What is 247exchange?
247exchange is a regulated bitcoin exchange that offers buy, sell and exchange services to clients all over the world. The platform streamlines the payment process so that users can purchase cryptocurrency in their local fiat currency.
Whether by credit card, instant money order or cash deposit, 247exchange opens many doors to buying bitcoin, Litecoin and other altcoins.
What cryptocurrencies can I exchange?
The platform works with some of the world’s leading fiat currencies, including the following:
- Australian dollar
- US dollar
- British pound
- Canadian dollar
- New Zealand dollar
- Japanese yen
- Swedish krona
- Norwegian krone
- Turkish lira
In terms of cryptocurrencies, 247exchange offers trading in:
247exchange is available in more than 110 countries, including India.
Which payment methods are accepted?
247exchange accepts a variety of payment methods for purchasing cryptocurrency, including:
- Credit/debit cards (VISA, Mastercard)
- Instant money transfer
- Transfer within the Single Euro Payments Area (SEPA)
- Prepaid vouchers
- Cash deposits
The company claims to offer cash deposits at 500,000 locations worldwide.
Transaction fees and charges
Service fees vary based on location, payment method and whether you are buying, selling or exchanging cryptocurrency. The site comes equipped with a calculator that can help you understand the fee structure.
The company says that only a 1% fee is applied to “urgent cash transfers.”
247exchange calculates exchange rates based on market rates, which are updated every few seconds.
How fast will my funds be available?
The speed with which transactions are completed depends on the payment and transfer methods used. For example, local bank transfers are usually instant, according to the official website. International wire transfers are typically the slowest.
If you want to buy bitcoin for cash, instant money transfers are the quickest option.
To learn more about transfer times, it’s highly recommended that you read this 247exchange Knowledgebase article to compare different payment methods.
Are there any transfer limits?
Daily cash limits are user-specific, which means the most trusted clients have the highest limits.
Back in 2015, the exchange raised its credit card purchasing limits to enable users to buy more cryptocurrency. It also upped the speed at which the limit is raised to just one day.
The following credit/debit card limits have been published on the 247exchange website:
|First transaction||+15 days*||+15 days*||+30 days*||+30 days*||+30 days*||+30 days*|
|Daily (24 hr)||US$100||US$150||US$250||US$350||US$500||US$1,000||US$3,000|
*Calculated from the time you reach each preceding limit level.
Is 247exchange legitimate?
Although 247exchange is generally considered safe to use, the service appears to have stopped functioning in October 2016 due to “banking problems”. However, its migration to a new site seems to have resulted in all services being restored by the start of 2018.
The exchange also collects user information, such as photo ID, but follows stringent regulatory guidelines for safeguarding consumer information.
Customer support is accessible through a customised ticket feature at help.247exchange.com. It’s here that you can submit an inquiry to the support department, risk management department, technical department or administration.
When the website is online, it also offers live support that enables you to chat in real-time with one of the support staff.
There is also a limited FAQ section that might answer some of your questions.
Pros and cons
- Local pay options in more than 110 countries
- Supports altcoins
- Low fees and regular promotions
- User experience reported as needing further refinement in 2017
- Negative reviews of the old platform before re-launch in 2018
- The service was temporarily offline in the fall of 2017, due to banking issues
- Complaints of missing information on the original website, which made it difficult to make informed decision about the service, although the new site might resolve those complaints
It’s advisable to check out the new website, launched at the start of 2018, to make sure that it provides the information and functionality that you need.
Frequently asked questions
Image source: 247exchange