Home Cryptocurency ExchangesSimplex How-to / FAQs – Poloniex
Simplex How-to / FAQs – Poloniex

Simplex How-to / FAQs – Poloniex

Poloniex has partnered with payments processing company Simplex to enable users to buy Bitcoin (BTC) with their debit and credit cards and have their purchase deposited directly on their Poloniex accounts.

See below for how to get started and common questions.

How do I get started?

To get started: 

  • Click “Balances > Buy BTC with card” or go directly to https://poloniex.com/cards/
  • Determine how you want your card purchase to be denominated: US Dollars or Euro (you can still purchase even if your card is issued in another currency, but you might incur an FX / international use charge from your bank)
  • Type the amount of Bitcoin (BTC) you want to purchase – the fees and total charge will be displayed underneath
  • Adjust the amount of Bitcoin (BTC) you are interested in purchasing and proceed when you are ready.

Make sure to read the important notes and disclaimers before proceeding. You will be redirected to Simplex.com to input your card details and complete your purchase. Note you are likely to be required to verify your identity during the Simplex checkout process, so make sure you have a valid form of ID ready.

Which countries are supported?

Poloniex customers in the following countries will be able to purchase BTC with Simplex: Andorra, Argentina, Australia, Austria, Bahrein, Belgium, Brazil, Brunei, Bulgaria, Chile, Croatia, Cyprus, Czech, Denmark, Estonia, Finland, France, French Polynesia,Germany, Gibraltar, Greece, Greenland, Guadeloupe, Hong Kong, Hungary, India, Ireland, Isle of Man, Italy, Japan, Korea, Kuwait, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Martinique, Metropolitan France, Moldova, Montenegro, Netherlands, Netherlands Antilles, New Caledonia, New Zealand, Norway, Peru, Poland, Portugal, Puerto Rico, Qatar, Reunion, Romania, San Marino, Saudi Arabia, Serbia, Singapore, Saint Maarten, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Taiwan, Turkey, United Kingdom, United States (except for the states of Hawaii – HI, New York – NY, Minnesota – MN, Virginia – VA and Washington – WA).

I don’t see that option on my Poloniex account, why is that?

If you don’t see the option to buy BTC with your card under the “Balances” menu, and you are in one of the supported countries above, your account might not be eligible or enabled for this feature. In order to be eligible for using this feature your account must meet the following criteria:

  • You must have your verification status as ‘Verified’ (found at www.poloniex.com/profile)
  • Your account must be in good standing (not closed or frozen)

If you believe you are eligible for this feature, but don’t see the option on your account, please contact our support team here and they will be happy to assist.

What cryptocurrency will I be able to buy?

You will only be able to buy Bitcoin (BTC) at this time. If this changes in the future, we will be sure to notify customers.

Are there fees?

Yes and we would like to be quite clear about it. Simplex charges a 3.5% or $10 processing fee per transaction – whichever is greater.

The 3rd party liquidity provider who supplies the crypto asset to Simplex will apply a spread to the quoted price of BTC.

Please be aware that none of these fees are charged by Circle or Poloniex.

Also note you may incur “international transaction” or “cash advance” fees from your own bank or card issuer in some cases.

Please see Simplex’s Support Article for more information on potential credit card fees. In general, debit cards are recommended to avoid incurring these fees.

Are there limits?

Yes. The minimum purchase amount is $50 (or equivalent). The maximum daily purchase amount is $20,000 (or equivalent). The maximum monthly purchase amount if $50,000 (or equivalent).

 How long does the process take?

After determining how much BTC you want to purchase, you will be redirected to Simplex.com for processing your payment. If this is the first time you ever used this service, you will have to verify your ID, so make sure you have a valid ID document handy. While the payments process is quick, it might take from a few minutes to a couple of hours to verify your identity for the first time. Once your purchase is approved, the BTC is procured and sent on-chain to your Poloniex deposit address. You should see your BTC in your account after about 30 minutes under normal network conditions.

Where do you get the price from?

The price of BTC you see is quoted from one of Simplex’s partner liquidity providers. That price is maintained for a window of time while you decide to purchase – significant variances in price during the purchase process will cause you to reconfirm your purchase or start over.

Why do you offer only EUR or USD, and not other fiat currencies?

Simplex can only natively process payments in both those currencies. You can still purchase with cards denominated in other fiat currencies, but you might incur an FX / international use charge.

Can I withdraw my coins and cash out to my card through Simplex? 

No, you can only use Simplex to buy BTC and have it deposited to your Poloniex account. Withdrawals are not supported at this time.

I have an issue with my transaction.

The card processing is performed by Simplex so they will be the ones to assist you with your issue. You can reach out to them at support@simplex.com or check out their FAQ here: https://www.simplex.com/support/.

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