The term “cryptocurrency” tends to inspire many different feelings in people - while some individuals’ eyes light up and they go on a tangent of how Ethereum is the best crypto technology in the world, beginners in the field tend to be a bit less enthusiastic. This Simplex review should spark up that enthusiasm quite fast.
You see, when asked about their ideas on crypto, many newcomers to the topic are probably going to use terms such as “decentralized”, “blockchain” and “Bitcoin” - that’s normal. The less-enthusiastic lot, though, will likely tell you about the fraud, scams and hacks that happen in the crypto world.
While these people wouldn’t be wrong discussing such aspects, the Simplex company aims to turn the cryptocurrency market into a fair and fraud-free place where people could exchange crypto coins, worry-free.
Interested? Let me tell you what Simplex is all about.
TL;DR: Simplex is a unique combination of a cryptocurrency brokerage platform and a payment gateway solution to some of the biggest crypto exchanges. While still being relatively unknown, Simplex provide you - the user - with a worry-free way of purchasing your desired cryptocurrencies at some reasonable prices. You can pay with your credit card, and the payments are very fast and secure.
- Can pay for cryptocurrency with credit or debit card
- Very fast payment processing
- Secure and reliable
- Very simple to use
- Does not support some cryptocurrencies
- Higher fees than with some cryptocurrency exchanges
Table of Contents
Simplex Review: PROS
To start off with this Simplex review, naturally, we’re going to kick things off with some of the most positive and noteworthy aspects of the platform.
It would be impossible, however, to move forward without addressing the Bitcoin in the room and figuring out just what Simplex is, and how the service fits into the relationship of a cryptocurrency enthusiast, and a crypto exchange platform.
What is Simplex?
The Simplex company was founded all the way back in 2014, as a fintech startup. The term “fintech” actually describes the company’s product well - “financial technologies”.
Based in the EU, the team behind Simplex aims to “de-fraud” the cryptocurrency market, and make it a relatively-stable (as far as security is concerned, at least) and safe place for both long-term investors and every-day traders, alike.
So… Is Simplex legit as a cryptocurrency brokerage?
It is legit, yes - but the terminology can still get pretty confusing.
You see, some user Simplex reviews point out that the company in question isn’t actually a cryptocurrency brokerage per se… At least not JUST that. Instead, it’s a mixture of a brokerage and a payment gateway solution for some of the most well-known cryptocurrency exchange platforms (think: Binance, Changelly, Trezor, etc.).
Now, your next question might be - what is a ‘payment gateway solution’, in the first place?
You can imagine payment gateways as some third-parties that ensure the smoothness and - more importantly - security of a payment or transaction between two parties. In this case, the payments and transactions simply involve cryptocurrencies - the general sentiment, however, remains the same.
So, in short, user Simplex reviews define the project as a unique cryptocurrency payment gateway that allows you to purchase cryptocurrencies from some of the biggest and most well-known exchanges in the world, without fear that your transaction might be compromised and your funds stolen.
The “de-frauding” part is essential, though. According to the Wall Street Journal, in 2019 alone, scams involving cryptocurrencies took more than $4 billion - that’s an astounding amount of money!
To this day, the stigma surrounding crypto is still very much noticeable - people still associate cryptocurrencies with the black market, money laundering, and scamming. Some Simplex Bitcoin reviews mention this, but it’s actually one of the main (if not the main) issues that the company in question aims to combat - hence the “de-frauding” part.
Simplicity is the Name of the Game
One of the more prominent features of Simplex that’s echoed by multiple user Simplex reviews is that the service is very simple to use.
Now, to understand this point in full, you’ll need some context.
Whenever looking for the best cryptocurrency exchanges, you’ll notice the “ease of use” factor is one that keeps on popping up rather frequently. This is with good reason - there are still quite a few exchanges that have a very steep learning curve, and require a lot of knowledge about the field in order to be used effectively.
That should not be the case.
With the cryptocurrency market attracting new people every single day, exchanges that are simple to use and straightforward in their design are going to be ones that come out on top. When it comes to Simplex crypto, you can expect the platform to be one of the easiest to use of them all!
The ease of use of Simplex is notable simply because of the fact that, in order to purchase the cryptocurrency that you’d like, you do not even need to enter their platform manually, and fill out some forms or participate in registrations - instead, you’ll simply be redirected to the payment processing page automatically.
For anyone wondering is Simplex legitimately easy to use, this should be proof enough - combine that with the fact that the term “simple” is literally integrated into the name of the brand, and you have yourself a pretty compelling case!
Transaction speed refers to the time that it takes for you to receive your cryptocurrency coins after you make a payment to the exchange. As you can imagine, this is a pretty significant point, both when it comes to this Simplex review, and some cryptocurrency exchanges, in general.
Due to the way that Simplex works, it provides instant payment processing - in most cases. The company states that some payments might, in fact, take between 48 and 72 hours to process. However, these are outlier situations - the only occur when there’s some stalling happening due to verification checks or similar issues.
The general rule, however, is that Simplex crypto transactions happen immediately - there is no delay.
Instant transactions are, as you can probably agree, great - this means that if you’re in a hurry, you won’t need to wait until you receive your crypto coins. It sure does add another positive point to the people asking is Simplex legit - most user Simplex reviews agree, too!
Credit Card Payments - Accepted!
Reading through user Simplex reviews found online, you’ll quickly figure out that one of the main features that make Simplex great is the fact that the fintech company accepts credit and debit card payments for crypto.
That’s simply amazing, for a couple of different reasons.
First of all, the obvious - it allows many more people to have a smooth and easy gateway into the cryptocurrency market, and thus, by extension, into the world of cryptocurrencies, in general.
You see, you don’t even need to read through Simplex Bitcoin reviews in order to find out that there are still many exchanges today that only allow crypto-to-crypto transactions. This means that they simply do not accept fiat money - you’d have to purchase (exchange) your fiat currency somewhere else, and then come back to the platform in order to buy another cryptocurrency of your choice.
Tedious? Yes. But that’s the smaller issue - the main problem is that processes like these turn even the best crypto traders away due to the time it takes to go through all of that process. Just think about a beginner trader!
Since Simplex accepts both credit and debit cards, this means that there’s an entire tedious procedure that’s simply cut out of the equation.
Apart from the simplicity, purchasing cryptocurrencies with a credit or debit card is also a much faster way of going about it. If you value your time, and want the process to be as simple as possible, Simplex is the right platform for you!
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Simplex Review: CONS
To continue on with our Simplex review, let us discuss some of the shortcomings that are usually associated with the platform in question. To be completely fair and transparent, we won’t focus on the fact that Simplex isn’t, in fact, an actual “cryptocurrency exchange platform”, or a “crypto brokerage”.
The company is very unique in what it does, and thus, we’ll stay away from any form of subjective comparisons. Instead, let’s address the main aspects of what Simplex could, in fact, improve upon.
Lack of Cryptocurrency Support
Whenever you find yourself using a cryptocurrency exchange, you are probably doing so because you’d like to purchase a specific cryptocurrency, right?
Well, what if the exchange does not house the crypto that you want? That can be rather disappointing! It’s also an issue that appears to be familiar to some of the platform’s users, at least judging by some user Simplex reviews.
Simplex supports these cryptocurrencies:
The list is taken straight from the company’s official website.
While the above-given list is pretty extensive and includes most of the “mainstream” cryptocurrencies on the market (Bitcoin, Ripple, Ethereum, Litecoin, etc.), some people who might want to purchase some more-niche coins could still be left disappointed.
That being said, though, while not many user Simplex reviews point this out, you could still purchase some sort of a cryptocurrency from Simplex, and then use it to acquire another crypto of your choice, on a different exchange.
Lack of Features - An “On-the-Go” Platform
If you’ve read this Simplex review up to this point, this is probably an obvious point.
One of the main features of Simplex is that it offers you the ability to purchase cryptocurrencies in a seamless way - in other words, you do not need to manually go to the company’s website to finish your payments or verifications. Instead, all of this is integrated into the exchange that you might be using.
Add that with the fact already-discussed fact that Simplex isn’t an actual cryptocurrency exchange per se, and what you end up is a platform that does not have any “exchange-standard” features, except for that of purchasing crypto coins.
This is actually one of the more interesting points that are brought up by user Simplex reviews. That’s because, if you’d like to have some exchange-like functionality and not “just” purchase crypto, you would be able to - after all, you’d probably be visiting an exchange that utilizes Simplex, in the first place (unless the service is integrated into some other platform).
Did you know?
Compare Simplex Side by Side With Others
All Crypto Exchanges may look similar to you but they're NOT all the same!Yes! Show me the Comparison Chart
How Does Simplex Work?
Now, we’ve already discussed most of the major points of the platform in this Simplex review. That said, seeing that Simplex isn’t a traditional cryptocurrency broker, and has some unique functionality, it’s probably worth discussing how it works, right?
While the process is a bit more complex than this (meaning, there are a lot of technicalities taking place in the background), from the user’s perspective, the Simplex company’s processes can be explained in 5 simple steps:
- You would pick out a cryptocurrency to purchase from one of the Simplex’s partnered exchanges, and choose to pay with your credit or debit card.
- You are then re-directed into a separate section of the site - in the vast majority of cases, this transition is going to be seamless, so you might not even notice it.
- Now, you’re going to have to fill out all of the transactional information - how much cryptocurrency you’d like to purchase, your public wallet address, and so on.
- In the next step, you will find yourself on the Simplex checkout page - here, all of the verification checks need to be met and filled out.
- Once you submit the documents and pass verification, your credit or debit card will be charged, and the cryptocurrency of your choice will be sent over to your public wallet address. Simple as that!
Making Simplex crypto payments truly is that, well, simple! If you submit the right documents and fill out all of the required fields of information, you should encounter no issues while purchasing the cryptocurrency of your choice.
Well, unless you live in a country or state where Simplex does not operate - that's possible, too. While there aren't many countries (and states) like that, some do not meet the legal regulations that would allow the platform in question to operate within them. Such countries include:
- The Bahamas
- North Korea (DPRK)
- Sri Lanka
- Trinidad and Tobago
Also, 8 states of the US:
- New Mexico
If you live in either of these states or countries, unfortunately, Simplex will not be available for you to utilize. That said, if you DO, in fact, reside in either of these countries or states, you might want to check out some alternatives - Coinbase and Binance are usually seen as the top picks, but there are other high-end exchanges to choose from, too.
One of the last points that we need to discuss in this Simplex Bitcoin review are the fees that are applicable to your transactions.
Simplex charges its users fees of up to 5%, depending on the size of the transaction, your credit or debit card company, your location, and so on. While these fees might not be the smallest around, they are still justified by the fact that you not only receive the chance to purchase cryptocurrencies with a credit card, but are also receiving super-secure and fast transactions.
Reading through user Simplex reviews left online, this doesn’t appear to be a contentious point, either.
- Fiat currencies - accepted
- Simple to use
- Accepts only the most trustworthy cryptocurrencies
- A leading cryptocurrency exchange platform
- Best for beginner investors
- Accepts fiat currencies
- Highly-regulated and secure
- Very low fees
- User-friendly interface
- Most crypto assets are stored offline
- Cold crypto storage - available
- Low trading fees
- 24/7 customer support
Even though the world of cryptocurrencies is still very much a developing one, and there’s a lot of uncertainty involved within the topic, companies like Simplex are leading the way to both innovations within the field, and also making crypto more beginner-friendly and approachable.
Simplex is, in fact, very simple to use and newbie-friendly. The transactions are very fast (in most cases), and you can be sure that the security of your crypto assets and fiat money is going to be kept in-tact.
While the platform might not house the biggest number of different altcoins, it does support all of the main cryptocurrencies out there. If you’re looking for an easy entry into the cryptocurrency market, user Simplex reviews will surely direct you to this platform!
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.