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SimpleSwap Review
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SimpleSwap
Overview
Quick Facts
SimpleSwap is an instant swap service operating since 2018. It pulls liquidity from more than 20 exchanges, needs no account for most crypto swaps and builds its fee into the rate. Its legal pages name no company.
Information about SimpleSwap
Pro's & Con's
- No account for most crypto-to-crypto swaps
- Loyalty discounts of 5% to 20% on the service fee, plus USDT cashback at Gold and Platinum
- Card purchases through third-party providers
- Fixed rate locked for 20 minutes; no strict upper limit on floating swaps
- iOS and Android apps
- Legal pages name no company, country or registration number
- Fee built into the rate, no public quote endpoint to compare
- Use may be restricted in every EU member state, the United Kingdom and many other countries
- KYC possible on any transaction at SimpleSwap's discretion
- Returning frozen funds costs 1%, at least $100
Offer and features of
SimpleSwap
KYC Requirements
- Not required for most swaps
- Can be requested for flagged transactions or when compliance rules apply; AML terms allow it on any transaction
- Card purchases: checks by the provider
Minimum/Maximum Transaction Limits
- Minimum varies by currency
- No strict maximum on floating rates
Security Features
- Non-custodial: SimpleSwap says it does not hold user funds
Exchange Rates Competitiveness
- All-in rate, no separate fee
- May start from 0.2% for some assets
Privacy Policy
- Available on website
Anonymity Conditions Description
- No account for most crypto swaps
- KYC possible on any transaction at SimpleSwap's discretion
Our
SimpleSwap
Review
Our Rating
Conclusion
In our view, SimpleSwap is a usable swap service for regular users who will benefit from its loyalty discounts, with no account needed for most swaps and card purchases through partners. Two things hold it back: its legal pages name no company, and its fee sits inside the rate with no public quote endpoint to compare. Its terms say use may be restricted in the United States, the United Kingdom, every EU member state and many other countries. If you want a published fee, look at FixedFloat; in the US, look at Coinbase.
Customer Reviews
/ 5 average rating from 2 reviews
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SimpleSwap is an instant swap service that has run since 2018. It pulls liquidity from more than 20 centralized and decentralized exchanges, needs no account for most crypto-to-crypto swaps and sells crypto by card through third-party providers. In our view, it suits regular swappers who will use its loyalty program, which cuts the service fee by 5% to 20%.
The trade-offs: its legal pages name no company behind the service, its fee sits inside the rate, and its terms list many countries where use may be restricted, among them the United Kingdom and every EU member state.
How SimpleSwap works
To get started, select two coins, specify an amount, and provide your receiving address. Then, send the deposit to the address provided by SimpleSwap. According to SimpleSwap, most crypto-to-crypto swaps don't require an account, and it doesn't hold user funds unless required by regulation or law. An account is optional and offers access to the loyalty program, exchange history, and price alerts.
A fixed rate locks the quote for 20 minutes, and your deposit needs one confirmation in that window. A floating rate has no strict time limit and no strict upper amount limit, but the amount you receive follows the market. SimpleSwap gives 1 to 60 minutes as a rough guide for how long a swap takes and says this is not a guarantee.
Fees
SimpleSwap employs an all-in rate for crypto swaps with no additional fees. The FAQ notes that costs may start from 0.2% for some assets. Fees for card purchases aren't fixed. They depend on the third-party provider and may begin at 0.5%. We found no fixed card fee published by SimpleSwap.
In our latest rate snapshot, SimpleSwap's floating rate for 0.1 BTC to ETH was 1.508% below the mid-market rate. To evaluate its pricing, compare the final amount shown by SimpleSwap with quotes from FixedFloat or ChangeNOW for the same pair at the same moment. In that snapshot, FixedFloat's floating rate was 0.584% below the mid-market rate for 0.1 BTC to ETH, and ChangeNOW's quote was 1.203%.
The loyalty program reduces the service fee by 5% at Bronze level, 10% at Silver, 15% at Gold, and 20% at Platinum, based on your total completed exchange volume. Gold and Platinum members can also receive USDT cashback of 0.1% and 0.4% respectively. A customer account is necessary for participation.
KYC and accounts
Most swaps don't require identity verification. SimpleSwap might request KYC or further details if a transaction is flagged as suspicious or if compliance, anti-money laundering, government, or financial institution rules necessitate it. AML terms allow SimpleSwap to demand KYC at its discretion for any transaction. Card purchases undergo checks by the provider.
Funds suspected of illegal links can be frozen. If SimpleSwap returns such funds, its terms charge 1% of the returned amount, with a minimum of $100.
Where SimpleSwap is available
SimpleSwap's terms mention the United States, including its territories, as areas where use might be restricted, and its iOS app isn't listed in the US App Store. The list also includes every EU member state, the United Kingdom, Japan, China, and India, among others, and notes that it's not exhaustive. Residents of the US should consider Coinbase, an exchange covering every US state (see our Coinbase review), or our exchanges for US customers list.
Who is behind SimpleSwap
SimpleSwap's terms, privacy policy and AML page name no company, country or registration number; the terms refer only to "SimpleSwap". Its iOS and Android apps list Simple Swap LTD as the developer, but the legal pages do not say where that company is registered. We found no SimpleSwap entry in Europe's register of authorized crypto-asset service providers. In our view, the missing company details are the main reason to keep amounts modest.
SimpleSwap says it has operated since 2018 and has processed more than 20 million swaps. It does not publish a proof of reserves; as it says it holds no customer balances, in our view that is not a gap.
Refunds
According to SimpleSwap's terms, refund requests are processed within up to 31 calendar days, minus the network and any recovery fees. Funds held for a user are retained for up to 1 calendar year.
Who should use something else
If you want a published fee, FixedFloat is a crypto-only service with a 0.5% floating-rate fee whose quotes came out lowest-cost in our latest rate snapshot; see our FixedFloat review. If you prefer a service that names its operator and sells crypto by card, ChangeNOW is run by CHN Group LLC, and US residents can use it with an account and KYC in the states its terms name; see our ChangeNOW review. For bank transfers into crypto, Changelly accepts SEPA transfers through partners; see our Changelly review.
Questions about SimpleSwap
Is SimpleSwap legit?
SimpleSwap has run since 2018, publishes its terms, fee model and KYC rules, and says it holds no customer balances. Its legal pages do not name the company behind it, and we found no license or register entry for it. In our view, it is usable for crypto swaps where its terms allow it, but the missing operator details make it a weaker pick than services that name their company.
Does SimpleSwap require KYC?
Most swaps don't require KYC. SimpleSwap may request KYC if a transaction is flagged or if regulations demand it, and its AML terms allow it to require KYC for any transaction.
What are SimpleSwap's fees?
The fee is built into an all-in rate, with no separate charge; SimpleSwap says it may start from 0.2% for some assets. Card purchase fees depend on the provider and may start from 0.5%. Loyalty levels cut the service fee by up to 20%.
Is SimpleSwap available in the US?
No. SimpleSwap's terms include the United States and its territories as restricted areas, and its iOS app is unavailable in the US App Store. Coinbase provides services to residents of every US state.
About the author
Ethan Parker is Senior Content Editor at Exchange Flow. He has followed crypto since 2015, from Bitcoin and Ethereum to the exchanges people use to buy and trade them.
Used it several times and still my go to! Simple, low fees. What else can one ask for?
Simpleswap's wallet received my coins over 28 hours ago as shown in the transaction hash. The "swap" got stuck on confirming and never exchanged. The chat agent gave me a big song and dance about a technical problem that would take days to untangle (which is patently false.) I was also told it is technically impossible to refund my coins.
As I wait, I get no communication from simpleswap unless I ping them and the last several times I have been told "no updates" when they deign to respond.
Save your coins from loss and save on getting a headache by not using this "service"