247Exchange

247Exchange

Does This Exchange Really Justify The Buzz Around It?

Introduction

Company Information 247Exchange CEO

With the massive increase in the popularity of bitcoin and cryptocurrency, the number of exchanges that enable users to make transactions have also been growing over the years. It’s estimated that there are over 500 different cryptocurrency exchanges currently in operation with many more in the queue to get permission. One of the few exchanges that have been witnessing high growth in transaction volume and user base is the Belize-based 247exchange. Established in 2014, the exchange currently works as the subsidiary of the InterMoney Exchange Group and allows users to buy, sell or exchange all in a single platform. Under CEO Anton Vereshchagin, the company has also announced plans to expand its direct operations beyond Europe and the Americas.

The service platforms

247-exchange offers its services solely through its website 247exchange.com, with no official apps launched so far. However, the website is highly optimized for use in mobile. In fact, registered users can complete their transactions very conveniently with just a few clicks or taps. Expert users often claim this exchange to be one of the least complicated ones to purchase bitcoin with fiat currency from anywhere with credit cards or bank transfer. Currently, the exchange allows users to purchase and exchange four different cryptocurrencies that include Bitcoin (XBT), Litecoin (LTC), Ethereum (ETH) and Peercoin (PPC), with over 40 different fiat currencies that include USD, AUD, and Euro. The exchange doesn’t provide wallet services and all cryptocurrency purchases are directly transferred to the wallet address set by the user.

One of the major benefits of using this platform is the ability for users to find potential buyers near their locality. So in a way, 247exchange can be used to escrow the seller’s currency to successfully buy or sell the specific amount of cryptocurrency. Once the seller confirms the receipt of cash, the agreed cryptocurrency balance is directly transferred to the buyer’s wallet.

Platform security

All users need to be registered with their real profile details, in order to perform transactions in this exchange. The website uses the latest PCI Data Security Standard (PCI DSS) which gives users that added a layer of security to perform transactions with their card. 247exchange is also licensed by European, the US and Canadian authorities to perform financial transactions of cryptocurrency to their residents.

Over the past year, 247exchange had stalled its operations for almost 3 months to complete a massive overhaul of their platform. But since the upgrade, the exchange has not just been getting back its customers but also adding new ones. Some experts opine that despite the smaller size of the exchange, its security has been improved to such a good extent that it’s now on par with the bigger exchanges. But again, despite it not storing any coins in its address, there is a certain amount of risk present as it keeps sensitive personal and financial data of its customers.

Registration process

To register at 247exchange, users need to log on to their website and click the Sign Up option. In the first step, users need to fill their basic profile details and email address. Once this is done, the login and initial password are sent to the users’ email, following which they will have to enter their basic identity details, including their payment system details and KYC. The users also need to verify their profile with the help of additional identity documents like residence permit and driver’s license. Users have the option to either open a corporate account or an individual account, where the only difference is the transaction limit.  However, even registered users without verification can begin doing transactions through the exchange, although, this limit is only $300.

Performing transactions with the platform

After the account verification is complete, users can start trading directly from the homepage of the website. The website has a straightforward form on its homepage with the options to buy or sell at a specified rate. The changing rates are displayed directly in numbers without any charts or figures. Once you have entered the buying or selling amount, you can directly proceed to buy or sell your cryptocurrency through the exchange by filling the further details like country, a medium of transferring or receiving funds and the account address. The users are shown the final rates one last time before the transaction is executed in the blockchain and the confirmation is also provided through email. Users are also given the option to find local buyers and sellers through a custom Google Map tools. If you choose this option, you have the responsibility to contact and fix the terms of the deal with the buyer or seller yourself. The user is shown the fees for the transaction before confirming.

247exchange charges a flat fee of 1% on all its transactions, but depending upon the medium of payment the charges could increase between 3% to as high as 15%, which are basically charged by the bank, rather than the exchange. However, there are no fees levied for transfer to your personal wallet address.

Customer Support

If you believe the opinion of experienced users of this exchange, one of the major advantages of using this exchange is the very responsive social media channels, with the presence in Reddit, Facebook, and Twitter. Users also have the option to enter their queries through email.

Blockledge’s verdict

If you want a no-nonsense method of buying or selling your cryptocurrency, then 247exchange definitely has a lot of features to entice you. This exchange offers several convenient methods to deposit and withdraw funds, through which transactions can be completed in minutes without much hassles. Meanwhile, there are no extra charges for transferring to your chosen wallet address. Whether you want to move your funds for derivative trading or just want to save them in your ledger wallet, you can easily do it with this exchange. You can also use their P2P local buy or sell services to directly contact local buyers and sellers and trade under your own terms. So in a lot of ways, this exchange provides features that often require 2 or 3 different services from just one platform.

However, despite the strengths, the exchange’s support for only a limited number of cryptocurrency may discourage some users and this maybe something that this exchange may need to improve in the near future. The transaction limits are also rather small, which probably needs to be increased in the future. All in all, 247exchange is definitely a trustworthy exchange to deal with cryptocurrencies.

Review
  • User Friendliness
  • Customer Support
  • Fees
  • Payment Methods
4.4

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