BitSeven Review

CAUTION: We have reason to believe that BitSeven is an unsafe cryptocurrency exchange. We do not recommend using it. Instead, you should check out our trusted exchange partner; Phemex, which is currently offering a $72 USD welcome bonus to new users who register with this link.

BitSeven is a cryptocurrency trading and exchange platform operating since 2018. It is one of the most advanced exchanges available today that deals with popular cryptocurrencies like Bitcoin, Litecoin, Ripple, and Ethereum. The idea of BitSeven exchange was conceived by an experienced team of software developers, professional traders, and fintech experts.

BitSeven caters to its customers’ needs by providing them with appropriate fund protection measures and enabling the trader’s success. It is done by improving trading terms for their customers in a safe and secure environment

In the last two years, BitSeven exchange has proved that it is one of the premium cryptocurrency trading platforms with its exceptional customer support and amazing features. Their primary focus is on delivering quality services to their customers and surpassing expectations.

BitSeven is striving towards becoming the leading cryptocurrency trading company. They are using advanced blockchain technology, which features real-time clearing as well as advanced matching algorithms to simplify the trading experience and remove any obstacles in cryptocurrency trading. 

Company

BitSeven was launched in 2018 and has been able to become one of the most advanced cryptocurrency trading platforms in such a short span of time. The company is registered in the name of BitSeven Global Trading Limited. Its offices are located in Hong Kong, Belize City, and Zurich in Switzerland. 

The company was a collaboration project of FinTech experts, software developers, and crypto traders. However, their founding and core team are not listed publicly. The company maintains its privacy and has not declared its number of users officially. Their YouTube channel states that the platform has reached over 1,270,000 satisfied customers from all over the world. 

A testament to BitSeven’s global operations is that this platform is available in 20 languages. It has also been translated to less common languages like Czech, Turkish and Polish. The company’s values are based on respect, dedication, and commitment to succeed in its endeavor to provide convenient solutions to cryptocurrency traders around the globe.

Currently, the platform supports four major cryptocurrencies and allows leveraged trading of up to 100x. The exchange is also equipped with a smooth and easy to use interface which can be essentially useful for any newcomers who have not traded before. The platform simplifies the trading process for crypto enthusiasts around the world who want to maintain their privacy while earning tremendous profits.

Features

BitSeven has been offering several unique and powerful features on its platform. The company has tried to make the trading process smoother and more lucrative for cryptocurrency traders. 

One of the most distinctive features of the exchange is its processing speed. BitSeven provides a multi-platform support system where users can easily access the platform from their web browsers. There is no requirement for installing additional software or programs to access the site. The exchange has a robust web-based platform that allows traders to operate across all systems and devices, quickly and safely.

BitSeven provides leveraged trading to its users. Traders can take advantage of this feature and obtain high profits on small investments. Leveraged trading can be utilized as a hedge against the risk of losing your investment when the price of the digital assets is diminishing. 

This allows traders to turn a profit regardless of the price movement of the cryptocurrency. 

The BitSeven platform provides leverage as high as 100x based on the asset traded. It offers 30x leverage on Ripple, 40x on Litecoin, 50x on Ethereum, and 100x on Bitcoin. These are amongst the highest leverage amount that traders can get on the cryptocurrency trading industry. 

Another critical feature of BitSeven is that it provides lightning-fast order execution speeds. This, in turn, ensures swift and timely transactions within the system. Their order processing speeds is one of the best amongst all other crypto exchanges available today. Moreover, the exchange has an up time of almost 100%, which is especially crucial for traders due to the high market volatility of digital currencies. They could lose profits if they experience down time. Hence, BitSeven provides traders with this facility so that they can capitalize on their profits without worrying about down time. 

BitSeven uses an index to quote prices. The BitSeven Index is formed by using the weighted average price quotations available on Bitfinex, Poloniex, and Binance exchanges. If these exchanges are unable to provide price quotations due to any reason, then BitSeven can change their source according to their own discretion. 

The platform provides worldwide coverage, and 99% of countries have access to the platform’s services. Moreover, it allows traders to take a bi-directional position. For example, users can hold a down position while holding an up position as well. The exchange is also regularly maintained to continue its high-quality services. Maintenance checks are performed from 11 am to 11:30 am UTC at the end of every month. 

Fees

The platform has a comprehensively defined fee structure in place. It is transparent and clear to even novice crypto traders. All deposits made by the users are free of any charge. No deposit fee is levied by the platform. However, withdrawals are charged a minimal fee of 0.001 BTC per withdrawal. This fee is on the lower end of the spectrum and is also called the network fees. 

BitSeven also charges a flat fee of 0.19% for cryptocurrency swaps. For example, bitcoin can be exchanged for Litecoin or Ripple, etc. This flat fee is charged on every exchange made by the users. 

Trading fees are also set by the platform, which is based on the underlying digital asset, i.e., Bitcoin, Ripple, Ethereum, or Litecoin. This fee is also applied to the amount of leverage that users have decided on. This fee is charged when a purchase or a sale has been made. The amount of this fee is equal to the factor multiplied by the leverage amount. 

For 1x leverage, the trading fee charged on Bitcoin is 0.075%, 0.151% is charged on Ethereum, 0.193% is charged on Litecoin, and 0.195% on Ripple. BitSeven’s fee structure is very close to the industry average. 

Verification: Is KYC required?

Registering on the platform is a very simple and easy process. There is no need for Know Your Customer verification on the platform. Traders can register using just their names, emails, and phone numbers. No official documents like proof of residence and ID cards are required to trade on the website. 

BitSeven has made this process very convenient. Users can log on to the platform and make trades anonymously. The platform is dedicated to protecting user funds and any personal information collected. 

One of the most beneficial features of the platform is that users can avoid the hassle of long and taxing verification processes and get to trading instantly. 

Countries

The platform is supported all over the world. There are no such restrictions on any country. However, if residents of a country are prohibited by their county’s law to engage in cryptocurrency trade, those people should not be using the platform. It could be considered illegal. The platform is available for use in 20 languages, including English, Turkish, Chinese, Czech, and Dutch, etc. 

Deposit & Withdrawal

BitSeven has a convenient and straightforward process of depositing and withdrawing funds to and from the platform. To start trading, users will first have to deposit some funds into their accounts. To do so, the following steps should be taken:

  1. Log on to the website and go to the “Account” page. You will be provided with a Bitcoin deposit address.
  2. Copy this address or scan the QR code.
  3. Paste it in your bitcoin or third-party wallet in order to direct your funds.
  4. Click on “Confirm.”
  5. You can find your deposit history in the “Details” section.

The amount you enter will be credited to your BitSeven account. It is important to note that the platform only accepts deposits made in Bitcoin. No other currency is accepted. Moreover, the minimum deposit limit is 0.001 BTC. The process can take about 10 to 30 minutes to be completed. This time is usually due to the congestion in the Blockchain network being used to process the transaction. 

If users want to use any other cryptocurrency to make a deposit, they will first have to convert it into Bitcoin. This can be done by the crypto exchange provided by the platform. 

The withdrawal process is also pretty simple and can be done by following these easy steps:

  1. Log on to the BitSeven website and go to the “Account” page.
  2. Click on the “Withdraw” option in the menu.
  3. Enter the data required. You will need to input the destination address for your withdrawal. This has to be another bitcoin wallet where the BTC is to be withdrawn.
  4. Type the desired amount of bitcoin that you want to withdraw. This amount should not exceed the balance available to you.
  5. The amount to be received will be displayed after deducting the withdrawal fee. This amount will be sent to the destination address you have entered.
  6. If you have enabled Google’s two-factor authenticator, you will have to provide the 6-digit code in order to authenticate your withdrawal request. 
  7. Click on “Withdraw” to complete the process. 
  8. A confirmation email will be sent to your email id. Click on the link provided in the email to confirm the withdrawal request.

The process is completed. Note that users can only make withdrawals in Bitcoin, and the fee charged on every transaction is 0.001 BTC. This process can take from 30 minutes to 24 hours, which depends on the blockchain traffic. 

Account: Register & Login

The platform has a pretty simple method to register for a new account. No cumbersome verification processes are required to start trading. For registering for a new account, you will have to follow these steps:

  1. Log on to the website and click on the “Sign Up” button on the homepage.
  2. Enter your full name, phone number, email address, and password.
  3. Check the “I am not a robot” box.
  4. Read the terms of service and check the Agree box.
  5. Click on “Sign Up.”
  6. It is also recommended to activate Google’s two-factor authenticator to provide additional security to your account and prevent any unauthorized access. 
  7. A confirmation email will be sent to the email id provided. Access that email and click on the confirmation link to verify your email address.

This completes the registration process, and users can now start making deposits and placing orders on the BitSeven platform. 

There are specific guidelines that should be followed by all users. You must ensure that you are registering for an account using your real name and phone number. Multiple accounts are not allowed. If the platform’s system identifies any misuse or wrong information provided, you will be blocked by the system

After you have successfully registered for an account, you can now log in to the platform.

To log in, users must enter their email address and password and click on the “Log In” button. They will not be able to access their profiles and are free to make deposits. 

Safety & Security

BitSeven has ensured some rigid security policies to make its platform foolproof for all its users. The company states that its main priority is to secure all funds and personal information of its customers. The security team is continuously engaged in improving its security protocols and reinforcing auditing processes to ensure transparency. The IT infrastructure has been well equipped to prevent any attacks from the outside.

The accounts of all users are heavily protected, and the platform offers some optional security measures for them as well. They can be activated by the users themselves, depending on what level of security is required. 

One such measure is two-factor authentication, which adds an extra protective layer to the customer’s accounts and protects sensitive information. It is used to generate API keys and when users want to withdraw their money. The 2FA ensures that no one else can submit a request for withdrawal apart from the user. 

Similarly, the Universal 2nd Factor authentication standard is also offered by the platform. It provides users with a physical security key. BitSeven also uses some advanced verification tools to ensure the authenticity and integrity of their customers’ accounts. 

All login data is saved by the system and is analyzed to detect any suspicious activity. Moreover, the intelligent system can also detect IP address changes and alert the authorities, which can prevent any session hijacking by attackers. Access can be limited to an unrecognized IP address. 

The platform’s state-of-the-art security system regularly screens all withdrawals by their IP addresses and customer’s behavior patterns. If any unusual activity is detected, then these withdrawal requests are manually inspected. Moreover, BitSeven has ensured that the withdrawal system is safe because of the confirmation steps required during the process. This makes it resistant to any malicious browser malware. The system also has addresses whitelisted so that withdrawals can only be made to these addresses. They will not be directed anywhere else. 

To further strengthen the security of users’ funds, the platform makes use of cold wallet storage. The majority of the funds are stored in offline cold wallets. Only about 0.5% of the digital assets are kept in hot wallets as required for daily operations. Moreover, these cold wallets are not accessible from the platform or its servers. To access them, manual intervention is required by the company’s management team. 

The platform is hosted by updates Linux systems. The servers are all protected by using specialized software and the best security practices. Databases are automatically backed up once daily. They are first encrypted, compressed, and then archived to be kept safely. Any duplication of the backup data also occurs automatically. When the backup files are ready, they are instantly sent to servers located in several different locations off-site.

BitSeven also claims to have reliable protection against any DDoS attacks to prevent any disruption to their daily operations. 

The extensive security practices employed by the company have proven to be very fruitful. Since the launch of the platform, it has not been hacked or attacked by external parties. Users have the ability to successfully make trades and receive their profits earned without any disruption. 

Customer Support

BitSeven aims to provide round the clock customer support services to its users. Their major form of customer support is through their website. Users can submit their queries and problems through the form available on the customer support page. Their team provides comprehensive responses within 24 hours. There is no phone or chat support available on the platform yet. However, their website contains a FAQ section to address all basic queries that any new users might have.

The company also has its own blog that contains user guides regarding how to use the platform and make trades. They have also established a social media presence on platforms like Facebook, Twitter, and YouTube. Their customer support team ensure that they respond to all inquiries using these platforms in a timely manner.

Conclusion

BitSeven is an ambitious project that is gaining popularity in the crypto world since its launch in 2018. The company has already been able to capture a large user base around the world and is continuously making efforts to improve its services and meet customer expectations. 

There are many pros and cons to this exchange. Some of them are listed below:

Pros

  • The platform allows high leverage of up to 100x on margin trading in Bitcoin.
  • The user interface is very simple and easy to navigate through, especially for new and inexperienced traders.
  • The platform charges low trading fees.
  • It is available in 99% of countries.
  • The platform uses advanced security measures to safeguard their users and their funds.

Cons

  • Since BitSeven is a relatively new company, it does not have a well-established online presence.
  • Customer support options are quite limited.
  • There are no advanced order types available.
  • All deposits and withdrawals can only be made in Bitcoin.
  • Fiat currency is not accepted. 

Overall, the major benefit of using this platform is that it allows users to trade at 100x leverage. The fee structure offered is also very reasonable and can be considered on the lower end of the spectrum of cryptocurrency exchanges in the industry. The company has created a reliable system that guarantees services 99.99% of the time, which is a huge plus for traders. 

Moreover, the trading process is pretty simple. Users do not have to go through a KYC process for verification. They can maintain their anonymity while making trades on the platform. 

The exchange is compliant with all PCI-DSS standards as well. Moreover, traders are given the opportunity to automatically sell their positions so that they can maximize their profits. The exchange makes itself available to users around the world and is translated in over 20 languages. It is only one of the few exchanges to do so. 

However, for BitSeven to boost its growth and gain more customers, it is necessary that several improvements are also made. Currently, the platform only supports four digital currencies. More currencies should be added to the mix. Moreover, the option to make deposits and withdrawals only exist in Bitcoin, which can be a massive downside to the platform. They also do not allow any fiat currency.

The platform also has very limited customer support services. They do not have a live chat, nor a phone helpline. The only way of communication is by sending a request from their website, which might take longer. The company needs to enable real-time communication with their customers as soon as possible. They also need to improve their marketing efforts through social media. Although BitSeven lacks some key features, it has the potential to become one of the leading cryptocurrency exchanges in the world. Since the platform has no restrictions and can accommodate citizens from almost every country across the globe, it has excellent potential to become one of the fastest-growing exchanges worldwide.