Safello vs Binance | Why Binance Is The Much Better Exchange
Jack Moreau
Feb 2024
9 min read
Fact checked
Safello vs Binance: We have compared their features, trading fees, user experience and much more to help you choose the best exchange. By the end of this comparison, you will have a clear understanding of which exchange makes sense for you to use!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Safello is a Swedish-based cryptocurrency exchange that has been providing a safe and easy way for users to buy and sell cryptocurrencies since 2013.
With over 300,000 registered users in Sweden, Safello is fully licensed by the Swedish Financial Supervisory Authority (FSA) and follows strict know-your-customer (KYC) and anti-money laundering (AML) procedures to ensure the safety and security of its users' funds.
Safello app
Although Safello offers a limited range of only 8 cryptocurrencies like Bitcoin, Ethereum and USDC, it is a good option for those looking for a reliable and secure exchange in Sweden.
The company has over 6400 employees and offers a comprehensive suite of services, including spot trading, futures, margin trading, options, staking and much more. These services are not available to residents of the United States, Canada and the UK.
Binance exchange
With over 120 million users worldwide, Binance supports over 350 cryptocurrencies and numerous trading pairs and additional products such as Binance Smart Chain (BSC) and Binance Launchpad, a token launch platform to incubate new projects.
Additionally, the Binance Android app has been downloaded over 50 million times and has a rating of 4.4 based on over 1 million reviews.
Binance app
Safello vs Binance Signup & KYC
When it comes to requirements for KYC, both Safello and Binance have mandatory KYC requirements for their users. However, the signup process differs between the two.
Safello offers a unique login option for Swedish residents where users simply need a Swedish Bank ID to begin buying and selling cryptocurrencies.
For those who don't have a Bank ID, they won't be able so use Safello as this is the only signup option available on the exchange.
Safello login
When it comes to Binance, the exchange requires all it's users to verify their identity through a KYC process before they can begin trading.
Creating a Binance account takes only seconds but unlocking full account privileges requires completing the verification process. This process can take as little as 15 minutes or up to 2-3 business days in some cases.
KYC on Binance
Overall, both exchanges prioritize security and compliance but their signup processes cater to different needs. If you're a Swedish resident with a Bank ID, Safello is a seamless (but expensive and limited) option.
Safello vs Binance Products & Services
The Safello platform has been fully tailored for Swedish users with seamless access via Bank ID. This has created a fantastic user experience as Safello makes it very easy for beginners to get started with buying and selling cryptocurrencies within seconds.
Buy crypto on Safello
However, it's important to note that this user-friendly interface comes at a cost with much higher fees compared to other exchanges. Another big downside is that Safello's product offering is quite limited as it only offers the ability to buy and sell cryptocurrencies.
Buy crypto with Safello
Binance on the other hand offers a wide range of trading services, including spot, futures, margin, perps, and options trading. The exchange is also known for its derivatives offering, where it provides perpetual contracts or quarterly contracts settled in USDT, BUSD, and cryptocurrencies.
Binance spot trading
Binance offers a maximum leverage of up to 125X on futures, while margin trading is available with up to 5X leverage using different assets as underlying collateral.
Binance futures contracts
Liquidity on Binance is among the best in the world, with daily spot trading volumes frequently exceeding $10 billion. Additionally, Binance offers a variety of features such as copy trading, trading bots, and leveraged tokens.
Binance leveraged tokens
With its own NFT marketplace and Web 3 wallet in Trust Wallet, Binance has something to offer to all types of users. When it comes to user experience, Binance does an excellent job of managing to offer a wide range of products without overwhelming the user.
Binance NFTs
In summary, Safello is designed for Swedish beginners who value a simple and user-friendly platform and who don't mind paying an arm and a leg for it. However, investors and traders who who want to maximise their return on investment, they will have to buy and sell with lower fee exchanges such as Binance and OKX.
Let's take a closer look at the trading fees for Safello and Binance. First up is Safello. For those trading under 150,000 SEK per month, they'll be charged a 5% commission for each transaction. However, the volume-based schedule can go down to 1% for those reaching over 5 million sek in trading volumes.
Safello fees
Safello charges a minimum fee of 35 kr ($3.5) for each transaction and a 3% monthly subscription fee for those who conduct recurring purchases. These fees are outrageously high and we don't recommend anyone using Safello for this reason alone.
When comparing the fees between the two, it's clear that Binance offers way lower fees across the board. While Safello has a commission structure that favors higher trading volumes, the fees are still significantly higher for those trading smaller amounts.
When it comes to depositing funds, Safello does not offer fiat deposits in the traditional sense.
They have a seamless integration with BankID which means that Swedish users that have BankID can connect their bank accounts to the platform directly. This makes depositing SEK quick and easy without any extra fees.
Binance supports 26 fiat currencies such as EUR, AUD, GBP and many other fiat currencies and offer various deposit methods with different fees. Users can deposit funds with bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP), Visa/Mastercard, PayID, and Advacash.
Binance fiat deposits
In terms of fees, deposits with Visa and Mastercard incur a 1.8% fee while bank transfers via SEPA come with a 1 EUR deposit fee. Advacash account holders can deposit funds for a 1.5% deposit fee.
Overall, Binance has more options for depositing a wide range of fiat currencies while Safello has created a very streamlined fiat deposit system tailored specifically to Swedish Bank ID users.
Safello and Binance are two popular cryptocurrency exchanges that offer users a diverse range of withdrawal methods for their cryptocurrencies and fiat currencies. Let's take a closer look at each of their offerings.
Binance stands out for its multiple fiat withdrawal methods. Users can withdraw fiat currencies like USD via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP).
However, users should note the 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard as well as the 1 EUR withdrawal fee with SEPA.
On the plus side, Binance offers free bank withdrawals for many of the other fiat currencies that they support. As for the fees for withdrawing cryptocurrencies, Binance charges a 0.0002 BTC fee when withdrawing Bitcoin, 0.000768 ETH fee for Ethereum, a 0.008 SOL fee for Solana and a 2.5 USDT fee for Tether.
On the other hand, Safello has limited options for fiat withdrawal with only SEK withdrawals being available via BankID.
In conclusion, Safello and Binance are two very different cryptocurrency exchanges with wildly different value proposition.
Safello is a small Swedish-based exchange that prioritizes user-friendliness and regulatory compliance for Swedish residents.
They offer a very limited number of 8 cryptocurrencies available for buying and selling and the fees start very high at 5% per transaction.
The user experience of Safello is great and the exchange offers seamless integration with BankID. In our opinion however, those fees are simply to high no matter how great the user experience.
In contrast, Binance is one of the largest and most popular exchanges in the world catering to users in over 186 countries with over 350 cryptocurrencies available for trading. With a diverse range of trading services, Binance provides something for all types of users from beginners to advanced traders.
When it comes to trading fees, Binance is the clear winner with low 0.1% spot trading fees and ever lower fees for futures trading. Binance also offers plenty of deposit and withdrawal options for a wide range of fiat currencies for either no or small cost.
Whether you're a beginner looking for a simple and user-friendly platform or an advanced trader, our recommendation is that you go with Binance which excels with a wide range of cryptocurrencies and products while offering very low trading fees.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
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.
