247 Exchange Review: Is it a Scam or a Legit Exchange to trade in 2018

247 Exchange Review: Everyone is going nuts about the recent price hike in Bitcoins ($15,000 i.e., highest of all the time) which have also attracted millions of users for Bitcoins in the past few months.

Each one of us wants our pie of shares to experience a good deal of return in near future.

If you are a beginner in the world of cryptos then you must be looking for the most reliable exchange platform which is quite easy to use along with cost-efficient fee structure.

Not only this, but you must have some more constant questions thriving in your mind. This must have included:

  • Which is the most reliable exchange platform?
  • Which platform is easy to use?
  • Are they legitimate to use for?
  • What are the services available to customers? and so on.

Analyzing every platform with these dimensions involves a lot of brain working. Right?

Don’t worry because coinscage is available for you to assist you in your process of decision making.

Remember, I talked about BitPanda, Indacoin, and Kraken which are also the popular exchanges that let you buy and sell Bitcoins via credit card, debit card or fiat currencies.

So, today I am going to give you a detailed review of 247 Exchange which is also a platform for cryptocurrencies exchange. Now without any further ado, let us get started.

What is 247 Exchange?

247 exchange

247 Exchange is an exchange which allows you to buy & sell cryptocurrencies with fiat currency as well as convert one crypto to another.

The platform provides a simplified policy of payout process in your own local fiat currency. 247 Exchange was endowed in 2014 and is authorized and regulated in Belize.

Intermoney Exchange, the organization of businesses that runs 247 Exchange, is registered in the US state of Delaware. It’s presently inside the method of obtaining economic licenses in the United States, in which it is going to be capable of enlarging its services to customers in the USA.

247 Exchange has an ambitious vision to turn out to be one of the world’s top instant cryptocurrency exchanges. As an across the world certified monetary institution, the enterprise seems to be moving toward its goal by making bitcoin trading more reachable than ever before.

What are the features of 247 Exchange?

The following are the features of 247 Exchange:

  • It is an exchange platform with operating license.
  • It provides you a transparent fee structure.
  • It supports payout via credit card.
  • It supports different types of altcoins.

Which cryptocurrencies are supported?

The platform works with some of the arena’s main fiat currencies, which includes:

Fiat Currencies:

  • US Dollar (USD)
  • Euro (EUR)
  • British Pound(GBP)
  • Australian Dollar (AUD)
  • Canadian Dollar (CAD)
  • Czech Koruna (CZK)
  • Danish Kron (DKK)
  • New Zealand Dollar (NZD)
  • South African Rand (ZAR)
  • Turkish Lira (TRY)

Also, they are going to add some of the more fiat currencies in the near future. According to me, numerous available for fiat currencies will surely add up to much of the crowd to this platform in upcoming future.

Cryptocurrencies:

  • Bitcoin
  • Litecoin
  • Ethereum
  • Peercoin

Moreover, 247 Exchange does not have any feature to store your cryptocurrencies, hence I would recommend you to get a Hardware wallet like Ledger Nano S or some other Crypto wallet.

What are the Available Countries?

247 exchange is currently available for 110 countries.

If you are European residents then it will be quite easy for you to trade. Currently, 247 Exchange are available in 10 major European countries alone. They are:

Germany, Austria, United Kingdom, Netherlands, Belgium, France, Italy, Spain, Poland.

What are the accepted Payment Methods?

It looks as if 247 Exchange is continuously looking to ease the buying and selling methods of bitcoins through the years. The supported exchange methods are:

  • Debit Card
  • Credit Card or MasterCard
  • SEPA
  • Instant Money Transfer
  • SWIFT Transfer
  • Express Cash Transfer
  • Prepaid Voucher

What is the Fee Structure?

The transaction method with 247 Exchange is cost-efficient in comparison to most of the alternative structures.

The Exchange Rate through 247 Exchange depends on the volume of the amount, currency and country you are making the transaction. They are fluctuating every minute.
So, Inorder to know the exact calculations of the fee then you must visit the official calculator of the site depending on the service you need.

How long does it take to receive your funds?

This question involves two aspects. It depends on which methods you are adopting for buying and selling your cryptocurrencies.

  1. Time is taken to buy bitcoins.
  2. Time is taken to sell bitcoins.

How much time Buying Bitcoins takes place?

  • Credit or Debit Card: Instant
  • SWIFT Transfer: 1-3 business days
  • SEPA:  1-2 business days ( suitable for Europe)
  • Instant Money Transfer: This is one of the fastest and easiest ways to buy Bitcoins without even opening a bank account. The orders are usually completed within 24 hours of the business day.
  • Cash Deposits: This service is not available for all the countries and is most suitable for beginners.
  • Prepaid Vouchers: Instant

How much time Selling Bitcoins takes place?

  • Credit or Debit Card: It takes 1-3 business days.
  • SEPA: it is quite slow varying from 2-4 business days.
  • Instant Money Transfer: Instant collection of cash
  • SWIFT Transfer: It takes 2-3 working days.

In my case, I received my Bitcoins on the 3rd day after depositing Cash on a bank, which was quite a long time.

Customer Support:

If I talk about 247 Exchange in terms of customer service, then it has quite been quite improved over the years. They have been honestly thoughtful in phrases of responding to their users.

It has also great user-interface for user-friendly experience for all the beginners.
In addition,  to all this, you can have a live chat with all the queries you have. You just have to choose the department of your query subject and you are good to go.
They also have a help desk with all the relatable question answer that you might need to know.
You can also contact the customer support desk which is available 24/7.
Their contact details are:
Number:  +44 2070484188

Pros and Cons:

Like every coin has two sides BitPanda has also some great benefits along with some disadvantages.

Pros

  • Local pay options in more than 110 countries.
  • Transparent fee structure.
  • Relatively support more fiat currencies.
  • Available in three different languages.
  • Great user-interface.

Cons 

  • Customer support needs more improvement.
  • Websites became offline for some time due to some technical issue.
  • It takes the longer period to sell the cryptocurrencies.
  • Less support of other altcoins.
  • No supported mobile app

Now after we know about 247 Exchange it is the time to see how to get started with 247 exchange.

How to get started with 247 Exchange?

To get started with 247 Exchange go to their official website and click on ‘REGISTER’.

After you click on the register you will be directed towards the page where you have to fill up your Email and name.

  • You will receive a one-time password for your account which you will need to confirm your given ID.
  • After that, you will be asked to create a new password which you need to write down securely somewhere.

After this process, you will be able to access all the features, buy and sell bitcoins and so on related to this platform.

 Is it safe to use 247 Exchange?

There have always been these types of questions hanging in our mind before we take the final step to use that particular platform.

If I talk about 247 Exchange it has gained a great degree of reputation over time. The security factors include:

  • Built HTTP protocol from end to end Encryption.
  • Anti-laundering policy.

The exchange also collects personal information, which includes Photo ID, but follows stringent regulatory pointers for shielding client facts.

However, you should be aware of the fact that the company went offline in October 2016 due to some banking and technical problem.

Currently, all the services are being migrated to a new platform with an objective to run and restore the platform with all the upgraded features before the first quarter of 2018.

My take on 247 Exchange:

247 Exchange has been through many ups and downs over the last couple of years but at the end it seems they are running quite well now.

Though they were closed for a few months but now they have improved their website look and exchange process.

It supports 101 countries in total with several payments and payout methods that makes it distinct from all another exchange platform. They are well-renowned platform among the European countries as well.

Personally, I have been satisfied with the fee structure which is cost-efficient.

According to me, it needs improvement in following aspects:

  • More reliable detailed information.
  • Two factor- authentication verification.
  • More reliable customer service.
  • They should have a supported mobile app.

So now its your turn to comment below and as I would like to hear your opinion on 247 Exchange. What do you think about 247 exchange?

Till then, read some of our recommended articles:

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