Buy, Sell and Trade SAFEX: Which exchanges to use | finder.com

How to buy, sell and trade Safe Exchange coin (SAFEX) in the US

What to know about SAFEX Chille and how the platform works.

Safe Exchange (SAFEX) aims to create the world’s most secure anonymous online marketplace, called Chille.

The yet-to-be-released Chille coin will become the currency of the marketplace, while SAFEX coin holders will be given Chille coins at the time of release and also earn a small proportion of the Chille marketplace’s nominal transaction fees on the network.

This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Where to buy, sell and trade SAFEX

On December 15, 2017, Bittrex delisted SAFEX. This may affect its availability elsewhere. It was delisted because it can pay dividends to users, which poses some regulatory difficulties for Bittrex.

On December 15, 2017, Cryptopia also delisted SAFEX, with Cryptopia owners citing irritation and harassment from SAFEX users.

At the time of writing, there’s nowhere to buy SAFEX except directly from its website or peer to peer from another user you find yourself. Note that the delisting of SAFEX is not necessarily a reflection of the coin’s legitimacy or quality.

You will need a SAFEX wallet to hold your coins. It can be downloaded from the project’s official site.

How does SAFEX work?

SAFEX and the Chille marketplace go hand in hand. The main feature of this marketplace is that it’s intended to offer automatic and complete security and anonymity for its users without the need for any particular technical expertise.

The marketplace also lets its users create and fulfill relatively complex contracts and item listings, with an encrypted escrow service to facilitate trustless transactions.

The SAFEX and Chille coins will be used to engage with the platform. These will be an accepted currency, and only coin holders will be able to sell on the platform.

They will also receive a portion of the transaction fees on the network. These fees are not strictly necessary for the operation of the network, but they discourage spam.

The only thing directly traded on the platform itself is information. It’s designed to let anyone store any kind of information and communicate with other users in complete privacy and security.

Users will be able to put up product listings, descriptions or contracts for services. Other users will then be able to examine them or fulfill them without the need for any third party.

How to sell or trade SAFEX

Go directly to the SAFEX website and follow the instructions listed to sell or trade your SAFEX.

What to consider when buying SAFEX

At the time of writing, the Chille marketplace has yet to be released. Until the marketplace itself exists, it’s difficult to know with any certainty whether it will fulfill its function.

It’s worth noting that if SAFEX development goes as planned, it will almost certainly be used for both legal and illegal activities. This might pose unpredictable issues down the line.

But from an investment perspective, it might also be worth noting that online black markets are big business. The shut-down Silk Road website did an estimated $15 million of sales in 2012 and more in later years as bitcoin helped facilitate its trades.

A 100% secure and untraceable online marketplace that can be easily used by anyone, anywhere stands to get extremely big. However, it’s still a long way from reaching that goal.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and our Privacy Policy.