Crypto traders are spoilt for choice when it comes to crypto exchange platforms. Whether it is Binance, the king of exchanges, Kraken with its industry-leading security, or SwissBorg, a crypto investment platform, each crypto exchange brings its own unique blend of value to the industry. This SimpleSwap review will cover everything you need to know about this easy-to-use crypto trading platform to help determine if it’s right for you.
What is SimpleSwap?
SimpleSwap is an innovative cryptocurrency platform founded in 2018 that provides a platform for users to trade digital assets in a secure fashion with reasonable fees. SimpleSwap is not, in itself, an exchange, but an aggregator swap platform that connects traders to liquidity and assets from multiple cryptocurrency exchanges.
The SimpleSwap exchange offers over 500 tradable digital assets, acting as an aggregator connecting to multiple different exchanges, matching traders to cryptocurrency assets and supporting KYC-free and accountless trading.
By navigating to the website or SimpleSwap app, all traders need to do is enter the details of their swap and execute it. Instant trading happens by sourcing the crypto assets from the most efficient exchange source, providing traders with floating or fixed rates on their crypto trading.
SimpleSwap has become a popular platform for traders looking to perform KYC-free simple swaps, as well as offers an attractive affiliate and loyalty program which has helped fuel the growth of the platform.
Along with the exchange platform, SimpleSwap also offers a non-custodial app as a browser extension, similar to the popular MetaMask wallet for users to securely store their assets and engage with the trading platform.
How Does SimpleSwap Work?
SimpleSwap is about as simple and intuitive a trading platform as they come. With a diverse range of trading pairs, traders are automatically connected to the most efficient trading route for executing their swaps.
To use the platform, traders simply need to select the asset they wish to swap, then select the asset they would like to receive, enter the amount and receiving wallet address and hit “swap.” The user will then be shown a depositing address where they will send the crypto they want to sell, and once the funds have reached the deposit address, funds will be sent to the user’s “receive” address.
The transaction fees are shown in the fee section, and the spread is also charged to the transaction. Be sure to keep a close eye on the charges before confirming the trade as there are some user reviews that refer to fees that have varied dramatically from swap to swap.
The Key Features of SimpleSwap:
- Support for over 500 cryptocurrencies
- Simple and intuitive user interface
- Loyalty program for Swap token holders
- Buy cryptocurrency with Mastercard and Visa
- 24/7 customer support available
- Web platform, Android, and iOS mobile app
- Multi-language support: English, Spanish, French, German
SimpleSwap Pros and Cons
Pros of SimpleSwap:
- No signup or KYC necessary for cryptocurrency exchanges
- Trade funds directly to and from a self-custodial wallet
- Over 500 crypto assets available
- User-friendly platform
- Fixed and floating rates available
Cons of SimpleSwap
- Not available in all countries
- Lack of advanced trading options
- KYC needed for fiat transactions
- Slow order fulfilment and Swaps need to be confirmed on-chain
An Overview of the Features & Advantages of Simple Swap
Users have come to enjoy that SimpleSwap allows for transactions through cryptocurrency exchanges, with funds normally being available at their personal wallet address within a few minutes, all without the need for account creation, KYC, or giving up ownership of their assets to a third party.
SimpleSwap Crypto Wallet
For users who don’t already have a wallet, or are looking for a secondary wallet that can easily work with SimpleSwap, there is the SimpleSwap light wallet, a self-custodial crypto wallet that users can select to send funds to or from when engaging with the SimpleSwap platform.
Live Chat Feature
When dealing with crypto and live funds are on the line, it is helpful to have quick access to customer support. The SimpleSwap platform has a live chat feature that users can access 24/7 if they run into any trouble. After testing the chat support feature for ourselves, we were quite impressed with the response time and quality of support.
Mobile App
Users can use the web interface to access SimpleSwap or use the mobile app for swaps on the go. The SimpleSwap app is available for both IOS and Android.
The app has overall, positive reviews among users who have downloaded it, with a 4.6-star rating out of 5 on Google Play. The majority of positive reviews echo a similar sentiment about how easy SimpleSwap is to use and the convenience of using it to exchange cryptocurrency.
Price Alerts
There is nothing worse than staring at price charts all day, waiting for your favourite asset to hit that perfect price point for you to buy or sell. With SimpleSwap, users can set price alerts and walk away, being notified via email or push notification via the app if price hits a certain point.
This feature comes in really handy if you are someone who likes to use technical analysis levels to buy the dip or sell at Fibonacci levels.
Order History
As with any trading platform, it is important to be able to access your trading history. SimpleSwap users can access trading history, which comes in especially handy when it comes to crypto tax time.
No Signup or KYC
This is the main attractor to SimpleSwap, as it acts more akin to a DeFi aggregator like 1Inch as opposed to a centralized exchange. Because SimpleSwap is not in itself, an exchange, and it only sources assets and liquidity from major exchanges, there is no KYC or account creation needed for users to swap assets in a trustless, non-custodial manner.
However, it is good to note that SimpleSwap is NOT decentralized, so when it comes to things like regulations and licensing, those legal criteria are overseen by the SimpleSwap team.
It is also good to note that there is an option for users to submit KYC if they have any issues with transactions or need to verify any information for authorities.
Swap Token
SimpleSwap has a utility token called Swap, which is an ERC-20 token that offers holders benefits for using the SimpleSwap platform.
The Swap token was released to the market with a price of around $0.12 and experienced its all-time high of $0.54 just two months later in July 2019. Price then took a severe drop to around $0.04, where it remained until a brief revival during the 2021 bull run when it hit a price of $0.30. Since then, the token has dropped and remained flat at around the $0.005 mark where it trades at the time of the article.
Although price action has not been great and speculators are likely disappointed by the token’s performance, holders of the token who use the SimpleSwap platform enjoy benefits such as earning Swap and BTC cashback on exchanges, as well as gain opportunities to participate in Swap community loyalty rewards programs and social media contests. Users who are happy to purchase and hold a certain amount of SWAP tokens can enjoy the following benefits:
- 2,000 SWAP – Earn 0.15% of your finished exchanges in BTC for 30 calendar days
- 15,000 SWAP – Earn 0.4% of your finished exchanges in BTC for 30 calendar days
SimpleSwap Security
The SimpleSwap platform follows industry best practices with its approach to security, utilizing HTTPS and AES encryption. As SimpleSwap does not store any assets, it is a less likely target for hackers and cyber attacks, meaning they do not require the same robust security protocols and insurance funds of the major exchanges.
SimpleSwap is found to be a secure platform with a good track record, trusted by thousands of users worldwide.
SimpleSwap Fees
SimpleSwap users will find exchange fees with their swaps and the industry-standard network fees that apply to nearly all non-custodial crypto transactions.
The fee structure is not clearly stated by SimpleSwap with regards to what portion of their fee is tacked onto the network fee, which raises concerns from traders looking to swap higher volume trades. Users do have the option to select a floating or fixed exchange rate, and there are no withdrawal fees as the SimpleSwap platform does not store assets.
SimpleSwap explains that the exchange rate they offer users is determined by the rate they get on the basis of market analysis. Be sure to check the fee before confirming the transaction to ensure that it is an amount you are happy to pay.
Final Thought
SimpleSwap is a convenient, easy-to-use platform that is great for users looking to swap digital assets without needing to undertake account creation and KYC, and has made our list of the Top 5 Non-Custodial Exchanges.
The exchange has a positive reputation, good reviews, and has built trust in the crypto community with its good track record. Aside from fees being higher than some major centralized exchanges, and the need for on-chain transaction settlement that renders the platform unsuitable for day traders and scalpers, SimpleSwap provides a great alternative for crypto holders, investors, and swing and position traders.
