Bullish vs SimpleSwap

Bullish3.7/5

VS

SimpleSwap4.1/5

Feature	BullishVisit	SimpleSwapVisit
Ratings
Our score	3.7/5	4.1/5
User rating	No reviews yet	No reviews yet
Fees	4.5	3.0
Security & trust	4.5	4.0
Asset selection	3.0	5.0
Ease of use	3.0	4.5
Support	3.0	4.0
Specs
Markets	Spot, Futures, Options	Spot
Maker fee	0%	Not disclosed
Taker fee	0.03%	Not disclosed
Coins listed	Not disclosed	2,800
Fiat deposit methods	Not disclosed	Card
KYC required	Not disclosed	No
Accepts US customers	Yes	Not disclosed
Proof of reserves	Yes	Not disclosed
Mobile app	Yes	Yes
Licenses & registrations	New York State Department of Financial Services, FinCEN Money Services Business registration, BaFin MiCAR license ID 10162355, Hong Kong Securities and Futures Commission CE No BUQ956, Gibraltar Financial Services Commission GFSC 119714	Not disclosed
Security features	Full-reserve 1:1 customer assets, Segregated customer assets, Daily reconciliations, Offline private-key isolation, Transaction authorization controls, Deloitte audit	Non-custodial architecture, Direct wallet settlements
Futures & perpetuals	Yes	No
Copy trading	Not disclosed	No
P2P market	Not disclosed	No
Referral program	Not disclosed	Yes
Company
Founded	2021	2018
Headquarters	Gibraltar	—
Investors	Public investors, Alan Howard, Christian Angermayer, Louis Bacon +3	Not disclosed
Strengths and weaknesses
Pros	NYSE-listed operator with quarterly public earnings reports Deloitte audits and stated 1:1 segregated reserves 0 bps maker fee on FX Markets Spot, options, perpetuals and futures share one portfolio-margin system	No account registration required for standard crypto-to-crypto swaps Non-custodial model delivers converted assets directly to personal wallets Extensive catalog covering more than 2,800 cryptocurrencies Choice between fixed guaranteed rates and floating market rates
Cons	Centralized custody leaves assets exposed to exchange and operational risk Products and jurisdictions vary, with 50+ locations served selectively US and Hong Kong customers cannot access the full derivatives offering AMM instructions are restricted to eligible professional investors	Built-in exchange spreads can exceed traditional spot order-book trading fees Transactions flagged by automated AML risk scoring trigger sudden KYC holds No order books, limit orders, futures, or margin trading Fiat purchases rely on third-party processors with separate fees and verification
Best for	Institutional spot traders, Professional derivatives traders, API-connected trading firms	Registration-free crypto-to-crypto swaps, Non-custodial cross-chain transfers, Trading rare altcoins without CEX balances

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