How to Fight Simplex Fees in 3 Steps
Trading cryptocurrency is the hottest, most lucrative craze on the internet right now. New entrants in the game, such as Simplex, let you buy cryptos directly using your credit or debit card instead of joining a crypto exchange. While convenient, you need to watch out for when buying crypto with fiat currency.
At first glance, the transactional charges may seem small and negligible, but they tend to add up fast, especially when making multiple transactions. The fees can amount to a tidy bundle if the merchant charges a flat rate of 3% to 5% of any amount you transact. High transaction fees can readily eat into your profit margins if you actively trade in digital currencies.
It may come as a surprise, but did you know you could appeal against these charges? DoNotPay has a successful track record of getting merchants to lower or scrap processing fees on most transactions.
What Is Simplex?
Simplex is an online processing platform that enables users to buy cryptocurrencies directly using a credit or debit card. The fin-tech firm is on a mission to help defraud the crypto market by creating a safe and secure cryptocurrency trading ecosystem. It's out to streamline the process of buying and selling cryptos by stamping out the rampant fraud in the sector.
Launched in 2014, seeks to legitimize crypto trading by providing fraud protection. It allows merchants, crypto platforms, and marketplaces to process online payments with complete fraud protection and chargeback coverage. The firm has partnered with leading crypto platforms to facilitate credit card transactions.
How Much Does Simplex Charge per Transaction?
According to its website, Simplex imposes a processing fee of 3.5% to 5% of the total transaction amount. The minimum fee you can pay while using Simplex is $10, and some transactions can go as high as 13%. Virtually every transaction on the platform, including topping up your account, carries a processing fee.
Here's a look at the various you're likely to pay when using Simplex:
Bank Transfer Fees
Simplex doesn't detail how much it costs to transfer money from your simplex account to your bank account. However, the platform indicates that such transactions comprise regular bank transfers. You're required to contact your bank to inquire about the transaction costs and clarify if they carry additional charges. DoNotPay can help you with such inquiries and help you avoid some of the fees.
Credit Card Fees
Topping up your Simplex Banking account balance using your credit or debit card is an expensive affair. Simplex imposes a 4.17% processing fee when funding your account using your card.
Simplex allows you to sell cryptocurrency online using your credit card but charges a princely 0.5% processing fee of the amount transacted. Although the total chargeable amount is displayed at the checkout, the transaction fees can add up fast. According to Simplex, the processing fee covers two services:
|Fraud detection and mitigation||Simplex provides a fraud-free and secure cryptocurrency ecosystem. That allows you to buy and sell cryptos using your credit card.|
|Payment processing||The online merchant applies industry fees on each transaction.|
Besides the 0.5% processing fee by Simplex, you may incur other processing fees from the partners you're using to sell the digital currency. Your transaction is subject to the corresponding Blockchain fee, reducing the amount you receive.
SWIFT Transaction Fees
You'll pay at least $50 when depositing and withdrawing money from your Simplex account using SWIFT. The platform charges 0.1% of the total transaction amount or a flat fee of $50, depending on which amount is higher.
Simplex Account Fees
Opening a Simplex bank account is free of charge, and there are no recurring monthly fees or management charges. However, there's a 0.5% processing fee on all purchases made from your Simplex account.
Using Simplex Without an Account
Simplex allows you to process transactions directly from its website without creating an account. However, any transaction you initiate directly from simplex.com carries a hefty 13% transaction fee.
How to Avoid Simplex Fees
Simplex has teamed up with BitPay, a Bitcoin payment service provider, to allow users to buy crypto without incurring any charges. The limited offer is only open to U.S. residents who buy crypto through the BitPay Wallet, using Apple Pay, Google Pay, or the BitPay debit card. While helpful, this offer is quite limiting since you must buy, store, and spend your Bitcoins through the BitPay wallet to qualify.
Seemingly Simplex is out to make you jump through hoops to eliminate the high transaction fees. It doesn't have to be that way. You can quickly lower or eliminate your transaction fees by engaging the firm directly. You can write to them directly asking for a fee waiver.
Although most companies won't advertise it, they're quite amenable to scrapping transaction fees. You only need to take the initiative and ask for a waiver. At DoNotPay, we have a proven track record of asking companies to scrap off transaction fees and help people save money.
Remove Simplex Fees With DoNotPay
At DoNotPay, we're committed to helping you save your hard-earned dollars by avoiding unnecessary transaction fees. While convenient, , easily making it one of the most expensive crypto payment getaways. Besides helping you snag any fee waivers, they offer, we can petition the platform to eliminate some of the fees at your behest.
Our skilled team of experts will handle all the correspondence with the platform to help you save your hard-earned cash. We've been so successful in such endeavors that we've drilled down the process into a few clicks of a button.
How it works:
- Search "appeal fees" on DoNotPay, choose the Fight and Waive Fees product, and select the type of fee you want to appeal.
- Select the merchant you want to appeal fees for and enter the details of your transaction, including an associated account if you have one.
- Submit your case! DoNotPay will generate the best argument for your case and make sure your fee waiver request gets sent to the merchant for processing.
Why Use DoNotPay to Remove Simplex Fees?
Most people lack the time and patience to engage companies and ask them for fee waivers. We have teams of professionals who excel in engaging these companies on your behalf. Recognizing these challenges, DoNotPay has simplified the entire process to make it:
- Fast—You don't have to spend hours trying to correspond with Simplex's customer service desk.
- Easy—You don't have to struggle to request fee waivers and keep track of all the correspondence.
- Successful—You can rest assured knowing a professional team has your back.
What Else Can DoNotPay Do?
At DoNotPay, we're committed to helping consumers save hundreds of dollars each year by eliminating transaction fees. Besides helping you appeal Simplex fees, we can help you appeal and eliminate transaction expenses when using the following services:
- Chase accounts
- American Airlines
- Spirit Airlines
Most transaction fees are unnecessary, and DoNotPay can help you eliminate them from your life to help save money.