247exchange is an internationally licensed financial platform that accepts most major payment methods for buying and selling cryptocurrency.
247exchange has a lofty vision to become one of the world’s leading cryptocurrency exchanges. As an internationally licensed financial institution, the company appears to be making progress toward its goal by making bitcoin trading more accessible than ever before.
247exchange was founded in 2014 and is approved and regulated in Belize. InterMoney Exchange, the group of companies that runs 247exchange, is registered in the US state of Delaware. It’s currently in the process of obtaining financial licences in the United States, where it will be able to extend its services to clients in America.
That being said, it hasn’t been entirely smooth sailing for 247exchange. In late 2017, the service was down temporarily due to “banking problems,” according to the company’s website. However, it was fully functional at the start of 2018.
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 New Zealand.
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 needs further refinement
- Negative reviews
- The service was temporarily offline in September 2017, due to banking issues
- Lots of missing information on the official website, which makes it difficult to make informed decision about the service
If you’re living in New Zealand, you’ll have to wait before 247exchange becomes available to you. Even then, you should pay extra attention to the site’s status before deciding to open an account.
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.