What Is Safello?
Safello is a Swedish Cryptocurrency exchange platform that offers simple purchasing and selling Bitcoin for fiat currencies. The platform currently sets its stronghold operations in thirty-two European countries some of which are the EU members with non-members on board as well. The services of the exchange also spread to Nordic countries except Iceland, which happens to uphold its Cryptocurrency ban laws.
How Safello Works
Bitcoin lovers with interest to use the Safello platform have to undergo the registration process to start transacting. The registration procedure requires users to verify their identity after which they can begin purchasing Bitcoins for exchange. As you can see, the operations of this platform are pretty simple unlike other similar sites with such requirements.
Safello Registered European Direct Payment Bitcoin Retailer Benefits
First and foremost, the Safello exchange distinguishes itself by making it to the list of the trades that adhere to the regulation standards of their regional relevant financial authorities. Therefore, this means that you can have confidence in its services as the close monitoring works to minimize user exploitation. Also, Bitcoin buying processing time on this platform is fast and similar to that of Coinbase, with instant payments via Handelsbanken Direct taking only 15 minutes. However, bank transfers take up to 48 hours.
Furthermore, the Safello exchange supports the use of fiat deposits with the ability to display Bitcoin prices in SEK, EUR, HUF, CHF, DKK, GBP, CZK, and NOK. There is also no additional trade limits on the platform, so you get to trade at whatever time you need and as several times as possible. Being available in most European countries makes Safello, entirely accessible to its users thus, worth a try especially if your lifestyle includes a lot of traveling within those countries.
Although the Safello exchange insists on charging commissions, its transactions depend on the “spread mode” that ensures that all other relevant fees structures such as those for banking and forex fee and other commissions get an inclusion on the final purchasing and selling price. Therefore, you realize that in the long run, you are paying more than standard fees of up to 6.5% on either end.
Another thing is annoying slow speed on bank transfers. Also, some banking methods require manual transfer under working hours, therefore, being inconvenient. Another issue is that the platform makes Bitcoin sales and purchases for users at the time they receive payments rather than the sent time, which could pose losses. There is also no anonymity in transactions which could sound unreasonable to some people.
The platform is also unsuitable for you if you like trading with multiple cryptocurrencies as it only accepts Bitcoin. We wish they could add other significant coins to the portfolio to expand the market base. There is also no room for leverage trading on the exchange. Therefore, if you like speculation and see no interest in owning a Cryptocurrency, then you might consider with other forex brokers with underlying Cryptocurrency assets.
Safello is the self-proclaimed “leading European Cryptocurrency revolution.” The exchange allows its users to trade in Bitcoins for fiat currencies under the standardized laws of the Swedish Financial Markets Finansinspektionen. Overall, the exchange seems legit though we feel it could do far much better with an expansion in its market reach.