cashback rewards in crypto
By aggregating liquidity pools from various integrated exchanges, SimpleSwap aims to provide effortless and affordable trading in a wide variety of trading pairs.
How SimpleSwap Crypto Exchange Works
SimpleSwap itself does not operate as an actual exchange. Rather, it acts as an intermediary platform interfacing with external cryptocurrency exchanges to facilitate trades.
The external exchanges processes and settles the transactions behind the scenes. Users simply interact with SimpleSwap’s clean user interface.
Key Features and Tools
SimpleSwap offers a straightforward yet powerful experience for crypto trading including:
Wide Variety of Cryptocurrencies
Over 600 coins and tokens supported from major assets like BTC and ETH to smaller altcoins.
Fixed Rate and Floating Rate Exchanges
Choose fixed rates for amount certainty or floating for potential better value.
SimpleSwap Exchange App
SimpleSwap’s mobile crypto Exchange app for iOS and Android.
24/7 Live Chat Support
Directly contact the support team any time through live chat, email, or social media.
Price Alerts and Order History
Set price movement notifications and access your complete order history through the mobile app.
Affiliate and Loyalty Rewards Programs
Earn BTC, free trades, and other rewards for promoting SimpleSwap or actively trading on it.
Fiat Currency Purchase Options
Deposit Euros, dollars, or other government currencies via credit card to directly buy crypto.
Fees for Using SimpleSwap
SimpleSwap does not charge any explicit trading fees. However, they incorporate fees into the exchange rates offered. These blended “network fees” vary based on factors like:
- Trading pair
- Currency volume
- Market conditions
- Exchange partner charges
- Whether fixed or floating rate chosen
Because fees are not separately disclosed, it’s advisable to compare exchange rates across platforms to determine if SimpleSwap offers competitive pricing.
There are no fees for withdrawals as SimpleSwap does not hold customer funds. You may incur blockchain network costs for withdrawals.
Supported Currencies and Availability
SimpleSwap supports swapping between over 600 different cryptocurrencies. Major options include:
Coins: Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Dogecoin, Dash, Zcash, Tether, and more.
Tokens: Chainlink, Uniswap, USD Coin, Binance Coin, Polkadot, Cardano, and more.
Stablecoins: Tether, DAI, USD Coin, True USD, Binance USD, and more.
In terms of fiat currencies, SimpleSwap allows users to directly purchase cryptocurrency using:
- US Dollars (USD)
- Euro (EUR)
- British Pound Sterling (GBP)
- And additional options
Purchases are made via credit card payments. Selling crypto for cash directly is not yet supported.
They may not make all of the Services available in all markets and jurisdictions, and may restrict or prohibit use of all or a portion of the Services from Restricted Locations, which at this time include the USA.
Security Measures and Protection
As SimpleSwap does not take custody of user funds, it avoids risks associated with centralized exchanges like hacks, theft, or mismanagement. However, users must have confidence in its exchange partners.
Additional aspects that enhance security:
- No account registration eliminates credential-based risks.
- Asset transaction data not stored on servers.
- Does not track or store user IP addresses.
- SimpleSwap wallet uses AES encryption to secure keys and data.
- Partners with trusted, established exchanges like Binance/KuCoin/Kraken.
By not holding deposits and minimizing collected user data, SimpleSwap ensures transactions occur directly between users and underlying exchanges in a decentralized manner.
SimpleSwap Mobile App
SimpleSwap offers iOS and Android mobile apps:
- Secure crypto wallet to store, send and receive funds.
- Push notifications for exchange updates and price alerts.
- Access exchange history and transaction details.
- QR code scanning to pull wallet addresses.
- Fingerprint/Face ID and pin code locks for security.
By combining a non-custodial wallet with instant exchange features, the SimpleSwap app offers convenient access for crypto traders and investors who value mobility.
Affiliate and Loyalty Rewards Programs
To incentivize usage and promotion of their platform, SimpleSwap offers both affiliate and loyalty rewards programs with crypto earnings.
Affiliate Program
The SimpleSwap affiliate program pays users who refer friends or drive traffic to SimpleSwap for completed exchange transactions. Ways to earn include:
- Promotional links
- Website banners and widgets
- Social media posts
Payouts are made in Bitcoin equivalent to 15% of referred exchange volumes. Affiliates must sign up for an account to access promo tools and track earnings.
Customer Support and Reputation
SimpleSwap aims to provide responsive customer support through multiple contact methods:
- Live chat available 24/7 onsite
- Email support
- Direct messaging via Twitter, Facebook, and Telegram
Response times are generally prompt during peak hours. But some users report delays for less urgent inquiries.
Over 18,000 TrustPilot ratings averaging 4.3/5 stars indicate general satisfaction with SimpleSwap’s platform and service quality.
Trustpilot Reviews https://www.trustpilot.com/review/simpleswap.io
Conclusion – SimpleSwap’s Key Pros and Cons
Based on our analysis, here are the major advantages and disadvantages of using the SimpleSwap cryptocurrency exchange:
Pros of Using SimpleSwap
- Begin swapping instantly without registering an account
- Low barrier to entry makes trading more accessible
- Vast selection of over 600 supported cryptocurrencies
- Useful mobile app with integrated wallet and swapping
- Earn cashback and bonuses through rewards programs
- Responsive customer service via multiple contact options
Cons of Using SimpleSwap
- No explicit trading fee disclosure or comparison
- Required to submit ID for large trades or disputes
- Less robust trading features compared to full exchanges
- Limitations and bans for US-based users
For its distinct ease of use and extensive currency support, SimpleSwap excels at being a fuss-free entry point for newcomers to start swapping and investing in crypto.
More advanced traders may prefer exchanges with lower fees, more analytics, and altcoin trading pairs. But for fast, uncomplicated trading of major assets, SimpleSwap remains a compelling option to consider.
GET STARTED HERE
Frequently Asked Questions
Does SimpleSwap require registration?
No, SimpleSwap does not require creating an account to start exchanging cryptocurrencies.
What fees does SimpleSwap charge?
There are no separate trading fees, but a “network fee” is built into the exchange rates quoted. Withdrawals incur no fees.
Can SimpleSwap be used in the United States?
What is SimpleSwap’s overall reputation?
SimpleSwap maintains a largely positive reputation based on 18,000+ TrustPilot reviews averaging a 4.3/5 star rating and minimal public complaints.
How does SimpleSwap make money?
Primarily by incorporating fees into the exchange rates offered. Additional revenue streams include referral bonuses and ad placements on their site. They do not profit on user data.
Is it safe to use SimpleSwap?
SimpleSwap implements adequate security precautions around minimizing collected user data and using trusted exchange partners. Overall, it offers a reasonable degree of safety for decentralized trading.
Disclaimer: Some of the links on this page could be affiliate links, where I earn a commission if you make a purchase via my link. This helps me continue to create the free content that I put out.
Follow us on our social networks and keep up to date with everything that happens in the Metaverse!
Twitter Linkedin Facebook Telegram Instagram Google News Amazon Store
