Safello Review | Is This The Most Expensive Exchange Today?

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 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 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For cryptocurrency withdrawals, the fees vary depending on the type of coin being withdrawn.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.

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.