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Simplecrypto cryptocurrency buying platform – review August 2020
A digital currency savings platform that aims to bring cryptocurrency to the masses.
1
Fiat currencies
3
Cryptocurrencies
Details
| Product Name | Simplecrypto Cryptocurrency Savings |
|---|---|
| Fiat Currencies | NZD |
| Cryptocurrencies | BTC, ETH, LTC |
| Deposit Methods |
Bank transfer |
| Trading Fee | |
| Deposit Fees | |
| Withdrawal Fees |
Pros
- Make a lump sum deposit or set up a weekly transfer to build your balance over time
- Ability to benefit from dollar cost averaging
- Suitable for beginners
- Quick and easy signup process
Cons
- 3% Cryptosaver fee plus approx. 1% purchasing fees
- Limited information available online
- Only offers 3 cryptocurrencies
- You don’t get to compare and choose exchange rates
What is Simplecrypto?
Based in Auckland, New Zealand, Simplecrypto is the trading name of Celticas Limited. This cryptocurrency-buying platform aims to make it simple and straightforward for users to grow their holdings in three popular cryptocurrencies – bitcoin, Litecoin and Ethereum.
To use the service, you can either make a lump-sum deposit, which you can use to buy digital currency, or set up an automatic payment from your bank account and acquire new crypto holdings using dollar cost averaging. You can also make one-off deposits at any time to boost your holdings. You control the cryptocurrencies you purchase, and you can use them at any time.
Which cryptocurrencies can I buy?
You can buy three cryptocurrencies on Simplecrypto:
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
Available countries
You must be a New Zealand resident over 18 years of age in order to use Simplecrypto.
Which payment methods are accepted?
You can deposit funds into your Simplecrypto account by making a one-off deposit from your bank account or setting up a recurring weekly transfer.
How much will it cost me to use Simplecrypto?
There are two fees you need to be aware of when using Simplecrypto:
- A 3% service fee (known as a Cryptosaver fee)
- Approximately 1% purchasing fees
Purchasing fees include international bank transfer fees, exchange fees and cryptocurrency mining fees.
In its terms and conditions, Simplecrypto states: “The price at which we sell cryptocurrency is decided by the market rate, inclusive of any acquisition, bank, currency, network, trading, exchange and service (3%) fee.”
Are there any transfer limits?
Yes. Simplecrypto imposes separate limits on all deposits. In the website FAQ section, these are outlined as follows:
- Weekly savings: $200 limit.
- Kick-start deposit: $1,000 limit.
- One-off top-up payment: $200 limit.
However, it’s worth pointing out that the Simplecrypto account sign-up form lists the maximum limit for weekly deposits at $250 instead of $200.
Is it safe to use Simplecrypto?
Before you even consider using a service like Simplecrypto, make sure you’re aware that trading in cryptocurrencies is highly risky. Digital currencies are complicated and volatile, and there’s always the risk of suffering substantial losses.
As for the platform itself, do your own research to decide whether you feel comfortable trading with Simplecrypto. For details of the security measures the company has in place to protect your funds and private data, contact Simplecrypto directly.
Customer support
If you have a question about your Simplecrypto account, you can direct all customer support queries via email to info@simplecrypto.co.nz or fill out the contact form on the Simplecrypto website. The team aims to respond to queries within 24 hours.
Pros and cons
- Make a lump-sum deposit or set up a weekly transfer to build your balance over time
- Ability to benefit from dollar cost averaging
- Suitable for beginners
- Quick and easy sign-up process
- 3% Cryptosaver fee plus approx. 1% purchasing fees
- Limited information available online
- Only offers three cryptocurrencies
- You don’t get to compare and choose exchange rates
Next steps
If you’ve researched Simplecrypto and you’d like to set up a cryptocurrency savings plan, click on one of the “Go to site” links on this page. You’ll be taken to the Simplecrypto website where you can begin the sign-up process.
To register, you’ll need to provide the following information:
- Your name
- Your postal address
- Your driver’s licence number or passport number
- Your phone number
- The cryptocurrency you want to buy
- Your deposit amount
- Your crypto wallet address