The webs most detailed SimpleSwap Review: Learn more about this instant cryptocurrency exchange and what makes it stick out from the rest of the crowd. Is there more to the instant exchange mechanism or is this only a pure swap exchange for cryptocurrency investors? This is an expert take on why you would want to use SimpleSwap.
In this section of our SimpleSwap review we highlight 6 special features that deserves extra attention.
This instant cryptocurrency exchange was founded recently, back in 2018, during one of the latest Bitcoin booms. It is based in the United Kingdom and serves most countries in the world with the exception of a few which are listed below. Simple Swap Limited is the owner and to be honest, there is not much info on the company online as of today.
This instant crypto exchange offers a very basic interface, and they promote instant exchanges or swaps between cryptocurrencies and of course altcoins. It’s a non-regulated exchange and it solely relies on blockchain transactions for swapping coins. Card payments have recently been introduced for those investors who want to buy their cryptocurrencies with fiat money.
Why use SimpleSwap
SimpleSwap is great for investors who want to change investments or spread out their portfolio from bitcoin to other altcoins. Just add your current addresses and make the exchange completely for free. It’s not more difficult than that. This is currently the only thing they offer on the exchange, a fast way of swapping between altcoins.
It’s not a very advanced exchange so it’s very suitable for beginners and people who have difficulties understanding complex trading platforms. So, if you are new to cryptocurrencies and exchanges, you will enjoy swapping and trading on SimpleSwap.
Trading on SimpleSwap
Right now there is no trading platform for day traders. I don’t know if they ever plan on opening those doors but for now they only offer a very basic exchange and swapping tool.
Payment methods and limits
Except for the obvious crypto to crypto exchanges, SimpleSwap has introduced card payments as well which allows you to buy your coins directly on the exchange. This is a new feature and it seems to be working just fine. When it comes to the exchanging of cryptocurrencies, there are currently no limits written down anywhere on the exchange. This is a great thing for all the whales out there who wants to exchange large amounts of cryptocurrency.
Things we don’t like
Since SimpleSwap is not offering much more than a free exchange tool and it seems to be working well there are not many negative aspects of the exchange other than it is lacking many special features that I know traders in particular like. It’s not a place for advanced traders or investors, if you are looking for an advanced platform you are better off elsewhere.
About the special features on SimpleSwap
What makes SimpleSwap special is the fact that you can sign up and exchange cryptocurrencies instantly, that’s pretty cool in my opinion. It’s a very very basic platform that all beginners will feel comfortable using and the quick registration process makes it easy to start. You do not need to send in KYC documents on SimpleSwap which makes for a very easy on-ramp for all crypto investors. There are currently over 300 altcoins to choose from on SimpleSwap and the list keeps growing.
I think this is a great instant cryptocurrency exchange if you want a quick way to access a lot of different altcoins. The high limits also make it suitable for large traders who want to invest more money in cryptocurrencies and altcoins. The trading app is also a plus if you are the kind of investor that likes to buy cryptocurrencies and altcoins from your mobile phone.
Exchange cryptocurrencies For Free
Yes, that’s right, you can exchange and trade cryptocurrencies for free on SimpleSwap, with 0% fees. But how does this really work? It’s pretty “simple”. SimpleSwap is an instant cryptocurrency exchange and it’s connected to several other major major cryptocurrency exchanges to access their coins and liquidity. Whenever you exchange or swap coins on SimpleSwap you are using the algorithm and you will get a price for each exchange. Sometimes the algorithm finds better prices than expected, and when this happens, SimpleSwap takes a small cut of the deal. That’s how they make money and it’s a win-win situation. So if you want to trade cryptocurrencies for free without any fees at all, I would recommend that you give it a try!
Very Fast Live Chat
A huge plus for SimpleSwap is the fast response time through the live chat. I wrote “hello” and David answered me within 20 seconds. Thumbs up!
Is SimpleSwap safe to use?
SimpleSwap has only been on the market since 2018 but we don’t have any records of hacks or lost money from this exchange. Since you can access the swapping mechanism on SimpleSwap without actually signing up for an account you are basically only making blockchain transactions between your wallets. Blockchain technology is inherently safe and if you are familiar with how to send a blockchain transaction you do not have to worry about any thefts on SimpleSwap.
We will continue to follow SimpleSwap and take notice from more users to see how the exchange develops in the future. For now, we can only say that it seems safe to use SimpleSwap when exchanging cryptocurrencies and I would recommend it since it has a lot of different altcoins to choose from.
Is SimpleSwap regulated?
No, SimpleSwap is not a regulated cryptocurrency exchange.
Frequently asked questions
Read the most frequently asked questions about SimpleSwap. Find answers without searching the web.
It is an instant cryptocurrency exchange where you can swap between altcoins for free. The exchange is connected to several major crypto exchanges through an algorithm that makes for free cryptocurrency trading.
Considering that you don't need to sign up for an account and only transact on the blockchain, the exchange mechanism of SimpleSwap is very safe.