Frequently Asked Questions

You are welcome to learn more about every step of the crypto exchange on SimpleSwap.

Let's assume you have Bitcoin and you want to buy Ethereum. The recipient’s address is the wallet address to which ETH will be sent after the exchange. Each cryptocurrency has its own address type. When you enter the recipient’s address make sure you use the correct coin address.

The cryptocurrency exchange time varies from 5 to 60 minutes. However, sometimes a transaction takes more time, this could be due to a number of factors:

1. Overload of the blockchain

2. Periodical coin updates

3. A certain number of confirmations is required to continue the exchange

The coin exchange time usually varies from 5 to 60 minutes. There are rare occasions when more time is needed. The processing speed depends on how long it takes for a block to be included in the network. Most operations proceed in just a few minutes.
There is an additional address feature necessary for identifying a transaction. For different cryptocurrencies it can have different names (MEMO, Destination tag, Payment ID, or Message). This additional feature is needed because major exchange platforms (which are our partners) use for some cryptocurrencies one address for all traders, and a MEMO (or a Destination tag, or a Payment ID, or a Message) is used to determine which actual individual account should be assigned and to which a given transaction should be credited.

A crypto wallet is an alternative to a physical wallet, which exists only in a digital form. Such a wallet is responsible not only for the safety of your coins, it also includes private and public keys that are necessary for conducting the transactions. Each wallet contains information about the availability of the user's coins. A private key is a kind of password that looks like an alphanumeric string. You need the private key to access your wallet.

This information must be private and well-protected. Don’t show or send your private key to anyone, no one should ask you to do this! A public key is a wallet address. It looks like an alphanumeric string too. The wallet address is provided to other users. It is used to receive cryptocurrency.