MoonPay Vs Simplex: Comparison & Which Is Better
The cryptocurrency world has grown to become one of the biggest industries presently with so much cash flow into and outside the industry. With most websites moving to Web 3.0, we’ve seen a lot of websites created with the aim of helping users buy and trade cryptocurrencies so they can use the coin or tokens for other purposes on these Web 3.0 websites. MoonPay and Simplex are platforms where users can buy cryptocurrencies, however, e what makes these platforms stand out? What is the difference between MoonPay and Simplex?
Although MoonPay and Simplex are similar platforms providing almost similar services to users, MoonPay supports over 80+ coins while Simplex supports just 33 cryptocurrencies. Both platforms also have different fees, however, users can choose which payment method they want with varying trading fees.
Since both platforms are very similar and they offer almost the same services, it may be tough for you to choose which one best suits your needs. Hence, In this article, I’ll compare the similarities between MoonPay and Simplex to help you know the features of both platforms and which one best suits your needs.
How Does It Work?
To use MoonPay, you’ll need to open an account with them initially. Then, you’ll go on to choose the cryptocurrency you want to purchase on the platform and proceed to make your payments via the payment options provided on the platform. There are various payment methods offered by the platform to choose which one you’ll like to use, depending on the one that aligns with your requirements.
After this, proceed to verify your data and confirm that you’re the one making the order. Once you’re done right the verification, your payment method will be charged and your cryptocurrency will be transferred directly to your wallet.
To use Simplex, you can go directly to choose the cryptocurrency you want to buy from one of Simplex’s partner exchanges and then pay with your credit or debit card. After this, you’ll be redirected to another page to choose several cryptocurrencies that you’ll like to buy and then add your public wallet details so the coin can be transferred to your wallet. Once you’ve added your wallet, you can go on to make the payment.
You’ll also need to verify yourself so you’ll be prompted to submit some documents. After submitting the required documents and you’ve passed verification, your credit or debit card will be charged and the cryptocurrency will be sent to your wallet address directly.
|Product Type||Cryptocurrency payments||Cryptocurrency brokerage|
|Trading fees||Bank transfer: 1% Card payments: 4.5%||3.5% to 5%|
|Insurance||There’s no insurance and you don’t directly hold funds with MoonPay like other crypto exchanges||No, there’s no insurance on Simplex|
|Mobile app availability||No||No|
|Security||The platform possesses AES-256 block-level encryption and two-factor authentication.||The platform possesses strict standards with the regulation of jurisdiction approved by the central bank.|
|Customer support options||You can make an online complaint via their website or you can contact their customer support directly at [email protected].||You can make your complaints via [email protected] or book a new ticket on their website to submit online requests.|
Fees and Pricing
MoonPay’s processing fee is 4.5% with a minimum of €3.99 / £3.99 / $3.99 or your currency equivalent when using a card or 1% minimum of €3.99 / £3.99 / $3.99 or your currency equivalent when you’re making a bank transfer to make your payments.
If you’re paying with cryptocurrency, you also have a network fee on all BTC, ETH, and ERC20 token purchases. This network fee is based on the conditions of the blockchain network and will display a message to you when you want to make the payment.
Simplex fee ranges from 3.5% to 5% of your transaction value. The minimum fee applied to your transaction is 10 USD which is a smaller amount because their fee percentage increases as the amount increases.
Hence, if you’re making a purchase of like $1000, you will need to pay 5% of that which is close to $50. In addition, they charge additional fees when purchasing with a fiat currency other than US currency and when you’re issuing a purchase from Simplex.com, a transaction fee of 13% is always required.
The registration process on MoonPay is quite easy. You just need to enter your name, address, contact number, date of birth, and government-issued photo ID and receive weekly updates on the latest cryptocurrencies, Defi, and NFTs. Once you’ve finished the registration process, you can start buying the cryptocurrency desired.
Before you make a purchase, you need to complete your registration process and complete your verification process. After this, you can go on to make your purchases.
You don’t need to open an account on Simplex to be able to purchase a coin. Just go to Simplex and pay with a credit or debit card. You can also use Apple Pay to complete your payment process. When you’re transferring money via SWIFT or SEPA, you will need to open an account with them and also verify your unique KYC.
Once you’ve verified your KYC, the payment process will be initiated and your card will be debited.
Pros And Cons
- It is the fastest and easiest way to purchase cryptocurrencies.
- A lot of other crypto trading websites take longer to verify the account, however, MoonPay has a fast verification process and has updated the spending limits.
- They have a high processing fee compared to other crypto exchanges.
- Not available in the United States.
- You can make payments with your credit or debit card for cryptocurrencies.
- The platform has a fast payment process.
- It’s not compatible with some of the cryptocurrencies as it’s only compatible with 33 coins.
- Simplex requires high fees compared to other crypto exchanges.