BitSeven.com Review – Scam or Not?
BitSeven offers leveraged trading option for Bitcoin and altcoins up to 100x. Trade, exchange, and purchase Bitcoin, Ethereum, Litecoin, and Bitcoin Cash at BitSeven with real-time clearing and arrange matching algorithms. The almost 100% uptime guarantees a smooth trading experience.
The platform uses a core matching engine which recognizes fault tolerance and provides high availability by using innovative technology. The high level of liquidity ensures fast execution. Their aim is to provide the highest level of service and performance to meet customer expectations.
They continually update the terms and conditions to help customers achieve success in cryptocurrency trading with reasonable fees. They support customers from all countries regardless of the account size.
BitSeven is a crypto-to-crypto trading platform, operated by BitSeven Global Trading Ltd. They have offices in Hong Kong, Belize, and Zurich. The exchange has been operated since the end of 2018.
The development of the platform is a collaboration between software developers, financial professionals, and experienced traders from around the globe according to the site, but there is not too much information available about the owners or the operating team.
According to a press release from 2018 more than 1.27 million trader use BitSeven exchange. This is somewhat contradicting to the fact that only 50 (yes, fifty, not 50k) likes and follower belong to their Facebook page. On Youtube, they have 6k subscribers where they share various informative sessions about how to use the platform and some educational materials about how to trade and specifics related to crypto trading. From time to time they share live streams about cryptocurrency trading on the platform done by one of their experts. They also have a Twitter account with around a thousand followers, where they share information about the platform and generally about the market in Korean, Russian and sometimes in English too. You can read various crypto industry-specific news on their blog.
Getting started: Registration and Verification on BitSeven
In order to sign up at BitSeven, you need to fill out a form with your name, email and mobile phone. After accepting the terms and conditions you will receive an email to confirm your email address. You need to provide a valid phone number in order to set the 2FA on the site.
Once you have logged in, go to green deposit button on the top right corner. This will lead you to a page where you can fund your account. At the moment only Bitcoin deposit is available at BitSeven. Your unique deposit address is given on the screen, BitSeven’s deposit addresses are unchanged multisignature cold wallet addresses. Make sure you only send Bitcoin as any unsupported coins sent to this address will be lost forever. You can also use the QR code of the address to send funds. Login to your wallet and transfer the amount of funds you would like to trade with at BitSeven. The minimum deposit is 0.001 BTC on the site. Your prior deposit history is visible on the bottom of the page.
After you have deposited Bitcoin at BitSeven, you can easily exchange them to the other three coins which are tradable on the exchange. Ripple, Litecoin and Ethereum exchanges to Bitcoin are the options you can choose from. Your exchange history will be also listed at the bottom of the site. Just bear in mind that at the end of your trading activity if you want to withdraw the coins, you need to change them back to Bitcoin as the withdrawal is also only available in Bitcoin.
If you do not have any crypto in your pocket, but would like to gain from the high leverage option BitSeven offers, you can pick an exchange from their recommended list there you can but cryptocurrency, in exchange for fiat currencies, such as dollars, euro, rubel or won. There are more than 50 different exchanges are listed, so you will hopefully find one with your local currency to minimize the exchange costs. Once you have purchased Bitcoin, you send then send the coins to your BitSeven wallet which is visible above under Deposit.
To withdraw funds from BitSeven, go to Withdrawal under the Account menu. On this page, you just need to enter the Bitcoin address where you would like to send the funds to and the amount you wish to withdraw. You can only withdraw Bitcoin from the BitSeven account. The network fee is set to 0.001 BTC which you cannot change. This is highly unfortunate if you only want to withdraw smaller funds, but the fee hopefully will be high enough to receive your coins quickly over the Bitcoin network. The maximum daily withdrawal on the site is set to 10 BTC.
Features on BitSeven
BitSeven offers lighting-fast execution on leveraged cryptocurrency trading up 100x margin. The maximum leverage amount of 100x on Bitcoin, 50x on Ethereum, 40x on Litecoin and 30x on Ripple are one of the highest leverage amounts you can get on the altcoin and crypto trading market. Users can select the amount of leverage they require. BitSeven leveraged trading option enables users to gain high profits with small investments. Users are in a position to make a profit no matter whether the cryptocurrency price rises or falls if the right side of the market is chosen.
Leveraged trading can be used as a hedge against the risk of your investment diminishing when the cryptocurrency price goes down. Leveraged trading is also appropriate for traders who wish to optimize their profits from holding positions for a short period. However, it is important to highlight while if the price rises 1% after placing the up order, your profit will be 100% this also means if you have not managed to find the right side of the order your loss on 1% price changes will be multiplied with 100x.
You can also trade on mobile phones and tablets. No need to download any app or program on your devices the site is already optimized for mobile and tablet usage. There is no need to install any software. BitSeven is web-based, allowing you to trade quickly and securely across all operating systems and devices.
All of the coins of the exchange is kept in cold storage wallets in order to maximize safety in case of an undesired hacking incident. The platform guarantees a 99.999% service availability and in history, there were no instances when funds have been stolen from the platform in any form. BitSeven’s trading platform is protected against DDoS attacks and fully data compliant with PCI DSS standards.
BitSeven serves almost every single country in the world, no restrictions in terms of registrations. Since they are crypto only exchange and no fiat transfers are available on site, there is no KYC and identity verification. You can trade Bitcoin completely anonymously at BitSeven.
Beyond the traditional market and limit orders, you can set auto-sell rules to maximize profit and minimize losses. During a profit auto-sell trade, when the profit of a position’s average price becomes 100%, the corresponding position will be sold at the market price by the automatic selling system. The profit auto-sell function can be turned on or off at the bottom right of the leverage trading section. During a loss cut (Loss Auto-Sell), when the position’s average price reached the price of loss cut, the corresponding position will be sold at the market price by the automatic selling system. When the position’s loss cut is executed, your available balance will not be included to maintain your position and the loss is limited within the range of the purchase amount. You can limit your loss because your available balance will not be used at the position.
You can keep your position for up to 240 hours at BitSeven. Positions that have not been sold before expiration will be sold automatically at the time of expiration at the market price. Bear in mind this if you want to engage in long term deals, BitSeven is probably not the platform you are looking for.
BitSeven quotes prices in terms of BitSeven Index. This index price is based on the weighted average prices taken from Poloniex, Bitfinex and Binance exchanges. In case any of these exchanges suspend its service or otherwise unable to submit price quotations due to any problems, BitSeven is reserved the right to apply immediately Index based on average-weighted price calculations of remaining operating above listed exchanges. Besides BitSeven may change any of such source of price quotations at its own discretion after prior notice of such changes.
In order to keep and provide high-quality service, the site goes under a regular maintenance service from 11:00 am. to 11:30 a.m. (UTC time) on the 30th of every month. During server maintenance, new orders cannot be sent, but hold positions are retained. Make sure you set this in your calendar before you start pulling out your hair because of being unable to access your funds during the maintenance period.
Fees on BitSeven
BitSeven did their best to come up with a fee structure which is clear and transparent even to those users who are new to cryptocurrency trading. The fees are categorized into 4 different sections.
Depositing at BitSeven is completely free of charge, there are no deposit fees on the platform. Withdrawal is also relatively cheap, you only have to pay a flat network fee, which is 0.001 BTC for each withdrawal.
If you want to exchange Bitcoin to other coins, like Ethereum, Litecoin or Ripple directly on the platform, Bitseven charges a flat 0.19% on each transaction.
Finally, the trading fees are set based on the asset (Bitcoin, Ethereum, Litecoin or Ripple) and the fees are applicable based on the amount of leverage you take on. The trading fee will be applied respectively at the time of purchase and sale, these fees will be settled together at the time of sale, the amount is equal to fee x leverage amount.
Trading on BitSeven
To start trading at BitSeven, go to Leverage Trading section on the top, this will guide you to the trading screen where you can buy and sell coins. There are four different coins you can choose from to trade with Bitcoin, Ethereum, Litecoin, and Ripple. Once you have deposited Bitcoin you can exchange there in the Deposit menu.
In order to place an order go to the Place order section on the right. You can choose from market order and limit order. Market order is executed instantly at the price which is available right now on the market. Limit order is executed at the price you set in your order setup. In order to execute an order click on the green (buy) or red (sell) buttons. Placing an order is easy only requires a couple of quick steps.
- Select the market or limit order type.
- Enter the amount within the available balance in your wallet.
- If you select a limit, enter the desired order price.
- If you select a market, you will not be asked to enter an order price, as the order will be placed on the market price. By clicking the buy order UP or DOWN button, your order will be placed. If you click the All button, your available balance will be automatically entered.
You can take bidirectional positions. You can take the opposite directional position while you are holding a position. For example, you can hold a down position while holding an up position.
Your open orders will be visible just below the placing order section once you have engaged in a deal. Open order refers to buying or selling orders that are not executed. This takes place only for the limit order, and the market order will be executed immediately. You can cancel the open order from the open order list.
On the bottom screen section, you can always follow your trading history, including the entering prices and the realized PnL on your positions. The price on BitSeven is a composite price. The BitSeven index applies the weighted average between the price of Poloniex and Bitfinex. This is the price you can see on the main trading screen which is powered by TradingView, so you can also use the same tools on the chart which are available on TradingView’s platform.
If you want to do leverage trading with cryptocurrencies, BitSeven is your place. The platform offers leverage trading option up to 100x. You can select the amount of leverage you would like to trade with from 5x to 100x.
There is also an option to set auto-selling if you want. 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.
Support on BitSeven
The interface is very similar to BitMex platform, the leading derivative trading platform on the market, however, this trading site is specially designed for newbie traders.
The support is available 24/7 in 22 different languages. You can ask a question through the form on the website. At the moment there is no other option to raise questions, there is no phone support or chat on the site. If you struggle finding answers to your questions, you can also turn to them on Facebook and Twitter.
Security on BitSeven
It is ensured against DDoS assaults and completely data agreeable with PCI DSS norms. All funds are kept in cold storage.
If you search for BitSeven on Google there are a few comments about people being scammed by this exchange. Under each complaining comment, you will probably find a couple of positive reviews and feedbacks too. Some users definitely had good experiences with them too, sometimes these are just misunderstanding, sometime could be real scam cases. Make sure you go over these discussions to understand what were people’s problem in the past with this platform.
Pros and Cons of BitSeven
- high amount of leverage up 100x in bitcoin
- easy to understand trading interface
- low fees
- new company, with no established online presence
- no fiat trading option
- no advanced order types
BitSeven is a fresh 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 cryptos on the exchanges, but BitSeven also has suggestions where to buy crypto depending on your location. Overall the exchange has good potentials, however, the exchange does not really have an established online presence yet and the lack of active followers on social media channels and positive reviews raises some questions about the size of the claimed user base.