The Crypto trend is popular among every age group. As cryptocurrency is beneficial from a perspective of investment, people are interested in buying digital currencies. There are many options to purchase crypto, and MoonPay and Simplex are two of the cryptocurrency platforms. This guide is a detailed comparison of “Simplex versus MoonPay: Comparison between the Two”.
Comparing the two platforms helps you figure out the right cryptocurrency for you. Let’s have an overview of each of the crypto platforms.
Simplex offers a platform to buy cryptocurrencies at a reasonable cost, and it is a licensed and free way to buy crypto. The platform allows the customer to use the credit card, and the algorithm makes this crypto platform safer along with faster payment processing.
The ambition of Simplex is to develop a stable cryptocurrency market free of duplicity. This way, more investors will come to invest in crypto. As a consequence, it makes it safe for long-term investors and even for regular traders.
MoonPay, a platform, provides customers with a safe way to buy cryptocurrencies like bitcoin, Ethereum, and other cryptocurrencies. It supports more than 80 currencies, thus providing a wide variety of options for investing in crypto.
MoonPay gives one of the most accessible trade and a wide range of availability internationally. The platform also allows using debit or credit cards, and the crypto will be sent directly to the wallet address once the payment is made.
Simplex Versus Moonpay
|Product Type||Crypto currency brokerage||Crypto currency payments|
|Trading fees||Credit Card:3.5% to 5%||Bank transfer: 1% Card payments: 4.5%|
|Insurance||No insurance is included on Simplex||No insurance is included, and you don’t directly hold funds with MoonPay like other crypto exchanges.|
|Mobile app availability||No||No|
|Security||The platform possesses AES-256 block-level encryption and two-factor authentication.||The platform possesses strict standards with the regulation of jurisdiction approved by the central bank.|
|Customer support options||You can make your complaints via [email protected] or book a new ticket on their website to submit online requests.||You can make an online complaint via their website, or contact customer support directly at [email protected]|
Charges on MoonPay
The processing fee or the charge is 4.5% on MoonPay with a minimum of €3.99/£3.99/$3.99. The charges become 1% when the payment process includes a direct Bank transfer.
Charges on Simplex
The Simplex charges range from 3.5% to 5% of the transaction amount.
Some additional charge fees are also included when the purchasing is done with a currency other than the US currency. They require a 13% transaction fee when the purchase is issued from Simplex.
Sign-in Process on the Crypto
Sign-in on MoonPay
The registration process is easy on MoonPay. The platform requires essential details such as name, address, contact number, date of birth, and an identity card issued by the government.
Sign-in on Simplex
Simplex does not ask you to register with it. You can use your debit or credit card to pay the amount. Later, you will need to create an account once the transaction is done and the money is transferred through SWIFT or SEPA. The account will require a unique KYC.
Protection and Security of MoonPay and Simplex Platforms
Cryptocurrencies are susceptible. It needs an effective and efficient system to protect against attacks or duplicities. MoonPay and Simplex both use specific steps to safeguard the entire transaction process.
The data on MoonPay is secured with AES-256 block-level encryption. The two-factor authentication takes a step ahead to safeguard the transaction process and prevent attacks.
Simplex is a licensed financial institution. Being highly ethical, it follows the strict standards and regulations of the central bank.
It has high ethical standards that are dedicated to operating safely. Simplex, at times, ask the investor to provide additional documentation to help them verify the card payment.
The Pros and Cons of MoonPay and Simplex
Advantages of MoonPay
- It is fast and easy to buy or invest in cryptocurrencies.
- Available in various countries.
- It supports more than 80 currencies
- As MoonPay is quick, verifying the account takes a shorter time.
Cons of MoonPay
- The processing fee and charge are more than the other crypto exchange.
- It is not available in every state of the US.
Advantages of Simplex
- This platform allows the easy use of debit or credit cards for cryptocurrencies.
- It has a fast process for transactions.
Cons of Simplex
- Simplex is not compatible with all cryptocurrencies.
- Simplex has high fee charges for the crypto exchange.
Both, Simplex and MoonPay, crypto wallets have their features and facilities. Both platforms are secured for the transaction and payment processes, and both platforms are fast to process and transfer the amount in a matter of time.
The description above gave a detailed comparison between Simplex and MoonPay digital crypto wallets.