Cryptocurrency trading is a lucrative way to earn profits, provided traders step on the right trading platform. This Safello review has all the crucial points discussed that prove that the exchange is reliable when trading bitcoin (buying and selling bitcoin) peacefully.
Safello Exchange Summary
|Supported Fiat Currencies||NOK, DKK, SEK, CH, GBP, CZK, and HUF|
|Supported Countries||Most of the European countries|
|Minimum Deposit||Depend on the membership|
|Transaction Fees||Maker Fee – 3% |
Taker Fee – 7%
|Withdrawal Fees||0.00021 BTC|
|Customer Support||FAQs, Live Chat & Mail|
What Is Safello?
Safello is the most prominent Swedish cryptocurrency exchange operating in all major European countries founded in 2013. The company is registered with the Swedish FSA (Financial Supervisory Authority). Since its inception, Safello has been complying with the regulatory authorities, and law enforcement acts to create the safest trading platform for Swedish customers. Its user-friendly approach attracts customers throughout the EEA and the UK.
Safello supports a total of 32 countries in Europe with direct payment options and other payment gateways like SEPA, Bankgiro, Faster Payments, Swish, and International Wire, etc. Safello also operates in all the Nordic countries, except Iceland, because crypto trading is forbidden there under the local Foreign Exchange Act. With tens of millions of SEK, GBP, and Euro in operation for processing Bitcoin, Safello is leading the cryptocurrency revolution throughout Europe.
The company aims to make crypto trading accessible to everyone by providing them a secure bitcoin trading platform. To purchase any supported crypto assets on the Safello exchange, traders need to verify their identities with any government-issued ID card and proof of residency (any utility bill).
Safello Exchange Review – Platform Interface
How Does Safello Work?
Safello works like any other cryptocurrency exchange by offering its registered users a safe platform to buy and sell their crypto coins and earn profits from that place. However, unlike most exchanges that allow trading between various crypto pairs, Safello only allows for buying and selling of bitcoins, for which it charges a flat trading fee. Though it does not charge any commission for trading on the exchange, it uses the “spread model,” which means that all prices on the exchange, be it banking fees or forex fees, are included in the buying and selling prices.
Our Safello review found that the buy and sell prices offered by Safello exchange are somewhere around 6.5% higher when buying bitcoins and 6.5% lower when selling them, making the Safello fees a bit expensive for traders.
Is Safello Regulated?
Yes, Safello is a Swedish cryptocurrency exchange Safello’s Regulated by Finansinspektionen and is registered under the Swedish Financial Supervisory Authority (FSA). Safello complies with all the KYC and AML policies of the country to offer a secure crypto trading exchange to its registered clients.
Features of Safello
Safello offers the following core features to its registered users:-
The best UK cryptocurrency exchange Safello has been designed keeping in mind the needs of new traders who are not very familiar with the advanced trading tools. Therefore the outlay of the exchange is kept very simple. New traders find it easy to navigate various features available on the exchange and begin trading at ease.
Safello is regulated under the Financial Supervisory Authority of Sweden and complies diligently with all the KYC (Know-Your-Customer) and AML (Anti-money laundering) policies of Sweden. This assures that every account is linked to a real-life individual.
Convenient Payment Methods
Safello accepts payments for its registered users settled in parts of Europe (except Sweden) in 3D security-enabled Visa cards and MasterCard cards or through a SEPA bank transfer. The exchange accepts deposits through various payment services like Swish, Bankgirot, and Handelsbanken Direkt for Swedish clients. However, users can only sell bitcoins by linking their bank account with the exchange.
Safello Reviews – Safello, A Trustable Company
Buying Bitcoin with a card happens very fast in Safello as compared to other leading cryptocurrency exchanges. With instant payments services like Handelsbanken Direct, the order is processed and completed within 15 minutes. While for bank transfers, it may take a maximum of 2 days for the orders to be processed depending on the functionalities of the respective banks.
Allows Fiat Currency Trading
Safello supports buying and selling supported cryptocurrencies with fiat currency deposits and can show Bitcoin prices in NOK, DKK, SEK, CH, GBP, CZK, and HUF, apart from in EUR.
Safello is available in most European countries, with some exceptions like Iceland, Eastern Europe, and the Western Balkan due to some stringent policies against cryptocurrency trading in those countries.
According to the various Safello reviews available, there are no trading limits on the Safello exchange, or at least the exchange has not mentioned any such limits on its site.
Safello Review: Pros and Cons
|Helpful Interface.||Requires KYC verification that may take 1-2 days, and thus anonymous trading is not possible.|
|Regulated exchange.||Only supports bitcoin.|
|No hidden fees.||Does not support leverage trading or margin trading.|
|Does not charge any commission.||The platform only supports market sentiment charts- there are no advanced trading charts available on Safello.|
|Allows fiat currency trading.|
Getting Started With Safello
There are three steps to get started with bitcoin at the Safello exchange:-
Create a Digital Wallet
For creating a digital wallet, users need to visit the official site of Safello, where they will be asked to select the type of account – private or business account that they want to create. Then they need to sign up for account creation by opening the BankID and scanning the QR code, after which they will have to fill up a form with some personal information like name, email Id, and password. By creating a digital wallet, traders automatically become a user on the blockchain network. A wallet registers all the users’ transactions and allots them a dedicated user ID to check their account balances quickly.
Safello Reviews – Sign Up Process
Verify Identity With BankID
After creating a wallet, users need to verify their identities with BankID and upload any address proof (any utility bill) and identity proofs (any government-issued IDs like passport or driver’s license), after which their identities will be verified.
Pay for Bitcoin With Swish
After verification, users can readily begin trading on the platform and start buying bitcoins using payments services like Swish that takes only a few minutes to process the orders. For buying bitcoins, users need to enter the number of bitcoins they intend to purchase, but that amount should be denominated in SEK. After this, users need to type the wallet address where they intend to store the coins after buying them, and finally, after they pay for the coins, the coins will be directly sent to the wallet address entered by the user.
Pay for Bitcoin With Swish at Safello
Safello Trading View
There are different trading views available that exchange specific, and therefore traders should determine which trading view would meet their preferences before they register on any cryptocurrency exchange. However, there are some features that all trading views have in common – they all show the order book or at least part of it, they all display a price chart of the chosen cryptocurrency of the users along with their order history. Sometimes they also have ‘buy and sell’ boxes.
At this Swedish coin exchange, instead of fancy graphs or charting tools, there is a simple order box that makes it easy for new crypto investors to understand the procedure of order placing. Experienced traders might not find this trading view helpful as it lacks advanced features- it is fundamental.
Safello charges the following fees from its registered clients:-
Safello Trading Fees
The Safello coin exchange is somewhat different from most other leading crypto exchanges regarding trading fees as this coin exchange platform does not allow trading between cryptocurrencies. The only service offered on the platform is buying and selling bitcoin (BTC). The trading fees for buying and selling bitcoin on Safello are as follows:
For buying bitcoins via Swish, VISA, and Mastercards- the trading fees are charged at a flat rate of 7% per transaction executed on the platform.
For buying bitcoins via Bankgiro and SEPA- the trading fees are charged at a flat rate of 4% per transaction executed on the platform.
For the Sale of bitcoin- the trading fees are charged at a flat rate of 3% per transaction executed on the platform.
Safello Withdrawal Fees
Another fee that the traders should consider before choosing any cryptocurrency exchange to trade their crypto holdings is the withdrawal fee. The withdrawal fee at Safello is usually fixed irrespective of the number of cryptocurrency units the users withdraw. However, it varies from crypto to crypto. The withdrawal fee at Safello is the same as the global industry average, which is 0.0005 BTC per withdrawal. Previously, the industry average was 0.0008 BTC for withdrawing BTC. Still, most coin exchanges have started updating their withdrawal fees at 0.0005 BTC per withdrawal, and thus 0.0005 BTC is establishing itself as the new global industry average.
At Safello, premium users only need to pay the network fees while withdrawing money, which are the fees that miners receive to confirm bitcoin transactions. Although to know the full details on Safello fees, you must check this link.
As for security, Safello implements some robust security mechanisms to protect the client funds, even though they do not disclose their preventive measures on its open platform. Reading the tens of millions of Safello reviews online, we concluded that the platform is very secure and reliable.
Safello Customer Support
The customer service page has five sections dedicated to various types of queries- general questions, buy orders (queries for buying bitcoins), sell orders (queries for selling bitcoins), fraud prevention, and contact. Otherwise, the customer support team can be contacted on all business days from 9 AM to 5 PM (GMT+1). Suppose any users have any questions about their account or any transactions executed on the platform. In that case, they can directly log in to the official website of Safello or connect to Safello Messenger for faster customer support.
Safello Reviews – Safello Customer Service
Safello Review: Conclusion
Safello is the best crypto exchange platform, and its acceptance in most European countries contributes to the wide popularity of the platform. Moreover, the platform is regulated by Finansinspektionen is also a significant advantage that adds to the credibility of the platform. As per our Safello review, we won’t say that the Safello fees are competitive, but it is neither very high nor the fees offered by other leading exchanges as the spread charged per transaction on Safello adds up to the fees.
Is Safello Safe and Legit?
Yes, Safello is a safe and easy-to-use cryptocurrency exchange for Swedish customers founded in 2013 and regulated by Swedish FSA (Finansinspektionen).
Which Platforms and Services Safello Does Not Support?
Safello does not support any transactions (buy and sell cryptocurrencies) to or from any privacy wallets like Wasabi Wallet, Samourai Wallet, and Rahakott Wallet. Safello also does not endorse any high-risk services from the following exchanges:-
What Is Safello Doing to Prevent Fraud?
Safello does not disclose its security mechanisms as it is against their regulations to disclose any preventive measures undertaken by the platform to prevent fraud. However, as a regulated financial institution, the coin exchange follows the AML (Anti-Money Laundering) and Counter-Terrorist Financing Directive apart from the regular identity checks done before every purchase is completed. Moreover, the platform sends SMS and in-app warnings to alert users to finalize their transactions before confirming them.
Does Safello Accept Physical Coins?
No, Safello does not accept physical coins as it is against their current policies and legal framework.
Is Safello Safe?
Yes, Safello is a safe platform that implements robust security measures to safeguard customers’ funds and personal information on the platform.