SimpleSwap Review – Key Withdrawal Problems Expected
Generally, the company doesn’t reveal ownership and address details transparent. Therefore, we had to do a little digging in T&Cs to find out. It appears this company operates under the ownership of Simple Swap Ltd. A company registered in the Cayman Islands.
What a nice place for an anonymous crypto exchange company. You already have a hint if you can trust this firm or not. But keep reading our unbiased Simple Swap review to find out all potential problems.
|Is This Company Safe?
|Have Warnings From:
|Free Demo Account:
|How To Withdraw From This Company?
|With numerous scam allegations and negative reviews, it’s hard to believe any withdrawals are possible with this exchange. In case you can’t withdraw your crypto from the SimpleSwap exchange, contact us for refund advice immediately.
Legal Info: Is SimpleSwap Legit Or A Scam?
Even though the company might appear as trusted due to mobile app advertisements, a huge number of monthly registrations, and trading volume, there’s one thing missing. Unfortunately, this crypto exchange doesn’t have any Digital Asset Service Provider licenses.
Even though they claim to be a decentralized exchange, it appears they offer combined services. Or, possibly, it’s all a lie like everything else. We are about to see that through Simple Swap reviews.
Who Are SimpleSwap’s Victims?
At least one thing appears to be reliable with SimpleSwap crypto exchange. That’s their registration date in 2018. Since then, they have been mainly offering services to traders from:
- United States
- United Kingdom
Yet, almost all mentioned countries have a far more trusted alternative to this exchange. But if you are somehow stuck with this exchange or potentially with another scam exchange, Atomic Wallet, feel free to contact us for refund assistance.
One of the key warning signs with any company is reviews. In this case, we can see that almost 30% of the comments on Sitejabber include some complaints. Some traders report issues with the company holding their money until favorable market conditions are met. On the other hand, some can’t get any of the funds out. All in all, these are not good signs.
On top of that, there are more similar statements on the Reddit platform. If you recognize your situation in any of these comments, feel free to send us a message and book your consultation with our refund team.
Investment Costs With SimpleSwap
Important to realize is that the Simple Swap exchange doesn’t reveal what maker and take fees traders can expect. Yet, again, digging brings some results. Service fees of 1% will be charged for every transfer on the amount ordered for trade.
Thus, all these fees might be changed without prior notice. There you go, they can remove everything from your wallet and tell you it’s because of the fees. Another unregulated firm you should watch out for is analyzed in our BitKan review.
In general, bonus deals are not very common with crypto exchanges. Yet, when some new coins come out, traders might get some extra bonuses as motivation to purchase new coins. All in all, bonus funds are not as good as traders might think.
SimpleSwap Trading Features
Overall, none of the features this company offers can be considered advanced. In fact, it’s just a basic exchange platform without any charting or analytical options. On top of that, there are irregularities with the company’s app.
Trading Platform Available
As can be seen, the company is advertising the SimpleSwap app for iOS and Android devices. They even provide links to trusted PlayStore and AppStore. However, none of the links work. Neither the app is listed in those apps whatsoever. Instead, you are downloading their suspicious app directly from the company’s website. Besides the mobile app, traders can also exchange cryptos directly on the website.
Available Trading Assets
At least there’s one positive thing about this company. That’s instrument availability. There are numerous options available for traders on the SimpleSwap exchange. Sadly, without regulations, it’s hard to trust any of those. Anyway, some less popular options are:
- ASTR and approximately 1.000 more
Usually, customers can get fairly better trading conditions if they trade more on average. Thus, with this company, that’s not the case. Neither does this exchange reveal what the deposit requirements are to get started. All in all, too many unclear things.
As can be seen, the SimpleSwap crypto exchange doesn’t offer transparent insight into the platform. That’s the first step for checking the company’s features. Another would be a demo account, yet those are less common with crypto exchanges.
For educational purposes, the company offers blog posts and videos. Indeed, these might help traders understand crypto better. Still, we would always recommend traders choose more trusted companies to invest their money with.
Important to realize is that the withdrawal policy with this company practically doesn’t exist. Neither does the company reveal withdrawal processing time or fees. With this in mind, we can trust those SimpleSwap Reddit comments a bit more. Ultimately, if the company is not transparent about important topics, is there a reason to trust them?
Another key issue with this company is the lack of quick-response contact options. Only a few email addresses and web contact forms are available.
However, you can request to join their encrypted Telegram group for potentially faster responses. In any case, working hours are not disclosed, and you should be prepared for your nerves.
Key Information To Consider About SimpleSwap
With unregulated exchanges, everything is suspicious. But the most concerning facts are missing licenses and untrusted mobile apps. After all, those negative reviews wouldn’t be written without a reason.
If you have your crypto stuck with this company, don’t lose hope. Even though crypto transfers are designed to be anonymous and irreversible, there’s an option to track your stolen crypto. It requires the magic of the CipherTrace tool. To get started with the refund process today, feel free to contact our refund team.
What is SimpleSwap?
SimpleSwap is a shady offshore crypto exchange offering investment services since 2018.
How Much Does SimpleSwap Charge?
For all transfers, the company will charge 1% of the ordered amount. But those fees can always be changed without prior notice.
What is CipherTrace?
CipherTrace is a software tool that allows institutions to track crypto transfers and prevent money laundering. Also, it helps with the recovery process. For more details, contact us.