A trading cryptocurrency guide must of course provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of 247Exchange consists of four parts: general information, fees, deposit methods and security.
THE WEBSITE OF 247EXCHANGE DOES NO LONGER SEEM TO BE WORKING. ACCORDINGLY, IT SEEMS AS IF THIS EXCHANGE HAS TERMINATED ITS ACTIVITIES.
It is unclear which country 247Exchange is from. This is not a red flag per se, but we recommend all visitors to be careful and form their own opinion on whether 247Exchange is a legitimate exchange our not.
From their website, it is clear that they are owned by InterMoney Exchange. 247Exchange also announces on their website that InterMoney Exchange is currently creating a new standard of digital currencies exchange, which allegedly has the following benefits:
- No registration needed for the exchange of cryptocurrency. No ID verification for the first order paid by card.
- A service not entailing holding clients’ funds, with allegedly instant delivery.
- Low fees, regular promotions, and special offers.
- Local payment options in 110+ countries.
- Accepting all credit/debit cards; 500,000+ locations to pay with cash globally.
247Exchange does not explicitly prohibit US-investors from trading on its exchange. All US-investors should still do their own analysis of whether their home state imposes any legal obstacles to them trading at any of the top crypto exchanges that could be the best cryptocurrency exchange site for them.
247Exchange is not a typical cryptocurrency exchange that offers a wide variety of trading pairs. This means that if you are interested in any of the less established cryptocurrencies (Yashcoin, Zephyr Coin, 1World Coin, Octoin Coin, Sequence Token, or coins of roughly the same size), this platform is not for you. If you want to sell or buy any such smaller cryptocurrency, you’ll have to choose another trading platform that you can find by the help of the Exchange Finder.
This exchange’s service consists of letting you purchase BTC, LTC, ETH and PPC to an exchange rate specified at 247Exchange’s website. The profit for the exchange presumably lies in offering slightly higher prices to buyers of a certain cryptocurrency and, conversely, offering slightly lower exchange rates to sellers of a certain cryptocurrency. The mark-up or mark-down of the price is however not specified anywhere.
247Exchange accepts deposits through both wire transfer and credit cards, which is viewed as very positive by many investors. One should generally look out for the different deposit fees charged by exchanges for deposit of fiat currencies via wire transfer or credit cards when choosing an exchange. and whereas it might be indifferent to you whether you should deposit via wire transfer or credit card, it might be very different fees. Some exchanges charge a deposit fee of up to 11% for credit cards deposits.
One might ask why security is even a feature that we at Cryptowisser have looked for. The answer is two-fold:
- Exchanges store a massive amount of valuable personally identifiable information. From names to addresses, to government identification details, taxpayer identification number and a lot more; and
- Exchanges handle a lot of cash or coin deposits and withdrawals.
247Exchange has a security score of F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). That is below industry average when it comes to top crypto exchanges.
As mentioned above, this exchange supported credit card deposits (alone or through the use of any of its associated payment service providers). Other cryptocurrency exchanges that also have this option include: