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BitSeven Review 2020 – Pros & Cons Of Trading on Bitseven.com
- Easy deposits in BTC
- Excellent level of leverage
- Fair trading fees
- No deposit fees
- User-friendly interface
- Available worldwide
- Simultaneous take profit and stop orders
- Simultaneous long and short positions
- Referral links
- No fiat money deposits
- No mobile application
- Not regulated
- Few cryptocurrencies available
- Only perpetual contracts
- Few support contact options
What is BitSeven?
BitSeven is an exchange company with a cryptocurrency trading platform that allows its users to position leveraged orders and make profit from price variations. BitSeven has a friendly interface and has very simple deposit and withdrawal mechanisms, as well as the process to enter orders to the market. The BitSeven markets are highly liquid and the company works to ensure that the products available live up to the expectations of users, in order to provide the best service at excellent rates.
BitSeven’s headquarters are located in Zurich (Switzerland), Belize City, Belize (Central America) and Tsim Sha Tsui (Hong Kong), from where they manage the main operations of the exchange and the team works. This exchange company was created in March 2017 by developer Malik Amurlayev, who along with his team would make BitSeven one of the most popular crypto trading platforms on the market. You can take a look at Malik’s experience and trajectory in his Linkedin Profile.
BitSeven’s services are available globally as the platform is not dedicated to a particular region. However – and although they do not accept fiat transactions – the trading pairs are made up of the available cryptocurrencies and the USD, focusing on said market.
BitSeven’s platform is available in English, Spanish, Portuguese, German, Italian, Arabic, Dutch, French, Chinese, Turkish, Polish, Czech and Japanese. Users can select the language of their preference in the tab located in the upper right corner of the platform, which will be identified with a flag.
Is BitSeven banned in any Countries?
Until now, BitSeven has not ruled on banning its service in any specific country, although in the past it had to ban US residents from the platform for a while (apparently they can use it again). However, it is possible that some countries have regulations and/or laws that limit the population’s access to trading platforms like this one, in which case obviously users should not/could not access the service.
This scenario could be common in countries with strict limitations on financial services through the Internet, as in the case of North Korea.
Verification and KYC
BitSeven is not a regulated cryptocurrency exchange, so it does not require its users to verify their accounts with Know Your Customer (KYC) procedures in order to start operating in the market. In fact, this platform has very few restrictions regarding its service, so many users who simply prefer to trade anonymously and directly prefer to register with BitSeven and not other companies.
All you need to do to trade with BitSeven is create an account with your email (which you must confirm), a password and deposit the amount you want. Withdrawals are just as practical and fast as deposits, so sending your earnings to another wallet is a piece of cake.
BitSeven does not support any fiat currencies on its trading platform, as it only allows deposits and withdrawals through Bitcoin. Although it may not be very convenient for those who can only deposit money through fiat currencies, it is much easier and faster because it takes effect as soon as the block confirmation is completed, a process that takes a maximum of one hour.
Knowing that many people expect to deposit in fiat, the platform refers these potential users to other exchange companies that accept this type of deposit, as in the case of Kraken, Upbit, Gemini, Bithumb, etc…
The withdrawal limit from the BitSeven platform is 10 BTC, while the minimum withdrawal is 0.001 BTC. For deposits, you can deposit the amount you want, the minimum deposit being 0.001 BTC.
Cryptocurrencies on BitSeven
As mentioned above, only Bitcoin deposits and withdrawals are supported. So far, no support for new cryptocurrencies or fiat currencies has been added on the platform.
BitSeven has only 4 cryptocurrencies for leveraged trading, among which are Bitcoin, Ethereum, Ripple and Litecoin. The platform shows the trading pairs as follows:
BTC/USD, ETH/USD, XRP/USD and LTC/USD.
BitSeven focuses on trading 4 of the most recognized cryptocurrencies in the crypto ecosystem against the United States Dollar (USD), one of the most quoted fiat currencies in the international currency market. It should be noted that BitSeven is not a Spot market, which means that it does not allow its users to directly buy the cryptocurrencies with which they operate, but rather CDFs whose value is proportional to that of the underlying asset.
BitSeven only operates with perpetual contracts between the mentioned cryptocurrencies and the USD. Unlike other trading platforms, it does not offer traditional futures. However, you can exchange cryptocurrencies through instant swaps in order to trade them. For example, if you only have BTC and want to do a ETH/USD trade, you can turn your BTC into ETH tokens to do so.
BitSeven Leverage Trading
BitSeven allows leveraged trading on all of its pairs, ranging from 1x to 100x, although not all pairs have the same level of leverage.
- BTC/USD trades can be leveraged up to 100x.
- ETH/USD trades can be leveraged up to 50x.
- LTC/USD trades can be leveraged up to 40x.
- XRP/USD trades can be leveraged up to 30x.
BitSeven’s fee structure works based on the leverage chosen for the trade. In the case of Bitcoin, a 1:1 leveraged trade will have a commission of 0.075%. For Ethereum, each 1:1 leveraged trade will be charged with 0.151% commission. Litecoin trades with 1:1 leverage will have 0.193% commission and XRP trades 0.195% (this being the highest). These fees are charged for both sell orders and buy orders without exception.
No Position Funding Fees
BitSeven has not established a system for rebates or funding fees so far. Its mechanism only deducts the fees established by the exchange for each trade carried out.
Ease of Use & Interface
One of the reasons BitSeven is so popular despite not having as much cryptocurrency available and variety in its futures contracts is how easy it is to use. This platform could be used for beginner users, as long as they understand the concept of trading, CDFs and what it means to position long and short trades.
At first glance, the platform looks like a menu with giant letters that make it impossible for someone to get lost inside the interface. Users will be able to see different options such as Leveraged Trading, Account, FAQ, Rules and Customer Service at the top of the menu. To review the markets and place orders, traders should go to the “Leveraged Trading” section.
Everything you want to search within the exchange will be easy to find, including questions about policies and trading fees (which are very well explained). Furthermore, both registration and login are almost instantaneous, thus encouraging anyone interested in trading cryptocurrencies to create an account.
Does BitSeven have an API?
BitSeven is in fact integrable with APIs, if the user desires it. This tool can be used to automate some trading functions and increase the security level when logging in. Most exchange companies enable the use of API Keys for their platforms because of how useful they can be.
BitSeven Customer Support
BitSeven’s customer service is not the most varied, since it only allows users to communicate and express their doubts to the technical team through questions that must be written in a specific section of the platforms (these questions will be listed). Unlike other exchange companies, BitSeven does not have an instant chat service (like Binance’s) where you can communicate with different operators.
Despite the fact that this customer service is not the most sophisticated if it has shown to be aware of and aware of user requests, answering questions and resolving concerns at appropriate times. You won’t have to wait long to receive a response from the BitSeven team, unless your request needs confirmation or the system is saturated with other requests.
BitSeven User Experience
As in all cryptocurrency exchange companies and trading platforms, some users will file complaints regarding the service and on many occasions, they will claim that it is a scam even though it is not really the case.
BitSeven is an example of these cases and has been the subject of accusations on the web about alleged scams and bad policies. However, it is also true that BitSeven has suffered from technical and security problems in the past, so there are reports about problems users have had to deposit funds and register new users.
To read about this particular case, click here: https://justpaste.it/bitseven
In addition, some websites on the Internet describe it as an “offshore” exchange, which take advantage of its regulatory advantages to benefit more than it should from its users. These types of accusations are usually very common among unregulated trading platforms that do not request KYC procedures.
“BitSeven is not a safe place to place your money”
It should also be noted that there are multiple positive reviews about BitSeven, and it is that not all users have bad experiences within this exchange. The vast majority manage to deposit their funds, place orders in the market and withdraw their profits are further inconveniences.
So far, there are no real cases of BitSeven keeping users’ funds, abusing the trading fees it sets or prohibiting traders from withdrawing their own capital and profits.
Some positive reviews about BitSeven on the Internet:
After an exhaustive online search, there are multiple warnings in cryptocurrency forums about the BitSeven exchange for its unregulated status, which somewhat compromises the image and reputation of the exchange at a legal level. It is not a 100% secure exchange no matter how well it works, unlike options like Gemini, Kraken and Coinbase that even if they wanted to, it would not be so easy for them to commit fraud or violate manipulating their policies at their convenience.
BitSeven works with Google 2FA, which is a mechanism that was created to verify the identity of the user who is trying to log in after entering the email and password, which is essential for accounts in exchange companies if we consider that someone can steal your password and email address. In addition, it also offers two-step authentication using Twilio or a U2F security key.
The platform’s security system is Linux and is made up of secure and updated servers that maintain high levels of security on the platform. Every day the exchange makes a backup copy of the databases, which is compressed into a file and saved in case of any eventuality.
In addition, the funds are kept in a cold wallet except for 0.5%, which are kept in hot wallets (online wallet). Cold wallets keep all tokens out of the reach of cyber attackers because they do not have access to them through the internet.
BitSeven does not send SMS/Email alerts, nor does it support PGP encrypted mails.
What is special about BitSeven?
BitSeven is a combination of many positive features in cryptocurrency trading. The leverage system is perfect for the cryptocurrencies it offers and it chose the most traded fiat currency of all to pair it with Bitcoin, Ethereum, Litecoin and Ripple in its perpetual contracts.
The fact that you can deposit funds through a single BTC transaction and that you can position trades right after without KYC requirements may not be to the liking of some, but it surely saves time and patience for many traders who want to experience a simple service and are focused solely on making a profit.
BitSeven also has a referral system, which will give a 10% discount on fees to all those who register on the platform through these links. This is just as convenient for the referrer as it is for the referred users, making the exchange more attractive.
BitSeven Pros and Cons
- Simple deposits in BTC
- Option to earn passive income through referral links
- Excellent level of leverage
- Fair trading fees
- Friendly interface
- No deposit fees
- Available worldwide
- You can set take profit and stop loss simultaneously
- Traders can open long and short orders at the same time
- Fiat deposits are not allowed
- It has no mobile application
- It is not a regulated exchange, so it is not as safe in legal terms
- Very few cryptocurrencies available
- It has only perpetual contracts
- It does not incentivize users with constant promotions like Binance does
- Few communication alternatives with the support team