FAQ

What is Safello?

Safello is a European Bitcoin retailer, aiming to make Bitcoin trading simple and secure. We are a government registered AB company based in Stockholm, Sweden that complies with anti-money laundering laws (AML). This ensures reliability and sustainability as a quality service provider beyond the infancy years of cryptocurrency.

What is Bitcoin?

Bitcoin (symbol: ₿, code: BTC) is a cryptocurrency where the creation and transfer of bitcoins is based on an open-source protocol which is independent of any central authority. Bitcoins can be transferred through a computer or smartphone without any intermediate financial institution. All you need is an internet connection. The concept was introduced in 2008 by a pseudonymous developer Satoshi Nakamoto as a peer-to-peer, electronic cash system. For more information please visit the Bitcoin Foundation

How do transactions work?

Safello receives payments through SEPA (EUR), Bankgiro (SEK), Handelsbanken Direkt(SEK), International Bank Transfer and Swish (SEK). For a full list, check out safello.com/paymethods. When buying you are offered the best possible price and receive the bitcoins directly in your wallet of choice. To sell you simply send your desired amount of bitcoins to the bitcoin address displayed. Once we receive your bitcoins we will transfer the converted amount to your registered bank account. This process usually takes 1 minute to 3 days depending on the payment method.

What are the advantages of Bitcoin?

Mobile payments made easy

Bitcoin on mobiles allows you to pay with a simple two step scan-and-pay. No need to swipe your card, type a PIN, or sign anything. And all you need to do is display the QR code in your Bitcoin wallet app and let your friend scan your mobile, or touch the two phones together (using NFC radio technology).

Security and control over your money

Bitcoin transactions are secured by military grade cryptography. Nobody can make a payment on your behalf. Bitcoin gives you control over your money as well as a strong level of protection against many types of fraud.

Works everywhere, anytime

Just like with email, you don’t need to force your family to use the same software or the same service providers. Just let them stick to their own favorites. All Bitcoin Wallets are compatible as they all use the same open technology. The Bitcoin network never sleeps, even on holidays!

Fast international payments

Bitcoins can be transferred from Sweden to Australia in 10 minutes. There is no bank to slow down the process, demand outrageous fees, or freeze the transfer. Your transactions can travel the the globe free of charge.

Almost free to use

Bitcoin allows you to send and receive payments at very low cost. With the exception of micro-payments, there is no enforced fee. It is however recommended to pay a higher voluntary fee for faster confirmation of your transaction and to remunerate the people who operate the Bitcoin network.

Protect your identity

With Bitcoin, there is no credit card number that some malicious impostor can collect in order to impersonate you. In fact, it is even possible to send a payment without revealing your identity, just like with real money. You should however take note that some effort can be required to protect your privacy.

Can I purchase bitcoins at Safello?

Yes, you can purchase bitcoins at Safello AB. For more information regarding how to get your account ready for buying any amount you like consult our blog post about creating and verifiying your Safello account

Can I sell bitcoins at Safello?

Yes, however in order for you to sell bitcoin at Safello you must first verify your bank account. Do this by logging into your Safello account and uploading a screenshot. Please note that your screenshot must contain your bank account number as well as your name in the same image to be valid. Alternatively, you may upload a scanned document from your bank which states that you are the owner of the bankaccount. For more information please consult our blog post about creating and verifiying your Safello account.

Why do I need to be verified?

As a financial institution we are obliged to adhere to Swedish AML regulations. This means, inter alia, that we need to verify all customers’ identity as well as to obtain information on the nature and purpose of the business relationship (e.g. purpose of the use of our services, funds origin etc.). The customer’s ID can be verified after uploading a copy of ID along with a utility bill. However, a KYC questionnaire also needs to be completed in order to start using our services.

How do I get started?

Purchasing Bitcoins with Safello is very straightforward, just follow these steps:

  1. Create a Bitcoin Wallet to get a Bitcoin address (we recommend Blockchain.info for smaller amounts)
  2. Register as a customer via our website.
  3. Upload your ID and receive verification message.
  4. Complete KYC form.
  5. Start buying and selling bitcoins!

What if I make a mistake and want to cancel my order?

Safello has created several steps in the buying process prevent accidents from happening. If an error has occurred you can simply cancel it. If the order is no longer visible there please contact support@safello.com as soon as possible. Please note that most of our orders are automatically processed and cannot be revoked.

In the case you would like to simply resign from the order, please inform us at support@safello.com as soon as possible. Safello does not guarantee that your request will be executed but in some cases when the order wasn’t already completed we can cancel the order for you. Please be advised that this cancellation service costs 50 SEK per order

Is it safe to use Safello?

Safello offers a very safe service, our technical team has great experience of IT security, that includes building systems for Wall Street companies, government security, military security and running a secure ISP. Without disclosing our technical and operational security measures in detail, we want you to know your money is safe with Safello. Read this Safello blog post if you wish to learn more about picking a safe bitcoin retailer

How long does a transaction usually take?

We process your order as soon as your money has entered our system. For instant payment methods such as Handelsbanken Direkt, you can expect complete transactions in real-time within approximately 15 minutes.

Some of our payment methods require manual processing and we only process those during business hours (weekdays 09:00-17:00 UTC+01:00).

I’ve still got questions, where do I go for an answer?

If your question is not answered in this FAQ you can email Safello’s support: support@safello.com. We will happily answer any question you may have.

What is your commission?

Our commission is dynamic. We are doing everything we can in order to offer you the best price.

Which is Safellos bitcoin address for returns?

If you of any reason need to send bitcoins to Safello, our address is:

1ECiACPrDdi8craMDzQ6RxNP3ZsdN16rV9

Do you charge administration fees?

Administration fees may apply for wrong payment information and refunds.