Simplex Brokers 2024
Simplex is a pioneering cryptocurrency payment gateway that partners with a wide range of crypto exchanges to support payment card transactions and deposits in a fast, secure manner. The institution is EU-licensed and bridges a gap between fiat and cryptocurrencies.
This review will discuss the security systems, pricing structure, speed and benefits of using Simplex to make deposits into trading accounts. We have also compiled a list of the best brokers that support Simplex payments below.
Best Simplex Brokers
These are the top 2 brokers with Simplex, based on our exhaustive tests:
-
1
OKX$10 in BTC
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
10 USDTVariableVARASpot, futures, perpetual swaps, optionsAlgoTraderWire Transfer, PayPal, Credit Card, Mastercard, Visa, Bitcoin Payments, Google Wallet, Banxa, Apple Pay, Simplex, Ethereum PaymentsUSD, EUR, GBP, INR, JPY, SGD, RUB, AED, SAR -
2
BitfinexReferral Codes
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$10CryptocurrenciesWeb PlatformWire Transfer, Bitcoin Payments, Credit Card, Debit Card, UnionPay, Visa, Mastercard, Simplex, Ethereum Payments, Volet, Payoneer, PayPal, Perfect Money, Skrill, Western Union, TransferWiseUSD, EUR, GBP, JPY, TRY
Here is a short overview of each broker's pros and cons
- OKX - OKX is a respected cryptocurrency firm, established in 2017, that offers a large suite of products, from mining pools to NFTs. Traders can access over 400 crypto tokens via OTC trading and derivatives. With an excellent web platform, developer tools and dynamic charts, OKX is a popular choice for technical traders.
- Bitfinex - Established in 2012, Hong Kong-based Bitfinex is a formidable player in the crypto industry. It boasts a powerful proprietary platform, 180 cryptocurrencies and more than 430 market pairs available for spot or perpetual swaps derivatives trading. With new payment methods, lower entry barriers and fresh products like crypto futures, Bitfinex is attracting a wider range of active crypto traders.
Simplex Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage |
|---|---|---|---|---|
|
|
10 USDT | Spot, futures, perpetual swaps, options | AlgoTrader | - |
|
|
$0 | Cryptocurrencies | Web Platform | - |
OKX
"OKX is a top pick for crypto traders looking for emerging coins and crypto projects to invest in. Traders can also make use of the broker's copy trading service and automated bots."
William Berg, Reviewer
OKX Quick Facts
| Bonus Offer | $10 in BTC |
|---|---|
| Demo Account | Yes |
| Instruments | Spot, futures, perpetual swaps, options |
| Regulator | VARA |
| Platforms | AlgoTrader |
| Minimum Deposit | 10 USDT |
| Minimum Trade | Variable |
| Account Currencies | USD, EUR, GBP, INR, JPY, SGD, RUB, AED, SAR |
Pros
- Active traders can expect competitive maker and taker fees, from 0.02% and 0.05%, respectively
- OKX maintains an excellent reputation with 20 million global clients and a license from the Dubai Virtual Assets Regulatory Authority
- Traders can access historical market data for spot and futures combining OHLC data, aggregate trades and trading history
Cons
- The broker's platform and features may be complex for novices
- The quality of customer support was inconsistent based on testing
- The firm offers limited regulatory oversight, though this is common among crypto brokers
Bitfinex
"With its growing token selection, advanced charting tools and volume-based fee structure, Bitfinex is a compelling choice for frequent crypto traders. However, testing reveals a daunting platform for newer day traders, hit-and-miss education and regulatory fines that raise safety concerns."
Christian Harris, Reviewer
Bitfinex Quick Facts
| Bonus Offer | Referral Codes |
|---|---|
| Demo Account | Yes |
| Instruments | Cryptocurrencies |
| Platforms | Web Platform |
| Minimum Deposit | $0 |
| Minimum Trade | $10 |
| Account Currencies | USD, EUR, GBP, JPY, TRY |
Pros
- Despite a steep learning curve, the Bitfinex trading platform delivers for experienced traders, featuring a comprehensive charting package with 12 timeframes, plus margin trading and various order types.
- Bitfinex is well-suited to algo traders, facilitating automated trading through its Honey terminal and API integration, enabling traders to program trading strategies efficiently.
- Bitfinex boasts excellent liquidity across its crypto trading pairs, reducing the likelihood of slippage and ensuring efficient order execution, particularly for large volume trades, making it reliable for frequent traders.
Cons
- Although Bitfinex has removed its $10,000 minimum deposit, making it more accessible to newer traders, the fee system remains complicated, with various factors such as trading volume and token holdings influencing fees, potentially leading to confusion.
- Testing reveals inadequate support, especially for active traders, with response times of 12 hours via email and a frustrating user experience with no live chat integrated into the trading platform.
- Despite enhancing its security measures with two-factor authentication, Bitfinex still hasn’t escaped its dogged history of major security breaches and regulatory fines.
How Did We Choose The Best Simplex Brokers?
To identify the top Simplex brokers, we:
- Used our directory of 500 online brokers, removing all those that don’t accept Simplex payments
- Verified that the shortlisted brokers support Simplex deposits and withdrawals for online trading
- Ranked them by assessing 100+ data points and findings from our extensive tests
What Is Simplex?
Simplex is a decentralised finance (DeFi) payment gateway providing digital solutions to a large number of crypto exchanges. It is a third-party service provider that facilitates credit card purchases of crypto assets.
Two major fiat currencies currently supported are GBP and EUR, making it easy to use in the UK and Europe. The system is also available for traders outside the European continent.
Simplex was founded in 2014 by Nimrod Lehavi, the creator, CEO and previous member of the Israeli Bitcoin Association, alongside two ex-PayPal employees, Erez Shapira and Netanel Kabala. Equipped with an impressive background and history in online transaction technology, the trio created the company to offer online payment processing with added fraud protection.
Simplex legitimises the use of cryptocurrency and its third-party nature helps keep your information safe from hackers, which has helped grow its popularity within the trading community. Moreover, it uses a proprietary Python AI algorithm that further aids in mitigating potential fraud.
You can pay with your credit or debit card in a faster and more secure manner than some other alternatives, like Moonpay.
Fees
Some charges are applicable when using the Simplex online network, with fees up to 5% of the transaction value. On top of this, there is a minimum fee of USD 10. Some external wallets or websites may charge additional fees per transaction and conversion charges may apply for payments not in USD.
Speed
Simplex deposits are fast, often instantaneous, though withdrawals generally take 5-15 minutes. That being said, withdrawals can take up to three hours, depending on the market demand.
If your crypto has not been returned after this, reach out to the customer service team using the live chat function in the lower right corner of the website. This can also be used for any other questions you may have.
Security
Simplex claims strong levels of payment security, with de-frauding systems in place and a zero chargeback guarantee. However, detailed information regarding these systems is not provided on the website, though customer reviews do seem positive regarding this matter.
How To Deposit Using Simplex
To fund a trading account using the Simplex payment gateway simply:
- Select a cryptocurrency you wish to purchase from a supported exchange, such as OKX, and follow through to pay with a credit or debit card
- Fill out transaction information, like quantity, wallet address etc.
- Follow the instructions that come up on the checkout portal
- Once you have submitted the documents and id verification is complete, the transaction will be carried out automatically
Withdrawals work the same way, except follow the process to sell your crypto for USD on the exchange
Pros Of Using Simplex For Traders
There are several notable advantages for traders to use Simplex.
- Secure and reliable
- Very fast payment processing
- Simple and straightforward system
- Can pay for cryptocurrency using your debit/credit card
- Has a range of payment methods including Visa, MasterCard, SWIFT, SEPA, Apply Pay and more
Cons Of Using Simplex For Traders
Despite these positives, there are also some drawbacks with Simplex.
- Relatively expensive fee structure
- Can be hit with additional merchant fees
- Limited number of supported fiat and cryptocurrencies
Is Simplex Good For Day Trading?
Simplex offers a fast and secure payment system that is integrated with many large exchanges. The system boasts AI-run defrauding mechanisms and the company has a live chat option on its website for any customer support. To begin using Simplex to fund or empty your crypto trading account, follow the steps above.
FAQ
Do I Need To Create An Account To Use Simplex At My Broker?
There is no need to sign up to purchase cryptos through an exchange with credit/debit cards or Apple Pay. However, to process a transfer to your live trading account via SWIFT or SEPA, you would need to create a Simplex Banking account.
How Can I Use Simplex To Deposit To My Trading Account?
The company is a cryptocurrency payment gateway solution for a range of exchanges like Binance, Changelly and Trezor, which means you can use it to deposit to your trading accounts with payment cards and bank transfers.
Which Brokers Accept Simplex?
The DeFi payment gateway is becoming increasingly popular among crypto exchanges, and you can check out our list of top brokers with Simplex payments. Notable exchanges include OKX and Bitfinex.