Safello Review by professional crypto currency trading experts the “ForexSQ” FX trading team, Everything you need to know about the broker is in this Safello Review.
Safello Review
Safello is a Swedish cryptocurrency exchange that offers simple buying and selling of Bitcoin only for fiat currencies. Its service is available in 32 European countries – both EU member states and countries outside the union. The exchange also operates in all Nordic countries, except Iceland, where trading in cryptocurrencies is forbidden under the local Foreign Exchange Act.
Safello was established in 2013 and claims to be “leading the crypto currency revolution in Europe” and to have a turnover of “tens of millions of SEK, EUR and GBP”.
Safello Advantages
– Payment methods. For all countries where it operates, except Sweden, Safello accepts deposits in 3D security-enabled Visa and MasterCard cards and through a SEPA bank transfer. The Swedish clients of the exchange can fund their accounts through the payment services Swish, Handelsbanken Direkt and Bankgirot.
Selling Bitcoin, however, is only available through linking a bank account.
– Regulation. Safello is one of the few exchanges in general, who are regulated the relevant financial authorities. In this case it is registered with the supervisor of the Swedish financial markets Finansinspektionen and is AML and KYC compliant.
– Speed. Buying Bitcoin with a card is quite fast, and in that regard is similar to the service provided by Coinbase. For example, with an instant payment through Handelsbanken Direct, the order is completed within 15 minutes. As for bank transfers, they take a day or two to be processed.
– Countries. As we have mentioned already, Safello is available in most European countries, with some exceptions – mostly in Eastern Europe and the Western Balkans, plus Iceland, which makes it quite widely accessible.
– Fiat. Safello supports fiat deposits and can show Bitcoin prices in SEK, NOK, DKK, GBP, CZK, CHF and HUF, in addition to EUR.
– Limits. As far as we are aware, there are no trading limits on Safello’s platform, or at least there is no mention of such.
Safello Disadvantages
– Fees. Safello says it does not charge commission, but rather uses the “spread model”, which means that all fees (banking, forex fees, etc.) and commissions are included in the buying and selling price. Our check revealed that the buy and sell prices offered by Safello are around 6.5% higher and lower, respectively, than the average market price of Bitcoin.
– Speed. As we have already mentioned, with instant payments the service of Safello can be quite fast. However, some of the other payment methods require manual processing, which is done only through business hours. On the other hand, Safello will sell your or buy your Bitcoin at the price at the time when it has received the payment and processed the order. This can be quite unpleasant at times of high volatility and can bring losses.
– Anonymity. Being AML and KYC-compliant, Safello does not support anonymous trading. It requires an ID document and a utility bill proving residence. Verification usually takes 1-2 business days. This can be inconvenient for some people, for some reason.
– Coins. Safello offers only one cryptocurrency for trading – Bitcoin. It is true that this is the largest cryptocurrency, but there are several other major ones that can be added to the portfolio.
– Leverage. Leveraged trading is not available on Safello. Those interested in this type of speculation and do not need to physically own the cryptocurrencies, can sign up with a regulated forex broker that offers CFDs with cryptocurrencies as an underlying asset. There is an ever growing list of such brokers.
– Platform. We did not get to see the trading platform of Safello, because we did not complete the verification process. But we strongly suspect that it is a simple buy and sell form and a trading history. Besides, we could not find price charts, but only market sentiment charts.
The main advantages of Safello are its availability in most European countries, the acceptance of credit cards as a funding method and several European currencies, in addition to the Euro. The fact that it is regulated by Finansinspektionen is also a major plus.
However, the Bitcoin prices offered by Safello that include all other fees under the spread model, are quite disadvantageous for the client and are around 6.5% higher for buy and 6.5% lower for sale, which makes Safello quite expensive to use.
Safello Review Conclusion
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