Allan E.

I executed an exchange of Theta for TFuel (Exchange ID: d2B5FHFeMiv) on 12 Jan 2021. Loss 50,000 Tfuel because of a technical fault in SimpleSwap exchange system. Successfully transferred and deposited Theta token at 06:48am but SimpleSwap system only started the exchange process 74 mins later due to their software glitch; normally, it shouldn't take more than 10 mins although the entire exchange process may be much longer or hours later. As a result of a very sharp spike in TFuel price at 07:10am, I received 50,000 TFuels lesser than expected. Total time taken for this exchange was 108 mins counting from the time of Theta receipt at 06:48am.
SimpleSwap just returned 3050 TFuels (exchange fees) and said they are not liable for any technical faults caused by third parties and/or themselves per their service terms which I find it most unfair and felt been robbed.
As time is of the essence to determine the rate that one intend to exchange, how is it possible that SimpleSwap holds no responsiblility as to when they should start the exchange process; it might as well be many hous later since they are covered by their service terms.
So, be warned and duly informed about unfair trade practices when one chooses a crypto exchange company.
In a nutshell, the required exchange process to buy in the TFuel should have started the moment your system received the deposit of my Theta so as to secure the rate closest to the time of order although it is well understood that the entire may take hours.
(Below comments were inserted after viewing SimpleSwap's Response on au.trustpilot.com review)
Your system failure to detect the deposit and/or lock in the rate within 5-10 mins upon the receipt of my Theta deposit has left much to be desired. Had your system perform the checks on deposit and begin locking in the buy rate for TFuel timely, this rate would not have to be floated over 22 minutes and in this particular case, it actually took 74 minutes. I cannot imagine the rationale of exchanging cryptos on a floating rate that is allowed to float without time limit. Surely, like any other contracts, there should be a written or unwritten industry best practices on how long a floated rate should be reasonably allowed float, and hence, would determine and delineate the liability of each party. In my case, I have done my part by successfully sending you the specified Theta tokens for exchange, however, it is clear that the root cause of my loss was the failure of your system to detect my deposit and lock in the market rate within a reasonable period of time.
This episode is a lot more than mere inconvenience as I actually lost lots of TFuels.

Allan