Cryptocurrency is a virtual currency. The acquisition of cryptocurrency can be made either through cryptocurrency mining or purchasing the coins on exchange platforms.
A coin exchange allows the trading of different cryptocurrencies. Here, you can exchange your virtual currency for real money in the denomination of your choosing. Individuals who don’t have the cryptocurrency can use the exchange to acquire the virtual currency of their choosing.
Traders in search of a trusted, reliable, and secure coin exchange, the 247exchnage is one of the best options available. The 247exchange is a market leader, and its services can be accessed from nearly any location on the globe. One factor that determines the availability of 247exchange’s services in a location is whether or not the use of cryptocurrency is legal in a particular region. Below we discuss some of 247exchange’s features.
In this article, we will examine particularly one cryptocurrency exchange website – 247Exchange and try to answer questions such as “Can I trust 247 exchange?”, “Is 247Exchnage safe?”, “Is 247 exchange legit?’ and many more. So here is what you need to know:
Currently, the 247exchnage has its offices in two locations;
- Belize (formerly known as British Honduras).
- Delaware (United States of America).
247exchange has set up its offices in Belize and Delaware to give it strategic access to Europe’s and America’s cryptocurrency market.
When did 247exchange start operating?
The founder of 247exchange is Alexey Maximenko. He set up 247exchange back in October 2014. Since then the cryptocurrency exchange has grown to one of the most trusted exchanges. October 2018 will mark the 247exchange’s fourth year on the market delivering services to both cryptocurrency buyers and sellers.
Which countries are supported on 247exchange?
247exchange has been making it its duty to offer their services in all virtual currency accepting countries. There are more than 100 countries that are supported at 247exchange. Visit the official website to determine if you can access 247exchange from your region.
Buying and selling on 247exchange
- Additionally, prepaid cards such as PaySafe, Maestro, and Visa Electron cannot be used. At the 247exchange Visa and MasterCard credit cards are the most widely used payment options.
- Before purchasing or selling cryptocurrencies at the 247exchange, there is information available on the exchange to help guide the buyers and sellers on the current market price of the coin they intend to trade.
- On navigating to 247exchange’s homepage, a trader can see the prevailing prices of coins such as bitcoins and their exchange rates.
What are the buying methods at 247exchange?
At 247exchange, purchasing cryptocurrency is fast and easy. Many methods of payment are supported,
- Credit/debit cards
- Instant money transfers
- SWIFT (bank wire) transfer
- SEPA bank transfer
- Cash deposits
- Prepaid vouchers/cards
What are the selling methods on 247exchange?
Sellers at the 247exchange can trade their coins for cash easily. Since the same payment options available for buyers can be used with those selling their coins, there is an abundance of payment options to select from. Depending on a seller’s preference, credit/debit cards and bank transfers can be used to accept the payments from coin sales.
What are the cryptocurrencies Available at 247exchange?
At the 247exchange, buyers and sellers can trade on a variety of cryptocurrency coins. The most popular coins traded at the 247exchange include:
While these are the most popular cryptocurrencies being traded at the 247exchange, other coins are supported.
What are the verification factors at 247exchnage?
- Traders need to verify their identities at the 247exchange. There is a transaction limit for buyers and sellers who have not verified their identity. Once you have verified your account, there is no limit imposed on the amount of transaction you can make. However, individuals using the platform can transact up to $300 without verifying their identity.
- When you register an account with 247exchange, you get the “new user” status and you don’t require verification for orders equivalent to or less than $300. For orders equivalent to or less than $1500, you’ll be required to verify your identity by providing your national ID, passport, driver’s license or any other government-issued identification.
- For orders of more than $1500, a proof of address is needed. This can be a utility bill, a bank statement, credit card statement. Further verification documents that you may be asked for include a selfie, a scanned copy of your ID and your phone number.
247exchange Buying Limitations
There are several payment options in which you can use on 247exchange to buy cryptocoins:
- Wire transfer
- Credit/Debit card
- Cash deposits
- Prepaid vouchers
Credit/debit card purchase limits are assigned based on the User Status, which is a summary of the user account: order history, verification status, and other factors. The exchange uses a unique system called the Dynamic Purchases Limits System to calculate the purchase limit for each user.
The purchase limits are:
|Time Required (Days)||15||15||30||30||30||30|
- The starting purchase limit for new users is usually $100 daily and $100 monthly.
- If you make another purchase, let’s say of $50 within the 15-day period, your limit will be increased automatically and you will move from the “Guest” status to the “Starter” status.
- Your purchase limit will automatically be increased to $150 daily and $300 monthly.
- If within the 15-day period you make a purchase of $50, your status will be raised from “Starter” status to “Take off” status etc.
- The more you use your credit/debit card to make purchases, the more you’ll be able to buy.
Are there transaction fees when using 247exchange?
Whether buying or selling at the 247exchange, there is a transaction fee levied per transaction made. The fee traders or buyers pay at the exchange depends on the transaction type and the value of the transaction. Details on the fees can be found on the platform after logging in. AT the 247exchange, the fees are kept at a minimal, and both buyers and sellers have access to the site’s calculator that can help them determine the transaction fees.
The fee breakdown for the different payment methods is as follows:
- Visa or MasterCard: processing fee of 3.5%+€0.13, withdrawal fees is 1.5%
- Bank transfer: processing fee of €4, withdrawal fees 1%
- Money transfer: processing fee of 0.0002BTC, withdrawal fees is 1%
- Qiwi: processing fee of 4%, withdrawal fees is 1.5%
What are the special features of 247exchange?
Cryptocurrency buyers at 247exchange can use the instant credit/debit card payment option. Using this feature not only reduces transaction time at the exchange, but it allows a buyer to get the coins at great prices if timed well.
Is The 247exchange Safe?
If you are about to transact using 247exchange for the first time, the most obvious question is whether or not the exchange is safe. The 247exchange is safe for buying or selling of digital currency.
Since establishment in 2014, the 247exchage has been providing a platform that allows the purchase and sales of digital currencies from supported regions across the world. Not only has this led to the flourishing of its community, but has increased the number of transactions made on the platform.
Security is paramount to every coin owner willing to sell at the 247exchange, buyers at the exchange also need an assurance that the platform is secure. In line with its client’s expectations, the 247exchange uses valid SSL certificates and the HTTPS (secure hypertext transfer protocol) on their website.
When transacting at any exchange, issues may arise. At some point, a payment method may be declined. Having this in mind, 247exchange has invested in a client support system that is readily accessible, fast and reliable. Other than live chat, you can reach 247exchange’s support via email or by phoning them.
If you are searching for a coin exchange that prioritizes client experience by guaranteeing fast transactions, then having an account at 247exchange is necessary. The exchange is currently one of the fastest transaction processing exchanges.
How to use 247exchange?
- Open an account at the 247exchange. The process is fast and straightforward. You will need to provide verification documents so that you are not affected by the $300 limit imposed on accounts not verified.
- Log into your account. The logging in button is available at the top right corner of your display.
- Create an order (if you wish to sell).
- Add a payment method. It is here that 247exchange users can add the payment option they intend to use at the exchange. Only supported payment options can be used.
- Select the coin you want to purchase. You can choose the type of crypto you want to buy at the exchange before proceeding to make payments. By default, the cryptocurrency selection is at bitcoins.
- Make your payment.
- A deduction is made on your payment option after a successful purchase of coins. If your funds have been deducted, you can confirm if your account has been credited with the coins you were buying. Purchased coins should reflect almost immediately since 247exchanges are fast.
247exchange review summary
247exchange is currently one of the best coin exchanges on the market. The pros of using 247exchange include;
- High security
- Fast transaction processing speeds
Buyers and sellers using the 247exchange to acquire cryptos or sell them benefit from excellent service as shown above. The only disadvantage of using the 247exchange is the lack of support for e-wallets despite being easily accessible and cheaper when compared to credit and debit cards.
Both expert and novice coin traders can benefit immensely from using 247exchange’s services. Not only is the exchange one of the best in the world, but they guarantee secure and fast transactions. High-rollers and individuals in need of an exchange to make small purchases or sales of cryptocurrencies can use the services of 247exchange.
Thank you for reading this article we hope it was useful to you.
Make sure to check out our website and learn more about other exchange platforms, cryptocurrencies, mining and a lot more.