simpleswap
grade F
Fast swaps with no-sign up. More than 1500 cryptocurrencies onboard, cross-chain options, low minimum order of 5 USD equivalent
grade F
What the documents mean for you
SimpleSwap can freeze funds it suspects, refuse to return them, and charges 1% (minimum $100) to release them. Flagged swaps trigger ID document requests, and unclaimed funds go dormant after a year. The US, UK, EU states and many others are blocked.
SimpleSwap runs transaction monitoring and puts swaps into a 'Verifying' status, and its affiliate terms state it may request KYC information when its security system flags a transaction. It can freeze suspected funds and demands passport scans and proof of address before returning them, so identity checks are not routine but can be triggered at any time by automated flagging.
An identity check is set off when the security system flags your transaction, when SimpleSwap suspects illicit activity, or when it processes a refund. It can ask for signed statements, scanned passports or other photo ID, proof you own the address, proof you filed a police report, account statements and documents showing where the funds came from. If you refuse or the documents do not satisfy them, they keep the funds frozen and may refuse to return them; funds unclaimed for a year are treated as dormant.
Warnings
SimpleSwap can freeze funds it suspects of illegal activity, demands identity documents to release them, charges 1% (minimum $100) to return them, and can refuse the return if it is not satisfied with your paperwork.
Funds left unclaimed for a year after suspension are declared dormant. SimpleSwap may then deliver them to authorities as unclaimed property and deduct monthly dormancy fees from the balance.
Before refunding, SimpleSwap may ask for screenshots, video confirmation, account statements and other proof of where the money came from. Several order statuses are listed as non-refundable at all.
The service lists the United States and its territories, the United Kingdom, Japan, India, China and most EU states among restricted locations, and can suspend your account if it decides you misreported where you are.
The affiliate terms state that users planning a fiat exchange may be required to complete a KYC process to satisfy the policies of SimpleSwap's fiat partners.
How the score was reached
Privacy24/100
Trust30/100
Overall = (privacy × 0.6 + trust × 0.4) / 10, rounded = 3/10, grade F. Each attribute above rests on a clause quoted below or was assigned by a moderator; the rest is what the listing knows.
Attributes17 moved the score
May require KYC/SOF by policy/lawprivacy -6 · trust -4
The service may require identity verification, KYC or Source of Funds information, by its own policy or by law, at any time.
The service can require identity documents and proof of where the money came from, both for frozen funds and when it processes refunds.
“Upon conducting refunds, we reserve the right to request additional confirmation of the deposit ownership in the form of screenshots, video confirmation, transaction checks, account statements, and other documents confirming eligible sources of funds.”
Terms, simpleswap.io
Hard KYC processprivacy -3 · trust -6
Known for a particularly difficult KYC process, with repeated and arbitrary requests for documents.
Refunds may require KYCprivacy -3 · trust -3
KYC or personal information may be needed for a refund when funds are flagged for AML risk.
KYC depends on partnersprivacy -5
The service routes through partner providers whose KYC policies vary. The actual experience depends on which partner is used.
Where a third party supplies the exchange, that third party runs its own anti-financial-crime and KYC checks, so the experience depends on the partner.
“Any anti-financial crime and KYC procedures, deposits of funds, and transaction status checks will be handled at the third-party Platform and will be between the User and the third party.”
Terms, simpleswap.io
May suspend your accounttrust -4
The service reserves the right to suspend or limit access for violations or arrears.
An account can be suspended or closed if the information you gave turns out to be wrong or out of date.
“SimpleSwap reserves the right to suspend or terminate your account if any information provided during the registration process or thereafter proves to be inaccurate, not current, or incomplete.”
Terms, simpleswap.io
Service termination policytrust -4
The provider can terminate access at any time, without notice, at its discretion.
The operator can interrupt or discontinue the service without telling you first, and can end your access if you breach the terms.
“We reserve the right to modify, interrupt, or discontinue our Services, either temporarily or permanently, without prior notice.”
Terms, simpleswap.io
Data sharingprivacy -3
Personal data may be shared with authorities or third-party providers for compliance.
The privacy policy states personal data is shared with liquidity providers, service providers, advertising partners, analytics services and authorities.
“Notwithstanding the foregoing, as a rule, we do not share personal data with third parties except when strictly necessary and on a need-to-know basis, such as with: * Liquidity providers for maintaining transactions.”
Privacy policy, simpleswap.io
May freeze or seize fundstrust -3
Internal monitoring may freeze or seize funds flagged for suspicious activity, stolen or sanctioned sources.
SimpleSwap reserves the right to freeze funds it suspects of being linked to illegal activity and to move frozen funds into storage.
“In our commitment to anti-financial crime regulations and our steadfast vigilance against potential illicit activities, we reserve the right to freeze any funds that are suspected to be involved in illegal activity.”
Terms, simpleswap.io
Additional fees for high-risk transactionstrust -2
The service may charge additional fees on transactions it flags as high risk.
Getting frozen funds back costs an extra 1% of the amount, with a floor of $100.
“We impose an additional fee of 1% of the retuned amount to cover administrative expenses, with a minimum charge of $100.”
Terms, simpleswap.io
SoF may be required for refundstrust -1
Source of Funds information is required to process a refund.
Before paying a refund, SimpleSwap can demand documents showing that the money came from an acceptable source.
“Owners of such frozen assets may request for their return by providing us with comprehensive details about the incident, the source of their funds, and any relevant documentation that confirms their identity and ownership of the funds.”
Terms, simpleswap.io
Transaction monitoringprivacy -1
Deposits are analysed for blacklisted or high-risk sources; flagged ones need verification.
Transactions pass through monitoring, and a swap can be placed in a 'Verifying' status while that happens.
“‘Verifying’ status is displayed when your transactions are going through monitoring. In case the user is going through this exchange status, it is required to immediately contact our Support Service at support@simpleswap.io.”
Terms, simpleswap.io
Source code is privatetrust -1
The source code is not public, so it cannot be reviewed or audited.
Accepts Moneroprivacy +5
This service accepts Monero, a privacy-focused cryptocurrency that provides enhanced anonymity.
Mature servicetrust +5
This service has been operational for 8 years. While this indicates stability, it is not a future-proof guarantee.
No registration neededprivacy +5
Users can access and use the service without creating an account.
Most services can be used without creating an account; only certain features need registration.
“While you are free to use SimpleSwap without registration for most of our services, certain features may require you to create a customer account.”
Terms, simpleswap.io
Legally registeredtrust +2
Legally registered in Marshall Islands.
Basic customer supporttrust +1
Customer support is average: questions are answered and problems fixed in reasonable time.
What costs you most first. Tap one to read the clause it rests on, or what the listing knows, priced as kycnot.me prices it.
What the documents say
If the documents you send do not satisfy them, they can keep your frozen funds and accept no liability for your loss.
“We maintain the discretion to refuse the return of funds if we are not satisfied with the provided information and documentation demonstrating the identity and ownership of the funds.”
Terms, simpleswap.io
To get frozen funds released you must send identity papers: passport scans, proof you own the address, and proof you filed a report with the police.
“This documentation may include signed statements, scanned copies of passports or other photo identification, proof of address ownership, and proof of case filing with a relevant law enforcement body.”
Terms, simpleswap.io
They can hold your money until you complete the KYC check their security system asked for, and may move the frozen funds into storage during the investigation.
“SimpleSwap can hold the release of the Referral’s funds if you refuse or omit to provide us with the Referral’s KYC verification or other relevant data until our request is fulfilled.”
Terms, simpleswap.io
Funds unclaimed one year after suspension become dormant. They may then be handed to authorities as unclaimed property, charged monthly fees, and the account closed.
“Any funds unclaimed within one year of their suspension, or in instances where sufficient information and documentation to substantiate the ownership and/or owner’s identity were not provided, will be deemed as dormant.”
Terms, simpleswap.io
They can refuse any swap or transfer, cap the amount, or put conditions on your use of the service at any time and without telling you first.
“We may, at any time and in our sole discretion, refuse to perform any Trade Order and/or requested transfer, impose limits on the transfer amount, or impose any other conditions or restrictions on your use of the Services without prior notice.”
Terms, simpleswap.io
Usage data such as IP addresses is kept up to 3 years. Transaction records without personal details are kept up to 10 years, and support tickets for 7 years.
“Other transactions-related data (such as time, type, amount, currency, address of destination, routing details) which do not contain end-users’ personal information is retained in communication detail records for up to ten (10) years following the year of communication.”
Privacy policy, simpleswap.io
You promise not to use tools that hide your IP address, and they can suspend your account or reject your swap if they decide you misstated your location.
“utilise circumvention or obfuscating technologies to conceal your IP address.”
Terms, simpleswap.io
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