BitSeven
Bitseven is a worldwide cryptocurrency trading platform. Its office locations include Switzerland, Belize, and Hong Kong. It was established in 2017, since then Bitseven global trading gives 24-hour access 7 days a week.
The platform is also an easy-to-understand interface for a new user and the ability for leveraged trading. Support for traders is stated as available 24/7 in 22 different languages.
Bitseven offers the ability to trade Bitcoin, Ethereum, Litecoin and Ripple coins.
“Bitcoin, Ethereum, and Litecoin” by QuoteInspector.com is licensed under CC BY-ND 2.0
Leveraged trading is available.
Traders using leverage can optimize their profit with a small investment. This is done by holding one or more trading positions. A position is for a movement in price up or down for the coin. Profit is created by a correct trading position. The trading position guesses whether the price of the cryptocurrency coin will rise or fall in price. The result is when the position trade is completed either by the trader closing the trade or the stop loss position is reached.
Trading positions are available with leverage from 1x up to 100x using the BitSeven Global index. This index price is based on the weighted average prices taken from exchanges such as Poloniex, Bitfinex, and Binance.
Using Bitseven
An email address and Bitcoin are required to set up an account. As Bitcoin is the base currency for Bitseven.
The minimum Bitcoin deposit required is 0.001 btc.
Deposits can be made 24 hours a day, 7 days a week.
Click [Account] at the top menu bar of the website, and then select the [Coin Deposit] option. After you select the deposit method, you will see the personal coin deposit address where you can send coins to make a deposit.
Deposit processing times vary depending on the network condition when the withdrawal occurs. It may take several minutes to several hours, contact support if you have concerns.
Note no fee occurs for deposits.
When the deposit is confirmed by Bitseven, your Bitcoin will be available to use in your account.
Bitcoin can then be exchanged on Bitseven for Ethereum, Litecoin, or Ripple coins using the Crypto Exchange option.
Trading positions are possible for any of the coins when you have some in your account.
How long can you hold a position on BitSeven?
BitSeven allows you to hold a position for 240 hours. Positions not sold before their expiration time are sold automatically at the time of expiration at market price. Therefore if you want to engage in long-term positions in the crypto currency market, BitSeven is not the platform to use.
You can take the opposite directional position while you are holding a position known as the ability to do a Bi-directional position. Funds to support positions in both directions would of course be required.
Fees
There are fees for trading, exchanging, and withdrawal on Bit seven. The fees are dependent on the request, coin, the amount, and the leverage used.
The exchange fee is currently 0.19% for exchanging to and from Bitcoin to Ethereum, Litecoin, or Ripple coins.
| Assets | Leverage | Fees |
|---|---|---|
| Bitcoin (BTC) | 1x | 0.075% |
| Ethereum (ETH) | 1x | 0.151% |
| Litecoin (LTC) | 1x | 0.193% |
| Ripple (XRP) | 1x | 0.195% |
Note the higher the leverage used the greater the fee.
Withdrawals
Note that Bitcoin is also the only currency that can be withdrawn from Bitseven. The minimum daily amount is 0.001 btc and the maximum daily amount is 10 btc.
A withdrawal has a fee of 0.001 btc.
Withdrawal processing times vary depending on the network condition when the withdrawal occurs. It may take several minutes to several hours, contact Bitseven support if you have concerns.
Does BitSeven have an app for mobile phones?
BitSeven does not have a mobile application for Android or iOS devices. However, any user can enter the platform and place orders from their mobile device without limitations
Security Considerations for Bitseven
When using any exchange/site confirm that the website you are connecting to is valid by checking for https:// in the address.
As a customer, use Two-factor authentication (2FA) security.
2FA provides a strong additional layer of security for your assets. 2FA requires a user to give additional information.
Examples of 2FA verification include personal security questions. Another example is SMS (text) messages.
Google’s authenticator application provides a set of numbers linked to the device you have installed the application on. This set of numbers then change every minute. The input of these numbers confirms that you have the device at the moment of the login attempt.
Find out more?
If Bitseven’s cryptocurrency platform is of interest, check out their website. https://www.bitseven.com/
or
Facebook account Bitseven Facebook
