SimpleSwap Review

About Simpleswap.io

SimpleSwap is an instant swap platform for over 500 cryptocurrencies that, through a user-friendly interface, allows users to exchange coins at their current price. Anyone can just sign up for free and start swapping, making SimpleSwap one of the easiest/fastest services out there.

The service was created in 2018 and registered in Cayman Islands (Offices of с/о Hermes Corporate Services Ltd., Fifth Floor, Zephyr House, 122 Mary Street, George Town, P.O. Box 31493, Grand Cayman KY1 1206) by SimpleSwap LTD. The company has headquarters in Asia-Pacific (APAC) and has been fully operational since its launch. Although SimpleSwap hasn’t made their team details public yet, they have multiple contact segments for their community.

SimpleSwap’s verified social media:

The SimpleSwap website is currently available in English, Spanish, German, French, Russian, Mandarin, Vietnamese, Portuguese, Indonesian, and Japanese.

SimpleSwap has an iOS and Android mobile app, as well as its official web version. Click here to check out their website.

Supported Countries

SimpleSwap’s services are available for all countries with the exception of the following territories:
USA, North Korea Sudan, Crimea and Sevastopol, Republic of Cuba, Syrian Arab Republic, People’s Republic of China, Japan, Republic of Iraq, Republic of Yemen, Federal Republic of Somalia, Republic of Congo, State of Libya, Republic of Liberia, State of Eritrea, Republic of Mali, Republic of Zimbabwe, Republic of Côte d’Ivoire and the Islamic Republic of Iran.

The regulative policies in these countries forbid access to SimpleSwap and many other crypto exchange platforms.

Simpleswap Features

SimpleSwap stands out among other crypto exchanges for multiple features such as:

  • Non-custodial crypto exchange
  • No need to sign up
  • Accurate cryptocurrency prices according to major crypto exchanges
  • No upper limits
  • Huge asset variety

The main features of the platform are:

Crypto Swapping

Crypto Swapping allows users to exchange one cryptocurrency for another instantly, considering the real price of both assets. For example; If you want to swap 1 BTC (30,000 USD) for ETH (2,000 USD), you would get 15 ETH as a result. You can choose from hundreds of cryptocurrencies, which makes cross-chain exchanges much easier.
Beyond swapping, SimpleSwap also allows you to convert crypto to USD and vice versa. For this reason, the service accepts payments with fiat currencies.

Loyalty Program

The Loyalty Program was designed to reward users who participate frequently. Each swap will have a cashback in SWAP coin or BTC, depending on the subscription that the user has chosen.
To enter the Loyalty Program, the user must create a Customer Account, with which he can buy cashback packages and increase his earnings on each swap.
Available subscriptions are:

  • Swapper: You earn 0.5% in SWAP and it’s free.
  • Bitcoiner: You earn 0.1% in BTC and it costs 2,000 SWAP.
  • Bitcoillionaire: You earn 0.4% and it costs 15,000 SWAP.

Affiliate Program

Members of the SimpleSwap Affiliate Program can enjoy multiple tools, analytics, profit customization and a special feedback with Support. Affiliate partners get a 0.4% commission for each exchange made via SimpleSwap.
Said commission can be changed upon request up to 2% through API.

Withdrawal/Deposit limits

  • There aren’t any upper limits to crypto-crypto exchanges. Every cryptocurrency has a minimum deposit amount, which will be around 20 USD.
  • The minimum fiat deposit is 30 USD (or equivalents in other fiat currencies) and the maximum is over 5000 USD.
  • The minimum amount for fiat withdrawals is 20 USD and the maximum is more than 2500 USD.

How to use SimpleSwap?

Pick your exchange

Choose the cryptocurrency pairs you want for the swap. There are two downlists to choose from.

Provide a crypto wallet

Enter the cryptocurrency address where you will receive the funds. After all the steps for the exchange are completed, the tokens will be sent to said address.

Deposit the agreed amount

SimpleSwap will provide an asset for you to send the payment. As soon as your deposit is confirmed, the platform will make the exchange and you will receive the agreed amount for the transaction.

Fees

Swapping fees are considered to be directly applied to the price of the available crypto assets. However, it is worrying that the company does not have a detailed view of fees, which seems poorly reliable for users looking to make large transactions.

  • For fiat currency: The SimpleSwap fiat provider “Mercuryo” takes a 3.95% commission while SimpleSwap takes 1%, making a total of 4.95% for fiat to crypto exchanges.
  • There are no withdrawal fees.

Moreover, no user gets to choose what kind of fee he wants to be charged for his transactions. The exchange rate is the only indicator of what you pay for each swap. Withdrawals don’t charge any additional fees.

Supported Fiat Currencies

The supported fiat currencies are USD, EUR, GBP, TL, BRL, KES, JPY, NGN, ZAR, GHS, TZS, UGX, MXN and VN. These can be used for both deposits and withdrawals.
SimpleSwap also accepts Visa, Mastercard, UnionPay, Google Pay, Apple Pay, and SEPA.

Supported cryptocurrencies

SimpleSwap supports more than 500 cryptocurrencies, including the biggest assets like Bitcoin (BTC),Ethereum (ETH), Binance Coin (BNB), USD Coin (USDC), XRP (XRP), Solana (SOL), Binance USD (BUSD), Cardano (ADA), Polkadot (DOT), Avalanche (AVAX) and many more.

Simpleswap KYC verification

Although not all users have to complete KYC procedures, SimpleSwap may ask you to complete KYC steps if it recognizes any transaction as suspicious. The verification is not applied as a registry filter but as an anti-fraud tool.
In case the user refuses to provide this data, the company would immediately stop offering its services. Among the requested requirements we could find:

  • Full name of the user, residential address and telephone number.
  • Copy of valid identity documents such as passports, identity cards and photos of the user holding said documents.
  • Documents about your occupation and service payments, which can prove your residence address.

Ease of use & interface

SimpleSwap’s platform is highly intuitive and easy to use. Upon entering, the main menu shows you all the available features of the platform. This immediacy allows users to jump to their relevant operations, right after they have logged in.
The colors of the interface make each section readable, in addition to illustrating their products with associable images.
In the upper section, you can find the main options such as how it works, Loyalty Program, FAQ and contact.
In the center is the trading table, where users swap between cryptocurrencies in real time.
The bottom part gives you direct links to multiple trading pairs and information about the company’s policies.

Security

Even though SimpleSwap establishes security measures for each account, users are simply transacting on the blockchain between wallets.
By not keeping amounts of money stored within the platform as such, there is not much risk when making transactions other than putting a wrong address.
SimpleSwap has not provided details about the security software it uses or encryption methods, so it is recommended to use the service exclusively for relevant swaps. However, Customer accounts have access to 2FA for a safer performance.
It should be noted that SimpleSwap has never been hacked and there are no complaints about missing funds.

Customer Support

SimpleSwap customer support has different sections:

  • Solutions service: For system or platform failures. You can contact the SimpleSwap team, who will help you and provide solutions for bugs.
  • Marketing requests: Contact for marketing negotiations.
  • General questions: General attention on different aspects of the service. In this section users can get the information they need from SimpleSwap.
  • Customer Support reaches users through Freshchat on the website, E-mail and Zendesk ticket system.

User Experience

Most customers are satisfied with how the SimpleSwap service is treating them, and you can find a 4.7 rating on TrustPilot.
There have been very few “scam” reports on this site, and mostly all are based on stuck transactions. However, this can be seen as a technical issue (as networks can crash over transaction traffic) and is usually a waiting matter.

SimpleSwap as a company has been doing well, although there is a lot of room for improvement in other sections.

Pros and Cons

Pros

  • User-friendly swapping service for quick transactions.
  • Has a lot of available ERC-20 tokens and altcoins.
  • Has a cashback mechanism.
  • Users can exchange fiat for crypto and vice versa.
  • It is a popular swapping service.

Cons

  • The website does not have information on the SimpleSwap Executive Team.
  • No precise information about the actual swapping fees.
  • It does not have any charts, toolbars or anything to help you analyze what is going on in the market.
  • Besides swapping, there is not much to the website.
  • Customer Support is not live.

 

Enough said, if you wanna check out Simpleswap – just click here now

Go to simpleswap.io