There are many cryptocurrencies on the market. Also, there are many ways to exchange them from native FIAT to and from Bitcoin to other Altcoin and back. One of the number one crypto exchanges online today is BitSeven. It is one of the newer exchanges. Let us look at this exchange and get a good feel for it.

Warning

This is no financial advise, all the content and the ideas present in this page and all the other pages of the website do not guarantee financial success and may lead to a loss of your money. You should always do your own due diligence before trading or seek professional advise.
If you want to learn how to trade risk free, you want to learn paper trading first. Check this tutorial out, I will take you through all the necessary steps to set up your free account on TradingView and place your ‘monopoly money’ traders in the real market.

Some of the links available in this page may generate a commission for the author.

Things to Consider Before Buying

While cryptocurrencies do resolve the issue of near-instant and worldwide transactions, they are not for everyone. Many businesses are struggling with the idea of accepting Bitcoin and other cryptos as payment. Some individuals are struggling with the intention of whether to invest in cryptocurrency and which ones to choose. Cryptocurrencies offer companies and individuals a way to spend and send money without border limitations. If you have a family member in another part of the world and want to delegate some of your earnings to them, you may purchase the crypto of your choice and send it. It is as simple as going to one of the exchanges, like BitSeven, and buying the currency of your choice. Many sites like this accept Visa and MasterCard debit or credit cards. The advantage for companies to accept cryptocurrencies as payment is endless. The organizations that would benefit best are international e-commerce businesses, like Amazon, Alibaba, and more.

Things to Consider Before Spending or receiving Crypto

Many of us who are experienced investors know there are risks and rewards for investing. We would not go all-in for our pot on most gambles. Take it slow and do some research before buying, spending, or accepting crypto.

Enormous pile of books

  • Which crypto is right for you?
  • Is it going to benefit you or your organization to accept crypto?
  • Why are you buying crypto?

There are, of course, other questions you might consider before investing in Bitcoin and other cryptos. When investing in anything, it is essential to do constant research and get a feel for the market. Many sites offer a profitability calculator; you should use it as part of your research.

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Things to Consider before using Crypto

  • Cryptocurrency has its own appeal, but it comes with risks.
  • It is not yet easy to pay with.
  • It is very volatile.
  • Always ask yourself some questions such as which one you need, how it is going to benefit you and why you are buying it.

What is BitSeven?

BitSeven is a cryptocurrency exchange offering many services. To start trading on BitSeven, you would need to create an account.

BitSeven will need to verify your account to increase your daily, weekly, and monthly limits.

The website complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. These were put in place to help stabilize the crypto environment and prevent theft.

Also, they were put in place to prevent terrorist funding. The rule is in effect for all customers of sites complying with KYC and AML regulations; they are not only for US-based customers.

BitSeven is unique compared to some of its competitors. Instead of staking coins, you can leverage Bitcoin.

To do so will offer you more profit with higher returns regardless of how the Bitcoin rises and falls. As a BitSeven customer you can take advantage of leveraging Bitcoin.

BitSeven Features and Benefits

There are many features and benefits of this site. We have included some essential definitions of the main feature, crypto leveraging, and more.

What is Leverage Trading?

Man using a lever to move Bitcoin

Leverage trading is a riskier way to earn when trading. Users of this site can leverage one time, five times, ten times, twenty-five times, fifty times, seventy-five times, and one-hundred times. They make money, whether the price of the crypto goes up or down.

Leverage trading consists in being allowed to trade by buying or selling for much more (exactly X times more) than the money in the wallet.

The risk is to lose the entire wallet if things go in the wrong direction as your broker would allow you to only lose as much as you can cover.

This means that you can win 100 times the money that you have invested if you are right, but if they are wrong you can lose all your wallet 100 times faster than usual.

What Digital Currency Can I Trade?

Users can select any number of digital currencies they want to use to leverage. These include Bitcoin, Ethereum, Litecoin, and Ripple. Currently, these are the only assets users can leverage on this site.

What are the Hours of Trading?

Users can leverage coins by trading them at any time of the day. The site is open all year for the user’s convenience. Unlike other brokers that allow to trade crypto, BitSeven accept trades year-round.

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Why Could I not Place my Order?

If you run into this problem, you might have placed an order that was below the minimum. The crypto miners have limits so, the site needs to have a minimum amount to leverage. The automated system will not accept any orders below this amount.

Is There a Difference Between a Market and a Limit Order?

Yes, limit orders are an amount that is what you are willing to buy or sell your leveraged currency at; a market order is executed at the time of the purchase at the current buy or sell price (whatever it is). There is no wiggle room for a market order the way there is for a limit order.

What is my Available Balance?

When the site gives you the available balance, they are giving you a figure that you can trade now.

What is Meant by Minimum and Maximum Limits?

These are limits put in place by the system. They tell you what you can devote to your portfolio.

What Does the Message "Your Order Exceeds the Maximum Limit and Cannot Conclude" Mean?

If you experience a message like this, it usually means your order is too high. When you attempt to complete an enormous order, the system will stop you and you would need to change the amount to trade.

Can I Execute and Order in Both Directions?

Yes, of course, the site recognizes that you might want to change your decision. You can go from long (UP) to short (DOWN) and back without closing your position.
To do so, you merely need to change the position of the same asset from long to short.
To do so, you don’t need to close your previous position.

How do I Sell?

It is easy to sell your leverage. When you decide to sell, go to the Leverage Trading tab on the navigation bar. Then select sell.

What if I get the message "There is no Amount to Order?"

When this occurs, it is usually as a result of you having already your portfolio completely in use regardless if the orders are already executed or waiting to be executed. If you get this message, check the “Open Orders” box and see if your order is in it.

Is There an Average Change When I Place More Than One Order?

Yes, if you place an additional order, it will change to a cut-loss price.
This technique is used in several investing strategies.

When does Auto-Sell Occur?

There is an automatic selling system that initiates after a user’s position has reached the cut-loss peak in other words when your portfolio would not be able to pay anymore losses in a leverage market. The auto-sell option sells all corresponding positions on the site.

When Does Profit Auto-Sell Occur?

Your profit on a position can reach 100%. Then it is sold by the auto-sell feature. You can control this function. The auto-sell feature can be turned On or Off using the leverage dashboard.
I would usually turn it off as I prefer to be in control of when I close my positions.

How to start trading on BitSeven

Before you create your account on BitSeven it is necessary to know that they only accept Bitcoin as your base currency and you can only move Bitcoin out of your Bitseven portfolio.

How do I Create an Account on BitSeven?

To create an account on this website, go to the home page and click or tap register. The site welcomes customers from many nations. Like many sites, if your native language is not English, you can change the language via the selection tab in the upper right-hand corner.

Is BitSeven a legitimate business?

The company is relatively young as it has been seen online for the first time in 2017; they offer trading in Bitcoin, Ethereum, Litecoin, and Ripple.
There are many satisfied BitSeven customers. These customers come from all over the world, but I would say that it is not the most beginner friendly exchange available due to the insane leverage trading that they offer.
The company has three Global Trading offices. These offices are in Tsim Sha Tsui, Hong Kong; Zurich, Switzerland; and Belize City, Belize Central America.

Why Consumers Choose This Site

There are many reasons why the site has an abundance of clientele. The following are just a few.

  • The site offers the convenience of deposit and withdrawals, along with high-tech security.
  • The company goes out of the way to meet or exceed client expectations. These services include exceptional customer service. Consumers can reach the company through practical and transparent means. No matter how the site staff is there to help.
  • High leverage trading, which is a very appealing bait for the greedy people and it is good only if you know what you are doing with it.

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What is BitSeven?

  • BitSeven is a cryptocurrency exchange.
  • BitSeven is KYC and AML compliant.
  • BitSeven allows leverage trading up to 100x.
  • The cryptocurrency allowed are the most popular, it doesn’t allow to exchange from or to national currency.
  • BitSeven allow both longing and shorting the market (betting up or betting down).

Social Proof

I scoured the internet for reviews about the website. Like many businesses, there were plenty. For the most part, these reviews were positive. Those who have written reviews have given the site four or five stars out of five.

Some things said about the site include the following.

  • Exceptional Customer Service.
  • Fantastic Concept on The Platform.
  • They Felt Valued by Customer Service, No Matter Their Account Size.

When a company values its consumers and treats them right, it shows in their reviews.

The only negative reviews came from customers who probably should not have chosen to trade in a leveraged market as, once again, it is not recommended to beginners or people who don’t exactly know what that is.

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Social Proof

  • The majority of the users leave great reviews about BitSeven.
  • Customer service seems to be very good.
  • The only negative reviews were from those who lost money on the leverage trading, it requires experience, I would not consider these reviews reliable.

What are the Alternatives to BitSeven?

Like any site, this one has competitors. These competitors have both advantages and disadvantages to the platform. Some sites that compete for the company’s customers include the following:

Binance

Like BitSeven, Binance offers leverage trading, but because of the moderated leverage offered, this is more beginner friendly. Unlike BitSeven, they offer national’s currency’s purchases.

Binance has its token, the BNB. These tokens are a form of crypto that can be traded or leveraged.

Binance also offers more cryptocurrencies than BitSeven.

Binance consumers have a satisfactory rating in general, I have been a Binance trader when I first started my journey, and I can recommend it, their verification process was definitely the fastest amongst the platforms that I registered on back in 2017 when I started trading crypto.

Poloniex

Like Binance and BitSeven, Poloniex allows you to do leverage trading on their special margin account where they offer a limited amount of cryptocurrencies to trade, but they have a broader range of cryptocurrencies to make profit from only on long positions.

Unlike Binance, Poloniex won’t allow you to buy from your local currency, you already need to have either Bitcoin, Ethereum, USDT, or USDC

Like many legitimate crypto websites, Poloniex complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Currently.

Thanks to their partnership with Circle, US residents can withdraw their funds.

Coinbase

Coinbase is a cryptocurrency exchange. Unlike Poniex and Binance, Coinbase does not offer a way to leverage your assets. On the other hand Coinbase does allow you to purchase the most popular cryptocurrencies with your national currency. These purchases can execute with a Visa or MasterCard debit or credit card for a high commission, but give you immediate exchange.

You can also buy your cryptocurrency via bank transfer for a lower commission rate, but this would take longer and due to the volatility of the market you would not have control of the buy price.

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What are the Alternatives to BitSeven?

Depending on what your needs are and where you are located, here are my top alternative to BitSeven:

  • Coinbase
    • It is amongst the most reputable exchanges for cryptocurrencies, allows national currency to purchase crypto, doesn’t allow to trade.
  • Binance
    • One of the most popular exchanges, user friendly for beginners, allows national currency to purchase crypto and allows leverage trading with moderate leverage (unlike BitSeven).
  • Poloniex
    • Another popular exchange, this won’t let you purchase crypto with your national currency and will not accept users from the United States.

Conclusion

If you don’t need to enter the market with your national currency and have experience with leverage market and its implication, BitSeven will be a suitable alternative to the most popular platforms.

If you are a beginner and want to step into the crypto trading sea, you may want to start with something easier like Binance as it is more beginner friendly and allows you to exchange cryptocurrency to your portfolio.

If you already have your crypto portfolio and want to dive into the hard core leveraged trading, BitSeven is certainly your place!

Alex Promising Trader

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