The following Bitseven review highlights a platform that give you the opportunity to trade top cryptocurrencies which are Bitcoin, Bitcoin cash, Ethereum, Litecoin and Ripple. This is one of the famous trading platform only for cryptocurrencies. The platform; as you are going to find out in this Bitseven review, enables users to start trading with your favorite cryptocurrency by switching easily between one and the other.
Some of the advantages that this platform offers include fast execution speed, guarantees swift and effective transactions.
About Bitseven and how to get started
- BitSeven’s Background
Bitseven is an online trading platform that was established in 2018 and deals in crypto-to-crypto transactions. It is operated by BitSeven Global Trading Ltd and has its offices in Zurich, Belize and Hong Kong. Though there isn’t much information about the owners and the operating team of this platform, it’s development has been a collaboration between financial developers, experienced traders globally and software developers. Everyone has a role to play.
Bitseven is a well-established trading platform with thousands of users. This is indicated by its many followers on social media platforms and YouTube. They have about 8k subscribers on YouTube where they share various informative videos to educate their users on how to use the platform and to trade specific cryptocurrencies. They also occasionally share live streams about cryptocurrency trading on the platform done by their experts. They share their information in various languages on Twitter, such languages include English, Korean and even Russian. Lastly, they have a blog on which they offer industry-specific news.
It is one of the most advanced cryptocurrency trading and exchange platforms dealing in Bitcoin, Litecoin, Ethereum, and Ripple. Bitseven has a massive presence also in social media. Its Facebook page is active; they post news almost daily. The company did not publish its number of users officially, however on YouTube BitSeven claims it has 1,270,000 satisfied users from all around the world. Lastly, the website is available in 16 languages, and it is translated into less popular languages as well such as Czech, Polish, and Turkish.
- Registration and verification
Registration and verification on the Bitseven site work just like most online sites today. Before getting started on the site, you are provided with a form on which you fill in your name, email address, and phone number. Next, you accept the terms and conditions after which you receive a confirmation email to confirm your email address. Also, they require a valid phone number for you to set a 2FA on their site. To secure your account it is highly recommended to set the two-factor authentication method.
- Funding and trading
Once you are logged in, go to the deposit button which is on the top right corner. You will be led to a page where you can fund your account, at the moment you can only use Bitcoin on the site. Ensure that you only send Bitcoins because any unsupported coins, will be lost forever. Your unique deposit address is then displayed on the screen. Deposit addresses on this site are unchanged multi-signature cold wallets. You can also use the QR code of the address to send funds.
Lastly, log in to your wallet and transfer the number of funds that you would like to trade with ate the site. The minimum amount of money you can use is 1.001 BTC; also, your previous deposit history is visible on the bottom of the page.
Once you are done with sending the Bitcoin deposit at BitSeven, you can go ahead and conduct your transactions. Three other coins are tradeable on the platform namely Ripple, Litecoin and Ethereum; chose any of them and exchange them with your already acquired Bitcoin. Your exchange history will be listed at the bottom of the site.
Withdrawal is only available in Bitcoin, therefore at the end of your trading activity, if you want to withdraw the coins, you need to change them back to Bitcoin. Go to the Withdrawal option under the Account menu. Then enter the Bitcoin address where you would like to send the funds to and the amount you wish to withdraw. The network’s fee is fixed at 0.001 BTC, which can be quite unfortunate when withdrawing smaller funds, the transfers are quite fast. The maximum daily withdrawal on the site is set to 10 BTC.
Features on BitSeven
- The user interface
The Bitseven platform is web-based and does not require any installation for any application whatsoever. You only need to launch it from your web browser and it works on any platform be it a mobile phone, a tablet or a computer. Most importantly it is compatible with any operating system be it iOS, Android or Windows.
Once you have successfully logged into the site, you will be redirected to the main dashboard which is divided into three main sections that provide information about your open and closed positions, open orders, realized PNL and wallet balance. You can manage your trading activities on the main page.
The site offers very fast execution on leveraged cryptocurrency trading up to 100x margin. The site is safe and does not have a history of being trespassed by hackers. They are protected against DDoS attacks and fully data compliant with PCI DSS standards.it serves almost every single country in the world since there is no restriction in terms of registrations. Being that there are no fiat transfers on the site, there is no KYC or identity verification. You can trade Bitcoin completely anonymously at BitSeven.
- Leverage trading
It has a leverage trading option that enables users to gain high profits with small investments. Users are in apposition to make a profit no matter whether the cryptocurrency prices rise or fall provided the users have chosen the right side of the market. Leveraged trading can be used as a hedge against the risk of investment diminishing when the cryptocurrency prices decrease. It is also appropriate for traders who wish to optimize their profits from holding positions for a short period.
The leverage varies based on the selected cryptocurrency, the maximum leverage amount is 100x on Bitcoin, 50x on Ethereum, 40x on Litecoin and 30x on Ripple. Those are one of the highest leverage amounts you can get on the altcoin and crypto trading market.
Trading can be executed in 4 short steps:
- First, you have to select one coin you want to trade without the four. For each coin, the platform sets a minimum and maximum entry order amount. For each trade, you can select a market or limit order. A limit order is an order that sets a particular price that you are willing to buy or sell. With a market order, your order will be executed immediately at the current market price.
- BitSeven offers leverage trading options up to 100x. You can select the amount of leverage you would like to trade with from 5x to 100x.
- The system offers to select two options: Buy order up or Buy order down. It is a choice for your expected price trend when your order is activated.
- After the deal is executed it appears immediately in the Open orders section. The platform offers an option to auto-sell. When the profit of the position’s average price reaches 100%, 200%, 300%, the corresponding position will be sold at the market price by the automatic selling system, which works even when your computer is shut down.
- Customer Support on BitSeven
Being that this site is specially designed for newbies, the support is available 24/7 and in different languages. You can ask a question through the form on the website. At the moment there is no other option to raise questions. You can also turn to them on Facebook and Twitter, they are very responsive.
The company has put several security measures in place to protect the integrity and safety of the system. All funds are kept in cold storage. As an extra layer of security account can be protected by configuring two-factor authentication using Google Authenticator, Twilio, or a U2F Security Key.
The company applies advanced verification tools to analyze login data and unusual activities. The intelligent system detects IP address changes to prevent session hijacking. The security system monitors withdrawals by IP address and other user behavior patterns, triggering manual admin inspection on withdrawals that appear unusual. The system is also protected by automatic Distributed Denial of Service (DDoS) protection to ensure that trading cannot be halted by outside attacks.
- Supported Trading Pairs
- Supported Countries
The Bitseven platform is available worldwide.
Fees on BitSeven
They did an excellent job by providing a fee structure which is very clear and transparent, to especially help the newbie traders. The fees are categorized into 4 different sections according to the type of coin and they apply to the amount of leverage you take on. The trading fee amount is equal to the fee x leverage amount, and the time of purchase also affects the trading fees. Lastly, these fees are settled together at the time of sale.
The exchange fee is calculated in each case when you change your Bitcoin to the other three cryptocurrencies. It is a flat 0.19% fee on each transaction.
BitSeven is a great platform to trade Bitcoin and other cryptocurrencies up to 100x leverage. The fees are reasonable and their interface is easy to use even for newbies. You can only trade crypto on the exchanges, but BitSeven also has suggestions where to buy crypto depending on your location. Overall the exchange has good potentials, however, it has a few limitations such as lack of advanced trading types and options. We recommend you to use Brave Browser when trading on Bitseven
Cover image source: https://pinterest.com
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