SafeTrade is a cryptoasset exchange located in Canada. Their volume over the last 24 hours is $5,487. The exchange is rated “?” which means “Uncategorized.” They are a crypto-only exchange.
The “About” section of the SafeTrade website leads to a Bitcointalk thread. This is where you understand that the exchange is developed by the people behind the cryptocurrency token SafeCoin. They describe themselves as an “honest development team who have proven their devotion to furthering the SafeCoin ecosystem.” They go on to assure their clients that they “will never have to wonder” if SafeTrade was an "exit scam" or whether the team behind it was using the clients’ deposited coins for other purposes. They also add that they “will be running an honest exchange.” The thread is full of positive messages, supporting the launch of the exchange and its guaranteed success, all of which seem slightly suspicious. If not else, all this, alongside with the necessity of having the word “safe” in their name, proves to be a very strange way to convince investors that you are running a transparent, secure and open cryptocurrency business.
The SafeCoin website is way more complete, although it does not make the case any better. There is a list of team members which also seems quite questionable. At the time of this writing, the CEO, Jeff Galloway, does not seem to be a public figure. There is one interview though, where he is sitting in his car, explaining about the project, while the other supposed members of the team tune in in the live chat with support messages or attacks at other venues or crypto assets. Upon search, there are little-to-no results about LinkedIn profiles, public information, useful materials, or other sources of information coming from the members on the team. Some of them have Twitter profiles, but none specifies to be a member of the SafeTrade or SafeCoin project.
Aside from the fact that the exchange does not offer any real or meaningful information about the business and the people behind it, it emphasizes on defining every single case or consequence for which they cannot be held responsible for. For example – temporary or permanent discontinuing of any of their services; loss of information due to software failures, protocol changes, internet outages, third-party DDoS attacks, maintenance procedures, and so on. It also reaffirms that the exchange’s team is not liable for any loss of profits or users’ data. The fact that such information comes from a team that describes its project as a “cryptocurrency platform that places a high emphasis on privacy and security” is rather disturbing.
If you are more persistent in your efforts to find more about the exchange, you will end up on a FAQ section on GitHub. However, it is very limited and, at the time of this writing, does not provide any meaningful information, aside from general questions on how to log in, restore a password or deposit funds.
At the time of this writing, the SafeTrade exchange claims to offer 24/7 support. The information on the SafeCoin website, however, points out that there is a “dedicated support team” of… two customer support representatives.
When it comes to features and functionalities, it is worth noting that, aside from the token and the exchange service, the team has also developed a mobile wallet that is claimed to store keys directly on the user’s device, instead of a server, for “maximum security.” The SafeCoin token acts as the primary medium of exchange on the SafeTrade exchange. At the time of this writing, the information on the venue’s website states that you can trade more than 37 trading pairs (Bitcoin, Litecoin, Doge, ZenCash, etc.).
At the time of this writing, there is no present information about government investigations or hacker attacks targeting the SafeTrade exchange.Read More