247Exchange is an internationally accredited Bitcoin and Altcoin trading platform. It has been operational since 2014. 247Exchange operates under InterMoney Exchange Group of Companies (IME). IME and subsequently 247Exchange was founded and is still owned by Anton Vereshchagin.
Initially, Anton Vereshchagin, a Russian native, wanted to create a cryptocurrency trading platform for the Russian market. Nonetheless, market regulations and restrictions forced him to change strategy and focus on other markets.
247Exchange focuses on providing an easy and secure way for Bitcoin traders to buy, sell and exchange bitcoins and altcoins. It offers a large variety of digital options including Bitcoin, Litecoin, Peercoin, and Namecoin. Users can purchase virtual currency by credit card, debit card, wire transfer, or money transfer.
Perhaps the best feature about 247Exchange is the absence of an inbuilt wallet. Other virtual currency trading platforms provide an escrow where money is held for a few hours or days as the transaction is processed.
On 247Exchange, the transactions are straightforward and instant. This way, users get to choose their own wallets depending on preference.
Users love the interface because it’s simple to navigate. The fees and exchange rates are displayed so the users know how much to pay beforehand.
The 247Exchange customer support is available 24/7. Their customer service is outstanding and users find them quick and responsive to their issues. 247Exchange is available in 130 countries including their latest addition, Canada. However, they are still awaiting proper documentation to operate in the USA.
YouTube Review of 247Exchange.com
Do I Recommend 247Exchange?
Yes, I do. 247Exchange is a legitimate cryptocurrency trading platform that has been in operation since 2014. Although it experienced a bit of negative publicity due to teething problems throughout 2015 and part of 2016, operations have been streamlined.
247Exchange ushered smooth and fast transactions for bitcoin merchants and reviews have greatly improved since. If you are looking for a platform to trade cryptocurrency with instant results, 247Exchange is the place to be.
How to use 247Exchange
Here is a step by step guide on how to use 247Exchange
- Go to the site at 247exchange.com
- On the homepage, create your order from the order window located on the right.
- Once you complete filling the details required, click on “Order and Pay”.
- A new page will be generated that will require more personal details. Fill in the details and click on the “Make Order” button.
- A link with a password will be sent to your email. This means you are automatically registered on the site. Use the password and your email to sign into the 247Exchange site.
- Now that you’re a member, click on “Orders” and then “Details” to view your order.
- Confirm all the details therein to make sure there are no glitches and then complete your order by clicking on “Sent”, “Complete Order”, or “Submit” button at the bottom of the page.
- You are done. Wait for the confirmation email that states that your order is completed.
If you intend to be a regular client on 247Exchange, you are advised to register as a verified member. Verification takes minutes to hours to complete but it will save you lots of time on your subsequent transactions.
Account Verification on 247Exchange
- Sign into your 247Exchange account and go to “Overview”
- Under “Overview” click on “Our Verification Rules” and after reading the instructions, click on “Verify All”.
- Upload all the required documents and submit them.
- Wait for the verification team to complete verifying your documents. This takes anywhere from minutes to hours depending on various factors.
- You will receive an email confirming your verification. Afterwards, you can transact easily without ever going through the verification process again.
Payment Method Supported by 247Exchange
247Exchange supports a wide variety of payment options including:
- Credit/Debit Cards (Visa, Visa Electron, Master card, and Maestro)
- Instant Cash Transfer
- Bank Wire Transfer (international SWIFT transfer and SEPA)
- Local Bank transfers or Direct Cash Deposits to any of the supported banks
- Prepaid Vouchers.
The different Fiat currencies you can use to buy virtual currency include USD, EUR, GBP, AUS, and ZAD. If your local currency is not on the list, you have to convert it to any one of the supported currencies.
247Exchange offers transactions for the following cryptocurrency; Bitcoin, Namecoin, Litecoin, and Peercoin.
Fees Structure Charge on 247Exchange
The fee structure charge on 247Exchange is dependent on the location and nature of your transaction. This means that different fees are charged for different geographical locations and on the basis of whether you are buying, selling or exchanging virtual currency.
There is a fees calculator that indicates the amount you will be charged for your transaction.
Customer Support on 247Exchange
Even though internet reviews regarding 247Exchange customer support have been plagued with numerous complains in the past, things are beginning to look up.
The new interface launched in late 2017 came with a new overhaul of customer support. Users are now reporting fast and efficient customer support with very few exceptions.
Popular bitcoin forums where customers post their grievances now receive timely responses from the 247Exchange support team. Responses to questions relating to delayed transactions or verifications are comprehensive.
Starting in 2017 after the relaunch of the site, there are mostly positive reviews save for the few complaints about the tedious verification process.
The FAQ section of 247Exchange is well detailed with useful “How To” articles for beginners.
Online Opinion or Public Opinion of 247Exchange
247Exchange is still a powerful player in the cryptocurrency trade market. There was a bit of panic when the site went offline for some time in 2017. However, with the new improvements on the interface and opening trade to Canada, 247Exchange is here to stay.
In comparison to other virtual currency platforms like Coinmama, Indacoin, CEX.IO, BitPanda, Paxful, and Coinbase among others, 247Exchange is competitively priced. Users like the instant nature of the transactions and the one-off verification process.
Can You Really Make Money on 247Exchange?
Yes, you can. 247Exchange is a legitimate altcoin trading platform. As long as you know the intricacies of trading using bitcoins and other virtual currencies, you will make your dues. You need, of course, to exercise caution while trading as you would on any other site. After all, scam artists can be found on any site.
What I like about 247Exchange
- It is available in 130 countries with over 500,000 transaction outlets worldwide.
- You can choose from a variety of payment options.
- All the major world currencies are represented.
- Transactions are instant. No holding your money or inbuilt wallet.
- Fees are competitive.
- You can calculate and determine your transaction and processing fees beforehand.
Issues with 247Exchange
- Not available in the USA.
- The system is not 100% streamlined.
- The verification process is a hustle.
Who is 247Exchange for?
247Exchange is for anyone who is interested in cryptocurrency. The simple user interface means even beginners can find their way around.
While most of the other sites don’t offer the option of exchanging one virtual currency for another, this feature is available on 247Exchange. Users can buy, sell and exchange Bitcoins, Peercoins, Namecoins, or Litecoins.
Alternatives to 247Exchange
Other similar sites offering the same services as 247Exchange include Indacoin, Coinbase, HitBTC, Coinmama, Bit2Me, LocalBitcoins, Paxful, CEX.IO, VirWox, and Coinhouse just to mention a few.
My Final Opinion of 247Exchange
247Exchange is as great a trading platform as any of the others in the market. Seeing that trading in cryptocurrency is still in its infancy, we are impressed with the effort 247Exchange has put in trying to better their platform.
In our opinion, if 247Exchange continues with the same spirit of solving their issues head-on, we will no doubt stick with them into the foreseeable future.
247Exchange at a Glance
Owners: InterMoney Exchange Group, Anton Vereshchagin