What is the difference between Simplecoin Wallet and Simplecoin Exchange?
- Simplecoin Wallet allows users to hold cryptocurrencies and money through an account (custody), without the need to set up a cryptocurrency wallet.
- The advantage is the simplicity, speed of exchanges within your internal Simpelcoin accounts, without the need to pay transaction fees.
- Simlecoin Wallet is more suitable for relatively smaller conversions.
- Example: I want to speculate and react quickly to price fluctuations, buy or sell. I will operate with 50 000 CZK. In that case I will use Simplecoin Wallet.
- Simplecoin exchange sends purchased cryptocurrencies immediately after purchase to your own cryptocurrency wallet.
- The advantage is holding cryptocurrencies without depending on any third party, i.e. holding cryptocurrencies as they were created (self-custody).
- Withdrawal to your own crypto wallet is suitable for large amount exchanges.
- Example: I want to buy BTC for 300 000 CZK at one time. At this point, it is better to set up my own cryptocurrency wallet and have BTC sent directly to my cryptocurrency wallet via Simplecoin exchange.
Did not find the answer?
The customer service line can be reached Monday to Sunday between 9:00 and 21:00. Or send us an email. Our colleagues will always be happy to advise you and guide you safely through your purchase.