SimpleSwap Review – Should You Use This Crypto Exchange?

About SimpleSwap

SimpleSwap is a user-friendly and reliable instant service cryptocurrency exchange where users can buy, sell, and swap more than 450 crypto and fiat currencies.

The SimpleSwap trading system is entirely decentralized, and the cryptocurrency exchange process operates through both floating and fixed rate swaps.

SimpleSwap is also a non-custodial exchange and includes a secure light wallet that supports both cryptocurrencies and NFTs so you can easily store, send, and receive all your crypto assets purchased from any cryptocurrency exchanges.

And unlike most decentralized exchanges, SimpleSwap has many characteristics of a centralized exchange, such as an affiliate program, loyalty program, and a support team for quick and professional help.

If you want to learn all about SimpleSwap’s services and whether or not they’re right for you, stick around for this in-depth SimpleSwap review.

Instant Cryptocurrency Exchange

As mentioned, the SimpleSwap instant cryptocurrency exchange supports over 450 cryptocurrency assets and fiat currencies, leaving it with far more assets than many cryptocurrency exchanges, including the likes of Coinbase and Crypto.com.

SimpleSwap supports over ten fiat currencies (several more than the average crypto exchange), such as USD, EUR, GBP, JPY, MXN, TL, BRL, VND, and several African currencies. 

While most people generally trade with USD or EUR, those with less frequently supported fiat currencies will be very pleased with SimpleSwap’s list.

As for crypto assets, there are far too many to list, but SimpleSwap includes just about every asset you would want, in addition to a wide selection of stablecoins.

SimpleSwap Exchange Interface

The SimpleSwap exchange interface consists of the traditional order panel design with easy-to-use dropdown tabs and a section for pasting your wallet address.

On the order panel, you will also see a small button to toggle between fixed and floating exchange rates. The two options can yield very different prices, so we encourage anyone using the exchange to look at both quoted prices.

Overall, the SimpleSwap exchange is as aesthetic as it is user-friendly, but there aren’t any charts or order type options, so it won’t be well suited for active traders.

SimpleSwap Payment Options

In terms of fiat-to-crypto payment options, SimpleSwap currently supports Visa or Mastercard through its partnership with Mercuryo.

SimpleSwap doesn’t, however, support any other fiat on-ramps such as PayPal, WIRE, or SEPA transfers.

Another thing to keep in mind when purchasing with fiat is only BTC, ETH, ALGO, BAT, BCH, DAI, USDT, and TRX are supported.

That being said, you can always exchange the crypto you buy with fiat or deposit your own crypto funds to exchange with any of the other supported assets.

There are no limitations on crypto-to-crypto payments.

Exchange Trading Fees on SimpleSwap

The SimpleSwap fee structure is relatively standard for a DEX and only charges network fees for transactions.

However, users will want to pay attention to any floating rate when they swap coins, as slippage could be costly. Exchange rates aren’t technically trading fees, but an unfavorable exchange rate will cost you all the same.

For this reason, it might be wise to choose a fixed rate exchange to guarantee the exact amount you’ll be receiving/paying.

Though not explicitly stated, there does seem to be a slight mark-up for buying and a slight mark-down for selling exchange rates, which can be noticeably more costly than other DEXes like UniSwap or 1inch.

The network fees alone can easily stretch into double-digits, so SimpleSwap is certainly not the most ideal place to buy or sell crypto when compared to other cryptocurrency exchanges.

This is especially true considering the mark-up/down for transactions can be more than the 0.30% standard for DEXes.

SimpleSwap doesn’t charge any additional fees for withdrawals, though considering they are a non-custodial platform, that would be expected.

SimpleSwap Wallet

While SimpleSwap users are welcome to use their own wallet with its platform, SimpleSwap has one you can get as an app or a browser extension called SimpleHold.

The wallet supports over 50 cryptocurrencies and allows you to store and view all your NFTs. Considering most wallets don’t support NFTs at all, that is a massive advantage over most of the competition.

Like most crypto wallets, you can easily send, receive, and exchange assets straight from the wallet app, which is incredibly intuitive and well designed.

The SimpleHold wallet is also compatible with hardware wallets like Ledger and Trezor, so those who prefer to go back and forth between cold storage and web wallets can do just that.

How SimpleSwap Compares to Competitors

In any reasonable comparison of SimpleSwap to other exchanges, one has to keep in mind that SimpleSwap is a DEX.

Though DEXes have clear advantages over centralized exchanges (CEXes)—the most notable being anonymity with no KYC verification and a wide range of supported assets—they have disadvantages as well.

The costs for crypto exchanges on DEXes are significantly higher than those on CEXes, so if you view fees as most important, SimpleSwap (or any DEX for that matter) probably won’t be for you.

An exchange like Binance, FTX, or BingX would be much more agreeable with their industry-leading low fees.

However, if you are dead set on using a DEX to remain anonymous, SimpleSwap is one of the most user-friendly and will prove to be a reliable service.

For that reason, SimpleSwap is an excellent option to consider for anyone new to the world of DeFi and decentralized exchanges, as many DEXes can be a bit confusing to use.

But whether you’re looking for a DEX or CEX, the SimpleSwap wallet is worth checking out, even if you don’t use the SimpleSwap platform at all. 

Much like the Coinbase wallet or MetaMask, the SimpleHold wallet can be used just about everywhere in the cryptocurrency market to store assets, so it would be useful to anyone in crypto interested in self-custody.

If you buy your crypto on an exchange like Binance, for example, you can self-custody it in the SimpleHold wallet, which is arguably a better design than its Coinbase or MetaMask counterparts. 

So, just to reiterate, SimpleSwap has a more intuitive/easy-to-use design than most DEXes, it’s slightly more costly than most DEXes, and its wallet is arguably as good or better than top competitors like MetaMask or the Coinbase Wallet.

Conclusion: SimpleSwap Review 

After carefully walking through all of its services for this SimpleSwap review, we believe SimpleSwap is a great decentralized exchange but probably not ideal for most DeFi enthusiasts.

The entire SimpleSwap platform is beautifully designed and easy to use, but its transaction costs/fees don’t quite measure up to other DEXes.

Whether that’s Uniswap, SushiSwap, or the many other DEXes with ~0.3% maker and taker fees, most traders will likely prefer more profitable exchange rates, even if the platforms aren’t quite as user-friendly.

In summary, the SimpleSwap exchange will only be suited for those looking for a DEX and will probably be best suited for those new to DEXes who aren’t committed to the cheapest options.

It is slightly more costly to use than the average DEX, but those costs might be warranted if the design compared to other DEXes is that much more appealing to you.

However, regardless of your exchange preferences, the SimpleHold wallet is amazing and has use cases well beyond the SimpleSwap platform, so we strongly recommend looking into it as a top-tier crypto wallet.