What is Safe Currency? Is it one that you can trust to deliver what it promises? Is it one that you can begin using right away? These questions form the foundation of our review today, as we seek to understand what Safe Currency is out to deliver in the market. Let’s get right into it.
Name of the platform: Safe Currency
Official Website URL: https://safecurrency.com/
Overall Rating: (3.7 / 5)
Recommended: Yes (for those who are NOT looking for a wide variety of cryptos)
Table of Contents
- What is Safe Currency?
- How does it work?
- The verification levels on this platform
- The currencies supported by Safe Currency
- The fees you can expect to be charged as you use the exchange
- Is Safe Currency Legit or is it a Scam?
- Pros and cons
What is Safe Currency?
Safe Currency is simply a crypto exchange that seeks to present convenience and ease of the transactions to the market. It was established in 2018, with the aim of serving customers who live in nations that do not have anything against the establishment of crypto exchange platforms. So far, Safe Currency is serving customers in more than 45 nations, which is quite impressive owing to the nature of the services that it is offering- as much as the adoption of cryptos is quite fast, and occurring on a grand scale, a lot of people still don’t understand what they are about and why they are beneficial.
Safe Currency has more than 140,000 users so far and is expected to gain even more customers in the future. As the world continues to open up to the use of cryptos, then Safe Currency is bound to experience significant growth in the number of customers.
How does Safe Currency work?
Safe Currency mainly delivers the much-needed simplicity that customers are usually looking for in a crypto exchange platform. They can therefore visit the official website, create personal accounts, and begin doing the crypto exchanges without many hassles. The main elements of the website are easily visible and accessible, hence one may not need any specialized training to use the exchange platform. Here is how one can go about the exchange process:
- Choose the currency and your preferred method of payment
As a first time user of this platform, you should select the currency that you intend to exchange, as well as the preferred payment method. Currently, Safe Currency accepts payment via VISA, MasterCard, and SEPA.
- Pass the Account Verification
In the second step, you will be required to present your identification documents such as your passport or your driver’s license. If you’ve used any other crypto exchange, then you are well-aware of such measures. It is essential for the crypto exchange to minimize the cases of fraud by requesting for such details.
- Receive your cryptos
Once you have passed the account verification phase, you can wait to receive the amount of cryptos that you had specified at the beginning of the exchange process.
The verification levels on this platform
There are two verification levels on this platform that you are required to go through for you to get started with the exchange process. The two verification levels are:
- Level 1
In this level, Safe Currency expects you to submit personal details including first name & surname, your date of birth, country of residence, current address, as well as a photo of your identification documents e.g. your driver’s license or your passport. The verification of your phone number and email address is also essential at this level. Upon completing this process and getting approved, you can use the crypto exchange but can’t exceed the 14999 euros transaction limit.
- Level 2
Extra verification information is essential in proving that you are a genuine customer who is out to use the platform to exchange the cryptos offered legally. This is why Safe Currency asks you to present documents proving your sources of income in the last 3 months, prior to joining the crypto exchange and making the first order. You also have to undergo video verification, to further prove your identity. The best thing about passing this verification level is that there are no limits placed on the amount of money you can exchange for cryptos.
N.B: Safe Currency can request for additional information at any time, from any customer- This is explained at length in the user agreement.
The currencies supported by Safe Currency
Safe Currency is still very new to the crypto exchange sector but is gaining followers at an impressive rate. It has made its way into 45 nations, where it allows customers to make payments for cryptos in the following currencies: EUR, UAH, GBP, RUB, USD.
There are currently very few cryptos being offered on this platform, which I think could end up slowing down the rate of acceptance by new customers, more so those who have been using other exchange platforms. Currently, Safe Currency’s customers can access the following cryptos; BTC, ETH, LTC, XRP, XLM, BCH.
The fees you can expect to be charged as you use the exchange
All customers are expected to part with a 10% service charge, on the amount of money that they are transacting, along with an extra $3 for using credit cards to make the payment. Those using SEPA Bank transfer usually part with a 4% service charge, along with $3.
You will not have to keep on calculating the fees and charges, since Safe Currency usually displays the total amount of cryptos that you will get, after factoring in the service charges.
Is Safe Currency Legit or is it a Scam?
I think this platform is 100% genuine. The details availed about it so far all point to it being one that you can rely on to execute crypto exchanges with the tokens availed. The platform complies with all PCI security standards, and the company that runs it meets the 5MLD AML/CFT standards. With a well-recognized physical address in the UK, I think it is safe to say that the company exists and is out to serve its customers.
A closer look at the nature of their services reveals that Safe Currency is performing averagely in the market. With an average rating of (3.7/5) stars on Trust Pilot (opens in new window), one can only perceive the services offered as being average since there are other platforms with higher ratings. All in all, most of what is presented about the company portrays it as one that takes customer’s matters quite seriously. It is therefore a platform that you can use for the purpose of crypto exchanges, though if you are looking for a platform with more features and better services on the overall, you can have a look at my number one recommended alternative to Safe Currency.
Pros and cons
It is always a good thing to compare the positives against the negatives to get a better overall view of something, right? As always in our reviews we provide you with some clear points on both sides of the spectrum:
- Great customer service
- Offers few cryptos
- The fees charged are relatively higher than what is being charged by other platforms.
Final Words and Verdict
Overall Rating: (3.7 / 5)
Safe Currency is a decent platform that is performing well with the few cryptos it has to offer to its clients. It has been serious about customer service provision so far, though this could mainly be as a result of the relatively low number of customers (in comparison to other flourishing platforms)- this makes it easy for the customer support staff to attend to the issues raised by the few customers in good time. That said, however, I prefer working with crypto exchanges that have more options, in terms of the number of tokens, as well as the extra benefits.
Here’s my preferred crypto exchange – listing all the benefits you stand to gain by signing up today
That will be all for my review about what Safe Currency is about. Do you think it is a platform that will serve your needs effectively, or do you need a more reliable platform? Please let me know your thoughts in the comments section. That will be all for today.
Eric, investor, and team member on Gold Retired!