BitSeven Exchange: A Complete Beginner's Guide
Operated by BitSeven Global Trading LTD, BitSeven exchange is a platform that allows for the buying and selling of cryptocurrencies with leverage. Supporting a range of countries around the world, BitSeven was started at the end of 2018. Its main headquarters is in Hongkong. However, it also has two other branches in Zurich, Switzerland and Belize City. The platform's founders are unknown, but what we do know is that it is a partnership between software developers, experienced traders, and financial professionals.
BitSeven offers leverage trading for Bitcoin, Ripple, Ethereum, and Bitcoin Cash. Switching between each cryptocurrencies is made easy by its crypto exchange feature. BitSeven is currently used by over 1.2 million people and claims to have an up-time of near 100%.
How to Register
Registering for BitSeven is a straightforward process. Begin by clicking on the sign-up button in the top right-hand corner of the homepage and then enter your personal information. You'll need to provide your name, email address, and phone number when registering.
The use of multiple accounts is prohibited, as well as that, the phone number that you provide must also be valid.
To proceed, BitSeven's terms and conditions must be accepted. After accepting the terms and conditions, you will be required to verify your email. Once done, you will have now access to your BitSeven account! BitSeven also offers the use two-factor authentication as an additional layer of security to protecting your account.
Deposits and Withdrawals
After registering, you'll then need to fund your account. Click the green deposit button at the top right-hand corner of the screen to do this. It's important to note that you can only fund your account using Bitcoin and not any other cryptocurrency. Furthermore, deposits are available 24/7 but how long it'll take for he cryptocurrencies to hit your BitSeven account will depend on how busy the network is.
On depositing, a unique deposit address will pop up on the screen. This address is a multi-signature cold wallet addresses and will remain unchanged. Alternatively, you can also use the QR code like in the image below to make deposits. The allowed minimum deposit is 0.001 BTC and the maximum withdrawal amount being 10 BTC. You can view your deposit history by checking the bottom of the page.
BitSeven User Interface
BitSeven is a web-based platform that allows you to trade quickly and securely on any device. You are not required to install any app, add-on, software or extension. It can be used on both a computer and smartphone, allowing traders to keep track of their open positions across multiple devices. After you log in, you will be directed to a dashboard. The dashboard is divided into three main sections.
The first section contains recent trades and index prices of your chosen cryptocurrency and can be found near the bottom of the screen. The main page allows you to manage your trading activities of a selected cryptocurrency and displays any information all open and closed positions as well as the wallet balance.
Leverage Trading
BitSeven leveraged trading allows traders to make large amounts of profits with small investments – this however comes with large risks.
With the BitSeven leverage system, you can make profits whether the price of the cryptocurrency falls or rises – this is known as going long or short. The advantage of leveraged trading on margin is that you can make a much higher return on your invested capital. For example, let’s say the price of Bitcoin went up to $11,000; if you had invested $10,000, this only yields a return of 10%. Conversely, using leverage trading at 1:10 ratio where your initial investment was only $1,000, this yields a return of 1000%.
However, this does go both ways. If the price if Bitcoin fell to $9,000, your entire $1,000 margin would be lost; this is known as the liquidation price. The liquidation price is calculated differently depending on the platform you use to trade, so it is important you understand at what price below your entry point your position would be closed.
BitSeven Leverage Options
BitSeven leverage varies depending on the chosen cryptocurrency. The maximum leverage amount is 30x on Ripple, 40x on Litecoin, 50x on Ethereum, 100x on Bitcoin. These leverage amounts are the highest on any crypto trading market. Apply sensible risk management when using leveraged positions.
How Trading is Done
To start trading, go to the leverage trading section at the top of the website. There are four different cryptocurrencies that you can trade. Choose a crypto that you want to trade with and deposit the your chosen amount of Bitcoin. Once done you can start making trades.
To place an order, go to the place order section order on the right of the screen at which you will have two choices: market order and limit order. The market order will be executed at the current market price. Whereas a limit order sets a price that you are willing to buy or sell at. To execute an order, click on the buy or sell buttons.
- Select the market or limit order type
- Enter the amount
- Select a limit (the desired order price)
- Press up or down button
The amount of leverage required to trade starts from 5x up to 100x. You can then trade by order up or by order down. After trading and execution, the transaction will appear in the open orders section.
BitSeven has an option to auto-sell. When the average price reaches 100%, 200% 300% the corresponding position will be automatically sold at the market price by the system. The advantage of this system is that you can lock it profits automatically without having to log into the exchange.
There is a BITSEVEN Index Which is used to quote prices. This Index price is based on averages taken from Bitfinex, Poloniex and Binance.
BitSeven Fees
The fees charged by BitSeven are clear and easy to understand. There are no charges on deposits made, but there is a charge for withdrawals. This comes to 0.001 BTC for every withdrawal that's initiated, so be sure to only do it when needed.
There are also Exchange fees and Trading fees. The exchange fee is charged when you exchange your Bitcoin to any other cryptocurrency on the platform. 0.19% is charged on every transaction.
Trading fees are charged at the time of purchase and sale. The charge varies with the cryptocurrency that you are using. It is calculated by multiplying the leverage amount and the fee. The trading fee is applied at the time of purchase and sale.
Crypto-to-Crypto Exchange on BitSeven
BitSeven allows you to trade in either Bitcoin, Bitcoin Cash, Ripple Litecoin and Ethereum. These are the largest cryptocurrencies at the moment. You can exchange these cryptos depending on what you want to trade-in.
To exchange the crypto, select what you would like to trade and what you would like to receive in the second column. Enter the amount you want to trade in the third column. BitSeven will the automatically calculate for you the amount to receive in the other currency. You can access this tab via the deposit tab.
BitSeven Security
There are a number of security measures taken by BitSeven in order to ensure the safety and integrity of their platform.
First, users are encouraged to use two-factor authentication. All logins and transactions are also verified. The user’s IP addresses are monitored by the system to prevent session malicious hijacking. All withdrawals and user activities are also monitored, with abnormal activities being manually checked by the administrators. There is also a Distributed Denial of Service that ensures trading is not interrupted by outside attacks and that data is fully compliant with PCI DSS standards. All the cryptocurrencies are kept in cold storage wallets to maximize the safety.
Conclusion
BitSeven is a Bitcoin leveraged platform that is easy to use. It is available in most countries and supports 16 languages, making it easier to use even for people who do not speak English. It has no restrictions in terms of registration. You can trade absolutely anonymously. The offers a maximum leverage size of 100x, as well as the ability to set auto-sell so as to maximize on profit and minimize losses.
To provide quality services, BitSeven is regularly maintained on the 30th of every month from 11.00 am to 11.30 am (UTC) time. New orders cannot be processed during this time. However, any positions are maintained during this period. Ensure that you mark these dates and time in your calendar so that you do not face any inconveniences.
One of the disadvantages of BitSeven is that it only allows trading in four cryptocurrencies and does not allow fiat currencies at all. They however suggest to you where to buy cryptos based on your location. Another disadvantage is that it only allows Bitcoin withdrawals and deposits. You cannot withdraw in the other currencies or deposit even if you have them. You must first convert to Bitcoin.
Lastly, they do not have real time customer care support. It has support services only via tickets. Questions can be asked through form on the website. There is no chat or phone support but have a Twitter and Facebook page that you can use to ask questions. The request time may be delayed based on your query.
To find out more about BitSeven, make sure to visit their website: BitSeven Website.