247EXCHANGE Review 2019
247Exchange is an online service which is owned and operated by InterMoney Exchange, a Belize-based company. Even though this company started operations in 2014, the exchange business of this company is still in test mode and was only just launched in February 2018. The exchange allows users to exchange their fiat currency for Bitcoin and some specific altcoins, so as to facilitate exchange trading and other crypto-specific uses.
Specifically speaking, 247Exchange offers as one of its fiat currency exchange methods, the ability to use a credit or debit card to purchase cryptocurrency at the existing rates on the exchange. This helps many users bypass the banking restrictions on bank-crypto exchange transactions that are currently in place in the US and some other countries.
- Trading Platforms
- Trading Instruments
- Account Types
- Commissions and Spreads
- Deposits and Withdrawals Options
- Bonus and Promotions
- Customer Support
- Pros and Cons
Most cryptocurrency exchanges in the market today are unregulated, as the industry itself is not under central regulatory control. Therefore, 247Exchange is not regulated or licensed in any jurisdiction.
It is presently difficult to assess the reliability of this platform. Their exchange services are still in test mode and so it is difficult to indicate how reliable the platform is at the moment.
Users of the 247Exchange service can expect to do business using the following platforms:
247Exchange Web Platform
247Exchange offers users a very simple web interface to use to send and receive cryptocurrencies using fiat money. All the user has to do is to enter the details that are required in the interface (shown below).
Since the user is basically just buying cryptocurrencies with cash, or exchanging cryptos for cash, there is no need to have trading tools for analysis. There are no interactive charts, so there is no way of confirming if prices are being offered at a premium. This may be a disadvantage if you want to get value for every dime of yours.
Albeit, the platform and website are easy to navigate and will pose no usage problems for a beginner with even the most basic computer skills.
247Exchange Mobile Platform
247Exchange does not offer a mobile app. However, the web interface has been optimized for use on mobile devices. It is therefore expected that anyone can still transact on a smartphone or tablet device with the same ease as is done on the web interface.
247Exchange allows users to buy the following cryptocurrencies using five different fiat currencies:
- Bitcoin Cash
The fiat currencies that can be used for these exchanges are:
- US Dollar
- Canadian Dollar
- British Pounds
All users of 247Exchange are given the same account type, irrespective of the volume of their transactions.
Commissions and Spreads
The fee structure on 247Exchange is done in such a way that the fees are built into the exchange prices. Usually, the fee will be shown below your main order (see snapshot above). Typically, the two fees charged by 247Exchange are:
- Processing fee, which is variable.
- A service fee, which is charged by 247Exchange for rendering the service and is fixed at 2% of the transaction amount.
Deposits and Withdrawals Options
Deposits and withdrawals on 247Exchange can be performed in several cryptocurrencies and five fiat currencies. Deposit and withdrawal options available on 247Exchange include the following:
- Credit/debit card: Cards accepted are those of VISA, MasterCard, American Express, Maestro and China UnionPay. Deposits are instantly processed while withdrawals take 1-3days for the trader to receive funds. Transaction limits are as displayed in the snapshot below:
- Instant Money Transfers
- Bank Wire Transfer (SWIFT and SEPA)
- Cash Deposits
- Local Bank Transfer(certain countries only)
- Prepaid Vouchers/Cards
Bonus and Promotions
247Exchange offers periodic bonuses and promotional offerings. However, these change with each promo period and is indicated by the company when provided.
247Exchange features only social media channels for users and prospects to interact with the company. The following support channels for its operations:
- An online support page which provides answers to the commonly asked questions.
- Facebook Group: facebook.com/groups/247exchange
- Twitter: www.twitter.com/247exchange_com
Pros and Cons
- No registration procedures are required to start exchanging digital currencies with fiat money.
- The first card order can be done with no ID verification.
- Service is offered risk-free without holding onto clients’ funds
- Crypto purchase transactions are guaranteed for instant delivery.
- Low fees.
- Local payment options in 110+ countries!
- All major credit/debit cards accepted, with more than 500,000 locations to pay with cash worldwide!
- The exchange is unregulated.
- There is very little information about the security protocols put in place for the protection of user funds.
Here are some of the most common questions that users and prospects ask about 247Exchange.
Is 247Exchange regulated?
No. 247Exchange is not a regulated cryptocurrency exchange.
Where is 247Exchange based?
247Exchange is based out of Belize.
How does 247Exchange make money?
247Exchange charges services fees as well as fees for processing transactions.
How do I deposit in 247Exchangeaccount?
247Exchange accepts cryptocurrency and fiat money deposits in multiple currencies.
How do I withdraw money from 247Exchange?
For those exchange cryptos for cash, withdrawal of funds from 247Exchange is performed using local and international bank wire methods, credit/debit cards as well as in cryptocurrencies (for those who are buying cryptos with cash).
How do I open an account with 247Exchange?
Opening an account with 247Exchange is easy. The user simply provides an email address and password to create an account. Submission of identity documents is a requirement to perform large-scale transactions, as well as to conduct deposits and withdrawals.
Is 247Exchange reliable?
The reliability of the 247Exchange cannot be assessed for now as the exchange is still very new.
Is 247Exchange a scam?
No. 247Exchange cannot be described as a scam as there are no scam reports and the company’s exchange operations have only just commenced.
How safe is 247Exchange?
247Exchange is only as safe as the technology put in place to protect users’ funds. Presently, the safety status of 247Exchange cannot be assessed as there is little information about what security protocols are in place for user protection and sanctity of transactions on the site.
Being able to exchange cash for cryptocurrencies and vice versa is a challenge many cryptocurrency traders presently have. 247Exchange’s service is supposed to take care of these issues. However, the company has only just commenced its exchange business and so there is really no history or track records that can be used to assess how good or bad the company’s service is. Perhaps by the end of 2018, there would have been enough business volume with which the company can be judged. So traders should exercise caution when dealing with 247Exchange.
- Cape Verde
- Sri Lanka
- United Kingdom
- Solomon Islands
- Trinidad and Tobago
- Burkina Faso
- Russian Federation
- Saint Lucia
- South Sudan
- Virgin Islands, British
- South Korea
- Saint Kitts and Nevis
- Saint Vincent and the Grenadines
- Vatican City
- Papua New Guinea
- Cote d'Ivoire
- Dominican Republic
- Bosnia and Herzegovina
- Equatorial Guinea
- Hong Kong
- Sierra Leone
- Saudi Arabia
- Cayman Islands
- Sao Tome and Principe
- Czech Republic
- United Arab Emirates
- North Korea
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- Central African Republic
- San Marino
- Costa Rica
- El Salvador
- South Africa
- Isle of Man