Best Simplex Brokers 2024
Simplex is a payment processor that allows traders in the UK to use popular transfer methods such as Apple Pay, Visa, and Mastercard to easily buy Bitcoin, Ethereum, and other popular digital assets. The payment firm essentially provides a secure, lightning-fast, and user-friendly platform for UK-based traders to purchase digital assets with ease.
This review will give the lowdown on how UK-based traders can use the payment gateway to finance crypto trading accounts at Simplex brokers. We also rank the top brokers that accept Simplex deposits and payments in 2024.
Simplex Brokers
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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.
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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.
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Binance is one of the best-known crypto exchanges. The company is available in more than 180 countries with over 120 million registered customers. The platform offers a suite of crypto trading products, from staking and NFTs to derivatives.
About Simplex
Simplex was founded in 2014 to bridge the gap between traditional fiat payment methods and cryptocurrency. Since then, it has grown to become one of the most widely used payment gateways on the global crypto markets, providing secure payment processing services to hundreds of online merchants.
Having been acquired by Canada-based global payment technology provider Nuvei in 2021, Simplex today works with more than 350 partners, allowing users to purchase over 170 cryptocurrencies with 100+ supported fiat currencies.
Traders who purchase their crypto assets from Simplex brokers can rest assured their transactions are protected by the latest security protocols, and the platform is EU-licensed and compliant with all applicable laws.
How Simplex Works
Since it works as a payment processor rather than a dedicated payment method, there is no need for individual traders to sign up for a Simplex account. Rather, traders will be able to purchase cryptocurrencies directly from Simplex brokers, wallets and exchanges using a range of payment methods, including Visa, Mastercard, Apple Pay, SWIFT and SEPA.
Bear in mind that not all Simplex brokers will accept all of these payment methods. For example, two of the major UK brokers which have integrated this payment processor – OKX and Bitfinex – only support Apple Pay, Visa and Mastercard for Simplex transactions.
In most cases, traders will only have to login to brokers that accept Simplex deposits and provide the relevant information for their chosen payment method on the checkout screen. Once confirmed, the payment is securely processed using advanced anti-fraud algorithms, and the investor should be provided with the digital currency they purchased within hours, if not minutes.
Some Simplex brokers, including OKX, also use this payment processor to allow traders to sell cryptocurrencies for fiat currencies. The exact way this works will depend on the brokerage or exchange, but in OKX’s case, customers can sell BTC for euros and withdraw these to a SEPA bank account.
Retail traders with a valid crypto wallet address can also buy and sell cryptocurrencies directly through Simplex’s website, which links to the ChainBits site for this purpose. They may also wish to open a bank account with the brand, which provides a crypto-friendly Visa card that can be used with brokers that accept Simplex deposits and many other online merchants.
Transfer Times
Crypto exchanges and brokers that accept Simplex payments, such as Binance, are known for their speedy transaction times, with most purchases completed within the same day, and some in just a few minutes. The company’s official website quotes an average transaction time of between 5 and 15 minutes and advises users to contact customer support if the transaction is not complete after 3 hours.
However, some wallets, exchanges or brokers that accept Simplex deposits and payments may require additional time to confirm and process transactions through the payment gateway. For example, the crypto wallet Freewallet states that most transactions through the Simplex gateway will be complete within 24 hours, but the processing time may take up to 48 hours if there is heavy traffic on the network or an issue with the customer’s ID verification.
Fees & Charges
Virtually every transaction on the payment platform carries a processing fee. Additionally, UK traders may incur other processing fees from brokers that accept Simplex deposits and payments.
The standard processing fee of 3.5% to 5% of the total transaction amount is competitive, but still on the pricier end of the crypto payment processing market. Our experts tested a range of transactions of between £50 and £50,000 through the OKX exchange and found that Simplex transactions were always more expensive than competitors including Mercuryo, MoonPay and Coinify.
Traders should also note the $10 (£8.40) minimum processing fee charged by Simplex, as this will push the fee charged on transactions of less than £165 considerably higher than 5%. Additionally, investors may incur other fees from the partners they are using to sell the digital currency.
Finally, note that the availability of transactions directly through Simplex’s homepage is convenient, but may also be prohibitively expensive. The firm lists a processing fee of between 13% and 17% when issuing a purchase from Simplex.com.
Security
The firm uses a variety of technologies including end-to-end encryption and two-factor authentication to ensure that customer data remains secure. It also uses advanced fraud-detection algorithms to identify and prevent fraud. Furthermore, all customer data is stored on secure cloud servers and is only accessed by authorized personnel.
The company also offers a zero-chargeback guarantee, which protects online merchants from fraudulent chargeback claims – but may work against traders who have opened a legitimate claim against Simplex brokers.
Customer Support
Simplex provides customers with a comprehensive customer support system. Traders can access the support team through the customer portal, email, or phone.
The support team is available 24/7, and investors can also take advantage of the website’s live chat feature, access the online help centre or submit a ticket to the team about any questions or concerns they have about their transactions.
The top brokers that accept Simplex deposits, also operate 24/5 or 24/7 support through live chat, email or social media. Trading platforms should be able to advise on the status of a deposit or any withdrawal issues.
Pros Of Simplex For UK Traders
- EU-licensed
- Fast deposit speed
- Simple and straightforward system
- Secure and reliable payment processing
- Transactions protected by advanced security measures
- Can pay for cryptocurrency using a range of payment methods, such as Visa, Mastercard, Apple Pay, and SWIFT transfers
- A wide array of supported fiat and cryptocurrencies
Cons Of Simplex For UK Traders
- A relatively limited number of UK brokers accept Simplex deposits and payments
- Does not allow chargeback claims in trader/broker disputes
- Fees more expensive than alternative payment methods
Bottomline On Simplex Brokers
Simplex traders benefit from a quick, secure and popular system for purchasing digital assets with fiat currencies, and this is one of the world-leading payment processors of its type. While there are not that many UK-based exchanges or brokers that accept Simplex payments, this is certainly a viable option for customers of the ones that do. However, traders should compare fees with several alternative payment processors before finalising a transaction, since they may find a better deal elsewhere.
To start trading today, head to our table of the top brokers that accept Simplex deposits and transfers.
FAQ
Can I Use Simplex To Fund My Trading Account?
Simplex is a payment processing service for cryptocurrencies, so most of the time it will not be directly useful for traders looking to fund their brokerage accounts. The exception is for exchanges such as Bitfinex and OKX, some of which feature trading terminals and offer margin and derivative trading to customers.
Alternatively, traders can use Simplex to fund a cryptocurrency wallet – such as Freewallet or TrustWallet – and use these to transfer their crypto to one of the many trading brokers that accept digital asset deposits. Since the platform allows fiat purchases of more than 170 different cryptocurrencies, this would be a viable option for most traders who prefer this funding method.
Are Simplex Brokers Available To UK Traders?
Retail traders and crypto enthusiasts in the UK can use Simplex gateway when they want to buy digital assets from any broker that accepts this payment processor. The firm is also widely used as solutions for converting fiat currencies to cryptocurrency by many crypto wallets, including TrustWallet.
Are Simplex Trading Transactions Safe?
Simplex is an established company that is owned by a payment giant, Nuvei, and licensed in the EU, so it is certainly one of the more trusted options in its field. Since it uses up-to-date security measures including anti-fraud algorithms, end-to-end encryption and two-factor authentication, traders can rest assured their crypto transactions are in good hands.
However, bear in mind that Simplex only handles the payment processing, so traders will still need to research and find a trustworthy Simplex broker or exchange that will meet their crypto trading and investing needs. We have reviewed and ranked the best brokers that accept Simplex deposits and payments.
Are Simplex Trading Deposits Cost-Effective?
Fees are competitive, though there are some cheaper options available. Traders should make sure they research the less expensive alternatives, however, as some may have less stringent security measures or have longer transaction processing times.
In most cases, crypto exchanges and brokers that accept Simplex will automatically generate several payment options when users set up a crypto purchase transaction. This will allow you to compare the prices offered by several different payment processors and choose the one you are happiest with.
How Long Does It Take For A Simplex Transaction To My Trading Account?
Simplex is one of the quickest payment processors around, and most transactions should be completed within an hour. In fact, the company advises customers who have to wait for longer than 3 hours to contact their customer service team via live chat, email or telephone to trace their transaction.
Some investments transactions may take longer if a user needs to pass an ID verification check or if the crypto network is experiencing heavy traffic, but trading transfers will usually be complete within a day, and will rarely take more than 48 hours.