Safello vs Coinbase | Why Coinbase Is The Much Better Exchange
Jack Moreau
Feb 2024
9 min read
Fact checked
Safello vs Coinbase: We have conducted a comprehensive review of both exchanges and delved into their respective product features, trading fees, overall user experience and more. By the end of this comparison, you will have a clear picture of which exchange makes the most sense to use!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
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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 small Swedish-based exchange which has been providing a safe and user-friendly platform since 2013. With over 300,000 registered users in Sweden, Safello is fully licensed by the Swedish Financial Supervisory Authority and follows strict KYC and AML procedures.
While the exchange only offers basic buying and selling of a very limited set of only 8 cryptocurrencies such as Bitcoin and Ethereum, Safello focuses on making the buying and selling process simple and accessible for Swedish users.
Safello app
Coinbase could not be more different than Safello as a US-based exchange founded in 2012 with over 100 million users worldwide. Their user-friendly interface, security, and regulatory compliance have made them a leading exchange and wallet service in the industry.
Coinbase exchange
With over 200 cryptocurrencies available for trading, Coinbase caters to both retail and institutional investors with its advanced trading platform, Coinbase Pro. In addition, Coinbase offers a range of services such as recurring buys, staking, and Coinbase Learn & Earn. Coinbase is of course also available on Android and IOS with millions of downloads on each platform.
Coinbase app
Safello vs Coinbase Signup & KYC
When it comes to signing up for a cryptocurrency exchange, there are a few important things to keep in mind. One of the most important is the KYC process, or Know Your Customer, which requires users to verify their identity before they can start trading.
Let's start with Safello. This Swedish exchange has a unique approach to KYC as users don't need to go through the traditional signup and KYC process. Instead, they can simply log in with their Swedish Bank ID and start buying and selling cryptocurrencies right away. Of course, this means that users need to have a valid BankID and be a Swedish tax resident in order to use Safello.
Safello login
Coinbase has a more traditional approach to KYC. When you create an account on Coinbase, you'll need to verify your email, phone number, and personal information. This includes providing a photo ID and submitting it for verification. Once your documents have been reviewed and accepted, you'll be able to access all of Coinbase's features.
So how do these signup processes compare in terms of speed and ease of use? Well, both exchanges are relatively easy to sign up for. Safello's BankID login makes things especially simple as long as users meet the specific requirements of being Swedish and having a BankID. Coinbase's signup process takes a bit longer as you'll need to provide more information and submit your ID for verification. However, the process is still relatively straightforward and shouldn't take more than a few minutes. In both cases however users are required to provide their identity in order to buy and sell cryptocurrencies.
Safello vs Coinbase Products & Services
Let's continue by comparing Safello and Coinbase across the range of products and services that they offer their customers.
Safello is an ideal choice for Swedish users who prioritize simplicity and ease of use. With instant access via Bank ID, users can quickly set up an account and dive into the world of cryptocurrency buying and selling in just a few moments. Safello offers in our opinion an exceptional user experience that really makes it as easy as possible for beginners to buy cryptocurrencies.
Buy crypto on Safello
The downside unfortunately is that the exchange only offers basic buying and selling and recurring buying for a very limited 8 number of cryptocurrencies. Not to mention that the fees are uber high to the point of making the exchange unusable.
Coinbase compared to Safello offers a much wider array of features while still catering to beginners. Although regulated in the US, Coinbase provides an extensive range of services such as spot trading, lending and borrowing, a web 3 wallet, the Coinbase card, an NFT marketplace, educational resources through its "learn and earn" initiative and recurring buys.
Coinbase product and services
The website is designed with the novice user in mind, offering an easy-to-navigate interface that makes the entire experience enjoyable. Nevertheless, users have reported occasional connection issues which can make logging in and accessing the platform somewhat frustrating at times.
Let's take a look at the trading fees for Safello and Coinbase. Starting with Safello, the minimum fee for buying and selling cryptocurrencies is always 35 kr (that's $3.5 for you US folks), and there's a minimum purchase amount of 200 SEK. However, if you're trading under 150,000 SEK per month, Safello charges you a 5% commission for each transaction. Yikes!
Safello trading fees
Safello also charges a monthly 3% subscription fee for users who sign up to a recurring purchase of cryptocurrencies.
If we turn our attention to Coinbase, the maker fee for spot trading is 0.40% and the taker fee is 0.60%. And unfortunately for those interested in futures trading, Coinbase doesn't offer it. However, keep in mind that Coinbase is one of the most popular exchanges out there, so those fees might be worth it for the convenience and ease of use.
So, who has the lower fees? Well, pretty much all exchanges have lower trading fees than Safello's 5% commission. They make Coinbase look like a rock star in comparison even though Coinbase is on the more expensive side compared to exchanges such as OKX, Phemex and Binance.
Safello and Coinbase offer different options when it comes to depositing fiat currencies on their platforms. On Safello, there is no need for traditional fiat deposits as the platform is fully integrated with BankID which seamlessly connects users' bank accounts to the Safello platform. This makes the deposit process of SEK fast, easy, and secure.
In contrast, on Coinbase, users can deposit funds with three fiat currencies including USD, EUR, and GBP. Fiat deposits can be made via ACH, Wire (USD), SEPA (EUR), and Swift (GBP), making it simple for users to deposit funds using their preferred banking method.
Depositing fiat on Coinbase
While Safello doesn't charge for depositing fiat currencies, Coinbase charges varying fees depending on the deposit method. ACH deposits are free while wire deposits have a $10 USD fee. SEPA deposits have a 0.15 EUR fee and Swift deposits are free of charge.
Overall, Safello's integration with BankID makes for a very quick and smooth deposit process while Coinbase offers a variety of deposit methods for a variety of fiat currencies at low to no cost.
When it comes to withdrawing funds, each exchange offers different methods and fees that users should be aware of.
Starting with Safello, users can withdraw withdraw SEK from their Safello accounts directly to their bank accounts via Swish, BankID or SEPA.
On the other hand, Coinbase offers fiat withdrawals via ACH, Wire, SEPA, and Swift with varying fees for each method. For example, ACH withdrawals are free, while wire withdrawals cost $25 USD. Coinbase also charges low withdrawal fees for Bitcoin (0.0001 BTC), Ethereum (free), Solana (0.005 SOL) as well as USDT ($3 fee).
Coinbase provides a wider range of fiat withdrawal options compared to Safello which of course makes sense as Safello's services are only available on the Swedish market. Safello is suitable for users who only need to withdraw SEK to a Swedish bank account while Coinbase offers a more comprehensive service that includes a variety of fiat withdrawals and over 200 cryptocurrencies at low cost.
In conclusion, Safello and Coinbase are both reliable and secure cryptocurrency exchanges that cater to different audiences with their unique features and services.
Safello is a small Swedish-based exchange that offers a simple and user-friendly platform with strict KYC and AML procedures. While they have a limited selection of only 8 cryptocurrencies and higher fees for smaller transactions, Safello provides seamless access via Bank ID and no deposit fees for fiat currencies. We think that it's crazy to pay 5% fee per transaction for buying and selling cryptocurrencies and recommend cheaper exchanges.
On the other hand, Coinbase is a US-based exchange with a user-friendly interface and support for over 200 cryptocurrencies available for trading. They provide a range of services from spot trading to NFTs and fiat withdrawals, making it ideal for both retail and institutional investors.
When it comes to signing up for an exchange, both Safello and Coinbase offer relatively easy and straightforward processes with varying KYC requirements. While Safello's BankID login provides a quick and simple way to start trading, Coinbase's traditional KYC process requires more information and verification.
In terms of trading fees, Safello charges a minimum commission of 35 kr and up to 5% commission for smaller transactions unless users reach over 5 million sek in trading volumes. Coinbase charges a much more reasonable maker/taker fee of 0.4/0.6% for spot trading. Users can deposit fiat currencies on Coinbase with wide range of options such as ACH, Wire (USD), SEPA (EUR), and Swift (GBP).
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.
