Simplex

Nimrod Lehavi is the founder and CEO of Simplex, a payment processor established in 2014 in Israel. Despite its origins, Simplex serves users from a broad range of countries. The company has introduced innovative solutions that ensure 100% fraud-free transactions. Simplex also offers a zero chargeback guarantee, which provides protection for businesses involved in online transactions. Below, you’ll find a list of the top crypto sites that support fiat-to-crypto deposits through the Simplex payment processor.

Summary

The Simplex deposit method allows crypto traders to make payments to various crypto exchanges without the concern of fraud. It’s important to note that significant amounts of money are lost to fraud in the crypto market, and Simplex addresses this issue effectively. This payment gateway stands out for its ease of use. On September 1, 2021, Canadian company Nuvei acquired Simplex, but the brand name and operations remain unchanged. Below, we’ll explore the main advantages and disadvantages of using Simplex for crypto funding.

What is Simplex?

Simplex functions as both a cryptocurrency brokerage and a payment gateway. It is known for its fast and easy-to-use service, supporting credit and debit cards, as well as several popular cryptocurrencies like BTC, BSV, BNB, ATOM, DASH, and XRP.

Simplex Costs

The fees for using Simplex range from 3.5% to 5% of the transaction amount, with a minimum fee of $10. This means that transfers of $200 or less will incur a fee of $10. Additional fees may apply if you are transacting in fiat currencies other than USD.

Transaction Speed for Simplex

Simplex transactions are typically completed almost instantly. However, delays can occur due to verification issues, in which case payments may take up to 72 hours to process.

Simplex Deposits: How to Do It?

1. Log in to your account on the crypto exchange.
2. Navigate to the deposit page and select Simplex from the menu.
3. Enter the deposit amount and confirm the details.
4. Complete the payment using your preferred verification method.

Which Countries Use Simplex?

Simplex is supported in many countries around the world, including the USA, UK, France, Australia, Canada, and New Zealand. However, users from high-risk countries and those on the FATF list are not accepted. These include countries like the Cayman Islands, Cambodia, Cuba, Senegal, and Yemen, as well as two US states: New York and Hawaii.

Can You Withdraw with Simplex?

Yes, you can withdraw funds from your crypto exchange account to your Simplex account. A fee will apply for the transaction, and the funds may take more than one business day to reflect in your account. If these transaction speeds are too slow, you can consider withdrawing via credit or debit card.

Reputation of Simplex

Although Simplex has been in use for only a few years, it has gained popularity among crypto traders and users. The key advantage of Simplex is its ease of use, which sets it apart from other crypto deposit methods that often have steep learning curves. However, if you need support for a wider range of cryptocurrencies, you might want to explore Moonpay, which supports over 80 cryptocurrencies and offers many of the same benefits as Simplex.

Simplex FAQ

Below are some frequently asked questions about Simplex.

Is it safe to use Simplex for cryptocurrencies?

Yes, one of the main advantages of Simplex is its high level of security. It ensures that transactions are free from fraud and that no chargebacks occur.

How do I set up Simplex?

To set up Simplex, you need to provide your billing and verification information. You will only need to verify your details the first time you use the deposit method. Visit the official Simplex website to create your account and begin making deposits on crypto exchanges.

Which fiat currencies can be used with Simplex?

Simplex supports 113 fiat currencies, including ARS, AUD, BRL, GBP, CAD, EUR, DKK, SEK, ZAR, KRW, USD, AED, PHP, CHF, and many more.

Is Simplex instant?

Yes, Simplex is an instant payment method. Verifying your details early will help ensure there are no delays when transferring funds.

Which countries are banned from Simplex?

Simplex operates in most countries, but it does not accept users from countries on the FATF list or high-risk regions, including Afghanistan, Cuba, Iran, Iraq, North Korea, Syria, and others.

When was Simplex founded?

Simplex was founded in 2014, and in 2021 it was acquired by Nuvei, a global payments technology company based in Montreal, Canada.

Which cryptocurrencies does Simplex support?

Simplex supports a wide range of cryptocurrencies, including, but not limited to: 1EARTH, 1INCH, AAVE, ADA, ALGO, ATOM, BNB, BCH, BTC, BSV, DOGE, ETH, LTC, NEAR, SHIB, TRX, USDT, and many more.

Where is the mother company based?

Simplex was founded in Israel, and its headquarters are in Tel Aviv. However, it may relocate to Montreal following the acquisition by Nuvei.

Does Simplex only work on Apple devices?

No, Simplex works on both Android and Windows devices, as well as iPhones.