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SimpleSwap Review 2024: Fees, Features and More
Swen Keller
- URL: https://simpleswap.io/
- Headquarter: Marshall Islands
- Year Founded: 2018
- KYC Verification: No
- Platform App: Web, Mobile
- No. of Cryptos: 1,500+ including BTC, ETH, ALGO, BAT, BCH, DAI, USDT, and TRX
- Fiats Available: USD, EUR, GBP, RUB, TL, and UAH
- Native Token: No
- Withdraw Method: Cryptocurrency
- Payment Method: Credit card or debit card processed by third-party payment processor, Mercuryo
SimpleSwap Review: Our Opinion
From our direct engagement, we’ve ascertained that the SimpleSwap crypto exchange stands out for its instant exchange with no sign-up needed, a large selection of cryptocurrencies (1,500+), good customer support, and ease of use.
However, the SimpleSwap cryptocurrency exchange doesn’t offer very profitable exchange rates as users are charged high trading fees both by the crypto platform and its fiat payment partner. That said, users do have the option to select a floating rate or fixed exchange rate. Also, there are no withdrawal fees as the SimpleSwap platform is non-custodial and does not store assets.
Try SimpleSwap Now!
Experience the ease and speed of cryptocurrency exchanges directly from our review. You can instantly swap between 1,000+ cryptocurrencies without leaving this page. Whether you’re a seasoned trader or new to the crypto world, our integrated SimpleSwap feature simplifies your trading experience.
An Overview of SimpleSwap
SimpleSwap was launched in 2018 and is headquartered in the Marshall Islands.
The crypto exchange is in partnership with more than 6,000 brands to facilitate its services, has more than 10,000 installations of its mobile app, and over 500,000 unique monthly visits.
Concerning its services, the SimpleSwap platform allows users to exchange 1,000 cryptocurrencies instantly without having to sign up.
SimpleSwap also offers cashback programs for crypto purchases and is completely non-custodial. This means that SimpleSwap does not store user assets and only facilitates transactions.
Pros
- Large selection of cryptocurrencies
- Offers instant crypto exchange
- No sign-up required
- Non-custodial
- Good customer support
Cons
- Above average trading fees
- Limited supported fiat currencies
SimpleSwap Review: Unique Features
SimpleSwap Affiliate Program
SimpleSwap has introduced an exciting Loyalty Program that rewards its users with Bitcoin (BTC) cashback, making it an attractive option for cryptocurrency enthusiasts. This program allows members to engage in the exchange of over 1,000 cryptocurrencies seamlessly, while also earning cashback on every transaction conducted through the platform.
Joining the SimpleSwap Loyalty Program is straightforward: simply sign up for a Customer Account, and you’ll automatically be enrolled in the program. Remember to log in each time you make an exchange to ensure you receive your deserved rewards.
The program is structured around four distinct levels, each accessible by achieving a set exchange volume within any given 90-day timeframe:
- Bronze Level: Achieved from the onset, offering 0.05% cashback.
- Silver Level: Requires a 0.25 BTC exchange volume, offering 0.1% cashback.
- Gold Level: Requires a 1.5 BTC exchange volume, offering 0.2% cashback.
- Platinum Level: Requires a 10 BTC exchange volume, offering the highest cashback at 0.4%.
Participants progress through these levels by swapping cryptocurrencies and meeting the 90-day exchange volume criteria, enhancing their BTC cashback rate with each transaction completed.
One of the standout features of this Loyalty Program is its lifetime status benefit. Once you’ve achieved to a new level beyond Bronze, you retain that level indefinitely, even if your future exchange volume wanes. The minimum withdrawal threshold for cashback across all levels is set at 0.006 BTC, ensuring accessible benefits for participants.
Your Customer Account dashboard shows a detailed chart providing insights into which transactions fall within the current 90-day window, offering transparency and tracking of your progress towards the next loyalty level.
SimpleSwap Affiliate Program
The SimpleSwap Affiliate program allows SimpleSwap users and partners to earn a revenue share for each exchange made on SimpleSwap by referring people to the SimpleSwap cryptocurrency exchange through a unique Referral link.
The SimpleSwap Affiliate program and the SimpleSwap Coin (the native token of the exchange) work as a Loyalty program of SimpleSwap and allow users to earn BTC for all exchanges made on the platform.
SimpleSwap Affiliates can make a profit by using the referral link on their content or by integrating the SimpleSwap platform into their service. SimpleSwap offers a convenient integration of its API and widget to this effect.
The SimpleSwap Affiliate program’s Unique Referral link and widget can be accessed in the Partner account.
To start earning cashback as a SimpleSwap affiliate, you need to first create a Customer Account and activate the “Loyalty Program” in the Subscription tab.
The default affiliate reward is 0.4% of each completed exchange made by referrals. Some tools, however, allow affiliates to set the commission to up to 5%.
Affiliate earnings can be withdrawn once they get to the minimum withdrawal amount of 0.008 BTC.
Aside from the regular Affiliate program, SimpleSwap runs a Two-Tier Affiliate Program.
The Two-Tier program allows SimpleSwap affiliates to earn extra income by recruiting other affiliates.
Unlike the One-Tier affiliate program where affiliates earn rewards from their direct referrals, with the Two-Tier program affiliates earn rewards from the referrals made by the affiliates they recruited.
To qualify for the Two-Tier Affiliate program, you need to become a SimpleSwap partner with a monthly turnover of 1 BTC.
First-tier affiliates earn 0.08% of a referral’s exchange amount during 180 days after the second-tier affiliate registers with the program.
That said, the second-tier affiliate does not share their rewards with the first-tier affiliate.
If the reward rate set by the second-tier affiliate is higher than 0.4%, it will not affect the rewards of the first-tier affiliate.
To join the SimpleSwap Two-Tier Affiliate program, do the following:
Go to your SimpleSwap Affiliate Program Profile
Scroll to the bottom of the page, you will see the email address of your manager
Contact your manager and notify them that you meet the requirements to join the Two-Tier program
Once your claims have been verified, the manager will send you your unique referral link.
New affiliates registering to the program through the link will be considered your affiliate.
Cryptocurrencies Available on SimpleSwap
The SimpleSwap cryptocurrency exchange supports 1,500+ cryptocurrencies. Supported coins include Bitcoin, Ethereum, Cosmos, XRP, Binance Coin, Bitcoin Cash, Uniswap, Polkadot, Solana, Chainlink, Avalanche, Algorand, Litecoin, Shiba Inu, Theta, Harmony, Tron, Quant, Elrond, Tezos, Axie Infinity, Basic Attention Token, Cardano, Dogecoin, Dash, Monero, Neo, Stellar Lumens, Zcash, Ethereum Classic, Lisk, Verge, 0x, Digibyte, Augur, Golem, NEM, Vertcoin, ReddCoin, Horizon, etc.
SimpleSwap Review: Fees
Buy Crypto Fees
The fiat-to-crypto exchange process attracts a 3.95% trading fee from Mercuryo and a 1% trading fee from the SimpleSwap platform.
So the complete fee charged by the crypto exchange is 4.95%.
Network Fees
Traders on the cryptocurrency exchange pay dynamic gas or network fees when sending cryptocurrency to another wallet. The network fee depends on the network congestion at the time of the transaction and the blockchain of the coin being sent.
SimpleSwap Review: Payment Methods
The SimpleSwap platform does not directly support any fiat-to-crypto payment method.
However, users can still buy cryptocurrency via their third-party payment processor partner, Mercuryo.
With Mercuryo, users can use their credit card or debit card to purchase cryptocurrencies if the card is denominated in USD, EUR, GBP, RUB, TL, or UAH.
Mercuryo will also be unable to process payments from particular bank cards based on your country’s or state’s policies toward digital assets.
Your bank card must also comply with the requirements of their third-party payment partner Mercuryo, which only accepts MasterCard and Visa.
This includes virtual, prepaid, credit, and debit cards (you have to ensure that your prepaid card is eligible for purchases on a crypto exchange).
Mercuryo does not support Revolut, PayPal, or Maestro cards as well as SEPA or WIRE transfers.
In addition, like most fiat-to-crypto exchanges, this payment service isn’t available in the following countries:
Bangladesh, Bolivia, Burundi, Central African Republic, China, Colombia, Cuba, the Democratic Republic of the Congo, Ecuador, Iran, Iraq, Kyrgyzstan, Lebanon, Libya, Mali, Morocco, Nepal, Nicaragua, North Korea, Pakistan, Saudi Arabia, Somalia, Sudan and Darfur, South Sudan, Syria, Vietnam, Venezuela, Yemen, and Zimbabwe.
SimpleSwap Security
SimpleSwap is a secure exchange with good safety standards.
SimpleSwap is a non-custodial exchange and does not hold users’ crypto assets.
The exchange also does not require KYC or account creation. This means that you can use the platform without providing any personal data. This allows you to exchange cryptocurrency assets without exposing your private keys or personal information.
That said, SimpleSwap is not a decentralized exchange. The day-to-day running of the platform and decisions concerning the platform are made by the SimpleSwap team.
SimpleSwap is secured with HTTPS and AES encryption. The platform has no history of a security breach or hack.
SimpleSwap Supported Countries
SimpleSwap offers fiat to crypto exchanges worldwide. Its services are available in over 100 countries including the United Kingdom, Canada, Australia, Nigeria, India, France, South Africa, Germany, the Philippines, Netherlands, Brazil, Indonesia, Italy, Vietnam, Spain, Malaysia, Thailand etc.
SimpleSwap services are not available in FATF list countries or any region where its services are prohibited or restricted. Restricted regions include Bangladesh, Zimbabwe, Bolivia, Yemeby, Burundi, Venezuela, Central African Republic, Vietnam, China, Syria, Colombia, South Sudan, Cuba, Sudan and Darfur, the Democratic Republic of Congo, Somalia, Ecuador, Saudi Arabia, Iran, Pakistan, Iraq, North Korea, Kyrgyzstan, Nicaragua, Lebanon, Nepal, Libya, Nepal, Morocco, and Mali.
Opening a SimpleSwap Account
To open a SimpleSwap account, go to https://simpleswap.io.
Tap on “Get an Account”.
Enter your email address and create a password.
Tick that you agree to their Terms of Service and Privacy Policy if you agree with them.
Tap on the “Sign Up” button.
Go to your registered email address and tap on the link sent from SimpleSwap.
On the page that opens, log into your SimpleSwap account using your registered email and newly created password.
That’s it! You’ve created your SimpleSwap account.
SimpleSwap Review: Trading Experience
We found that SimpleSwap offers a user-friendly interface with a reliable instant service for coin swaps as well as good customer support.
The crypto trading platform of the exchange can be accessed without signing up and is quite fast.
That said, there are a couple of limitations such as a high floating exchange rate, the need to use a third-party payment processor for fiat-to-crypto transactions, and no advanced trading features or tools.
SimpleSwap does not support features like margin trading or Futures Contracts, etc. Rather, you can only send, buy, or sell crypto.
Here’s how SimpleSwap crypto trading works practically:
To start you need to select a currency pair on the exchange page like BTC/AVAX.
Type in the amount of BTC, for example, that you want to swap. You’ll see the estimated exchange rate for the amount of BTC entered.
Tap on the “Exchange” button.
On the next page, enter the recipient’s wallet address. This is where the crypto you swapped will be sent.
Next, you’ll see another wallet address and a QR code. This is the deposit address. You’ll need to scan the QR code to send your BTC there.
That’s it! Wait till you see the “Continue” button which means the swap process was successful.
SimpleSwap Customer Support
SimpleSwap offers customer support via Live Chat and email.
Customers can contact the customer support team by submitting a support request on the “Contacts” page.
There is also a FAQ page and a Help Center where users can get insight into all aspects of the platform.
Customer Satisfaction
Our team’s first-hand exploration of SimpleSwap revealed that the exchange and mobile app has a user-friendly interface.
SimpleSwap reviews on third-party review platforms like Trustpilot also show that the platform offers excellent service. The customer support team offers fast and excellent service to Users.
Does SimpleSwap Offer Education?
Yes, SimpleSwap has an analytics section & mobile app called Learn where SimpleSwap analysts share their thoughts about various crypto projects, DeFi, coin insights, market reviews, newly launched tokens, etc.
SimpleSwap Exchange is Right for You If:
- You want to instantly swap crypto
- You don’t want to execute advanced trades
- You are looking for a large selection of cryptocurrencies
Final Thoughts
The SimpleSwap crypto trading exchange stands out for its non-custodial and no signup swaps, which is an excellent choice for crypto traders looking to remain anonymous. It also offers excellent customer support.
However, SimpleSwap offers high trading fees because of its third-party payment processor. It also doesn’t support any major trading instrument like margin, Futures, spot, etc.
SimpleSwap’s features cater to a wide audience, but it’s always beneficial to explore other options. For a detailed look at another industry leader, check out our Coinspot analysis. And for a broader perspective, our Best Crypto Exchanges page offers a comparative view.
FAQ
Most frequent questions and answers
Swaps on SimpleSwap take between 5 to 60 minutes and on certain occasions, more time may be needed.
The speed depends on how long it takes a block to be added to the network. But most transactions are concluded in a couple of minutes.
Yes, you can use SimpleSwap without signing up. But this is if you’re not using any fiat-to-crypto service.
SimpleSwap is based in the Marshall Islands.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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