SimpleSwap
Exchange Fees
Deposit Methods
Cryptos (466)
SimpleSwap Review
What is SimpleSwap?
SimpleSwap is an instant crypto platform registered in the Marshall Islands. It launched in April 2018.
The platform has a straight-forward and easy feeling and you can exchange cryptocurrencies as well as buy crypto for fiat. SimpleSwap was created with the main idea to make the exchange process simple and without any complications like signing up. Here's how it works:
Integration into Other Exchanges
The SimpleSwap trading system is integrated into some of the largest cryptocurrency exchanges out there, as evidenced by the picture below.
There is no deposit storage, only instant coin exchanges. This means that SimpleSwap can find the most profitable exchange rates for their customers in a very short time and in a very easy way.
SimpleSwap Supported Cryptos
Through SimpleSwap's integration with many of the biggest platforms in the world (see above), you can swap a very large selection of cryptocurrencies here. On its website, SimpleSwap states that they have more than 600 different cryptos and fiat currencies available. This is very impressive.
SimpleSwap Mobile Support
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that SimpleSwap’s trading platform is also mobile compatible. You can download it to/from both the AppStore and Google Play:
SimpleSwap Affiliate Program
Starting April 2024, SimpleSwap will launch a revamped loyalty program, moving away from SWAP tokens. As of March 19th, SWAP tokens will be frozen and converted into permanent loyalty levels based on user holdings. The simplified program offers BTC cashback, up to 0.5% per completed exchange, with attained loyalty levels lasting indefinitely. Level 1 is granted upon sign-up, ensuring immediate benefits. Stay tuned for more perks as SimpleSwap continues to enhance the user experience.
Accordingly, the SimpleSwap affiliate program is very competitive. You can sign up to it by creating an account here.
SimpleSwap Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you.
The purchase interface at SimpleSwap is in our opinion very easy to understand if you’re new to crypto, yet it might not offer all the advanced buy/sell features more experienced traders might look for. It is, however, effective and intuitive. Here’s a peek at SimpleSwap’s interface:
SimpleSwap Fees
SimpleSwap Trading fees
This particular platform offers you the opportunity to swiftly and securely buy or sell crypto. This means that there are no charting tools, no order books, or anything like that. The trading view is the purchase interface included above in this review.
When buying at the platform, the purchase price offered by SimpleSwap will be higher than the market price. Conversely, when selling to the platform, the purchase price offered will be lower than the market price. The mark-up or mark-down is not specified anywhere. On the date of last updating this review (26 February 2024), we made a calculation by comparing the prices offered by SimpleSwap to the market prices listed by Coinmarketcap.com. These were the results:
Floating Rate Mark-up: 1.21%
Fixed Rate Mark-up: 2.02%
For comparison purposes in our Exchange List, we have used the floating rate mark-up as the taker and maker fee in our database. Please be advised though that part of the fees listed above consist of the trading fees charged by the relevant liquidity provider that SimpleSwap uses when executing your order.
It is difficult to compare the fees charged by SimpleSwap with the industry average trading fee at a regular centralized exchange (0.2294% for takers and 0.1854% for makers), seeing as they offer another type of service than most centralized exchanges do. But to conclude on the trading fees, there are definitely cheaper ways to obtain crypto than through using the SimpleSwap platform. SimpleSwap's advantages are speed and convenience, rather than price.
SimpleSwap Withdrawal fees
SimpleSwap doesn’t charge any additional fees for withdrawals, seeing that they never hold any cryptocurrencies to begin with. They are an instant exchange, and the cryptos you do purchase are purchased from other exchanges (Binance, Kraken etc.).
However, there are always network fees involved with transferring crypto, which is why we have listed the network fees under the withdrawal fee section of this exchange.
Deposit Methods and US-investors
US-investors
SimpleSwap does not allow US-investors on its exchange. So if you’re from the US and would like to engage in crypto trading, you will have to look elsewhere.
Deposit Methods
This platform is an entry-level exchange, meaning that it is one alternative for people who would like to enter the cryptocurrency market and does not have any cryptocurrency assets to begin with.
FAQs
Are SimpleSwap's fees high?
It is difficult to compare the fees charged by SimpleSwap with the fees charged by typical centralized exchanges. SimpleSwap is a crypto shop, and as such their benefits are speed and convenience, rather than price efficiency.
What is the minimum deposit on SimpleSwap?
As you can't deposit anything at all to SimpleSwap - it is only an instant swap service - they do not have any minimum deposit limits. They do however not have any minimum swap levels either.
How long is the withdrawal time at SimpleSwap?
To be clear, you never withdraw anything from SimpleSwap, as they don't hold any of your assets either. Rather, the question to be asked here is how long it takes for you to receive the amount you have swapped to, using SimpleSwap's service. The answer to that question is on average 5-60 minutes.
Has SimpleSwap ever been hacked?
SimpleSwap has never been hacked. Even if it would be hacked, however, it would never result in any loss of assets for any user seeing as SimpleSwap never holds any user assets.
Is SimpleSwap secure?
It is our opinion that SimpleSwap is a secure instant swap service.
Where is SimpleSwap based?
SimpleSwap is registered in the Marshall Islands.
Which countries are restricted from using SimpleSwap?
Users from the following countries/areas may NOT use SimpleSwap's services: USA, France, North Korea, Sudan, Crimea and Sevastopol, Cuba, Syria, China, Japan, Iraq, Yemen, Somalia, Congo, Libya, Liberia, Eritrea, Mali, Zimbabwe, Côte d’Ivoire, Iran and any state, country or any other jurisdiction that is embargoed by England and Wales.