Cryptocurrencies have shown that they have potential, both as a payment method and as an investment vehicle. During the last bull season, several countries like El Salvador and the Central African Republic adopted Bitcoin as a legal tender. Publicly traded companies such as MicroStrategy and Telsa also invested heavily in Bitcoin, adding the cryptocurrency to their balance sheet.
As these countries and institutions spearhead the crypto revolution, retail investors are not left out, as many people have profited from investing in digital assets over the past decade. Although retail users can make money from crypto through different methods, the most common way is crypto trading.
In its simplest form, crypto trading involves buying and selling digital assets. However, swapping one coin for another requires using a crypto exchange. And while there are hundreds of trading platforms, exchanges like SimpleSwap help users process their crypto trades instantly while rewarding them with free tokens.
What is SimpleSwap?
SimpleSwap is an instant cryptocurrency exchange that allows users to exchange more than 500 crypto assets at the best rate. Users don’t need to store their funds on SimpleSwap because the platform processes all exchanges instantly. Also, no sign-up is required.
SimpleSwap also provides fiat-to-crypto and crypto-to-fiat services, meaning users can buy and sell their preferred cryptocurrencies using fiat like USD, EUR, GBP, RUB, etc. The platform partnered with a business payments processor, allowing it to accept Mastercard and Visa credit and debit cards. There is no need to pass the KYC procedure for buy and sell orders up to 900 USD and equivalents.
How Does it Work?
SimpleSwap is straightforward, and you can complete an exchange in four steps. Since you cannot store your cryptocurrencies on SimpleSwap, you must own an external crypto wallet before using the platform.
Step 1: Let’s assume you have Bitcoin (BTC) in your wallet and want to swap it for Tether USD (USDT). The first thing to do is find a BTC/USDT pair on SimpleSwap.
Step 2: Enter the amount and then the recipient’s USDT address. It is always important to double-check and triple-check any crypto wallet address you copy. Pasting the wrong wallet address could lead to a loss of funds.
Step 3: Deposit BTC: SimpleSwap will assign you a unique Bitcoin address. Send the specified amount of BTC to the address to continue with the exchange.
Step 4: You’ll automatically receive the USDT once the swap is completed.
Features of SimpleSwap
Mobile App: SimpleSwap has a mobile app that allows users to swap crypto assets on the go. The app is available on the App Store and Google Play store for iOS and Android devices.
SimpleSwap Loyalty Program: SimpleSwap rewards customers with crypto cashback for using the platform. The rewards are given in the form of SWAP, SimpleSwap’s native token. The amount of SWAP users receive depends on their cashback subscriptions. After accumulating enough SWAP tokens, customers can upgrade their subscription to earn unlimited BTC cashback.
Users are required to create a “Customer Account,” and the Loyalty Program feature will be automatically activated. To start receiving cashback, users will just need to make the exchanges under their customer accounts.
SimpleHold Wallet: SimpleHold is a non-custodial (light) wallet created by the SimpleSwap team. The wallet allows users to send, receive, and safely store popular cryptocurrencies and non-fungible tokens (NFTs). The wallet comes as a mobile app (iOS and Android) and a browser extension (Chrome, Firefox, Brave, etc.).
SimpleSwap Coin (SWAP)
SimpleSwap Coin (SWAP) is the native token of SimpleSwap. The cryptocurrency is given to users as a cashback reward whenever registered customers swap crypto on the platform. SWAP holders enjoy upgraded BTC cashback subscriptions and promotional activities, etc.