Simplecrypto cryptocurrency buying platform – review July 2019

Simplecrypto Cryptocurrency Savings
Simplecrypto Cryptocurrency Savings

A digital currency savings platform that aims to bring cryptocurrency to the masses.

If you’re new to the world of cryptocurrency and looking to build a portfolio of digital assets, it can be difficult to know where to start. Simplecrypto aims to help crypto novices overcome this issue by making it quick and easy to buy bitcoin, Litecoin and Ethereum. Its online platform allows users to deposit a lump sum or adopt a “pay-as-you-go” approach to build their investment over time.

However, is it the right crypto savings platform for you? We’ve gathered some useful information about Simplecrypto to help you decide whether this NZ-based service matches your needs.

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
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

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

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 sign-up process
Cons

  • 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
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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