Simplex
Simplex is a crypto-focused finance gateway used to make deposits and withdrawals at digital wallets and trading platforms. This review will go over payment options, how it works, transaction timelines, fees and security. Find out how to start swing trading with Simplex.
Brokers in United States with Simplex
How Simplex Works
Simplex was founded in 2014 and is based in Tel-Aviv – Israel. The service intends to make the cryptocurrency market a secure environment for investors. The company is top-rated among traders and is expected to exceed $2 billion in transactions a year.
Since January 2019, all countries which support e-wallets, except Bolivia, Thailand, and two states in the US (Hawaii and New York), can use the payment network. The DeFi (decentralized finance) platform offers cryptocurrency payment solutions for several leading exchanges and wallets, including Binance, Changelly, Trezor, KuCoin, and Trust Wallet.
To buy crypto using Simplex, all you need is a bank account. You will be taken directly to the payment processing page without visiting the site, filling out forms, or registering. Simplex also offers banking and a debit card, enabling users to buy and sell crypto at different outlets.
Transaction Times
Simplex offers almost immediate deposit and withdrawal processing at online brokers. With that said, payments can take up to 72 hours if there is a delay due to verification checks or other related complications. Be aware times vary depending on brokers, but the process usually takes a few minutes.
This is an advantage over more traditional payment methods such as wire transfers and some e-wallets. In fact, the transfer solution offers some of the fastest payment processing speeds on the market.
Pricing Review
Transaction limits are $20,000 per day and $50,000 per month. The same limits apply if the purchase is made in another currency, just converted to the one you used.
Simplex charges 3.5 – 5% of the transaction amount, with a minimum fee of $10. If your transaction is for a small amount, the cost percentage will be greater. Other fiat currencies may incur further costs. In addition, your wallet and broker may charge extra. A purchase made directly from the Simplex website incurs a 13% transaction charge.
Keep in mind that trading deposits are generally free with exchanges usually taking their cut at the withdrawal stage.
Security
The payment gateway is safe and reputable. The firm has a fraud detection system with a versatile and easy-to-use API. MinFraud Insights also give the company access to inputs such as IP geolocation. Simplex takes an adaptable approach to fraud prevention by identifying patterns as soon as they emerge. In addition, the firm has a rigorous verification process.
Importantly, third parties such as crypto exchanges also employ high-tech encryption protocols to keep personal information safe and to prevent hacking attempts.
Pros of Simplex for Traders
Benefits of trading with Simplex include:
- Easy to use
- Safe and dependable
- Fast online payments
- Holds an EU operating license
- You can use your debit or credit card to purchase cryptocurrency
- Available in many countries such as the US (except Hawaii and New York), UK, Germany, Australia, etc.
- If you have questions, you can contact the customer service team using the help menu or live chat on the website
Cons of Simplex for Traders
Downsides to trading with Simplex include:
- Doesn’t support all cryptos and fiat currencies
- High fees when compared to other exchanges
- Not available in several countries, including Turkey, Morocco, Philippines, Albania, the Cayman Islands, etc.
How to Make Simplex Deposits & Withdrawals
Here is a step-by-step guide on how to make deposits at trading brokers:
- Login to your account
- Find the “Buy crypto” option in your menu. Sometimes, this can have different names, such as “Fund your account” or “Payment options”
- Choose the cryptocurrency you wish to purchase and the amount of fiat
- Choose Simplex as the payment gateway
- Confirm your email and phone number
- Fill out the form with your bank account details
- You might need to verify your identity on some platforms, especially if this is your first payment
- Wait for the transaction to complete and the corresponding confirmation email
For withdrawals, follow the steps on the screen, except instead of “Buy crypto” you need the “Withdrawal” menu.
Note, exact steps may vary depending on the broker.
Verdict
Simplex is a fast, secure and convenient way to buy crypto. The platform also offers various additional services, including online banking and a debit card. The payment solution is a popular choice among active cryptocurrency traders. See our list of supporting exchanges above to start trading.
FAQ
What Payment Methods Does Simplex Support?
Visa and Mastercard are currently supported. You can also open a Simplex banking account and pay via wire transfer (SEPA or SWIFT).
Which Is Better, Simplex Or Moonpay?
Moonpay has cheaper fees (min. $5 or 4.5%) versus Simplex (min. $10 or up to 5%). However, Simplex has the option for online banking and a debit card. Both are accepted payment solutions at top trading brokers and exchanges.
What Is The Minimum Transaction At Simplex?
The minimum order size is $50, or the equivalent in your local currency. This is in line with competitors and makes it a suitable option for novice investors.
Can I Use Simplex To Buy Bitcoin?
Yes. Head to your online trading platform or wallet and select Bitcoin from the available tokens. You then just need to select Simplex as the payment method at the checkout.
What Cryptocurrencies Does Simplex Accept?
The payment gateway supports 94 cryptocurrencies. Accepted tokens include AAVE, ADA, ALGO, AVAX, AXS-ERC 20, BAKE, BAT, BCH, BNB, BTC, BUSD, CAKE, DAI, DOGE, DOT, ENJ, EOS, ETH, KAI, KAVA, KCS, KSM, LINK, LTC, LUNA, MATIC, MIOTA, MKR, NANO, NEAR, SAND, SHIB, SOL, TRX, TUSD, UNI, USDC, USDT, VET, XRP, XTZ.