TL;DR
- SimpleSwap was launched in 2018 to simplify the crypto swap process.
- The platform attracts users with its user-friendly interface and supports over 600 cryptocurrencies.
- However, many aspects still need to improve, such as its transaction speed and customer service system.
SimpleSwap is one of the best crypto swap platforms in the market. The platform is known for its easy-to-use interface and loyalty program. However, it also has many drawbacks.
In this article, we will take a look at SimpleSwap regarding its pros and cons.
What is SimpleSwap?
SimpleSwap is a crypto swap platform founded in 2018 to simplify the crypto swapping process. Traders can access the platform’s services via a website or mobile app, which has over 10,000 installs up to now.
SimpleSwap Review: Features and Functionality
Supported cryptocurrencies
SimpleSwap supports over 600 cryptocurrencies, including well-known ones like Bitcoin, Ethereum, Litecoin, and Ripple.
The exchange also offers less well-known cryptocurrencies such as Ravencoin (RVN), Syscoin (SYS), Verge (XVG), etc.
Supported countries
SimpleSwap currently does not provide service to countries that are on the FATF blacklist including North Korea, Iran, and Myanmar.
Moreover, SimpleSwap’s mobile app is not available in following countries:
- App Store: Japan, China, USA
- Google Play: Japan, USA.
Payment methods
SimpleSwap only allows cryptocurrencies payment methods. Some of the cryptocurrencies that are accepted for payment on the platform include: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), etc.
You must transfer the necessary quantity of cryptocurrency from your wallet to the wallet that SimpleSwap has given in order to make a payment on the platform. The traded cryptocurrency will then be delivered to your wallet address via SimpleSwap.
It’s vital to remember that SimpleSwap does not accept payments made with credit or debit cards or fiat currencies.
Exchange rates and fees
SimpleSwap provides competitive exchange rates that are constantly updated to reflect the state of the market.
The exchange features a clear fee structure with no extra costs. More specifically, SimpleSwap imposes a fixed commission fee of 0.5% on every transaction.
However, due to decreased liquidity and demand, exchange rates for lesser-known cryptocurrencies on SimpleSwap may be higher. Users should check exchange rates in advance to make sure they are reasonable.
Transaction speed
SimpleSwap guarantees that transactions will be completed within 15 to 40 minutes. However, according to our observations, most trades are completed in under a minute.
It is important to remember that the network congestion of the traded cryptocurrency as well as the speed of the blockchain network can affect the transaction time.
Security
SimpleSwap takes serious measures, such as employing SSL encryption and two-factor authentication (2FA) to strengthen security further and protect its user’s data.
Because SimpleSwap is a non-custodial platform, users retain complete ownership and control of their funds throughout the transaction process. This dramatically lowers the possibility of hacks or breaches, making SimpleSwap a reliable and safe cryptocurrency trading choice.
Loyalty program
SimpleSwap’s loyalty program provides a way for users to earn rewards for using the platform. The amount of cash-back fluctuates depending on the user’s trading volume and the kind of cryptocurrency being traded.
Mobile app
Both iOS and Android users can download the SimpleSwap mobile app. The app has the same features as the desktop version and is extremely simple to use.
The mobile app offers a convenient choice if you want to manage your cryptocurrency portfolios on your smartphone.
SimpleSwap now has over 10,000 downloads on Google Play and Apple’s App Store.
SimpleSwap Review: User Experience
Ease of use
Users can start trading immediately on SimpleSwap without submitting personal information because they are not required to set up an account.
The platform is intended to be straightforward and user-friendly. Users may easily search for the cryptocurrencies they want to trade and finish their transactions with a few clicks.
Customer support
Customer service is available from SimpleSwap via email and live chat. Unfortunately, because of the limited staff, users might have to wait a while before receiving a response.
Feedback from users
Most users have given SimpleSwap positive feedback.
The exchange has received top ratings from many users for its user-friendliness, speedy transactions, and support for various cryptocurrencies. Some customers have also praised SimpleSwap for setting exchange rates, which let users know precisely how much they will get before the swap is finished.
SimpleSwap Review: Pros and Cons
There are many benefits and drawbacks of SimpleSwap that should be taken into account.
Positively, the platform is simple to use, which makes it an excellent option for newcomers wishing to swap cryptocurrencies. SimpleSwap supports many cryptocurrencies, including popular ones like Bitcoin, Ethereum, and Litecoin, as well as lesser-known altcoins. The platform provides helpful customer support service, and frequent users are rewarded with reductions on exchange fees through its loyalty program.
However, using SimpleSwap has certain disadvantages as well.
Exchange rates on the site might be expensive, especially for less popular cryptocurrencies, which can make it less affordable for larger purchases. Moreover, transaction processing has occasionally been delayed during peak times.
Here is the table summing up all the pros and cons of SimpleSwap
| Pros | Cons |
| – User-friendly interface – Supports a wide range of cryptocurrencies – Loyalty program | – Exchange rates can be high for less common cryptocurrencies – Transaction speed can be slow during congested time – Long response time from customer service |
Final Thoughts
SimpleSwap is a versatile and easy-to-use crypto swap platform. It is one of the top recommendations for crypto beginners with limited knowledge in trading crypto thanks to its simple interface, wide variety of crypto, etc. However, there is still room for improvement to improve the user’s experience.
