We’ve expanded our partnership with a payments processing company, Simplex, to allow our customers to buy and sell cryptocurrencies using their Simplex bank accounts. This is in addition to our support for buying crypto using credit and debit cards. Find more information about buying and selling crypto with Simplex Banking below.
How do I set up my bank account?
To get started:
- Go to Buy Crypto and choose “Buy with Fiat” or “Sell with Fiat” on the top right-hand corner.
- Select denomination as the fiat currency you wish to use.
- Choose the asset and enter the amount of crypto you wish to purchase or sell - the fees and total charge will be displayed underneath.
- Make sure to read the important notes and disclaimers before proceeding. You will be redirected to Simplex.com to complete your purchase. Note you will 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 crypto using a Simplex bank account: Andorra, Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Latvia, Lithuania, Luxembourg, Malta, New Zealand, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the United Kingdom.
I don’t see an option to buy or sell using Simplex Banking on my Poloniex account, why is that?
If you don’t see the option to “Buy with Fiat” or “Sell with Fiat” in your Wallet, 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 a Level 1 or Level 2 account (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.
Which cryptocurrencies will I be able to buy?
You can buy ATOM, BCH, BNB, BCHSV, BTC, BUSD, DASH, EOS, ETH, LTC, PAX, TRX, USDTTRON/USDTETH, XLM, AAVE, AVA, AXS, CAKE, DAI, DOGE, DOT, FIL, KCS, KLV, LINK, MATIC, MATICPOLY, NXT, QTUM, REVV, RFUEL, SAND, SHIB, SOL, STR (Stella), SUSHI, TUSD, TRU, UNI, USDC, USDCBSC, WBTC, XEM, XTZ, XVS, and XRP at this time. If we add additional crypto options in the future, we will be sure to notify customers.
Which cryptocurrencies will I be able to sell?
You can sell BTC and the ERC-20 version of USDT at this time. If we add additional crypto options in the future, we will be sure to notify customers.
Are there fees?
Yes, there is a 0.5% fee on each bank transaction charged both by Simplex and Poloniex, as well as the blockchain fee to send the funds to Simplex. The price of BTC is quoted by one of Simplex’s 3rd party liquidity providers and might include a spread. You may incur "international transaction" or "cash advance" fees from your own bank or card issuer.
Are there limits?
There are no minimum or maximum limits for Simplex Banking.
I have an issue with my transaction.
The purchase processing is performed by Simplex so they will be the ones to assist you with your issue. You can reach out to them at firstname.lastname@example.org or check out their FAQ here.