Are you on the lookout for a reliable and user-friendly cryptocurrency exchange platform? Safello might just be the right fit for you. In this unbiased review, we've analyzed Safello's features, fees, security measures, and user experience to help you make an informed decision. Keep reading to find out if Safello has what it takes to compete with the bigger exchanges in the market!
Safello is a Swedish cryptocurrency exchange that has been making waves in the digital currency world since its inception in 2013. Founded by Frank Schuil, Safello is fully licensed by the Swedish Financial Supervisory Authority (FSA) and has a small team of 30 dedicated employees.
One of Safello's primary objectives is to make buying and selling cryptocurrencies safe, simple, and accessible to Swedish users. To achieve this, they follow strict know-your-customer (KYC) and anti-money laundering (AML) procedures to ensure the safety and security of their user's funds.
Currently, Safello is only available on the Swedish market where they have over 300,000 registered users. They also have over 10,000 app downloads on Android, which is a testament to their user-friendly approach. Safello's focus on the Swedish market has allowed them to tailor the product very specifically and the user experience is fantastic. The exchange currently currently only offers 8 cryptocurrencies for sale including Bitcoin, Ethereum, USDC and a few others.
Safello Signup & KYC
If you're a Swedish tax resident with a valid BankID, signing up with Safello couldn't be easier. In fact, there's no need for a traditional signup process or even a lengthy KYC verification. Just login with your Swedish Bank ID and you're ready to start buying and selling cryptocurrencies in no time. It's that simple! However, if you don't have a Swedish Bank ID, unfortunately you won't be able to use Safello. But for those who do, it's a seamless and hassle-free experience.
Safello Products & Services
Are you a Swedish user looking to buy and sell cryptocurrencies with ease? Well, look no further than Safello! Safello offers a simple and user-friendly platform that is tailored specifically for Swedish users. With seamless access via Bank ID, getting started with Safello takes only seconds, allowing you to quickly begin buying and selling cryptocurrencies like BTC and ETH.
Plus, Safello offers seamless tax reporting through their integration with Divly. The one drawback is that Safello's beginner-friendly interface comes with slightly higher fees than most exchanges. But for those looking for a hassle-free and straightforward experience, Safello is the perfect choice!
Safello allows users to buy cryptocurrencies like BTC, ETH, and USDC with Swish. All you need is a Swedish bank account and a mobile phone number to use Swish. It's a fast and easy way to make payments and Swish transactions are securely encrypted. Swish transactions are user-friendly and processed instantly.
If you're interested in buying cryptocurrencies on Safello simply deposit funds using Swish and then start trading. You can use the funds to buy any of the cryptocurrencies available on the platform, and you can also sell your holdings at any time.
Safello charges a minimum fee of 35 kr ($3.5) for buying and selling cryptocurrencies while the minimum purchase amount is 200 SEK. The commission for each transaction is 5% for users trading under 150,000 SEK per month, but this volume-based schedule can go down to 1% for those with over 5 million sek in trading volumes. Safello also charges a monthly subscription fee of 3% for users who sign up for monthly recurring purchases of cryptocurrencies.
Safello Deposit Methods
Safello offers a unique approach to fiat deposits, as they are fully integrated with BankID, which makes connecting your bank account to the platform a breeze. This means that there is no need for traditional fiat deposits, as your bank account is seamlessly connected to Safello.
This system not only makes it easier to deposit funds into your Safello account, but it also ensures that your transactions are secure and efficient. With BankID, you can be sure that your personal and financial information is protected.
Safello Withdrawal Methods
Safello offers various withdrawal methods for both fiat currency and cryptocurrencies. When it comes to fiat currency withdrawals, users can transfer their funds via bank transfer to a Swedish bank account.
For cryptocurrency withdrawals, the fees vary depending on the type of coin being withdrawn. Withdrawing Bitcoin incurs a 0.00025 BTC fee, while withdrawing ETH incurs a 0.003 ETH fee. On the other hand, withdrawing ERC-20 USDC comes with a $3 USDC fee. Safello's cryptocurrency withdrawal fees are comparatively low, making it a viable option for users looking for an affordable way to transfer their funds.
Is Safello Safe?
Safello is a trusted name in the world of cryptocurrency with an impeccable track record of never having been hacked in 10 years of operation.
Safello's commitment to the safety and security of its customers' crypto funds is evident in its state-of-the-art custody setup, constructed on the cutting-edge infrastructure provided by renowned technology provider, Fireblocks.
Since 2013, Safello AB has been a registered financial institution under the watchful eye of the Swedish Financial Supervisory Authority, further solidifying its credibility and trustworthiness within the financial ecosystem.
Safello consistently demonstrates its adherence to stringent regulatory guidelines and has successfully passed the latest Anti-Money Laundering (AML) audit conducted by the regulator in 2022.
In addition to its strong regulatory backing, Safello Group AB has also secured a prestigious spot on the Nasdaq First North Growth Market.
Safello is a fully licensed Swedish exchange regulated by the Swedish Financial Supervisory Authority (FSA). The platform's primary objective is to make buying and selling cryptocurrencies safer, simpler, and more accessible to beginners.
With over 300,000 registered users in Sweden and more than 10,000 app downloads on Android, Safello has proven to be a user-friendly and popular platform in Sweden. The platform's seamless access via Bank ID makes getting started with Safello quick and easy for Swedish tax residents.
The platform's integration with BankID also makes depositing fiat currency into the crypto exchange hassle-free. This system not only streamlines deposits but also ensures that transactions are secure and efficient. Safello offers seamless tax reporting through its integration with Divly, and its fees for buying and selling cryptocurrencies are reasonable.
While Safello shines when it comes to the stellar user experience that it has created, the exchange suffers by only offering 8 cryptocurrencies to buy and sell in addition to very high fees starting at 5%. In my opinion, there is no user experience and convenience that is worth those fees.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.