Simplecoin Review - Czech cryptocurrency exchange since 2013

Simplecoin Yippee Czech cryptocurrency exchange, founded in 2013. You can buy and sell cryptocurrencies here easily and quickly. It is a clear choice for undemanding users who aim to buy only a few leading cryptocurrencies. The exchange supports Bitcoin, Ethereum, Litecoin, Bitcoin Cash and several others. The platform is simple, straightforward, and the exchange does not charge any fees, but this is compensated by a worse exchange rate, which, however, is not the worst on the market. The difference between the buying and selling price is around 6 %, which is not bad at all. Other Czech crypto exchanges tend to have a double difference between buying and selling.

Basic information

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Simplecoin review

As we mentioned, the main advantage of the Simplecoin exchange is its simplicity, so even a complete beginner can use it. Since it has been running smoothly since 2013, the company has built a strong trust among users. It is the oldest and at the same time the largest cryptocurrency exchange in the Czech Republic and Slovakia.

SimpleCoin allows you to:

• Purchase of cryptocurrencies for crowns or euros.
• Exchange of two different cryptocurrencies.
• Selling cryptocurrencies for crowns or euros.

It even offers the option of purchasing without registration and verification, but in that case only EUR 200 for 10 days without registration and EUR 1000 for 30 days without verification. The exchange also offers limit orders and support for Trezor wallets. Unfortunately, it does not accept payment cards.

The founder and owner of the exchange office is Czech businessman Pavel Niedoba. He was inspired to found the company by his own negative experience, when he lost his investment in Bitcoin due to the robbery of another exchange. In 2017, it partnered with General Bytes, the world's number two cryptocurrency ATM maker.

The exchange does not support cryptocurrency storage, which could be a hindrance for complete beginners. So you have to set up a cryptocurrency wallet even before making a purchase. It's not complicated, you can find all the details here.

Simplecoin fees

We have to count on a higher margin. However, SimpleCoin is still one of the cheapest options among Czech exchanges. But if you are looking for low cost, then you should consider cryptocurrency exchanges. Trading on the stock exchange is cheaper, but also more complicated.

Simplecoin does not charge any fees, so it earns on the difference between the buy and sell price. The spread for Bitcoin is around 6%, which in practice means that you overpay 3% when buying and selling.

When purchasing with crowns or euros, your bank may charge a fee for the outgoing transaction. Especially when sending euros from a Czech bank, the fee can rise to several hundred crowns.

Another component is the transaction fee. However, this fee is not charged by the exchange, but is part of the cryptocurrency network.

Simplecoin tutorial

Trading with Simplecoin is very simple and there is nothing wrong with it. The user interface is clear and straightforward. It intuitively remembers account and wallet numbers for each account, making repeat business very easy.

In order to be able to buy cryptocurrencies, you need to set up a cryptocurrency wallet to receive the cryptocurrency. In the case of bank transfers, it is sufficient to indicate only the bank account number.

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Registration

All you need to register is your email, password and click on the link in the message sent to the specified email. All this can be skipped via a Facebook, Google or LinkedIn account.

Verification

After logging in, you will be taken to a clear user interface. In the left column, press the “Verification” option. With Simplecoin, you have two verification options.

Verification of the 1st degree

• purchases up to a limit of EUR 10,000 / 30 days

You will need the following documents for verification:

• Double-sided copy of two personal documents with a photo – ID card, driver's license or passport.
• Copy of bank account statement – The account number and name of the account holder must be on the copy (the name must be the same as the name on the documents).
• Finally, SimpleCoin it also verifies the phone number.

Level 2 verification

• unlimited purchases

To be verified, you must pass Level 1 and then you will need:

• state the reason for purchase cryptocurrencies
• state the origin of the money. You can use, for example, a purchase contract, tax return, payslip or other proof of income.
• send a selfie ID. This is a photo of you holding a photo ID.

How to place an order

You fill out a simple form where you choose the desired pair of currencies, set the desired amount, the address of the crypto-wallet or bank account and email. Below you can see the current price of your chosen pair - it refreshes every thirty seconds or so.

Payment instructions will be sent to the indicated email. If you buy cryptocurrencies, you need to send money to a SimpleCoin bank account. For an interbank transfer, it is important not to forget the message for the recipient so that the exchange office can assign the payment correctly.

When selling cryptocurrencies, the exchange will wait until the specific cryptocurrency arrives in the crypto wallet, after which the money is credited to the bank account you specified in the form.

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Simplecoin offers even more features that are worth mentioning.

Limit order

You can to set amount, during which suspended order automatically will confirm and you will sent amount as set course.

Method

Create a regular order, which you will immediately pause manually and the option to set a limit order will appear. Click on button “SET UP LIMIT“ and choose at which amount you want order check in.

TrezorWallet support

With this feature, clients can perform the following operations:

• Import receiving address from Trezor
  
• Verify the address using the show function on Trezor
  
• Pay directly with Trezor

Method

When shopping just click on the "import from vault" button when creating an order and selecting the address to which the crypto will be sent. If you have a Trezor connected to your computer, Simplecoin will then redirect you to the Trezor website, where you choose a wallet and then an address, which is automatically added to the order.

When selling after creating the order, the "Send from Vault" button will appear under the payment data (QR code and address for sending the crypto). You will be redirected to the Trezor website, where you enter your PIN code and then you can choose from which wallet you want to send the payment. You will also get the option to increase the transaction fee.

Simplecoin transactions

The minimum order is 10 EUR and the only payment method is bank transfer. Simplecoin holds the agreed exchange rate for one hour when buying and 45 minutes when selling. You can enter the payment using instant payment and the money will be transferred in a few minutes. Instant payments are free, but only some banks in the Czech Republic support them.

Buying cryptocurrencies takes a few hours to a business day. It will take some time for the money to reach the SimpleCoin bank account. Pay for orders as soon as possible.

Your order may also be placed on hold for several reasons. One of them is that the money came to the SimpleCoin account and the exchange rate changed significantly in the meantime. SimpleCoin will ask you if you want to complete the order despite the changed rate, if you refuse, it will send you the deposit back.

Other reasons may include exceeding the monthly limit, an error during the transfer (incorrect amount, missing message for the recipient). You can also suspend the order yourself if, for example, you stop liking the agreed course and want to wait for another one.

Customer support

Client support is very active. Customer support can be contacted by email, phone, on Facebook and in the customer section. On Facebook, SimpleCoin usually responds very quickly, within an hour at the most. In the customer section within a few minutes. The platform has an extensive "help" tab where you can find basic information, rules and instructions.

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FAQ

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All content in this article is for informational purposes only and does not in any way serve as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.