General

What is Simplex?
Simplex is a third-party service provider which facilitates credit card purchases of cryptoassets within the eToro wallet.
What fiat currencies can I use to purchase cryptoassets?

At this time, the currencies supported by Simplex are GBP and EUR.

 

What are the fees?

Please note that the amount ‘To Buy’ is indicative and includes both a fee charged by Simplex and a fee charged by eToroX. Currently, Simplex charges 4% of the total transaction cost, and eToroX charges 1%. Due to variations in the market and blockchain that are beyond eToroX’s control, the eventual amount received may be different. The indicative fee is displayed on the first screen when initiating the transaction. The charges will be listed on your credit card statement under “etorox_simplex”.

 

In which countries is this service available?

As of January 2019, credit card purchases of cryptoassets via Simplex are available in all wallet countries excluding Bolivia and Thailand.

 

Can I use Simplex to deposit/purchase cryptoassets into my eToro trading account?
No. It is not possible to deposit cryptoassets into one’s eToro trading account.

 

Can I use a friend’s card?
No. As stated in eToroX Terms and Conditions, the card holder must be the eToro account holder.

 

Can I use a corporate card?
No. It is important to note that using a corporate card to purchase cryptoassets via Simplex is against our Terms and Conditions.

 

Can I use a prepaid card?
No, Simplex does not support such cards.

 

Why can I use a credit card to buy cryptoassets but not to transfer them from the eToro platform to the eToro wallet?

The process of transferring cryptoassets from your eToro trading account to your eToro wallet is a separate feature that carries with it different business and risk considerations. Simplex is a third-party service provider that works exclusively with credit card transactions and, therefore, allows cryptoassets to be purchased with credit cards when using the Fiat to Crypto feature.

 

Why do I have to verify my details with Simplex?

Simplex is a third-party service provider that works exclusively with credit card transactions, and requires your details for security purposes. Please note that if you do not complete the verification process, your transaction will be cancelled.

 

Why do I need to send Simplex a selfie?

According to Simplex’s risk policy, you may be asked to provide a photograph of yourself holding your credit card. Simplex needs to know that you are indeed the owner of the card in use, and, therefore, may request a selfie for verification.

 

What will happen if my billing address is not the same as the address registered to my trading account?

Simplex is the provider approving the transactions. This means that the billing address relates to the credit card and, therefore, the billing address needs to be in line with the credit card and not necessarily with your eToro trading account.

 

How do I communicate with Simplex if I have any questions or issues?
Please open a ticket directly on the Simplex website in English or use the Live Chat feature on Simplex.com.

 

Limitations

 

Why can’t I purchase cryptoassets with US Dollars?

Currently USD is not supported. We are constantly working on expanding our offering and will be sure to update you.

 

Can I use other methods of payment to purchase cryptoassets? If not, why is it limited to credit cards?

At present, the following credit cards (including debit cards in supported countries) are accepted by Simplex: Visa (including Visa Electron and Visa Plus), MasterCard, Maestro and Cirrus. Simplex supports credit card transactions for purchasing cryptoassets and because we use Simplex as a third-party service provider for fraud prevention, these are the supported cards.
As the service expands, we will do our best to add more payment methods.  Please check card support availability in the wallet app for your specific country.

 

In which countries is this service available?

As of January 2019, credit card purchases of cryptoassets via Simplex are available in all wallet countries excluding Bolivia and Thailand.

 

Please note that in the following countries, Mastercard payments are supported: all EU countries, the USA, South Korea and Israel. For these countries, Visa cards are available as well. The country list may change from time to time according to Simplex policies.

 

Please note that Visa and Mastercard payments are not supported in the following countries: Afghanistan, Algeria, Bahamas, Bangladesh, Bolivia, Bosnia & Herzegovina, Botswana, Cambodia, China, Cuba, Democratic People’s Republic of Korea, Ethiopia, Ghana, Guyana, Iran, Iraq, Kyrgyzstan, Lao People’s Democratic Republic, FYRO Macedonia, Nepal, Nigeria, Pakistan, Region of Crimea, Serbia, Sri Lanka, Sudan, Syria, Thailand, Trinidad and Tobago, Tunisia, Uganda, Vanuatu, and Yemen

 

Are there limitations on the amount I can transfer?

Yes. Simplex is licensed as a payment institution in the EU and ensures that the transactions it processes match proper standards. Please see the permitted minimum and maximum amounts below:

  • Minimum transaction – 110 EUR or 98 GBP.
  • Maximum transaction (Daily) – 17,512 EUR or 15,522 GBP.
  • Maximum amount per month (31 days) – 43,780 EUR or 38,805 GBP.

Please note that the daily and monthly limits include the fees.

Transaction Related

How/where can I check the status of my transaction?

Once the payment has been processed, you will see the purchased coins in your eToro wallet. Until that point, you can visit the My Payment Status section on the top right of the Simplex website. Simply type in your payment ID which you will have received in an email after making your transaction.

 

How much time does it take to receive the coins?

We expect transactions to take less than an hour. However, delivery depends on transaction approval and blockchain speed.

 

Where can I see the Fiat to Crypto exchange amount for my transaction?

During the transaction process, the indicative amount of coins is shown. The purchased amount of coins will be seen in the notification you receive once the transaction has been successfully processed.

 

Is the amount of coins to be received calculated at the time of the request? Or at the time of processing?

Upon request, you will see the projected amount of coins to be received. Please be aware that this may change between the time you initiate the transaction and the time it is processed, depending on market conditions. The final amount will be included in the notification you receive once the transaction has been successfully processed.

 

Who approves the transaction?
Simplex, a third-party provider that we are using to enable the service, will approve or decline payments.

 

Can I cancel a transaction? If so, how?
If the payment is pending, you may cancel it. Please open a ticket directly on the Simplex website or use the Live Chat feature on Simplex.com for assistance with cancellation if needed. Once the payment has been approved, you cannot cancel it.

 

Who can I contact if the transaction fails or is delayed?

You can contact the Simplex customer support team directly. They are available 24/7.

 

Why wasn’t my transaction approved and what can I do?
Simplex is responsible for approving or declining payments. We advise you to contact their customer service directly if needed.


I received an email from Simplex, is it legit?
Simplex is a third-party payment provider which provides customer service for the approval of payment requests. You can expect to receive emails from Simplex asking for proof of identity or card ownership, or regarding the status of your payments. However, we urge you to exercise due diligence whenever you receive an email requesting personal details, as fraudsters have been known to impersonate legitimate companies to try and access security information.

 

Do I need to fill my details in each time I purchase Crypto?
Yes, details need to be filled in each time (See Simplex support for further details)