How to buy Safe Exchange coin (SAFEX) in Singapore

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

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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.

Disclaimer: 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.

Where to buy SAFEX

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

On 16 December 2017 Cryptopia also delisted SAFEX, with Cryptopia owners citing irritation and harassment from SAFEX users.

Unable to source the token, CoinBase later stopped selling SAFEX as well.

At the time of writing there’s nowhere to buy SAFEX except 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.

At the time of writing, there are relatively few places to buy SAFEX in Singapore.

You can buy with bitcoin from SAFEX directly, or trade for it with other cryptocurrencies on Cryptopia.

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You will need a SAFEX wallet to hold it. 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, complete security and anonymity for its users without the need for any particular technical expertise.

The marketplace also lets its users create and fulfil 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 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 fulfil them without the need for any third party.

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 fulfil 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 shutdown 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.

Disclaimer: 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' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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