Safetrade Review 2024

Autor

Revisor

Last update: 12 months ago

Our veredict

SafeTrade presents itself as a promising yet cautious choice for cryptocurrency traders, especially for those prioritizing security and low trading fees. While the exchange boasts strong community involvement and innovative integration with its native SafeCoin, it offers competitive trading fees at 0.1% across all trades, which is lower than the global industry average. This could be particularly attractive for active traders who are cost-conscious.

However, the platform is not without its drawbacks, primarily its lack of regulation by a top-tier financial authority, which raises concerns about its safety and the security of user funds. This lack of oversight might deter potential users who prioritize regulatory security in their trading platforms. Additionally, while SafeTrade supports a diverse range of 48 cryptocurrencies, its market offerings are primarily crypto-to-crypto, which may limit those looking to trade against fiat currencies. In sum, SafeTrade offers a unique proposition with its low fees and strong community drive, but potential users should weigh these benefits against the risks associated with its unregulated status. This makes it more suitable for those willing to engage with newer or less-regulated platforms, potentially in exchange for lower transaction costs and community engagement, but not for those looking for established regulatory safeguards.

Pros

Cons

Investing risks losing your money

Threenvest Score

Fees

0,10%

U.S Legal

With the confidence of Threenvest

Security Methods: SafeTrade emphasizes security with comprehensive measures to protect user data and funds. This focus on security helps in building trust with its users.

Transparency: The platform’s operations are characterized by a high degree of transparency, especially concerning its integration with the SafeCoin projects and community feedback mechanisms. This openness is a critical trust factor.

Trading Volume and Liquidity: SafeTrade handles a significant amount of trading volume, ensuring liquidity for its users, which is essential for executing trades efficiently without substantial price slippage.

Customer Service: The exchange offers 24/7 customer support, which is a substantial trust factor for users, especially in a market that operates round the clock. Reliable support is crucial for resolving issues swiftly.

Reputation and Reviews: Since its launch, SafeTrade has maintained a positive reputation within the community, supported by favorable reviews from its users. This reputation is a testament to the platform’s reliability and service quality.

Best Crypto Exchanges

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About Safetrade

Introduction

SafeTrade is a centralized cryptocurrency exchange that was established in 2018. Located in Canada, it is developed by the team behind the SafeCoin cryptocurrency, presenting itself as a community-driven exchange. SafeTrade aims to provide a secure and transparent trading environment for its users.

What is SafeTrade?

SafeTrade is a digital asset exchange where users can trade a variety of cryptocurrencies. It is primarily focused on providing a platform for trading crypto-to-crypto pairs, supporting a wide array of digital currencies including lesser-known altcoins, in addition to popular ones like Bitcoin and Ethereum.

Background and History

Launched in 2018 and headquartered in Canada, SafeTrade is part of the larger SafeCoin project, which also includes other initiatives like SafeWallet and SafeNode. The exchange emphasizes security and community involvement, aiming to foster a safe trading environment. It has grown to support 48 different cryptocurrencies and focuses on enhancing user experience with constant updates and improvements.

Founders

The SafeTrade project, including the exchange, was founded by Cecil Carter. His vision was to create a secure platform that is driven by its community, catering especially to users looking for a variety of crypto trading pairs. His leadership continues to guide the development of both SafeCoin and SafeTrade.

Fun Facts and Interesting Insights

Community-Centric: SafeTrade is known for its community-driven approach, which is somewhat rare in the exchange space. This approach influences many aspects of its operations, from the selection of supported cryptocurrencies to the features developed.
Security Focused: The platform does not just promise security but actively involves the community in maintaining it, providing transparency in its operations.
Innovation in Altcoins: SafeTrade is one of the few exchanges that supports a wide range of lesser-known altcoins, providing a platform for trading these alongside major cryptocurrencies.

Why Choose Safetrade?

Security: One of the cornerstone features of SafeTrade is its focus on security. Operating with an awareness of the risks inherent in digital asset trading, SafeTrade employs robust security measures to safeguard user assets and data. This commitment helps provide a secure trading environment, which is crucial for users who are concerned about the safety of their investments.

Low Trading Fees: Offering a flat trading fee of 0.1% for both takers and makers, SafeTrade stands out in the cryptocurrency exchange landscape for its competitive pricing. This fee structure is attractive for both high-volume traders and beginners looking to maximize their trading value without losing a significant portion to fees.

Support for Multiple Cryptocurrencies: With support for 48 different cryptocurrencies, SafeTrade offers a diverse range of trading options. This variety not only caters to traders looking for popular coins but also those interested in less mainstream options, which may not be available on other exchanges. This makes SafeTrade an excellent platform for users interested in exploring different cryptocurrency investments.

Where it falls short

Regulation and Licensing: Currently, SafeTrade operates without the oversight of a top-tier regulatory body. This absence of regulation can be a major deterrent for cautious investors who prioritize legal compliance and the security benefits of regulated platforms. To improve its trustworthiness and expand its user base, SafeTrade should seek licensing and regulation from reputable financial authorities. This would not only enhance its credibility but also provide an additional layer of security and protection for its users’ investments.

Fiat Currency Support: SafeTrade currently lacks support for fiat currency transactions, limiting its accessibility for new crypto investors who might not already own cryptocurrency. Introducing fiat-to-crypto trading pairs would simplify the process for new users to enter the crypto market and enhance the overall usability of the exchange. By allowing direct deposits and withdrawals in major fiat currencies, SafeTrade could significantly lower the entry barrier for new users and enhance liquidity on the platform.

Features	Explanation
Minimum Trade	SafeTrade allows trading in small quantities, but specifics about minimum trade sizes vary by cryptocurrency, which can be confusing for new users.
Trading and Transaction Fees	SafeTrade charges a flat fee of 0.1% for all trades, significantly lower than the industry average, making it very cost-effective.
Number of Cryptocurrencies	Supports 48 cryptocurrencies, which is robust but still fewer than some of the larger exchanges that offer hundreds.
Crypto-to-Crypto Trading Pairs	Offers a variety of trading pairs, predominantly crypto-to-crypto, which caters well to a diverse trading base but lacks fiat options.
Website Transparency	The website provides essential information, yet could improve by offering more detailed insights about liquidity and security measures.
Credit/Debit Card	Lack of a dedicated exchange card limits the practical usability of SafeTrade’s services for everyday transactions and rewards.
Storage Offering	Offers secure storage solutions, but lacks some advanced features like insurance or diverse wallet options.
Staking and Rewards	Limited information and options for staking and rewards compared to competitors who offer varied staking benefits and rewards.
Mobile App and Desktop	Provides functional and user-friendly mobile and desktop interfaces, though there’s room for further enhancements in usability and features.
Customer Service	Offers 24/7 customer support with good service levels, but feedback suggests there could be improvements in response times and resolution efficiency.
Deposit and Withdraw	Deposits and withdrawals are facilitated smoothly for cryptocurrencies, yet the absence of direct fiat transactions and limited information on fees for these processes affect the rating.

Investing risks losing your money

Xavier Tarrasó

EIP and Cryptocurrency Investor

As one of the experts reviewing exchanges on our website, I find SafeTrade to be a particularly interesting choice for those venturing into the cryptocurrency market. It stands out with its low trading fees of only 0.1% across all trades, which is significantly lower than many other platforms. This feature alone makes it an attractive option for both seasoned traders and newcomers who are sensitive to cost. Furthermore, SafeTrade’s community-driven approach adds a layer of transparency and support that is not often seen in the exchange space. This feature should particularly appeal to users who value a collaborative and open environment. However, it’s crucial to note that SafeTrade is not regulated by any top-tier financial authority, which might be a concern for those prioritizing security and compliance. Overall, if you’re looking for a cost-effective platform and are comfortable with the level of regulatory oversight, SafeTrade could be a solid choice.

Fees

SafeTrade implements a flat fee model for its trading activities, charging a uniform 0.1% fee for both makers and takers on all trades. This rate is appealingly lower than the industry average, which often hovers around 0.25%. This straightforward, low-cost fee structure makes SafeTrade an attractive option for traders looking to maximize their returns without the burden of high transaction costs. Additionally, it’s worth noting that there are no deposit fees on SafeTrade, which further reduces the cost for users to start trading. However, traders should be aware that while the trading fees are low, the lack of regulatory oversight might introduce risks that are typically mitigated on more stringently regulated platforms. Thus, while the fee structure is economically advantageous, it comes with considerations that should be carefully weighed.

Pros

Low Trading Fees: SafeTrade charges a very competitive trading fee of just 0.1% on all transactions, significantly lower than the average industry fees, which often range from 0.15% to 0.25%.
No Deposit Fees: Users benefit from no deposit fees, which reduces the entry barrier for new traders and adds an incentive for frequent trading without worrying about the cost of moving funds into their accounts.
Profit-Only Fee Structure: Unique among exchanges, SafeTrade charges fees only on profitable trades. This policy aligns the platform's interests with those of its users, as it only profits when its traders do.

Cons

No Regulatory Oversight: The lack of regulation might concern users about the security and longevity of the platform, potentially impacting the perceived fairness and transparency of its commission structure.
Limited Information on Withdrawal Fees: While trading and deposit fees are low, SafeTrade does not provide clear, easily accessible information on withdrawal fees. This lack of transparency could be a downside for users trying to calculate the total cost of trading on the platform.

Trading Commissions

SafeTrade employs a straightforward and highly competitive flat fee model of 0.1% for all trades, irrespective of the asset or the volume of the trade. This is considerably lower than the global industry average, which tends to fluctuate between 0.15% and 0.25%. This lower fee structure is particularly beneficial for high-volume traders, as it allows them to maximize their operational efficiency and profitability without the burden of escalating costs associated with higher trading volumes.

The Unique “Profit-Only” Fee Model

One of the most innovative aspects of SafeTrade’s fee structure is its “profit-only” fee model, where commissions are charged solely on profitable trades. This approach is not only unique but highly favorable for traders, aligning the interests of the exchange with those of its users. The implication is that SafeTrade only profits when its users do, creating a partnership dynamic that is rare in the exchange space. However, it’s crucial to note that this could mean a higher relative fee when traders do profit, as the standard charge is 10% of the profit generated from each successful trade.

No Hidden Fees

SafeTrade maintains a high level of transparency in its fee structure. There are no hidden fees for deposits or any misleading clauses that could unexpectedly affect a trader’s cost calculations. This transparency is essential in building trust with users and simplifying the decision-making process for both new entrants and experienced traders evaluating the platform.

Comparison with Industry Standards

When compared to other major exchanges, SafeTrade’s fee structure offers a clear advantage for those looking to minimize costs. For example, other platforms might offer lower fees for high-volume traders but typically include additional costs such as withdrawal fees, maintenance fees, or higher fees for lower volumes. SafeTrade’s flat rate and no deposit fee policy make it an outlier, especially appealing to those who are cost-sensitive.

The Potential Risks

While the low fees are attractive, potential users should consider the risks associated with trading on an unregulated platform. The lack of oversight from a financial regulatory authority can raise concerns regarding security and the long-term viability of the platform. Traders should weigh these risks against the benefits of lower fees.

Conclusion

In conclusion, SafeTrade’s commission structure is designed to attract a broad spectrum of traders by minimizing the cost of trading and aligning the platform’s success with that of its users. This makes SafeTrade an attractive option for those looking for an economical trading platform, particularly for those who are frequent traders. However, the absence of regulatory oversight is a significant consideration that should not be overlooked when deciding to trade on SafeTrade. This combination of low fees and a profit-sharing model places SafeTrade in a unique position within the competitive landscape of cryptocurrency exchanges.

Product selection

Switchere offers a streamlined, user-friendly platform designed primarily for newcomers to the cryptocurrency market. The exchange specializes in enabling users to directly purchase cryptocurrencies such as Bitcoin, Ethereum, and Litecoin using credit or debit cards. With its straightforward buying process, Switchere eliminates the complexities often associated with cryptocurrency transactions, making it ideal for those looking for quick and easy access to the crypto space. However, it does not feature advanced trading tools or a wide range of cryptocurrencies, which may limit its appeal to more experienced traders. Despite this, Switchere’s strong regulatory compliance under Estonian law ensures a secure trading environment, making it a reliable choice for basic crypto transactions.

Pros

Wide Range of Cryptocurrencies: SafeTrade supports a diverse array of 48 cryptocurrencies, providing ample trading opportunities for users interested in both popular and less mainstream digital assets. This allows users to diversify their portfolios within a single platform.
User-Friendly Interface: The platform is known for its intuitive and easy-to-navigate interface, making it accessible for beginners while still offering enough depth for more experienced traders. This balance enhances the overall trading experience by reducing the learning curve for new users.
Community-Driven Development: SafeTrade engages its community in the development process, which not only fosters a stronger user base but also ensures that the platform evolves according to the needs and feedback of its users. This can lead to higher satisfaction and retention rates.

Cons

Lack of Regulatory Oversight: One significant downside is the absence of regulation, which might concern users about the security and reliability of the platform. In the volatile world of cryptocurrency, regulatory oversight can be a crucial factor for ensuring trust and stability.
Limited Fiat Currency Support: SafeTrade primarily supports crypto-to-crypto exchanges and does not offer fiat trading pairs. This limitation could be a barrier for new users who wish to start trading cryptocurrencies directly with fiat currencies without having to use another platform for initial purchases.

Read more about product selection in Safetrade

SafeTrade provides a variety of services and products that cater to diverse cryptocurrency trading needs. Here’s an extensive overview of what SafeTrade offers:

Leveraged Tokens

SafeTrade does not currently advertise leveraged tokens, focusing more on straightforward spot trading options. This could limit traders looking for leverage opportunities directly on the platform.

Debit Card

There is no indication that SafeTrade offers a branded debit card for spending cryptocurrency or converting crypto to fiat easily.

Mobile App

SafeTrade offers mobile applications that facilitate trading on the go. These apps generally maintain the features available on the desktop version, ensuring accessibility and convenience for users.

Own Cryptocurrencies

While SafeTrade is closely associated with SafeCoin, it does not appear to have launched any additional proprietary cryptocurrencies.

Financial Products

SafeTrade does not explicitly offer structured financial products like savings accounts or crypto-based loans, focusing instead on providing a reliable trading platform.

Launchpad

SafeTrade does not currently offer a launchpad for new cryptocurrencies or ICOs, which limits opportunities for users to participate in early-stage cryptocurrency offerings.

Staking and Loans

There is no clear indication that SafeTrade offers staking services or crypto loans, which are becoming increasingly popular on other platforms for earning passive income.

Liquid Swap

The platform does not feature liquid swaps or similar functionalities seen in decentralized finance platforms, focusing on traditional trading pairs instead.

Promotions and Referral Codes

While SafeTrade engages its community, detailed information about ongoing promotions or referral incentives is limited, suggesting that marketing these features is not a priority.

Futures, Wallet, and Derivatives

SafeTrade primarily supports spot trading with no clear options for futures or derivatives trading, which might not cater to traders looking for these complex financial instruments.

Research and Education

The platform provides basic educational resources, but it lacks a comprehensive suite of research and educational tools that many other exchanges offer to help traders make informed decisions.

API and Trading View

SafeTrade provides an API, allowing users to create custom trading applications or integrate with other software. The platform supports TradingView charts, offering robust analysis tools within the trading interface.

Yielding Pools and Bonus Deals

There is no mention of yielding pools or specific bonus deals, which might limit the attractiveness of the platform for users looking for added benefits. In summary, while SafeTrade offers a solid foundation for trading cryptocurrencies with a focus on security and community involvement, it lacks several advanced features and financial products that other platforms offer. This makes it suitable for traders primarily interested in spot trading without the need for additional financial services or complex trading options.

Account opening

To start trading on SafeTrade, users need to go through a registration process that involves providing some basic information like email address and creating a password. The platform may require additional identity verification to comply with KYC (Know Your Customer) regulations, depending on the user’s location and the transaction volume. This typically involves submitting identification documents such as a government-issued ID or passport. Once registered, users can deposit cryptocurrencies directly into their SafeTrade wallets and begin trading across various cryptocurrency pairs. The exchange does not support fiat deposits directly, meaning new users must first acquire cryptocurrency on another platform if they do not already possess any. This streamlined process focuses on ensuring security while minimizing entry barriers, making it a user-friendly gateway into cryptocurrency trading.

Pros

Simple and Fast Setup: SafeTrade's account opening process is straightforward and quick, requiring only basic user information and a valid email address to get started. This simplicity is ideal for beginners who might be overwhelmed by more complex registration processes.
No Mandatory KYC for Low Volume: For users trading small volumes, SafeTrade does not require immediate KYC verification. This feature allows users to explore the platform and trade to a certain extent without undergoing a full identity verification process, providing flexibility and privacy.
Direct Crypto Deposits: Users can directly deposit cryptocurrencies into their accounts without intermediaries, facilitating a smoother and faster setup process. This is particularly advantageous for users who already own cryptocurrencies and wish to start trading immediately.

Cons

Lack of Fiat Support: SafeTrade does not allow direct fiat currency deposits, which can be a significant barrier for new traders who do not already own cryptocurrency. This limitation requires them to use another platform to purchase cryptocurrency before they can start trading on SafeTrade, adding extra steps and complexity.
KYC Requirements for Higher Volumes: While low-volume traders can enjoy trading without KYC verification, those who wish to trade larger amounts must complete a full KYC process. This requirement can delay the ability to trade at higher volumes and may deter users looking for quick access to larger trades.

Read more about account opening in Safetrade

Detailing the entire account opening process on SafeTrade involves several key steps that cater to new users, ensuring they understand each part of the procedure and are able to use the platform efficiently. Here’s a detailed guide on how to start trading on SafeTrade, along with an introduction to various account types and a mini-section on using the platform.

How to Sign Up on SafeTrade

Visit the SafeTrade Website: Start by navigating to the SafeTrade official website.
Create an Account: Click on the ‘Register’ button typically found at the top right corner of the homepage.
Enter Your Details: Provide your email address and create a strong password. Agree to the terms and conditions.
Email Verification: Check your email for a verification link and click on it to verify your account.
Secure Your Account: It’s recommended to set up two-factor authentication (2FA) for added security.

Opening an Account

Once your email is verified, you can log into your account. You’ll need to complete additional steps if you plan to trade in high volumes:

Complete KYC: For higher trading limits, complete the Know Your Customer (KYC) process by submitting required documents such as a government-issued ID and a recent utility bill.

How to Buy Your First Cryptocurrency

Deposit Cryptocurrency: Since SafeTrade does not support fiat deposits, transfer cryptocurrency from another wallet or exchange to your SafeTrade wallet address.
Navigate to Trade Interface: Use the ‘Exchange’ or ‘Trading’ tab on the site to access the trading interface.
Place an Order: Select the cryptocurrency pair you want to trade, enter the amount, and place either a market order (buy/sell at current market price) or a limit order (set a specific price at which you want to buy/sell).

Account Types

SafeTrade may offer different types of accounts based on trading volume and KYC status:

Basic Account: For users who trade small amounts and have not completed KYC.
Verified Account: For users who have completed KYC and have access to higher trading limits.

How to Use SafeTrade?

After setting up your account and understanding the basics of placing orders, explore additional features such as:

Market Analysis Tools: Utilize built-in tools for technical analysis.
Security Settings: Regularly update your security settings and review account activity.

Registration and KYC

Registration is quick, but KYC can take more time depending on document verification processes. This step is crucial for ensuring compliance with anti-money laundering (AML) regulations. By following these steps, users can effectively set up and start using their SafeTrade account, making the most out of their trading experience. This guide is designed to help new users navigate the platform with ease and confidence.

Security

SafeTrade prioritizes security with several robust measures in place to ensure the safety of user funds and personal data. The platform utilizes cold storage for the majority of the cryptocurrencies held, which minimizes risks associated with online hacks. Additionally, SafeTrade employs SSL encryption to secure users’ data during transmission and adheres to strict security protocols to prevent unauthorized access. While these features establish a strong security framework, it is important to note that SafeTrade operates without top-tier regulatory oversight, which might concern users about the overall governance and security standards adherence. Despite this, the platform’s focus on security is evident through its proactive approach to safeguarding its operational and customer data integrity.

Pros

Use of Cold Storage: SafeTrade uses cold storage for the majority of its cryptocurrency holdings, significantly reducing the risk of hacks and theft by keeping assets offline and away from potential online vulnerabilities.
SSL Encryption: The platform employs SSL (Secure Sockets Layer) encryption to secure user data during transmission. This ensures that personal information and transaction details are encrypted, enhancing the overall security of communication within the platform.
Security-Focused User Interface: SafeTrade’s user interface is designed with security in mind, incorporating features that encourage strong security practices, such as two-factor authentication (2FA) and automatic timeouts for sessions, which help protect accounts from unauthorized access.

Cons

Lack of Regulatory Oversight: SafeTrade operates without the oversight of a top-tier financial regulator, which could raise concerns about the platform’s compliance with broader financial security standards and protections that are typically enforced by such authorities.
Limited Security Features for Advanced Users: While SafeTrade offers basic security measures suitable for most users, it may lack advanced security options that more experienced traders or large-scale investors might look for, such as multi-signature wallets or the option for hardware security key integrations.

Is SafeTrade Legit?

SafeTrade operates without top-tier regulatory oversight, which is a critical consideration for many users concerned about the security and legitimacy of their trading platform. While being unregulated does not necessarily imply that an exchange is not legitimate, regulation by a reputable financial authority often provides an additional layer of security, ensuring that the exchange adheres to certain operational standards and practices.

Regulation and Licensing

SafeTrade does not fall under the supervision of any known financial regulatory authority. This lack of regulation can lead to potential risks, including less transparency in operations and fewer protections against market manipulation or fraud. Users should weigh these factors when deciding to trade on an unregulated platform.

Is SafeTrade Safe?

Security Methods

SafeTrade employs several security measures to protect user assets and personal information:

Cold Storage: The majority of digital assets are stored in cold wallets, which are offline storage systems that provide an additional layer of security against hacking attempts.
SSL Encryption: All data transferred between users and the exchange is encrypted using SSL technology to prevent interception by third parties.
Two-Factor Authentication (2FA): SafeTrade supports 2FA, adding an extra layer of security at login and withdrawal stages, requiring users to verify their identity through a second method after entering their password.

Historical Security Issues

SafeTrade has not reported major security breaches, which suggests that its security measures have been effective so far. However, the absence of regulatory oversight means there is less external validation of its security practices, which might concern users relying on institutional assurances of safety.

Why SafeTrade Could Be Considered Secure

Despite the lack of formal regulation, SafeTrade’s commitment to security through robust internal controls and protocols helps build a case for its reliability. Its proactive approach to user security and operational integrity, coupled with transparent communication about its practices, contributes to building trust with its user base.

Conclusion

SafeTrade appears to provide a secure trading environment through significant security measures, but the lack of regulation remains a notable drawback. Potential users should consider this along with the platform’s security features when deciding if SafeTrade meets their standards for safety and legitimacy. This combination of factors makes SafeTrade a platform that might be right for users comfortable with higher risk associated with less oversight but appreciative of stringent internal security measures.

Customer service

SafeTrade is committed to providing reliable customer support, though it has room for improvement in responsiveness and depth. The exchange offers customer service through various channels including email, mobile, Telegram, and live chat, ensuring that users have multiple avenues to seek assistance. However, user reviews suggest a mixed satisfaction rate, with some praising the support for its helpfulness and others citing delays and a lack of comprehensive resolutions as major issues. This inconsistency could impact user experience, especially for new traders needing more guidance. SafeTrade’s effort to maintain accessibility through diverse communication channels is commendable, but enhancing the quality and speed of responses could greatly improve overall customer satisfaction and trust in the platform.

Pros

Multiple Contact Channels: SafeTrade offers various ways for users to reach customer support, including email, mobile, Telegram, and live chat. This diversity in communication channels enhances accessibility, allowing users to choose the method that best suits their preferences and needs.
24/7 Availability: The customer service team is available around the clock, which is crucial for a platform operating in the 24/7 cryptocurrency market. This ensures that users can get help at any time, regardless of their timezone or trading schedule.
Active Community Engagement: SafeTrade actively engages with its community through social media and other platforms, which not only provides a direct line of communication for support but also builds a sense of community and trust among users.

Cons

Inconsistency in Service Quality: User reviews indicate varying experiences with the customer support team, with some users reporting quick and helpful responses, while others experience delays and unsatisfactory assistance. This inconsistency can be frustrating for users, especially those facing urgent issues.
Limited In-Depth Support: There are indications that while SafeTrade’s customer service is accessible, it may lack depth in handling more complex or technical issues. This can be a drawback for users who require detailed support or encounter specific problems that need more than basic troubleshooting.

Read more about customer service in Safetrade

SafeTrade’s customer service aims to support its user base effectively, though there are areas for improvement. Here’s an in-depth look at the customer service section of SafeTrade, covering all essential aspects:

Customer Support

SafeTrade offers customer support through multiple channels including email, mobile, Telegram, and live chat. This ensures that users can reach out for help through their preferred mode of communication. The support team is available 24/7, catering to the global nature of cryptocurrency trading and addressing issues as they arise, regardless of the time.

Reputation and Customer Feedback

User feedback on SafeTrade’s customer support varies. While some users report satisfactory interactions with quick and helpful responses, others have experienced delays or received support that did not fully resolve their issues. This mixed feedback highlights the need for SafeTrade to improve its service consistency and training to ensure all team members are equipped to handle a broad range of inquiries and problems effectively.

Contact Methods

Email: Useful for detailed inquiries where users may need to attach documents or screenshots.
Mobile: Offers a direct line of communication for urgent support needs.
Telegram: Provides a quick and informal way to reach out for help, often useful for straightforward questions or issues.
Live Chat: Ideal for real-time assistance, helping users resolve issues quickly while engaged on the platform.

Response Time

The response time can vary depending on the chosen contact method. Live chat and Telegram generally provide the quickest responses, while emails may take longer, especially during peak times or for more complex issues.

Additional Support Needs

SafeTrade could benefit from developing a more comprehensive FAQ or help center on its website, where users can find answers to common questions without needing to contact support. This resource would not only alleviate the workload on the support team but also empower users to troubleshoot common issues independently.

Conclusion

While SafeTrade provides adequate customer support through various channels ensuring accessibility, there’s an evident need for improvements in response consistency and issue resolution. Enhancing the training of support personnel and expanding self-help resources could significantly enhance user satisfaction and trust in SafeTrade’s customer service.

Is safetrade Right for You?

1. Consideration of Regulatory Comfort Level

SafeTrade operates without the oversight of a top-tier financial regulatory body. If you prioritize trading on platforms that are regulated to ensure adherence to certain legal and operational standards, SafeTrade might not be the best fit for you. However, if you are comfortable trading on a platform that offers strong internal security measures but lacks formal regulatory oversight, SafeTrade could be a viable option due to its emphasis on security protocols such as SSL encryption and cold storage of assets.

2. Trading Fee Sensitivity

SafeTrade offers a highly competitive flat trading fee of 0.1% across all transactions, which is lower than many other exchanges. This can be particularly attractive if you are cost-conscious and engage in frequent trading activities. The low fee structure allows you to maximize returns on your trades without being significantly diminished by high fees. Additionally, the unique model of charging fees only on profitable trades could further appeal to traders who are looking for a cost-effective trading platform.

3. Requirement for Fiat Currency Services

SafeTrade does not support fiat currency deposits or withdrawals, limiting its services to crypto-to-crypto transactions. If you are a new trader needing to purchase cryptocurrency with fiat money directly on the same platform, SafeTrade will not meet this need. You’ll have to use another service to convert fiat to crypto before you can start trading on SafeTrade. However, for users who already have cryptocurrencies and are looking to trade various digital assets, SafeTrade’s diverse offering of 48 cryptocurrencies provides a robust platform to engage with multiple trading pairs. By evaluating these key aspects—regulatory comfort, fee sensitivity, and fiat currency requirements—you can make a more informed decision about whether SafeTrade aligns with your trading preferences and requirements.

Safetrade compared to other crypto exchanges

Threenvest score

Fees

0,10%

US Legal

Security

Low 2/5

Investing risks losing your money

Threenvest score

4,9

Fees

0,00%/0,40%

US Legal

Yes

Security

High 4,9/5

Investing risks losing your money

bybit

Threenvest score

4,8

Fees

US Legal

Security

High 4,9/5

Investing risks losing your money

Available cryptocurrencies and countries available

SafeTrade offers a diverse range of cryptocurrencies, enabling users to engage in trading with multiple digital assets. Some of the main cryptocurrencies available on SafeTrade include Bitcoin (BTC), Ethereum (ETH), and many other altcoins, providing a robust selection for traders looking to diversify their crypto portfolios. However, it’s important to note that some popular cryptocurrencies like Cardano (ADA) and Polkadot (DOT) are not currently available on SafeTrade, which may be a limitation for traders interested in these specific digital assets.
As for geographical availability, SafeTrade caters to a global audience, with users from countries such as Canada, the United Kingdom, South Africa, and many others able to open accounts and trade without restrictions. However, there are significant exclusions; notably, residents of the United States and Japan are prohibited from trading on SafeTrade due to regulatory restrictions. This limitation can be a critical consideration for potential users residing in or holding citizenship from these countries, as they would need to look for alternative platforms that comply with their local regulations.

This information should help traders assess whether SafeTrade’s offerings align with their trading needs and geographical eligibility, ensuring they choose a platform that suits their specific circumstances.

Main cryptocurrencies available

Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Litecoin (LTC)
Dash (DASH)
Monero (XMR)
Zcash (ZEC)
Bitcoin Cash (BCH)
Ethereum Classic (ETC)
Dogecoin (DOGE)
Tron (TRX)
Binance Coin (BNB)
Stellar (XLM)
Neo (NEO)
Cardano (ADA)
Chainlink (LINK)
VeChain (VET)
Tezos (XTZ)
EOS (EOS)
Cosmos (ATOM)

Main countries where you can open an account

Canada
United Kingdom
South Africa
Australia
Germany
France
Italy
Netherlands
Spain
Sweden
Norway
Denmark
Finland
Switzerland
Austria
Belgium
New Zealand
Singapore
Hong Kong
India

FAQs

1. What cryptocurrencies can I trade on SafeTrade?

SafeTrade supports a diverse selection of 48 cryptocurrencies including popular options like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP), among others. This variety offers ample opportunities for trading and portfolio diversification.

2. Does SafeTrade support fiat currency transactions?

No, SafeTrade does not support direct fiat currency deposits or withdrawals. Users must first acquire cryptocurrencies through other platforms if they do not already possess them before they can start trading on SafeTrade.

3. What are the trading fees on SafeTrade?

SafeTrade offers a competitive flat trading fee of 0.1% on all transactions, which is lower than the industry average. This fee applies to both makers and takers, ensuring simplicity and cost-effectiveness in trading.

4. How can I secure my account on SafeTrade?

You are encouraged to enable two-factor authentication (2FA) for added security on your account. This feature provides an extra layer of protection by requiring a second form of verification in addition to your password.

5. Is SafeTrade regulated?

SafeTrade operates without formal regulation from top-tier financial authorities. While this allows for greater flexibility in its operations, it is something potential users should consider in terms of their own risk management strategies.

6. Can I access SafeTrade from my mobile device?

Yes, SafeTrade offers a mobile app that allows users to access their accounts and trade directly from their smartphones. The app is designed to provide a seamless trading experience on the go, mirroring the functionality of the desktop platform.

7. How does SafeTrade handle user data and privacy?

SafeTrade employs SSL encryption to secure user data during transmission. Additionally, the platform uses advanced security measures to ensure that all personal information and transaction data are protected against unauthorized access.

Final opinion on Safetrade

At Threenvest, we recognize that SafeTrade offers a distinctive approach to cryptocurrency trading, appealing particularly to those who prioritize straightforward, low-cost transactions. The platform’s competitive edge lies in its notably low trading fees of 0.1%, making it one of the most cost-effective choices in the market. This is especially advantageous for active traders who operate with high volume, as it allows them to maximize their profits by minimizing operational costs. Additionally, SafeTrade’s commitment to security, demonstrated through robust measures like cold storage of assets and SSL encryption, provides users with reassurance about the safety of their funds, despite the lack of formal regulatory oversight.

However, SafeTrade’s appeal may be limited by its lack of support for fiat currencies, which can be a significant barrier for newcomers to the cryptocurrency world who do not already possess digital assets. Furthermore, the absence of advanced trading options such as derivatives and margin trading might deter seasoned traders looking for more sophisticated trading instruments. In comparison to other exchanges, SafeTrade’s platform is straightforward and less complex, which while ideal for beginners and intermediate users, might not satisfy the needs of more advanced traders seeking comprehensive tools and features. At Threenvest, we believe that while SafeTrade holds strong potential for certain user segments, its overall appeal could be enhanced by expanding its offerings to include fiat transactions and more diverse trading options. This would not only broaden its user base but also strengthen its position in the competitive landscape of cryptocurrency exchanges.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Do not invest unless you are fully prepared to lose the entire amount of your investment. This is a high-risk activity, and you should not rely on any guarantees of protection if something goes wrong.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.

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