What is Simplex?

Simplex is a 3rd party payment gateway used by many major crypto exchanges including Gate, Bitget, KuCoin, Binance, BitMart and others. It supports buying and selling over 200 cryptocurrencies with more than 100 fiat currencies.

Buying Crypto – Payment Methods and Fees

On Simplex you can buy crypto with:

• SEPA or ACH bank transfers
• Apple Pay
• Google Pay
• PIX
• Visa and Mastercard

No other payment options are available. Depending on your country, some options may be unavailable.

All payment methods have fees between 3.5% and 5%. Exact fee percentage will vary depending on your location, payment method, and currency, Regardless of percentage fee, Simplex will charge a minimum of $10 per transaction. Minimum transaction amount on Simplex is 50 USD, but because of the minimum fee charge it is recommended to purchase a larger amount.

This is critical to know: you should always use Simplex through a crypto exchange. This way, Simplex will charge you between 3.5% and 5% fee. If you attempt to purchase crypto directly on Simplex website, they will charge you a minimum 13% fee!

Sell Crypto For Fiat – Off-ramp Options

Through Simplex, only users in European Union are able to off-ramp their crypto. You can request a payment to your bank account via a SEPA bank transfer, or directly onto your Visa card. No other withdrawal methods are currently available on Simplex.

Supported Countries & Fiat Currencies

You can use Simplex to buy crypto with any of the following local currencies:

Restricted Countries

Simplex is restricted in 51 countries and territories, and the current list can be found in their help center here. In United States, you can not use the service in Hawaii (HI), New York (NY), Louisiana (LA), Alaska (AK), Nevada (NV), New Mexico (NM), Washington (WA), Vermont (VT), and Florida (FL). All other states including territories are supported.

Simplex is also restricted in United Kingdom, Philippines, China, Nigeria, and Russia. It is available throughout European Union, except in Croatia.

An up to date list can also be found on Simplex’s documentation here.

FAQ

Is Simplex cheap for buying crypto?

Simplex charges somewhat high fees for buying crypto, between 3.5% and 5%. This is in line with other 3rd party on-ramp gateways. For cheaper fees, you can find exchanges with direct deposits such as Binance, Gate or Bybit.

Does Simplex require KYC?

Buying on Simplex will require passing a KYC process. You will need to provide a valid government-issued ID such as a passport, ID card, or driver’s license, along with proof of address. Simplex will not share KYC information with your crypto exchange, so you will need to pass it again even if you have a KYC’d exchange account.

Do you need a Simplex account to buy crypto?

You do not need to create an account on Simplex to purchase cryptocurrency. However, you will have to pass their KYC (identity verification) process regardless. If you plan on making multiple purchases in the future, an account ensures you do not need to KYC multiple times.

Final Thoughts

Simplex is one of the most common fiat gateways found on crypto exchanges. This is a convenient and reliable service that offers easy fiat on-ramp service for many large and small CEXs.

Due to flat minimum purchase fee, using Simplex is best for sporadic larger purchases of cryptocurrency. Direct deposits to exchanges without using 3rd party gateways will almost always be a cheaper on-ramp option. However, for speed and convenience, Simplex can offer a reliable alternative.