SAFETRADE Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
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On October 21st, I made my deposit, they told me they would give me the withdrawal code, but now they come up with another task with an even higher amount than before. And they won't let me withdraw my money unless I first make the deposit to get my balance. The platform is called Safe trade vip.
Safetrade is a cryptocurrency exchange that has garnered mixed reviews since its inception. While it offers competitive trading fees and a user-friendly interface, concerns about its regulatory status and customer service persist. This review aims to provide a comprehensive overview of Safetrade, highlighting its strengths and weaknesses based on user experiences and expert opinions.
Note: It is crucial to consider that Safetrade operates across different regions, which may affect its regulatory compliance and the services offered. The information presented here is based on various sources to ensure fairness and accuracy.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service and Support | 3 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 2 |
| User Experience | 4 |
We rate brokers based on user feedback, expert analysis, and available data.
Founded in 2018, Safetrade is a centralized cryptocurrency exchange based in Canada, although some sources indicate it may also be linked to operations in Serbia. The platform primarily supports cryptocurrency trading, offering a range of digital assets. Users can trade on the platform using popular trading software such as MetaTrader 4 (MT4). However, the lack of regulatory oversight is a significant concern, as it operates without the supervision of major financial authorities.
Safetrade does not have regulatory approval from any recognized financial authority, which raises significant red flags for potential users. The absence of regulation means that users have limited protections for their funds. The exchange is reportedly available in various regions, but it is not accessible to users in the United States and Japan due to regulatory restrictions.
Users can deposit and withdraw cryptocurrencies, but there is no support for fiat currency transactions. This limitation may deter new investors who do not already own cryptocurrencies. The platform does not charge deposit fees, but withdrawal fees apply, which vary depending on the cryptocurrency used.
The minimum deposit requirement is relatively low, set at $250, making it accessible for new traders. However, this low entry barrier does not compensate for the lack of regulatory oversight and the associated risks.
There are limited promotional offerings on Safetrade, and the absence of clear bonus structures may deter users looking for incentives to trade on the platform.
Safetrade primarily focuses on cryptocurrencies, supporting a selection of around 48 different digital assets. However, it lacks a variety of fiat trading pairs, limiting options for traders looking to enter the market with traditional currencies.
Safetrade offers a flat trading fee of 0.1%, which is competitive compared to the industry average. However, some reviews indicate that withdrawal fees may apply, and there is limited transparency regarding these costs. The platform's fee structure is straightforward, but users should be cautious of any hidden charges.
Information regarding leverage options is sparse, and the absence of details may be a concern for traders looking for leveraged trading opportunities.
Safetrade primarily utilizes MetaTrader 4 for trading, which is a widely recognized platform among traders for its user-friendly interface and advanced charting capabilities.
As mentioned earlier, Safetrade does not accept users from the United States and Japan, which may limit its appeal to international traders.
Customer support is reported to be inconsistent, with some users experiencing delays in response times. The platform offers support via email and phone, but the lack of live chat options may hinder user experience.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service and Support | 3 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 2 |
| User Experience | 4 |
The account conditions receive a score of 4 due to the low minimum deposit requirement but are overshadowed by the lack of regulation. Users have expressed concerns about the safety of their funds, which significantly impacts their willingness to engage with the platform.
With a rating of 5, Safetrade offers basic trading tools through MT4, but lacks comprehensive educational resources or advanced trading tools that many competitors provide. Users seeking a more robust trading experience may find this lacking.
The customer service aspect is rated at 3, reflecting the mixed reviews regarding response times and the overall quality of support. Users have reported difficulties in getting timely assistance, which can be frustrating for those new to trading.
The trading experience receives a score of 5, as the platform is generally user-friendly. However, the lack of fiat support and limited trading options may deter some traders from fully utilizing the platform.
With a score of 2, the lack of regulatory oversight is the primary concern. Many experts and users have flagged this as a significant risk, advising potential users to exercise caution.
The user experience rating of 4 reflects the simplicity of the platform but is tempered by concerns over customer support and the absence of fiat trading options.
In conclusion, while Safetrade offers competitive trading fees and a user-friendly interface, the significant concerns regarding its regulatory status and customer support may overshadow its advantages. Potential users should carefully weigh these factors before deciding to engage with the platform.
