SimpleSwap

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.