247 Exchange Review

247 Exchange: Options for Buying, Selling, and Exchange

Buy, sell, and exchange cryptocurrencies such as Bitcoin, Litecoin and Dogecoin with purchase via fiat currency (USD, EUR, GBP) in the form of credit/debit card, local and international bank wire transfer, SEPA transfer, cash deposit, or instant money transfer on 247exchange.com. Services are currently not offered to U.S. residents but can be expected to be made available sometime within the next year (2015-2016). As with certain other services, U.S. citizens residing overseas can still technically utilize the service.

The main strength of this site is the availability of several exchange and withdrawal functions. Cryptocurrencies can be withdrawn to a credit or debit card and also to private bank accounts.

Withdrawal to a credit card creates a somewhat interesting opportunity for users to pay their personal expenses such as credit card charges, utility bills, etc., with Bitcoin. The fees for these transactions change based on the amount of currency being transferred. See the 247exchange website for more information on these fees.

R egistration and account validation are fairly straightforward. The site requires identity verification in the form of email, identity, and address verification. Personal documentation needs to be uploaded and undergoes a review process which typically lasts from a few minutes to a few hours, depending on the quality (and quantity) of the documents submitted. In my dealings with 247 Exchange, the customer service was very prompt and helpful.

In summary, the main weaknesses of this service are its inavailability to U.S. residents, and the somewhat rigorous verification process (though some may see that as a positive element from a security standpoint). Strengths include: several currency management functions and options such as buying, selling, exchanging cryptocurrencies, prompt customer service, and the availability several different cryptocurrencies/altcoins for purchase. There is also an affiliate program for those interested in working with the company.