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 and asks for passport-level ID plus a 1% fee (min $100) to return them, and may refuse. Monitoring can halt a swap for verification; fiat swaps may need KYC. Unclaimed funds turn dormant after a year.
SimpleSwap lets you swap without registration, but it runs transaction monitoring and reserves the right to freeze any transaction it suspects, put it in a 'Verifying' status, and demand identity and source-of-funds documents before releasing or returning money. Identity checks are therefore triggered by risk flagging rather than applied to everyone, which matches shotgun KYC; fiat exchanges may also require KYC through the fiat partners.
Checks start when their monitoring or security system flags your transaction, when they suspect illegal activity, or when a court or authority orders it; fiat exchanges may also trigger KYC through their fiat partners. They can ask for signed statements, scanned passports or other photo ID, proof of address ownership, proof of a police report, screenshots or video confirmation, and documents showing where the funds came from. If you refuse or they are not satisfied with what you send, they can keep the funds frozen, refuse to return them, and treat them as dormant after a year.
Warnings
If SimpleSwap suspects your funds, it freezes them and asks for scanned passports or other photo ID, proof of address and proof of a police report before considering a return. It also charges 1% of the returned amount, at least $100, and may still refuse.
Monitoring can move your exchange to a 'Verifying' status, and SimpleSwap may request KYC documents when its security system flags a transaction. It can also refuse any trade order or transfer at its sole discretion without notice.
The service is restricted in a long list of places, including the United States and its territories, the United Kingdom, most EU states, China and Japan. Misrepresenting your location lets them suspend your account and reject your exchange.
Refund requests can take up to 31 calendar days, and SimpleSwap may insist on sending the money back only to the original address. Network fees and a recovery fee can be taken out of your deposit.
How the score was reached
Privacy22/100
Trust25/100
Overall = (privacy × 0.6 + trust × 0.4) / 10, rounded = 2/10, grade F. Each attribute above rests on a clause quoted below or was assigned by a moderator; the rest is what the listing knows.
Attributes18 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 terms let SimpleSwap investigate the background and purpose of your use and demand information from you on request, and its AML/KYC policy is part of the terms.
“We may, and in some instances are legally required to, investigate and determine the background and purpose of your use of the Services. You are obligated to provide comprehensive, up-to-date, and accurate information upon our request.”
https://simpleswap.io/terms-of-service
Hard KYC processprivacy -3 · trust -6
Known for a particularly difficult KYC process, with repeated and arbitrary requests for documents.
Custodial walletprivacy -3 · trust -5
The service manages the private keys and keeps custody of funds, which requires trusting it.
Despite calling itself non-custodial, SimpleSwap can freeze your funds, hold them for up to a calendar year and refuse to return them, so it controls the money while it has it.
“The period during which SimpleSwap holds User funds is limited to 1 calendar year. After this period, SimpleSwap does not guarantee the recovery of unclaimed funds.”
https://simpleswap.io/terms-of-service
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.
Some exchanges are provided by third-party platforms that run their own anti-financial-crime and KYC checks directly with you.
“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.”
https://simpleswap.io/terms-of-service
May suspend your accounttrust -4
The service reserves the right to suspend or limit access for violations or arrears.
It can suspend or end your access and stop a transaction at its own discretion on mere suspicion of a breach.
“we reserve the right to suspend and/or terminate your access to our Services and/or suspend your transaction at any time and this Agreement, in our sole and absolute discretion if we suspect”
https://simpleswap.io/terms-of-service
Service termination policytrust -4
The provider can terminate access at any time, without notice, at its discretion.
SimpleSwap can change, interrupt or shut down the service at any time without telling you first.
“We reserve the right to modify, interrupt, or discontinue our Services, either temporarily or permanently, without prior notice.”
https://simpleswap.io/terms-of-service
May freeze or seize fundstrust -3
Internal monitoring may freeze or seize funds flagged for suspicious activity, stolen or sanctioned sources.
The service reserves the right to freeze funds it suspects of being linked to illegal activity and to run enhanced due diligence on them.
“we reserve the right to freeze any funds that are suspected to be involved in illegal activity. During such cases, we may conduct enhanced transaction and customer due diligence.”
https://simpleswap.io/terms-of-service
KYC required for refund on AML flagprivacy -2
If a deposit is flagged by the AML system, the service requires identity verification before returning the funds.
To get frozen funds back you must hand over documents proving your identity and ownership, including scanned passports or other photo ID.
“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.”
https://simpleswap.io/terms-of-service
Additional fees for high-risk transactionstrust -2
The service may charge additional fees on transactions it flags as high risk.
Returning funds that were frozen as suspicious carries an extra administrative charge of 1%, with a $100 minimum.
“We impose an additional fee of 1% of the retuned amount to cover administrative expenses, with a minimum charge of $100.”
https://simpleswap.io/terms-of-service
SoF may be required for refundstrust -1
Source of Funds information is required to process a refund.
When processing a refund, SimpleSwap can require documents showing where the deposited funds came from.
“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.”
https://simpleswap.io/terms-of-service
Transaction monitoringprivacy -1
Deposits are analysed for blacklisted or high-risk sources; flagged ones need verification.
SimpleSwap states it runs customer identification, verification and transaction monitoring, and a flagged swap moves to a 'Verifying' status.
“We employ customer identification, verification procedures, and transaction monitoring measures to protect our Platform and users from financial crime.”
https://simpleswap.io/terms-of-service
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 swap features work 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.”
https://simpleswap.io/terms-of-service
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
Even after you send identity and ownership documents, SimpleSwap can refuse to give frozen funds back if it is not satisfied with them.
“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.”
https://simpleswap.io/terms-of-service
If you plan a fiat exchange, SimpleSwap may make you complete a KYC identity check to satisfy its fiat partners.
“Please note that we may require users planning to conduct a fiat exchange to complete a KYC process in order to comply with our fiat-partners’ policies and regulations.”
https://simpleswap.io/affiliate-terms
Money left unclaimed for a year after suspension, or where you did not prove ownership, is treated as dormant. They can then charge monthly fees or hand it to authorities.
“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.”
https://simpleswap.io/terms-of-service
You get no refund if you send the wrong coin, use the wrong network, leave out a required memo tag, or deposit below the minimum.
“Users are generally not entitled to a refund if their actions contravene the instructions provided during the creation of the Trade order or those explicitly displayed on the Trade order page.”
https://simpleswap.io/terms-of-service
Transaction records without personal data are kept up to 10 years, usage data such as IP addresses up to 3 years, and support messages 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.”
https://simpleswap.io/privacy-policy
SimpleSwap says it must keep certain communications-related data for law enforcement and hand it over when authorities ask.
“As a communications provider, we are required to retain certain communications-related data for law enforcement purposes and will be required to share that data with authorised law enforcement authorities upon their request.”
https://simpleswap.io/privacy-policy
You promise not to use tools that hide your IP address, which covers VPNs, proxies and Tor. Breaking the terms ends your access immediately.
“utilise circumvention or obfuscating technologies to conceal your IP address.”
https://simpleswap.io/terms-of-service
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