As a leading online cryptocurrency platform, Safello has been available since 2013. It offers user-friendly interfaces to attract more users due to its beginner-friendly nature, and is perfect for new entrants to the crypto space with its simple buy and sell feature. The platform has been operating in major European countries since its inception, and is regulated by the Swedish Financial Supervisory Authority (Finansinspektionen) and is registered as a financial institution with multiple strategic partners. The platform aims to ensure a secure means of transacting and storing crypto at exceptional speeds while exchanging orders as soon as payments as received. They verify the identities of the platform's users in Sweden before trading via government-issued identity cards. Try Safello now, or continue below to learn more.
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Background & Overview
Safello has led the way for crypto adoption since 2013 as Sweden's leading online platform for buying crypto from fiat. Safello strives to make crypto accessible to everyone. The platform has been registered as a financial institution with Finansinspektionen, the Swedish Financial Supervisory Authority.
The cryptocurrency platform allows users to buy and sell Bitcoin, Ethereum, Chainlink, Polygon, and Polkadot. However, it is working to integrate deposits and withdrawals for Chainlink, Polygon, and Polkadot. The platform offers rapid transactions in Europe that avoid market volatility exposure. The high liquidity of the platform keeps the prices close to a fair market rate.
A primary platform with minimal extra features allows users to easily make transactions (buy/sell) directly using their accounts. The currencies offered for trade cannot be facilitated outside the platform wallet, and the platform is working to resolve the situation. The modern and user-friendly interface design attracts users to the platform, enticing them to use it more.
The platform implements robust security mechanisms to protect the client funds; hence they do not disclose preventive measures on its open platform.
Transactions with the platform when using Swish are instant when one uses the platform wallet. Other wallets take, on average, 30 minutes before the platform sends the crypto. Bankgkiro/klarna orders take up to 2 days before the payment reflects on Safello.
Mitigation risks of security with the platform encourage users to contact support only that the platform provides. Also, the platform recommends that users beware of third-party impersonations. The platform is secure and reserves the right to ask for information on an individual's source of funds, wealth, and crypto to ensure they fulfill their obligations that enhance their anti-money laundering strategies. Visit Safello now!
Advantages at Safello+ Safello is a regulated platform under the Financial Supervisory Authority
+ Sweden's premiere platform.
+ It has a user-friendly and interactive interface
+ Facilitates fiat currency trading.
+ The exchange has highly secure features for the security of funds.
Disadvantages- It does not provide advanced trading charts.
- Safello does not facilitate anonymous trading due to its KYC requirements.
- No leverage trading available.
- Only supports Bitcoin and Ethereum cryptos for deposits and withdrawals.
- Risks of hacking and internet vulnerability.
KYC & Registration
Users who register with the platform must be 18 years or older and own a valid BankID. The platform adheres to strict KYC guidelines, and it is suitable for users who are in Europe.
Registration with the platform can be done in three steps with crypto. One can create a digital wallet and visit the official website and select the type of account they want to make. There are individual and business accounts. You can create an account by the BankID, scan the QR code, and fill out a form with personal information such as name, email, and password. You can also verify their identity with BankID and upload any address proof and identity proof.
Business registration with the platform requires the organization to provide documentation, including Articles of association, a Certificate of registration, and a financial statement.
A business account can be opened for a company, and it has to follow the current regulations and provide specific documents to speed up the approval process. Documents that can be used here include articles of association, a certificate of registration, a financial statement, and other documents that the platform may ask for during the onboarding phase. Corporate clients have to be registered in Sweden. Additionally, representatives of corporate customers need to be authorized to represent their clients concerning the platform's services.
Unfortunately, the platform does not offer leverage options for users to maximize their trades. Users can only utilize funds they hold.
Costs▪ Rated at 7/10
There is a flat rate of 7% per transaction executed on the platform when buying Bitcoins via VISA, Mastercard, and Swish. When one makes purchases via SEPA and Bankgiro, the trading fees charge a 4% flat rate per transaction. The sale of Bitcoin has trading fees charging a flat rate of 3% per transaction.
There are fixed withdrawal fees despite the number of crypto units a user withdraws. It varies depending on the crypto, but the withdrawal fee is similar to the global industry average of 0.0005 BTC per withdrawal. There is a fixed fee of 0.00025 BTC and 0.003 ETH per transaction when one sends crypto from Safello to an external wallet or exchange. Safello charges subscription fees of 3% that do not use the volume-based structure.
Deposit Methods▪ Rated at 7/10
Below you can see a list of the deposit methods available on Safello. Some of them may not be available in United States as it depends on regional regulation, but normally the most common payment methods are available across numerous countries.
Safello offers various deposit methods. These include Swish, Bankgiro/Klarna, and SEPA. Swish is suitable for instant payments for the platform to exchange your order. Bankgiro/klarna orders take up to 2 days for the payment to reflect in Safello's account for the exchange. The full list of deposit methods can be found in the logos within this review.
Read more about the deposit methods at Safello here.
Platforms▪ Rated at 10/10
The following platforms are supported by Safello:
The platform's interface provides different trading views depending on user preference. The traders decide the trading view that meets their standards before registration on the exchange. The platform has a simple order box that is beginner-friendly, and new crypto traders and investors can comprehend the process of order placing. Therefore, the user interface is helpful for beginners and shows the platform's fundamental features that a user can interact with.
The exchange has been designed to keep the needs of new traders who need to become more familiar with advanced trading tools. The website's outlay is very simple and enables new traders to navigate various features available on the platform and begin trading simply.
Automated Trading and Copy Trading
There is currently no autotrade or copy trading feature with Safello.
Languages supportedThe following languages are supported on Safello:
English and Swedish
Broker Support▪ Rated at 9/10
Customer support is available in both Swedish and English daily between 9:00 and 18:00 GMT +1, and users can air out their queries and complaints concerning the services. The support concerning accounts or transactions recommends that the user logs in and uses Safello Messenger for prompt support. Customer support also has an email address where users can contact the platform, which is [email protected] to answer within 24 hours during its operating hours.
Where can I register for Safello?
The best way is to open an account here and if you have any further questions you can get in touch with their support directly.
Does the platform accept physical coins?
It does not, which goes against their current policies and legal framework.
Which wallet services does the platform restrict?
Wasabi Wallet, Rahakott Wallet, and Samourai Wallet.
The platform supports how many languages?
It currently only supports English and Swedish.
Who founded the platform?
Frank Schuil founded Safello in 2013.
History of Safello
2013 - The platform was founded by Frank Schuil.
2021 - listed at Nasdaq First North Growth Market.
9 November 2022 - Safello reaches 3000 customers (3%) of the population in Sweden.
Find the full list of instruments available to trade at Safello here. There are a few pairings to choose from on Safello, although compared to other platforms your choice is limited. The main selling point of it is ease of use and ease of market entry.▪ Rated at 7/10
Crypto CurrenciesBTC/SEK, ETH/SEK, DOT/SEK, MATIC/SEK, LINK/SEK, BTC/ETH, BTC/DOT, ETH/DOT, MATIC/DOT, MATIC/LINK, BTC/MATIC, ETH/LINK, DOT/LINK, ETH/MATIC, BTC/LINK
›› Sign up at Safello here
Screenshots from Safello
Safello Review Published: Thursday, 5 Jan 2023 12:07 pm
Last Updated: Thursday, 5 Jan 2023 3:16 pm