Simple Wallet - Secure, Easy Storage

Why Choose Simple Wallet?

The Simple wallet module is mobile-only self-custody. Opening it needs only an email address, a one-time code sent to that address, and a four-digit PIN — no passport, no selfie, no proof of address. It uses MPC (multi-party computation): rather than a single private key backed up by a seed phrase, the key is split into two shares — one on your device, one held server-side — so no single party, Simple included, can move your funds alone. Note the corollary of a 2-of-2 scheme: Simple's server share is required for every signature. The Simple card and euro IBAN, described further down, are a separate service that does require full KYC, and whose custody model depends on which card you are issued.

Core Benefits

• No documents to hold: Sign-up is an email address and a PIN — no identity verification to receive and hold crypto (the optional card and IBAN do require full KYC)
• Multi-Chain Support: Works with Bitcoin (BTC). Works with Ethereum (ETH). Works with USDT and BNB. Works with Polygon, Tron, and Solana
• Biometric Security: Use Face ID to unlock. Use a fingerprint to unlock. Easy yet secure use
• Built-in Swap: Exchange tokens in-app through a third-party provider — Simple's terms name Changelly — which sets the rate and shows its fee before you confirm
• MPC key shares: No single seed phrase to lose, leak or have photographed over your shoulder
• Lightning Fast Setup: From download to receiving crypto in under 60 seconds
• Cross-Platform: Works on iOS and Android. Synced functionality

Privacy Design

The wallet module asks for no identity documents — no passport, no proof of address, no phone number — and Simple cannot unilaterally move your funds, because the key shares are split between your device and its server. It is not, however, anonymous: the privacy policy says the self-custody side collects your email address, device and usage data, your public addresses with their on-chain history, and your IP address, with raw logs kept for six to twelve months. Documents are collected only for the custodial card and IBAN.

Built-in Swap

The in-app swap lets you exchange tokens without visiting a separate exchange or DEX, but Simple does not run it. Its terms state the swap "is provided by Changelly or another designated Third-Party Service Provider", whose fee is displayed before you confirm and whose rate is its own. No swap fee schedule is published for the self-custody wallet, so check the quoted output against a market price before confirming anything large.

Multi-Chain Support

Simple's own material names Bitcoin, Ethereum, BNB Chain, Polygon and Tron, plus Solana, XRP Ledger, Stellar, Algorand, NEAR and Polkadot, all managed from one interface with a unified portfolio view. There is no itemised asset list for the self-custody wallet — the list published on simple.app is explicitly the custodial one — so confirm your specific chain in the app before sending anything.

The Simple Card and Euro IBAN — the KYC Side of the App

Alongside the self-custody wallet, Simple offers a Mastercard and a personal EUR (SEPA) IBAN account. This side of the app works differently from the wallet: it requires KYC, and the euro IBAN and the card that goes with it are custodial. Both are issued by Unlimit EU Limited, a Cyprus-based Electronic Money Institution regulated by the Central Bank of Cyprus (EMI licence 115.1.3.7/2018). Because a regulated e-money institution holds the funds and issues the card, you complete identity verification — passport or government ID, a selfie, and proof of address — before you can use them. In other words, holding crypto in the wallet needs no KYC, but spending through the card or holding euros in the IBAN does.

The card works with Apple Pay and Google Pay and spends against a balance you top up, with supported cryptocurrencies converting to euros at settlement. Published fees, as of August 2026 (verify the current schedule before relying on them): card issue €0; reissue, renewal or replacement €20; monthly cardholder management €0; domestic card payments 0%; international card payments 2.5%; domestic ATM withdrawals free for the first three each month, then 2%; international ATM €1.75 plus 2.5%. "Domestic" here means the EU member states plus Iceland, Liechtenstein and Norway. The IBAN has no opening, monthly, or closing fee, and SEPA transfers in and out are free.

A note on the app's structure, as of August 2026: Simple's custodial wallet and exchange arm (Stored Assets Ltd, Bulgaria) permanently ceased commercial activity on 30 June 2026, citing the expiry of the MiCA transitional periods, and now runs withdrawal-only to return client assets. That matters here: Simple's terms define the Euro card and IBAN as products for custodial wallet users, so the schedule above describes a service whose underlying account is being wound down, and Simple has not published where that leaves the IBAN.

The card Simple currently issues is a separate non-custodial one provided by Wirex, whose FCA authorisation is as an e-money institution and covers payments rather than crypto, and linked to the self-custody wallet. Its terms disclose an FX markup on every conversion without publishing a figure for it, and no fee schedule for that card exists. Check which card you are offered, and its custody model, at sign-up.

How Does Simple Wallet Work?

Simple's wallet takes the friction out of crypto self-custody. You don't need to verify your identity just to hold crypto — an email address, the code it sends you, and a PIN is the whole of it. Install the app and the wallet exists there and then, with no seed phrase to write down and no custodian holding your coins.

"Not your keys, not your coins" is the standard any wallet gets judged against, and Simple's answer to it is real but partial. Splitting the key removes the single point of failure a written-down phrase creates, and nobody at Simple can move a balance alone. A 2-of-2 scheme still needs both shares to sign, though, so the company sits in the path of every outgoing transaction — convenient self-custody rather than sovereign self-custody.

Under the hood, Simple's wallet uses MPC (multi-party computation) rather than a single seed phrase: the signing key is split into shares held on your device and server-side, and transactions are signed jointly without the full key ever being reconstructed in one place. This is a different portability model from a BIP39 seed-phrase wallet — there is no 12-word phrase to type into a different app — so if you plan to move between wallets, check Simple's export options first. The wallet connects to blockchain networks through secure nodes, and because Simple cannot sign with its share alone, your assets are not under the unilateral control of any single company — an important consideration given the evolving regulatory landscape around crypto custody in Britain.

Getting Started with Simple Wallet

Setup takes under two minutes:

• Install the Simple Wallet app from the App Store or Google Play.
• Set up the wallet's backup in the app — there is no 12-word phrase to write down; save the encrypted copy to your own cloud drive or as a JSON file, and keep it private.
• Receive Bitcoin, Ethereum, USDT, and more from an exchange like OKX or Kraken — or buy in-app by card or Apple Pay, which routes through a third-party provider and needs a one-time identity check with them.

Security During Setup

When you create the wallet, Simple generates your key as two MPC shares using secure randomness: one share is created on your device, the other is held server-side, and the full key is never assembled in one place. You then set a PIN and can optionally enable biometric authentication. Your device share stays in the phone's protected storage; setting up the server share and cloud recovery does involve Simple's servers, but neither share on its own can move your funds.

The on-device key share sits in the phone's protected app storage, unlocked with your biometric or PIN. Simple does not publish the hardware-level detail, and its public security page has not been updated since 2022 — it still describes a custodial cold-storage design that no longer matches the product. What is documented is the split: the full key is never assembled in one place, and Simple cannot sign without your device share. That is not the same as surviving a stolen phone — an attacker holding the device and your PIN or biometric unlock can authenticate as you, and the server share will co-sign. No audit of the MPC implementation is published.

Recovery deserves separate attention. Because Simple uses MPC rather than a seed phrase, there is no 12-word phrase that hands over your whole wallet. Its terms list three routes instead: support recovery through your registered email and device, restoring the encrypted backup, and an optional camera-based "Face Check". The backup is an encrypted copy of your key share held in your own iCloud or Google Drive, or saved as a JSON file; Simple states it holds neither the cloud account nor the decryption key.

Two caveats before you fund it. Face Check is not Face ID — it is a separate camera check Simple provides "as is", expressly disclaiming its accuracy and reliability. And the terms are blunt about the end state: lose the device, forget the credentials, have no backup and fail the other routes, and your funds may be permanently lost. Configure the backup at setup, keep it private, and never leave screenshots of recovery material in cloud-synced notes.

Before sending any real money to your new wallet address, test the app's recovery: follow Simple's recovery flow on a second device or a fresh install and confirm the same address and balance appear. It takes a few minutes and eliminates the most common source of permanent loss.

Key Features That Make Simple Wallet Stand Out

Here is what distinguishes Simple Wallet from other mobile wallets:

• Biometric Access: Face ID or fingerprint unlock.
• Multi-Chain Support: Bitcoin, Ethereum and BNB Chain alongside cheaper networks such as Polygon and Tron.
• Key-Share Recovery: Encrypted cloud recovery of your device share, restored on a new device.
• In-App Swaps: Swap tokens. Don't leave your wallet.
• Beginner Friendly: Clean UI, in-app guidance, no jargon.

Pros & Cons of Using Simple Wallet

Here is an honest assessment of Simple Wallet's strengths and weaknesses:

Pros

• Genuine self-custody via 2-of-2 MPC — Simple cannot move the wallet's funds without your device share
• No identity documents needed to hold crypto — just an email address and a PIN.
• Supports the major cryptocurrencies alongside low-fee networks such as Polygon
• Sleek interface. Easy for new users.
• Actively maintained, with regular app updates on both stores
• MPC key-share model removes the single seed phrase as a point of failure
• Low transaction fees when you use a cheap network such as Polygon rather than Ethereum mainnet.
• Works on both iOS and Android.

Cons

• The in-app fiat purchase runs through a provider Simple does not name and needs identity verification with them, so the no-documents promise stops at the on-ramp.
• Swap pricing is not published in advance — the provider sets the rate and fee, quoted only at confirmation.
• Under 2-of-2 MPC, Simple's server share is needed for every signature, so signing depends on its service being available.
• Limited advanced capabilities compared to hardware wallets.
• Requires clients to manage their own security and backups.
• Self-custody means you are responsible for the wallet's recovery setup — and the optional card and IBAN add KYC and counterparty considerations of their own.
• Mobile-only application with no desktop version available.

Who Should Use Simple Wallet?

Simple Wallet works well for beginners taking their first steps into self-custody, people who want to move crypto off an exchange without reading a technical manual, and privacy-conscious users who are not willing to hand over a passport scan for a free app. It is also a reasonable everyday spending wallet for anyone who keeps larger amounts on a hardware wallet — you transfer a working balance to Simple Wallet and leave the bulk in cold storage.

It suits active DeFi users less well. MetaMask's browser extension integrates directly with web-based DeFi interfaces, which is genuinely more convenient when you are connecting to a new protocol every few days. Simple Wallet's in-app swap covers most common actions, but if you are yield farming across five protocols or testing new contracts, you will find the workflow more limiting than a desktop wallet with full browser integration. Similarly, Trust Wallet claims a broader range of blockchains, including TON, Cosmos, and a long tail of smaller networks Simple does not cover — if you hold assets spread across many chains, that breadth matters and is worth weighing before you commit to a single wallet.

Fees and Costs

Wallet Usage Fees

Simple Wallet is free to download and use, with no monthly fee and no account charge. Its terms disclose only network gas costs, plus a reserved right to charge for certain optional or premium features, which would be shown in the app. Simple publishes no swap commission of its own for the self-custody wallet — the swap is priced by the third-party provider that runs it.

Transaction Fees

Transaction fees are set by the blockchain network, not Simple Wallet. Bitcoin: typically £1-4. Ethereum: £4-40 depending on congestion. Polygon: usually well under £0.10 per transaction. Tron is the outlier — Simple's own help centre puts a typical USDT transfer on Tron at about $5-10.

Swap and Exchange Fees

Simple publishes no swap fee for the self-custody wallet. The third-party provider sets both the rate and its own fee, quoted only when you confirm. The one numeric schedule on simple.app (0.5%-2%, plus a per-pair markup of 1% by default and 2% on small caps) governs the custodial wallet that ceased trading on 30 June 2026, so do not assume it applies to you.

Cost Comparison

Compared with leaving crypto on an exchange, self-custody removes the custody fees, the hack exposure and the freeze risk — at the price of one network fee to move the coins across.

For UK users who buy on Coinbase or Kraken and then move the coins to Simple, the cost is the exchange purchase fee plus that one network withdrawal fee. After the transfer, holding costs nothing; use a low-fee network such as Polygon afterwards and ongoing transfers stay below £0.10.

One cost people overlook is the gas reserve. To send any ERC-20 token (USDT, USDC, or any DeFi token) on Ethereum mainnet, you pay fees in ETH — not in the token itself. If your wallet holds only USDT and no ETH, you cannot move those funds without first acquiring some ETH to cover the gas.

Simple softens this with its Gas Station: you top up one prepaid balance in USDC or USDT and the app supplies the right native token for whichever chain you are using, lending a small amount up front where you have none and adding the cost to the top-up. Read the homepage line about Simple handling your fees in that light — it is prepayment and routing, not free gas. Keeping roughly £20-30 of the native token on each chain you use regularly achieves the same thing without depending on the feature.

Who Simple Suits — and Who It Doesn't

The wallet module suits people who want genuine self-custody without the friction of a written seed phrase, and who would rather not hand identity documents to an app just to hold crypto. The card and IBAN suit people who want to spend crypto as euros through a familiar Mastercard and bank-account rail, and who are comfortable completing KYC. Check which card you are actually offered before you rely on it: the euro IBAN and its Unlimit card belong to the custodial arm that ceased trading on 30 June 2026, while the card Simple issues now is a non-custodial Wirex product with no published fee schedule. If you want neither third-party custody nor KYC, use the wallet only.

Simple Wallet vs Competitors

Here is how Simple Wallet stacks up against popular alternatives:

Simple Wallet vs MetaMask

MetaMask is the dominant Ethereum wallet for a reason: its browser extension connects directly to web-based DeFi applications, meaning you can interact with Uniswap, Aave, or any new protocol without copying addresses or switching apps. That convenience comes with real trade-offs. The browser extension is a persistent attack surface — phishing sites that mimic legitimate DeFi interfaces are one of the most common ways MetaMask users lose funds.

MetaMask also now nudges users towards its own swap aggregator, which MetaMask's own swaps guide prices at a 0.875% service fee on top of network fees; you pay for the convenience. Simple Wallet's mobile-only design removes the browser attack vector entirely, though its swap pricing is set by a third-party provider and is not published in advance, so it is not automatically the cheaper of the two. For someone who buys and holds rather than actively trades across protocols, Simple Wallet is the more straightforward and arguably safer choice. For someone building a DeFi portfolio across ten different protocols, MetaMask's desktop integration is genuinely hard to replace.

Simple Wallet vs Trust Wallet

Trust Wallet claims over 100 blockchains, including TON, Cosmos and numerous smaller networks — a meaningful advantage if you hold assets Simple does not cover. Only its wallet-core cryptographic library is open source; the apps and the browser extension are closed. It keeps a DApp browser on Android, but Apple's rules removed it from iOS in 2021, leaving iOS users a curated "Discover" directory or WalletConnect.

The ownership picture matters for UK readers, and it has moved. Binance acquired Trust Wallet in 2018, but Forbes described it in March 2026 as CZ-owned — a separate company controlled by Binance founder Changpeng Zhao rather than part of the Binance exchange group. Neither company has published a divestment notice and press coverage is inconsistent, so treat "owned by Binance" as outdated rather than settled. One recent event also belongs in the comparison: CoinDesk reported in December 2025 that a compromised update to Trust Wallet's Chrome extension drained roughly $7 million, with mobile builds unaffected. If chain breadth is your priority, Trust Wallet wins on raw numbers; if you want fewer corporate entanglements and a cleaner interface, Simple is the stronger option.

Simple Wallet vs Hardware Wallets

A hardware wallet like Tangem or Ledger stores private keys on a dedicated physical device that never connects to the internet. This eliminates the largest category of mobile wallet risk: a compromised phone. The trade-off is cost — Tangem lists its two-card set at $54.90 before tax and Ledger's entry-level Nano S Plus sits in the same bracket — and friction — you need the physical device present to sign any transaction. Simple Wallet sits in a different category: it is appropriate for funds you actively use or amounts where the hardware wallet cost is disproportionate. The sensible approach for most UK holders is to use both — Simple Wallet as a spending wallet topped up as needed, and a hardware device for the savings portion of your crypto holdings.

Security Features in Detail

Simple Wallet implements multiple security layers to protect your assets:

Private Key Management

What Simple documents about key handling comes down to five things:

• MPC key generation: Your device key share is generated on-device with secure randomness; a second share is held server-side, and the full key is never reconstructed in one place
• Secure storage: Your device key share is held in the phone's protected app storage behind your PIN or biometrics; Simple does not publish the hardware-level detail
• Split-key custody: A signature needs both shares, so Simple cannot move funds alone — but someone holding your unlocked phone can still authenticate and have the server share co-sign
• Biometric protection: Face ID or fingerprint unlock on top of the wallet PIN
• PIN gate: The four-digit PIN is required at setup and again when restoring on a new device, alongside email verification

Recovery and Backup

Simple's terms document several recovery routes:

• MPC key shares: No single seed phrase to lose — recovery runs through the app's key-share and cloud-recovery scheme
• Device-share protection: Your on-device share is held in the phone's protected storage and gated by your PIN or biometrics
• Encrypted backup: An encrypted copy of your key share in your own iCloud or Google Drive, or saved as a JSON file; Simple states it holds neither the cloud account nor the decryption key
• Multi-device recovery: Restore on another device via email verification plus your existing wallet PIN, or via support recovery
• Optional Face Check: A camera-based recovery route, distinct from Face ID, that Simple provides "as is" while expressly disclaiming its accuracy and reliability — do not let it be your only backup

Transaction Security

Every transfer is co-signed under MPC using your device share, so nothing leaves the wallet without your PIN or biometric unlock. Past that point Simple documents no transaction-screening layer: no published address validation, no contract simulation, no scam or approval warnings. The preview and fee-estimate screens are ordinary wallet furniture, not controls Simple stands behind. So the checking is yours to do — read the destination address character by character, and send a small test amount before anything large.

Network Security

Simple publishes very little about its network layer. Its public security page dates from 2022 and still describes a custodial cold-storage design that no longer exists, so there is no current vendor documentation of transport security, node selection or certificate pinning — assume ordinary app HTTPS and no more. What the privacy policy does state is concrete: Simple logs your IP address for security and troubleshooting and keeps raw logs for six to twelve months. There is no Tor or onion routing, and the mandatory email login plus the server-held key share rule out network-level anonymity by design.

Supported Networks and Tokens

Simple Wallet supports the following networks and token types:

Major Blockchains

These are the networks Simple names across its own material. No itemised asset list is published for the self-custody wallet specifically, so confirm yours in the app before you send:

• Bitcoin: Named across Simple's app-store listings; on-chain only, with no Lightning support documented
• Ethereum: ERC-20 tokens and contract interactions, gas paid in ETH
• BNB Chain: BNB and BEP-20 tokens, gas paid in BNB
• Polygon: POL and Polygon-based assets at a fraction of mainnet gas cost
• Tron: TRX and Tron-based USDT — Simple's help centre puts a typical transfer here at about $5-10
• Others named by Simple: Solana, XRP Ledger, Stellar, Algorand, NEAR and Polkadot, several of which need a trustline or opt-in before they can receive assets

Popular Cryptocurrencies and Tokens

Simple's own token counts disagree: the homepage claims "150+ Tokens", both app-store listings claim over 200, and the only itemised list runs to 50 tickers and is explicitly the custodial wallet's. Treat the names below as indicative rather than guaranteed for the self-custody side:

• Major Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), Solana (SOL), XRP, Litecoin (LTC), Dogecoin (DOGE), Polkadot (DOT)
• Stablecoins: USDT and USDC, the two Simple names itself, across several networks
• DeFi Tokens: UNI, AAVE, CRV, LINK and PENDLE appear on Simple's published list
• Meme coins: DOGE, SHIB, PEPE, BONK, FLOKI and WIF appear on the same list

Cross-Chain Functionality

Simple works across several blockchain networks from a single app:

• Multi-chain portfolio view: Every asset across your networks in one view
• Cross-chain swaps: Exchange tokens between blockchains without leaving the wallet, where the third-party provider offers the route
• Network switching: Switch between networks when sending or receiving different assets
• Gas Station: One prepaid balance topped up in USDC or USDT, from which the app supplies whichever native token a transaction needs

Staking Inside the App

Simple's terms describe a "Native Staking" or "DeFi Earn" feature for certain assets, routed into the underlying protocol. Simple provides the interface only: it guarantees no rewards, insures no losses, and names slashing and smart-contract failure as risks. No rate, asset list or validator is published, so the return is whatever the app shows at the moment you commit — and the double-digit figures that still circulate belong to Simple's custodial "Grow" product, which closed on 30 June 2026.

Low-Fee Networks

Simple supports Polygon alongside Ethereum mainnet, and that is where most day-to-day stablecoin and token activity is cheap. The trade-offs are the usual ones:

• Lower fees: Transaction costs measured in pence rather than pounds
• Faster confirmations: Near-instant transaction processing
• Ethereum compatibility: The same address format and the same token standards
• Cross-chain moves: Shifting assets between networks runs through the swap provider where it offers the route, and still costs mainnet gas at the Ethereum end

Conclusion

Simple's wallet is a reasonable entry point for cryptocurrency newcomers and privacy-conscious users who value strong security without unnecessary complexity. Its no-KYC-to-hold approach, combined with genuine self-custody through MPC key shares and an intuitive interface, makes it a sensible first step into crypto ownership — provided you keep in mind that the card and euro IBAN are a separate, KYC-gated service with a custody model of their own.

The wallet covers the major cryptocurrencies and several low-fee networks, with the key kept split so no single party — Simple included — can sign on its own. Whether you hold Bitcoin long term or move stablecoins day to day, it balances security and simplicity, provided you set up and test the backup.

For UK users it sits between leaving funds on an exchange — platform risk, possible regulatory freezes — and the upfront cost of a hardware wallet. Under about £5,000 of holdings, a mobile self-custody wallet is a real improvement on exchange custody with nothing extra to buy. Above that, graduate to a hardware device for cold storage and keep Simple for day-to-day amounts.

Once the wallet is set up and its recovery verified, fund it from an exchange with a small test amount first — £20 or so — to confirm the address and that the transfer arrives. From there, the split most UK holders settle on is: long-term holdings on a hardware wallet, one to three months of spending in Simple, and enough native token on each chain to cover gas.

Getting Started

Download Simple today for genuine self-custody of your crypto with no identity documents just to hold — and, if you want it, a separate card and euro IBAN that do add full KYC. Know which module you are using and you get the benefits of both. For a head-to-head against the other beginner-friendly self-custody mobile wallet, the Simple Wallet vs MetaMask comparison covers the trade-offs around seed-phrase complexity, multichain coverage, and the on-ramp UX differences a first-time self-custodian encounters in week one.

Sources

• Simple Wallet Official Website
• Simple Card and IBAN Fees
• Simple — Terms and Conditions (entities, MPC, card and custody terms)

FAQs About Simple Wallet

What is Simple Wallet?

Simple is a hybrid mobile app. Its wallet module is genuine self-custody using MPC (multi-party computation): the key is split into two shares, one on your device and one held server-side, so there is no 12-word seed phrase. Sign-up is an email address and a four-digit PIN, with no identity documents required to hold Bitcoin, Ethereum or stablecoins. Separately, Simple offers an optional card and euro IBAN that require full KYC. The euro IBAN and its Unlimit-issued card belong to Simple's custodial arm, which ceased trading on 30 June 2026; the card Simple issues now is a non-custodial one provided by Wirex, so check which you are offered.

How do I get started with Simple Wallet?

Install the app from the App Store or Google Play, verify an email address with the one-time code it sends, and set a four-digit PIN — the self-custody wallet is then created. Simple uses an MPC key-share model rather than a 12-word seed phrase, so recovery runs through the app's backup and support-recovery routes instead of a written phrase. You can receive crypto in minutes. Buying crypto in-app, and using the card or IBAN, are separate steps that require identity verification.

What cryptocurrencies does Simple Wallet facilitate?

Simple names Bitcoin (BTC), Ethereum (ETH), USDT and USDC, Binance Coin (BNB), Solana, XRP, Polkadot, Cardano and Litecoin, plus low-fee networks including Polygon and Tron. Its own counts disagree — "150+ tokens" on the homepage against "200+" in both app stores — and the only itemised list on its site covers the custodial wallet, so confirm your asset in the app.

Is Simple Wallet safe to use?

It is genuine self-custody: the key is split 2-of-2 between your device and Simple's server, and the full key is never assembled in one place, so Simple cannot sign alone. Three caveats matter. Every signature also needs Simple's server share, so signing depends on its service being available. No audit of the MPC implementation is published, and Simple's own security page has not been updated since 2022. And its terms state that if you lose the device, forget your credentials, have no backup and cannot complete the other recovery routes, your funds may be permanently lost.

Can I recover my wallet if I lose my phone?

Usually, but not unconditionally. Simple's wallet uses MPC key shares rather than a seed phrase, so recovery runs through support recovery via your registered email, restoring your encrypted backup, or the optional Face Check — configure the backup when you create the wallet and keep it private. Simple's terms state that if you lose the device, forget your credentials, have no backup, and cannot complete the other routes, your funds may be permanently lost.

See Also

• Tangem Hardware Wallet Review
• Ethereum Staking Guide
• Read Simple-wallet Review

Advanced Usage and Best Practices

Practical Security Tips

• Use a hardware wallet for large holdings: Keep Simple Wallet for daily transactions under £1,000. Move significant amounts to a Tangem or Ledger.
• Test your backup: Restore your wallet on a second device immediately after setup. Do not wait until you actually need it.
• Revoke token approvals: After using DeFi protocols, revoke unused approvals via Revoke.cash to limit your attack surface.
• Send test transactions: Always send a small amount first when using a new address. Crypto transactions are irreversible.
• Keep gas reserves: Maintain roughly £20-30 of the native token on each chain you use, or keep Simple's Gas Station topped up, separate from your investment holdings.

Tax Considerations for UK Users

Export your transaction history regularly for tax records. Tools like Koinly or CoinTracker can import wallet data and calculate gains, losses, and tax obligations. In the UK, HMRC treats cryptocurrency as property for Capital Gains Tax purposes. Each swap you make within Simple Wallet — including token-to-token exchanges — is a taxable disposal event. You should keep records of the date, amount, and GBP value of every transaction. GOV.UK's published rates and allowances put the annual CGT exempt amount at £3,000 for individuals in the 2026-27 tax year, with gains above it charged at 18% within the basic rate band and 24% above. If you use Simple Wallet alongside exchange accounts, consolidate all records into a single tax tool to avoid missing reportable events.

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