This article is all about a crypto exchange firm called Simplex which aims to make cryptos accessible to all worry-free. No matter where you are or who you are, this exchange gives you the flexibility to buy however much you want at many of your favorite brokers.
So now, in this Simplex review, we will take a look at what Simplex is, its platform, fees and other important features. Let’s take a deeper look into this crypto exchange.
Table of Contents
- What is Simplex?
- Simplex platform
- Where can’t you use Simplex?
- Pros and Cons of Huobi
- Simplex fees
- Transaction limits
- Simplex Partners
- Simplex Partners with Opera for in-browser cryptos
What is Simplex?
Founded in 2014, this startup, Simplex is an EU-licensed financial institution that provides fiat infrastructure for the crypto industry. It empowers hundreds of partners to enable millions of people to buy billions of dollars in digital assets. Simplex is a kind of crypto brokerage exchange. Designed as a fiat/crypto infrastructure for the entire world, Simplex aims to be powerful, seamless and impactful. Simplex seeks to “de-fraud” transactions as well as the crypto market. Simplex wants the crypto sphere to be a somewhat stable and safe place as far as concerned.
If you’re thinking about whether Simplex is just a crypto brokerage platform or not, your question is reasonable. Although Simplex functions as a crypto brokerage, it also has other important aspects. Simplex is a payment gateway solution to some of the best and biggest crypto exchanges. A few of the exchanges are: Huobi, Binance, CoinSwitch, Trezor, Changelly, KuCoin, Coinmama, Exmo and so on.
This exchange was founded by Nimrod Lehavi (Co-Founder & CEO), Erez Shapira (Co-Founder & CTO) and Netanel Kabala (Co-Founder & CAO). Other important members displayed by Simplex are Ofer Bar-Or (COO), Sharon Cohen (VP Human Resources), Ari Last (VP Business Development), Maya Har-Noy (VP Payment Solutions), Kfir Rotbard (VP R&D), Mark Faber (VP Customer Success) and Erez Ben Ezra (VP Global Expansion).
So, to sum this up, Simplex is a crypto payment gateway (allows you to purchase from some of the biggest exchanges i.e. Binance) that aims to be powerful, seamless, impactful and seeks to “de-fraud” transactions as well as the crypto market.
When it comes to Simplex’s platform, you can expect it to be easy and simple. Although Simplex doesn’t have many features, it’s pretty straightforward. The fact that there are less features can be considered as both an advantage or a disadvantage. The advantage is that this makes it straightforward as there aren’t too many pages to switch from. A “Buy Crypto” button for buying and a “Sell Crypto” button for selling makes it easy to navigate. The disadvantage is that some people would expect colorful UI and a lot of features like Exodus.
Simplex also supports Apple Pay, Visa and Mastercard as their payment method. Also, you can choose to create a Simplex Banking account (which we will look into later) and pay by wire transfer using either SEPA or SWIFT.
Where can’t you use Simplex?
There are some countries where Simplex is currently unavailable. These countries and states have legal regulations that do not allow the entry of such plaThey are; 8 states from the U.S and 14 other countries. The 14 unavailable countries are:
- The Bahamas
- North Korea (Democratic People’s Republic of Korea (DPRK))
- Sri Lanka
- Trinidad and Tobago
The 8 unavailable states are:
- New Mexico
Pros and Cons of Simplex
Pros of Simplex
- Straightforward to use
- Quick payment processing
- Highest conversion rates, multiple acquiring solutions
Cons of Simplex
- Does not support a lot of cryptos
- Unavailable in some countries
- Slightly high fees
Simplex too charges fees just like any other exchange. This platform charges you a fee range between 2.5% to 5% that depends on your transaction value, location, card etc. You might think that the fee is not reasonable, as it’s not the lowest around, but it’s actually worth-for as Simplex offers secure and quick transactions.
Simplex applies a minimum fee of $10 for transactions. This means that for every transaction, at least $10 will be charged and as the transaction amount decreases, the fee % will be higher.
Forbye, Simplex states that you might be charged more fees if you are purchasing with a fiat currency other than USD. In addition to Simplex’s fees, the wallet/site that referred you to Simplex will also charge a fee for the transaction. So, Simplex charges you a fee and on top of that (if you use another wallet/site) maybe another fee. When issuing a purchase from Simplex’s website (Simplex.com), the transaction fee is 13 %.
If you want to buy cryptos from Simplex, have a look at these limitations first and then proceed to buy. These limitations are not anything bad, they only are like the maximum you can purchase in a day or month. Here are the 2 limitations from Simplex:
Firstly, at the moment, users are limited to $20,000 per day. The full daily limit is calculated as 24 hours since your last purchase, not as a calendar day (not calculated as 3rd May 12:00AM to 4th May 12:00AM). Secondly, at the moment, users are limited to $50,000 per month. The full monthly limit too is calculated over a 31-day period since your last purchase and not as a calendar month (not calculated as 1rd May 12:00AM to 31th May 12:00PM).
NOTE: If the purchase is carried out in another currency, then the same limits still apply, but just converted to the currency used by you.
As Simplex continues to improve, it also partners with a selection of global businesses. Simplex works with these partners to make cryptocurrency accessible to all. From one of Simplex’s partnered exchanges, you can pick out a cryptocurrency to purchase, and choose to pay with your credit or debit card to pay with. Here are most of the top businesses Simplex partnered with (not all will be included as all there are too many and all are great to pick from):
Simplex partners with Opera for in-browser cryptos
Just a few months ago, crypto payment processor leader, Simplex, had partnered with Opera, an online browser, to provide crypto on-ramp solution to users of this popular web browser. Due to this integration, users will be able to buy and sell a range of cryptocurrencies instantly within the privacy-centric Opera browser. Now, users will be allowed to open a cryptocurrency wallet account to acquire their digital assets.
On-ramp is when you receive cryptocurrency in exchange for something. In short, you offer fiat money in return for cryptocurrency.
This integration is also a great advantage for millions of people around the world who use both Opera and Simplex. Opera users can approach Simplex’s wide range of supported cryptocurrencies from the browser wallet itself. This allows people to enjoy competitive rates and move between fiat and cryptocurrency with no difficulty.
Disclaimer: Digital Wallets News does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.