The Dutch broker SATOS proves that investing in cryptocurrency does not have to be difficult at all. This company has been active since 2013 and accepts customers for all European countries. They try to offer cryptocurrency to everyone in the simplest way possible. This Dutch broker may not be the largest broker at the moment, but thanks to its simple site and ease of use, it can be an alternative for you. In this SATOS review, you will find out everything about the platform.
First impression of SATOS
The mission of SATOS is to make cryptocurrency accessible and understandable to a wider audience. We believe that SATOS certainly succeeds in this mission. Whereas some brokers have a complex site with different information everywhere, the SATOS website is very minimalistic and pretty straight forward. This works pleasantly, clearly and above all, very quickly.
Buy 5 cryptos without creating an account
According to this company, you can start trading crypto within one minute, the transaction takes about 15 minutes. If you have any questions you can contact SATOS every day of the week via the chat function, but also by mail and phone. This can be done from 10:00 to 22:00.
The first this you see is that their offer is very limited, to only 5 cryptos. You also have to know that they don’t offer built-in wallets, but they will help you create one. Their USP are the good SATOS reviews on Trustpilot. Currently their score is 4.4/5, but other platforms like Bitvavo (4.5/5) and BTC Direct (4.6/5) have a better score. But overall, the score is pretty good.
|Costs||1.5% up to 2.5% (compare Bitcoin prices)|
|Payment methods||iDEAL, Bancontact and bank transfer|
|Built-in wallets||No, you have to find your own wallet|
|Promotions||No promotions or discounts|
|Customer service||24/7 available|
|Telephone number||+31 320 32 00 36|
SATOS Pros and Cons
|No account needed||Small offer (5 coins)|
|Available 24/7||High service costs (max 2.5%)|
|Reachable by phone||No built-in wallets|
|Pay with easy payment method||Identification after purchase + cancellation costs|
The offer of SATOS is not very large and is actually equal to the offer of BTC Direct. The cryptocurrencies you can buy on the platform are Bitcoin, Litecoin, Ethereum, Ripple and Bitcoin Cash. We advise you to check which broker is the cheapest before buying. This can be done by comparing Bitcoin, but we also have special comparison pages for all other currencies.
The offer may not be as big as with Bitvavo or Bitladon, but the coins you can buy over here are the biggest projects within the crypto world. Even though crypto is very risky, these projects are known as the more safer choices.
Buying crypto with SATOS
Buying cryptocurrency via SATOS has a big difference compared to other brokers. You don’t need an account. You can indicate which cryptocurrency you want to buy and how what amount. This is of course very convenient and ensures a fast transaction.
However, it can take a little longer the first time. When the company sees that you are buying cryptocurrency for the first time, they will perform a verification check. This will happen after your payment. The verification includes an ID verification, bank account verification, introduction video and wallet address verification. This can take some time. Of course, this is unfortunate but only happens the first time. For future transactions, you will of course have to use the same bank account.
Please note that there’s a cancellation fee when you don’t agree with this verification or can’t complete your order.
Because you do not have an account at SATOS, they will not supply an online wallet. You have to take care of a safe wallet yourself. Luckily, SATOS provides information on how to set up a wallet. Creating a wallet is not a difficult task and there are plenty of tutorials on the internet to help you on your way. For example, create an account on Bitvavo and you will immediately be assigned an unique wallet address. That’s easy.
Buying cryptocurrency is very simple, especially when your details are verified. Just fill in how much cryptocurrency you want to buy, enter your email and wallet address and you’re done. The speed of your transaction depends on the amount of cryptocurrency you buy. For example, if you buy less than 0.1 Bitcoin, the transaction will take place 24/7 within 1 minute. If you buy more Bitcoin, the transaction will take about 15 minutes, but only within opening hours. This is because the transaction is checked manually by a staff member.
Selling cryptocurrency is the same as buying cryptocurrency. You fill in all the details and your euros will be transferred to your account via bank transfer. SATOS usually processes transactions within 10 minutes. If the process is somewhat delayed, you will have the money in your account the next business day.
Buy 5 cryptos without creating an account
Verifications and limits
Please keep in mind that there are no checks before placing and paying your order. This does not mean that nothing is checked. When you place an order for the first time, these verifications will take place just after you place your order. Due to the European rules, the company needs to know more about you, such as a verification of your ID, you will receive an e-mail from SATOS with some instructions that you must follow. This includes:
- An introduction video with your ID (mandatory).
- Copy of your ID (mandatory).
- Bank account verification (checked when you did the payment).
- Proof of Wealth (not mandatory).
- Proof of Residence (not mandatory).
These checks can take up to one business, which is a pity of course. It is also a pity that the verification only takes place afterwards. Most users think they have purchased cryptocurrency, but then some extra things are expected of them. The communication is now better than before.
SATOS does not have a daily limit, whilst other brokers often do. The only limitation you have is that a transaction may only be of a certain size. That is why you can order up to € 10,000 per purchase. However, because there is no limit, you can place as many orders as you like.
The transaction limit for selling is € 50,000. If you want to sell more, you have to sell your cryptocurrency in parts. The fact that SATOS works without a limit is a pleasant change in the cryptocurrency world, especially for large traders.
Buy 5 cryptos without creating an account
Fees and costs
Together with the release of the new website in 2020, SATOS has increased all service costs with immediate effect. At the moment you pay a variable fee between 1.5% and 2.5%, this was between 0.6% and 1.5%. The costs will therefore be passed on to the consumer.
If you compare this with BTC Direct which has the same offer in cryptocurrency, SATOS is now almost equally expensive.
If you then compare it again with Bitvavo, the trading costs are 10 times higher. Take a look at the current crypto prices in our different comparison pages. Here you can, for example, compare Bitcoin.
Is SATOS safe?
SATOS has been active in the crypto world 2013 and has a lot of experience in the crypto field. The service they offer is excellent and you can see that in the Trustpilot reviews. Especially that the customer support is available at night and in the weekend is a plus. Unfortunately, not every broker has that. The trading fees are not really competitive and more on the high side. But in return you get a good customer support.
Occasionally we miss some information on the site such as a clear explanation of how the process of selling and buying works. Hopefully, we have been able to help you with this SATOS review. Of course, you can always contact SATOS for any questions you may have.
The security measuers on the side of SATOS is absolutely fine and because of the verifications, everything should go as it should. You will have to arrange the wallet and the storage of your cryptocurrency yourself. It is therefore your responsibility to ensure that this is done safely. Fortunately, creating a wallet is quite simple via a broker such as Bitvavo.
What are the fees of SATOS?
SATOS is a relatively expensive broker in comparison with other brokers, you pay a service fee between 1.5% and 2.5% for buying and selling crypto. For selling Bitcoin you pay a slightly lower fee. The blockchain fee and transaction fees are included in this price.
Which payment methods are supported?
You can pay with iDEAL, Bancontact and bank transfer (1 business day processing time). You pay no extra costs for this.
How do I contact customer service?
Customer service is available 24/7, including in the middle of the night. You can contact them via the e-mail address: email@example.com or via the telephone number: +31 320-320036.
Does SATOS also offer a built-in wallet?
No, you have to find one yourself. The website will help you with finding the best wallet.