247exchange is a cryptocurrency exchange platform that is designed to streamline the process behind purchasing Bitcoin with fiat currency. Users can choose from a number of different payment options, each with its own unique processing fees and delivery rates, in order to exchange a currency of their choice for a commensurate amount of Bitcoin to be deposited into a digital wallet.
24-7 Exchange is owned and operated by InterMoney Exchange, a company founded by Anton Vereshchagin, a Russian national currently living abroad. The entrepreneur founded InterMoney Exchange after his own experiences navigating the world of cryptocurrency in 2012 proved mind-bogglingly complex.
Vereshchagin’s goal with InterMoney Exchange, and 247exchange, is to make purchasing Bitcoin as easy as possible and as accessible through as many methods as possible – including purchases made with credit cards, something that has been a major obstacle for cryptocurrency enthusiasts in the past.
24-7 Exchange is a rather straightforward service, as it allows users to purchase Bitcoin with fiat funds from several different countries. Users simply create an order by entering how much BTC they would like in their valid currency pair (USD/BTC or EUR/BTC for example), pay the cost of the purchase plus any applicable fees, and then wait for their order to arrive in their Bitcoin wallet.
Users who wish to transfer the equivalent of $300 or less in a single transaction can use the services without registering. Otherwise, accounts are free to open. 24-7 Exchange also provides a bonus of not requiring ID verification for a member’s first credit card order.
Currently there are 4 payment processors that 247exchange accepts, each of which have different processing fees and transfer times. These options include:
- Visa or MasterCard: processing fee of 3.5 percent plus €0.13, plus 3% to the company
- Qiwi: processing fee of 4%, plus 1.5% to the company
- Money transfer: 0.0002 BTC, plus 1% to the company
- Bank transfer: €4, plus 1% to the company
Total cost will fluctuate, depending on the current valuation of Bitcoin.
The opportunity presented by 24-7 Exchange is, again, quite straightforward, which is in line with Vereshchagin’s goal of making Bitcoin more accessible to individuals who may not have the experience needed to navigate a more complex cryptocurrency exchange. In other words, individuals using 24-7 Exchange can benefit from easy exchanges from fiat currency to Bitcoin.
Additionally, 247exchange is soon to announce a crowdfunding campaign to upgrade its services. While there’s no set date, nor is there any specific information on what sort of new services will be added to the exchange, it is mentioned that contributors to the crowdfunding campaign will be eligible for certain perks – including a lifetime discount on fees.
Individuals using 247exchange trade cost for ease of use. The company streamlines the Bitcoin purchasing process by a significant margin, but the downside is that there are some rather hefty fees that users will have to absorb in order to gain access to what will likely be the first cryptocurrency they will own.
This isn’t necessarily a bad thing; making it easier to gain access to Bitcoin plays a democratizing role and ensures higher levels of overall growth for a digital coin that was originally conceptualized as a universal currency that could be used by individuals around the globe interchangeably without having to fuss with exchanges.
Could you institute a manual Bitcoin buy using a different exchange service, one that focuses less on ease-of-use and more on expert-level functionality? Absolutely. However, this would require a significant amount of knowledge and expertise; in the end, the processing fees that 247exchange charges users may be worth the price of entry to anyone whose other option is to try to decipher the inner workings of cryptocurrency exchanges with incredibly steep learning curves.
Taking 247exchange ease of use into account, and the fact that an incipient crowdfunding campaign could award contributors discounts on processing fees, we would recommend Bitcoin beginners looking into the company as a possible source for an initial cryptocurrency purchase – at least until you learn more about the market, how it works, and where and how you want to spend your money.