Dan L.’s Reviews of SimpleSwap & more

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SimpleSwap

Virtual Currency Exchange

“Not a total scam but still untrustworthy”

12/7/21

Verified purchase

Exchange took 2 hours. Then failed.
Coins held hostage, similar to the experience of others here.
I was exchanging ETH for RMRK at their floating rate of 1:82.2.
They claim that the rates changed for the worse and offered me much lousier rates (1:76.2) or a refund. When in fact the rates improved for the better as RMRK was taking a dip over the 2 hours they took to fail my transaction, and this was even reflected on their main swap page.

Tip for consumers:
use at your own risk

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Thank you

Rebecca L. – SimpleSwap Rep Over a year old

Hello,

Thank you for sharing your experience with us. Let us explain this issue in more detail.

First of all, please pay attention to the timestamps. Your exchange was created on 12/07/2021 at 15:02:12 UTC. Your ETH deposit was received on 12/07/2021 at 16:17:18 UTC. The estimate for your exchange was calculated at the time of creation, however, your deposit was received with a delay of 1 hour and 15 minutes. During this time, the exchange rate has changed and your order received "failed" status on 12/07/2021 at 16:21:16 UTC. We always stop swaps if the rate changes significantly (> 5%) during the exchange to avoid losing our clients' funds.

We in no way impose a rate on you, and we offered you a refund, specifying the current market rate. You preferred to complete the swap at the current rate, and we did it at your request.

We are deeply sorry that you have faced such a situation! Unfortunately, this happens in the crypto world - we do our best to make it safer for our customers. Please do not forget about the fixed-rate type of swap that locks the rate for your exchange, while the floating rate changes periodically.

Hope for your understanding! Please feel free to contact us at (support@simpleswap.io) with any questions.