SimpleSwap Review 2021

SimpleSwap offers a platform that enables individuals to trade crypto assets through several registered cryptocurrency exchanges. The cryptocurrency exchange process has been greatly simplified with SimpleSwap as there are no sign-ups or limitations when it comes to trading.

SimpleSwap Summary

Headquarters Ajeltake, Marshall Islands
Found in 2018
Native Token Yes
Listed Cryptocurrency 300+
Trading Pairs N/A
Supported Fiat Currencies USD, GBP, EURO & More
Supported Countries Mostly all Except USA
Minimum Deposit N/A
Deposit Fees Free
Transaction Fees Depends on Currency & Payment Methods
Withdrawal Fees Free
Application Yes
Customer Support Live chat, Email, & Social media

The crypto industry has seen few sophisticated platforms that are able to offer a medium where most requirements can be met without a compromise on the user experience.

What Is SimpleSwap?

SimpleSwap is an online platform that offers a medium for users to trade their crypto assets or buy new assets through numerous cryptocurrency exchanges and provides over 300 coins.

The platform does not require the users to register or sign up on the platform. Traders can simply visit the website or open the app, enter the details of the transaction, and process it.

This makes instant trading possible with SimpleSwap across the exchanges that are supported by the platform. SimpleSwap offers floating rates as well as fixed rates for trading crypto assets.

The company has an affiliate and a loyalty program which is intended to entice the respective users in adding to the growth of the platform.

SimpleSwap also offers a product/service that is a crypto wallet based on AES encryption and can be used as a browser plugin.

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How Does SimpleSwap Work?

SimpleSwap is not a cryptocurrency exchange itself, rather a platform that enables trading through a number of cryptocurrency exchanges. With over 300 assets available for investors and traders, there is a diverse variety of trading pairs. Using the platform is quite intuitive and as simple as it gets. Select the crypto asset you wish to swap, select the asset that is to be received, and after entering the values & wallet address, the transaction would take place.

The charges for transactions are assumed to be included in the exchange price, which has been known to vary in the past. There is no other mention of charges or trading fees on the website, and that might be something to keep in mind.

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SimpleSwap Features

The list of features isn’t long and exhaustive for SimpleSwap though the few features serve a big advantage for the platform and are listed below:- 

  • SimpleSwap allows instant transactions through cryptocurrency exchanges, and the funds are typically deposited within a few moments. 
  • Apart from the instant exchange types or swap of assets, the company has also launched a light crypto wallet that works quite well with SimpleSwap. 
  • The wallet also supports a wide range of crypto assets. The platform has a 24/7 live chat feature, through which users’ issues can be resolved quickly. 
  • Price alert notifications too can be set up on the platform through the mobile app along with order history. 
  • The benefit of being able to use these features without any sign-up is yet another feature in itself.

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Is SimpleSwap Regulated?

SimpleSwap is not a decentralized platform yet and thus, the regulations are overseen by the team itself. As SimpleSwap isn’t an exchange, it also does not have governance tokens for the platform that could be traded by the users and be governed by them. The platform does comply with the local laws and regulations of the regions where it operates. The KYC section does have a provision for the users to submit their IDs and use them for clearing up any mis-transactions or other such obstacles.

SimpleSwap Review: Pros and Cons

Pros Cons
The platform offers more than 300 coins to its users through some of the biggest exchanges around the world.  SimpleSwap lacks some of the more advanced trading tools such as automated trading bots and copy trading. 
SimpleSwap provides one of the easiest and most user-friendly platforms across the market.  KYC might become mandatory in some cases while settling any transactional dispute.
Incentive-based loyalty and affiliate programs can bring in additional profits for individuals. 

Registration Process of SimpleSwap

SimpleSwap does not require the users to use most of its services after registration. Without the need for registration or any signup, the trading can be done right away. This is a highly regarded way of convenience that other platforms might fail to offer. Users can visit the platform, enter the details and complete the swap or transaction instead of having to complete verification. However, the company has been known to ask users to complete the KYC procedure while resolving any issue or wrong transfers.

The individuals who do wish to create an account with the platform can fill in their credentials and complete the necessary steps. Logging in through Google and Facebook accounts is also possible on SimpleSwap.

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How to Buy and Sell Cryptos on SimpleSwap?

The entire process of exchanging cryptocurrencies is quite intuitive and simple. In order to exchange a crypto asset or sell it in turn for another, the individuals can visit the website/ mobile app and choose the trading pair. Trading pair is where one currency can be sold and another one bought at the respective exchange prices of the pair. SimpleSwap offers hundreds of such pairs based on more than 300 coins. Enter the amount of cryptocurrency to be swapped, enter the wallet address of the recipient and confirm the transaction. It is reputed as one of the, if not the easiest, ways to swap crypto assets.

SimpleSwap Fees

The transactions and trades that take place through SimpleSwap come with a fee. However, the fee is not treated as a trading fee, rather a network fee. The fee structure is not aptly stated by the company, but the prices that are offered for exchanges are believed to include the fee in them beforehand. This is bound to raise concerns for users who wish to trade high volumes of crypto assets such as Ethereum and Bitcoin on the platform. There are several factors that can affect the fees.

Although the fee is a part of the exchange rate, users do have the option to either choose a floating rate of exchange or a fixed one. When it comes to withdrawals, SimpleSwap does not charge any withdrawal fee since it never stores any assets, to begin with. 

SimpleSwap Accepted Payment Method

Individuals who do not possess any cryptocurrency or are looking to buy more for fiat currencies can do so with the help of SimpleSwap. The platform allows users to buy cryptocurrency or make deposits through the credit card (VISA & MASTERCARD). Supported fiat currencies on the platform are USD, GBP, EURO, etc. Individuals can also store the newly bought cryptocurrencies in the SimpleHold wallet, a crypto wallet product by the company.

SimpleSwap Supported Currencies and Countries

SimpleSwap is available across various continents and several countries. The primary marketplace for the company appears to be Europe and Asia. SimpleSwap is not available in the United States, and American citizens would have to look for an alternative to the platform, albeit no two platforms are exactly the same in most cases.

As mentioned above, the supported fiat currencies on SimpleSwap are US Dollar, GBP – Sterling Pound, Euro, and some more. In addition to these three fiat currencies, the platform supports hundreds of cryptocurrencies, and the entire list can be found on the company website, along with the plethora of trading pairs that come with it.

Is SimpleSwap Different From Other Cryptocurrency exchanges?

SimpleSwap has two key characteristics/ features that give it an edge over most other platforms. As a trading system, SimpleSwap is connected with some of the biggest and most influential crypto exchanges around the world. This enables the platform to offer a truly unparalleled variety, with more than 300 coins to choose from.Secondly, the platform provides a medium for instant trading that has no need for any complication, limits, or tedious registrations. Individuals can begin trading cryptocurrency assets right away through an extremely simple and convenient user interface through the website or mobile application (available for both iOS and Android devices). 

SimpleSwap API

Being integrated with such a large number of exchanges, SimpleSwap has the potential to observe market trends, analytical data, and other technical information. This has huge potential in the hands of an advanced trader, and the company provides an API (application programming interface) with market intel that can be used by developers or investors for the purpose of studying the market and making a more profitable investment. 

SimpleSwap Security 

SimpleSwap maintains a good standard of safety that is at par with some of the big exchanges and platforms in the decentralized financial industry. The wallet offered by the company also comes with a high-security rating as a result of its AES encryption method. SimpleSwap does not store any assets, so it is safe from being a typical target for cyber attacks. While considering safety and security, individuals are advised to consider every factor, such as the exchange, the protocols, and the wallet. 

SimpleSwap Customer Support

SimpleSwap has a favorable reputation among its users and partners. As a feature of the platform, users have the option for a live chat with the support team in case there is an issue or a query. The support team can also be reached through Twitter, Telegram, mail etc. The support staff has been able to stay highly responsive and prompt in attending to users’ queries and users can also go through FAQ Section to solve the doubts.

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SimpleSwap Review: Conclusion

SimpleSwap is a very versatile platform that is also extremely simple to use. It provides a way for individuals to start trading right away without a thorough verification in a few simple steps. For those who wish to trade a wide range of cryptocurrencies without having to worry about liquidity pools, SimpleSwap is one of the top recommendations. The list of features and services makes it a platform with convenience and transparency.

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FAQs

Is SimpleSwap Safe?

SimpleSwap appears to be a safe and reliable platform. It has not been compromised yet, and the security measures seem adequate as of now.

Does SimpleSwap Charge a Fee?

SimpleSwap charges a network fee that is assumed to be already included in the exchange rates for crypto assets that are offered to individuals.

How Long Does SimpleSwap Take to Exchange?

SimpleSwap offers instant exchanges among crypto assets. The speed of the trade might take a few moments to few minutes depending on the network stability, traffic, and other technical factors.

Is SimpleSwap Available in the USA?

No, SimpleSwap is not yet available in the USA. US residents would have to continue their search for an instant trading platform that does not mandate verification.

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