Simplex’s services can be split into two categories:
- Fraud detection and mitigation: this special service allows merchants to sell cryptocurrencies online with their credit cards. Without our fraud-detection capabilities, online merchants wouldn’t be able to offer you the option of making purchases with your card. Fighting fraud is a non-stop and expensive business, so we do add fees for that too. We think that keeping the overall cryptocurrency ecosystem free from fraud is worth it!
- Payment processing: the fees are applied as per industry standard
For these reasons, our fee for processing a purchase made with the Simplex Banking Account is 0.5 % of the total transaction.
The fee also depends on the partners you are using to make your purchase; their additional fees may differ.