MoonPay vs Simplex: Complete Comparison [2022]

MoonPay vs. Simplex

MoonPay vs Simplex – If you plan to buy crypto, there are several to buy!

In this article, we will discuss two cryptocurrencies services: MoonPay and Simplex, which will be useful for you to buy, sell, store, withdraw and exchange cryptocurrencies with many security features.

This article focused on the working, features, fees and pricing, security, and many other relevant topics related to MoonPay and Simplex.

Simply, read the article and collect more information about MoonPay vs Simplex.

Overview

What is MoonPay?

MoonPay is one of the best and easiest than others to trade cryptocurrencies and has a wide range available internationally.

It allows for a simple transaction and gets to your action quickly and supports more than 80 currencies.

Despite being a young company launched in 2018, according to the survey, it has more than 5 million users and is available in 160 countries. MoonPay has helped more than $2 billion worth of cryptocurrencies in just a few years.

What is Simplex?

Simplex is a free way to buy the desired cryptocurrencies at a reasonable cost. It is very safe, you can pay with your credit card and the payment processing is also very fast.

Their goal is to make the cryptocurrency market a fraud-free place where people can invest without worry.

It was founded in 2014, as a fintech startup. The term fintech describes financial technologies. Their goal is to defraud the cryptocurrency market and make it relatively stable. It is safe for both long-term investors and regular traders.

How does it work?

MoonPay

  • Initially, open an account with MoonPay to work with them. Then, choose the currency you want to buy and make your payment through the options provided.
  • Secondly, they verify your data and confirm that it is you. After verification, your credit or debit card is charged and your currency is transferred to your wallet.

Simplex

  • First, you would choose a cryptocurrency to buy from one of Simplex’s partner exchanges and then pay by credit or Debit card.
  • Now, you are redirected to another page to select several cryptocurrencies you want to buy and then add your public wallet details to make the payment.
  • Once you have submitted the required documents and passed verification, your credit or debit card will be charged and the cryptocurrency will be sent to your wallet address.

Features

  MoonPay Simplex
Product type Cryptocurrency payments Cryptocurrency brokerage
Supported coins 80+ 33
Free wallet No No
Trading fees Bank transfer: 1% Card payments: 4.5% 3.5% to 5%
Maintenance fees No No
Insurance It doesn’t have insurance and you don’t directly hold funds with MoonPay as other crypto exchanges. No, it doesn’t have insurance.
Supported payment types Credit card Debit card Apple Pay Samsung Pay Google Pay Credit card Debit card
Security It has AES-256 block level encryption and two factor authentication. It has strict standards with regulation of jurisdiction approved by central bank.
Availability of mobile app No No
Desktop availability Yes No
Customer support options You can register an online complaint from their website or can directly contact their customer support at [email protected] You can contact them at [email protected] or can book a new ticket to submit online request.
Promotions None None

Fees and Pricing

MoonPay

Their processing fee is 4.5% with min. €3.99/£3.99/$3.99 or currency equivalent when using card or 1% min. €3.99/£3.99/$3.99 or currency equivalent when making a bank transfer.

You also have a network fee on all BTC, ETH, and ERC20 token purchases. It is based on the conditions of the blockchain network and will display a message if you will make the payment.

Simplex

The Simplex fee range is from 3.5% to 5% of the transaction value. The minimum fee they apply is 10 USD, which is a smaller amount, their fee % increases as the amount increases.

Also, they charge additional fees when purchasing with a fiat currency other than US currency and when issuing a purchase from simplex.com, they require a 13% transaction fee.

Sign-up process

MoonPay

It has an easy registration process, just 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 and start buying the cryptocurrency desired.

 

Simplex

You do not need to register to trade with Simplex. If you pay with a credit/debit card or Apple Pay. When transferring money through SWIFT or SEPA, you will need to create an account with them and it also requires their unique KYC.

Protection and security

MoonPay

MoonPay’s data is encrypted with AES-256 block-level storage encryption with two-factor authentication and it has a 4.2 rating for its payment processing system.

Furthermore, MoonPay is secure and a technology partner for many leading exchanges and NFT marketplaces such as Binance and OpenSea.

Offer a reliable crypto wallet like Ledger or Trezor to hold your funds, as holding high funds increases a lot of risks because it’s difficult to control your wallet keys, so reduce risk where possible.

However, it is important to take care of your security as a crypto investor. Initially, you can verify your wallet address before buying crypto so you can face less annoyance. If you suspect that there is a problem with MoonPay during payments, please contact MoonPay support immediately.

Simplex

Simplex is a licensed financial institution with the highest legal and ethical standards and is dedicated to operating safely. it is approved by the central bank due to strict standards with the regulations of the jurisdictions.

Sometimes, to comply, they may ask you to provide them with additional documentation to help them verify your card payment.

Pros and cons

MoonPay

Advantages:

  1. It is the easiest and fastest way to buy cryptocurrencies.
  2. As many other cryptocurrency trading websites took longer to verify the account, MoonPay has a fast verification process and has updated the spending limits.

Cons:

  1. Their processing fee is more than other crypto exchanges.
  2. Not available in all US states.

Simplex

Advantages:

  1. You can pay with your credit or debit card for cryptocurrencies.
  2. It has a fast payment process.

Cons:

  1. It is not compatible with some of the cryptocurrencies.
  2. Simplex demands high fees compared to other crypto exchanges.

Customer service

MoonPay – If you run into issues while working with MoonPay, you can submit a request online here or you can contact their support team at [email protected] or connect via Facebook, Instagram, LinkedIn, or Twitter.

Simplex – If you need help from Simplex, just ask them through their website or contact their support team at [email protected] or take a new ticket to submit a request online.

Final words

Both cryptocurrency wallets have their features to feed on, and they are both amazing.

The main advantage of MoonPay is that it is available in more than 180+ countries and supports more than 80 currencies, while Simplex allows you to buy currencies through credit or debit card.

Rather than not, they both provide amazing services to their users. We hope that the above article helped you a lot to know more about MoonPay vs Simplex.

FAQs

Which is better MoonPay or Simplex?

As both have amazing features and services, cryptocurrency brokerage users are happily satisfied with them. As MoonPay offers more than 80 currencies, while Simplex allows it to buy in 33 currencies.

Is MoonPay safe?

Without a doubt, MoonPay is safe and the data stored in it is encrypted with AES-256 block-level encryption.

Is the Simplex payment method secure?

Yes, the Simplex payment method is secure with 100% guaranteed fraud-free transactions on online platforms for its users, which is approved by a central bank.

How do you pay on MoonPay?

MoonPay accepts the payments listed below:
– Credit card
– Debit
– Google Pay
– Samsung Pay

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