A lot of people are confused as to whether SafeTrade, which operates under the domain “safe.trade” is a legitimate trading platform or a scam. In this unbiased SafeTrade review, I’m going to precisely tell you what SafeTrade is, and address your concerns as to whether or not it’s a fraudulent service. I’ll also guide you on what to do to recover your money if you’ve been scammed, not to mention, how to avoid falling victim to dubious crypto exchange.
But first things first, have you been scammed on a fake crypto exchange?
If so, and you have evidence, go to this page to seek assistance. Alternatively, email scamread@scamreader.info.
SafeTrade (Safe.Trade) Overview
It’s a crypto exchange platform launched in 2017 by a guy known as “Jeff Galloway.” The exchange has its own coin known as “SafeCoin”, which is operated by SafeTrade’s sister company “ SafeCoin” under the domain “safecoin.org.”
In short, both SafeTrade and SafeCoin are owned by one person—Jeff Galloway. SafeTrade is a crypto exchange platform where you can invest in different cryptocurrencies, including Safe Coin.
SafeCoin, on the other hand, is the company that created the Safe Coin digital currency. Jeff Galloway is the founder and CEO of both companies as confirmed in this YouTube video interview between Online Ventures and Jeff Galloway himself.
SafeTrade VS Safe Coin VS Safe Trade Coin and The Inevitable Confusion
What’s confusing for many people is that SafeTrade (safe.trade) is now located in St. Vincent and the Grenadines(SVG) whereas its sister company SafeCoin is located in Wilkeson, Washington, United States, with headquarters in the Greater Seattle area.
As you may know, SVG is today considered a suspicious location for crypto exchanges and CFD brokerage companies. This is because many offshore scam brokers like to camp here.
Safe Trade Coin(XSTC)
Something else that is confusing about SafeTrade (safe.trade) is another digital coin known as “Safe Trade Coin” or “XSTC.” It’s easy to assume that SafeTrade (safe.trade) is the company behind the Safe Trade Coin, considering the name of the company and that of the coin—both bear the words “Safe Trade.”
Here’s what you need to note though, SafeTrade(safe.trade) does not have a digital coin. In fact, it’s not even related to the Safe Trade coin. Instead, it’s associated with the Safe Coin cryptocurrency, which belongs to its sister company SafeCoin(safecoin.org). Both companies are owned by one person—Jeff Galloway.
The Safe Trade Coin, on the other hand, belongs to an entity known as “Safe Trade Coin”, operating under the domain “safetradecoin.net”. It’s important to not let these details confuse you.
- SafeTrade (safe.trade) is a digital currency exchange. It doesn’t own a cryptocurrency.
- SafeTrade’s sister company “Safe Coin” or safecoin.org is a digital coin provider. It’s the owner of Safe Coin, which is also associated with SafeTrade, even though many people mistakenly associate SafeTrade with the Safe Trade Coin(XSTC) instead.
- Both SafeTrade and Safe Coin, as entities, belong to one person—Jeff Galloway.
- SafeTrade is now located in St. Vincent and the Grenadines whereas its sister company SafeCoin is located in Seattle, Washington, USA.
- Safe Trade Coin (XSTC), which many people mistake to belong to SafeTrade(Safe.Trade) belongs to a company called “Safe Trade Coin.” Operating under the domain “safetradecoin.net”, the company has a physical address at Grafenauweg 10, 6301 Zug, Switzerland.
I hope this section clarifies the confusion.
Is SafeTrade (safe.trade) A Legitimate Crypto Exchange Platform or a Scam?
Even though the SafeTrade exchange exhibits mixed signals, it’s not a scam. It’s a legitimate crypto exchange that allows users to trade Qubic (QUBIC) with Tether (USDT) easily and conveniently.
Why Some People Think That SafeTrade Is a Scam
1. There Have Been Serious Complaints About SafeTrade (safe.trade)
Even though Safetrade crypto exchange is a legitimate service I can confidently recommend, it’s not without its fair share of issues, which erupted recently, sparking serious consumer complaints.
Until a few months ago when it decided to upgrade its servers, Safe.Trade has had a great reputation for providing incredible crypto exchange services. During the server upgrade period, a lot of investors had a bad experience with the services.
For instance, many Trustpilot users complained about performing deposit transactions only for their funds to vanish instead of showing up in their SafeTrade accounts. Further, there were many complaints that the SafeTrade exchange platform for cryptocurrencies was refusing withdrawals and blocking clients’ accounts.
These critical issues, especially the Safetrade exchange withdrawal issues, began to trigger general speculation that the company had now turned into a scam project that was maliciously diverting investors’ deposits, retaining their funds, and blocking their accounts. This was especially true for those who had just signed up at that time. Many investors, especially those who had just signed up at that time believed that safe.trade was now a scam exchange employing an exit strategy to disappear completely with investors’ funds. After all, it operated just like one.
A Little Information About Crypto Exchanges Employing The Exit Scam
In the context of crypto exchange exit scams, an exchange will initially launch and provide great services to investors. It may even introduce a new token, making money through an Initial Exchange Offering (IEO) project. The new coin may not necessarily be its own, it may even belong to a third party. The exchange may make money by charging listing fees(a specific amount they charge the coin maker to list the coin) and a commission out of the token sales.
After accumulating funds through those sales, they may begin to engage in fraudulent practices such as:
- Accepting deposits and diverting the funds elsewhere.
- Refusing withdrawals and blocking clients’ accounts all while preparing for an exit.
Not long afterward, they’ll shut down, vanishing with investors’ funds.
In the case of SafeTrade, these were the exact events that took place, except for shutting down, during the period when the company was upgrading its servers. Unlike in the case of scam exchanges, the unpleasant events that investors experienced doing business with the entity were not intentional.
Why Did SafeTrade Decide To Upgrade Its Servers?
It turned out that just a little before the unpleasant events began, SafeTrade had experienced a tremendous number of new clients. As a result of this significant growth, the platform’s servers became overwhelmed, affecting the website’s performance. To resolve the situation, the company resorted to upgrading the servers, to keep up with the growing number of clients. Unfortunately, the site’s processes, including deposits and withdrawals were disrupted during the server upgrade period.
2. SafeTrade Lacks An Actual “About Us” Page
For many, it’s strange that the SafeTrade platform(safe.trade) doesn’t have a page that provides visitors with essential details about the company. Instead, the “About Us” link at the bottom of the home page redirects you to a platform known as “Bitcoin Forum”, which operates under the domain “bitcointalk.org.”
The History Of Bitcoin Forum
The Forum has an interesting history with ownership that has evolved with time. Apparently, it was founded by the founder of Bitcoin—Satoshi Nakamoto in 2009. However, it’s currently administered by a guy called “Michael Marquart” a.k.a “Theymos.”
For many, the fact that the safe.trade crypto exchange website has “About Us” as a hyperlink that redirects you to a forum instead of a page that provides essential information about the company is quite peculiar.
However, here’s what you need to know; some websites provide misleading information on their “About Us” pages. This is especially true for scam crypto exchanges or CFD trading platforms such as Nordic CT, Rich Point Capital, Hudson Trust, and so on. In fact, all scammers provide false information on their “About Us” pages. After all, they aren’t going to tell you the truth about them, which is that they are fraudsters.
I think there could be many reasons why the individuals behind SafeTrade hyperlinked the company’s “About Us” page to a related forum.
- The first reason might have been—to give visitors some sort of proof of what safe.trade is really all about. After all, if the company was a scam exchange, somebody would have exposed them on the forum to which its “About Us” page is linked.
- Secondly, the forum is highly popular, boasting over 6000 backlinks and an Alexa rank of 7371, as reported by Scamadviser. This indicates significant traffic and suggests that numerous websites have linked to it to capitalize on its popularity. SafeTrade may have, as well, linked to it for similar traffic-related reasons.
3. SafeTrade’s Suspicious Location: in St. Vincent and the Grenadines
Bitcoin Forum, the page to which the “About Us” link on the SafeTrade home page redirects you, states that SafeTrade is now located in St. Vincent and the Grenadines. Unfortunately, SVG is widely considered a suspicious location due to the presence of numerous offshore scam brokers.
How To Avoid Getting Scammed
To avoid getting scammed, you should always do due diligence and remain vigilant against exchanges such as SafeTrade that launch with too much fanfare. Usually, these entities make grandiose promises and exaggerated claims that may easily leave you disillusioned. Ultimately you’ll be left terribly dejected when the promises fail to materialize. To avoid finding yourself in this unpleasant situation, always research before investing in any exchange site.
Check for the company’s legitimacy and don’t forget to verify its team. For example, is it registered, licensed, and regulated by a valid regulatory body? Are the individuals running the company at the top level verifiable on professional networking platforms such as LinkedIn?
What’s more, look for reviews. Check out trustworthy individual broker review blogs like Scamreader, consumer review platforms like Trustpilot, YouTube broker review channels e.g. Scam Detective, and scam review platforms like Scamadviser.
Further, avoid unusual offers that sound too good to be true. An exchange offering “exclusive tokens” or super high returns practically unrealistic is a big red flag.
Lastly, stick to reputable exchanges that are well-known and well-established. According to Forbes, these exchanges have a track record of authenticity, transparency, and security. Interestingly, the SafeTrade exchange is not on the list. For more on how to avoid getting scammed by a fraudulent broker or crypto exchange platform, be sure to read my post titled, “CFD Trading Platforms : Tips To Avoid Getting Scammed!”
My Final Thoughts On SafeTrade
In conclusion, while it has experienced bad publicity due to a serious disruption of its key services, as a result of its decision to upgrade its servers, SafeTrade is a trustworthy crypto exchange. The company has been praised for providing great services and it seems to be on the right track again. It’s in partnerships with big and legitimate exchanges like Coingecko, and CoinMarketCap, among others.
When it comes to downsides, Safe.Trade is not without its fair share of downsides. One of them is that, unlike its counterparts, it lacks a mobile app version.
There’s no Safetrade exchange app on Google Play Store or App Store. This inconveniences many since these days a lot of people perform computing tasks, using their mobile gadgets.
SafeTrade Frequently Asked Questions
1. Does SafeTrade subject users to the Know Your Client(KYC) policy?
Answer: Yes, it does, just like other crypto exchanges, to ensure regulatory compliance.
2. Where is safe.trade exchange located?
Answer: According to the company, the SafeTrade exchange is now located in St. Vincent and the Grenadines.
3. Does SafeTrade accept US clients?
Answer: Yes, since the exchange doesn’t explicitly state that US traders are forbidden from accessing the company’s services.
4. What is Safetrade Qubic?
Answer: Before answering this question, I’d like to first explain that Qubic doesn’t belong to SafeTrade. Instead, it was created by a guy called Sergey Ivancheglo who has also contributed to projects such as NXT and IOTA.
However, SafeTrade allows you to trade Qubic with Tether(USDT). SafeTrade Qubic is normally a phrase used to generally refer to Qubic in the context of SafeTrade as an exchange for Qubic.
5. How do you buy on safe trade?
Answer: Go to safe.trade and create an account. Next, go to the Safetrade login page and log into the account you just created. Thereafter, enable Two-Factor Authentication (2FA) to secure your account. Lastly, deposit real money and convert it to Safe Trade coins.
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