Bitseven full review and trading guide!

Writen by Crypthena

@Crypthena_support
October 1, 2018 – 6 min read

What is bitseven?

Bitseven offers leverage trading for Bitcoin, Ethereum, Ripple and Bitcoin cash. Bitseven is a crypto-to crypto trading platform only. Their head quarter is located in Honk Kong and they also have 2 more offices at Belize and Zurich. The platform is up and running since the end of 2018. You are able to trade from 1 to 100x leverage at Bitseven. The platform Bitseven enables users to switch easily between the different crypto’s to start trading with your favourite crypto of your choice.

Bitseven says the following about their platform:
The core matching engine is one of the best-in-class technologies and has been recognized for its fault tolerance, uptime, and high availability by implementing innovative features such as real-time clearing and advanced order matching algorithms.

Bitseven guarentees an up-time of almost 100%. Why is this important? A lot of users as for example at Bitmex are complaining about the downtime, especially in times when Bitcoin is volatile. Traders would like to work with a platform that is available at any time, especially in times were big bugs are made.

Bitseven says there are 1.270.000 users on their platform. When you take a look at their Social platform, Facebook, Youtube, we don’t see a high following base, but on the other hand, their volume in Google is big. Bitseven is only around for a short period of time so their user base is questionable.

On their website Bitseven states the following:
The development of the platform is a collaboration between software developers, financial professionals, and experienced traders from around the globe.

Unfortunately we are not able to find much more information about the founders of the platform.

Fees
When depositing Bitcoin you don’t pay any fees, Bitseven takes the following trading fee for using the platform:

Bitseven 

How long does the withdrawal process take?
Processing times varies depending on the network condition. It may take several minutes to several hours. Withdrawals are available 24 hours a day, 7 days a week. History of your withdrawals are presented in your account.

Is it possible to trade immediately after making a deposit?
This depends on the network of Bitcoin. The process of crypto deposits may take some time.
– Bitseven only accepts Bitcoin deposits.
– Bitseven’s deposit addresses are unchanged multisignature cold wallet addresses.

Register/log-in
To register with Bitseven you must complete a form with your name, e-mail address and telephone number. We also recommend activating a 2FA with Google authenticator. 2FA enables you to secure your account and your crypto for hackers.

Bitseven

How to deposit and withdrawal with bitseven
On the right side of the image you see the possibility to deposit or withdraw Bitcoin. To deposit Bitcoin, you can copy and paste the bitcoin address of Bitseven into your bitcoin wallet or exchange wallet to send money to Bitseven. After a number of confirmations on the Bitcoin network, the money will be in your account and you are able to start trading.

Bitseven

To withdraw your money from Bitseven you only have the option to withdraw Bitcoin from your account. The minimum amount to withdraw is 0.001 BTC and the maximum amount to withdraw at one time is 10BTC. If you are in the possession of another crypto on Bitseven, you can convert it to Bitcoin and then start a withdrawal it. At the bottom of the page you could see an overview of your deposit or withdrawal history. Here you are able to see the amount and status of the payment from transactions over the last 6 months. If you are not in possession of cryptocurrency then Bitseven gives you the option to choose market info from different brokers via the third tab. You can also look at our website at BROKERS for more than 15 different brokers to purchase your bitcoin.

* Please note that you will not send another crypto then Bitcoin to Bitseven. Any other crypto coin is not supported by Bitseven and will result in a loss of your crypto.

* Use the QR code and / or the copy address button to make sure that you are copying the correct address, never copy the address manually.

Exchange crypto on Bitseven
In the crypto exchange tab you have the option to trade Bitcoin for Ripple, Litecoin or Ethereum. These are the largest crypto coins at the moment according to coin market cap. 

Bitseven

Select the coin you would like to trade and select the coin that you want to receive in the 2nd column. In the 3rd column you could enter the amount you want to trade and then Bitseven automatically calculates the amount for you to receive in the relevant currency. In the example you receive 34,338.27 XRP (ripple) for 1 Bitcoin.

* This function is only accessed via the Deposit tab and not via the withdrawal tab.

What is leverage trading?
Leverage allows you to open a position that is larger than the balance of your account.

Suppose you fund an account with $2,000. Using leverage, you could open a $4,000 BTC/USD position(leverage 2x) with this account (long or short). If you close this position for a 20% gain, your account balance will grow by 40% ($800). This amplified upside potential is why traders find leverage exciting. Leverage is a very powerful tool because it can amplify your gains, but it’s also dangerous because it can amplify your losses as well, and even wipe out your account if you aren’t careful.

Opening a leveraged position should be considered a short-term trade, not a long-term investment.

Sensible risk management should be employed when using leveraged positions: you should set both stop loss and a profit target for every open position.

At Bitseven you are able to trade 100x leverage on Bitcoin, 50x leverage on Ethereum, 40x leverage on Litecoin and 30x leverage on Ripple.

Bitseven

Your first trade

When you have selected the correct crypto you can start with your first trade. In the image below we show an overview of Bitcoin. First you will see the price trend of Bitcoin in a graph. On the right you see the order book with the current price of Bitcoin on the Bitseven platform, which is currently $ 10,658.50.

Bitseven

When you place an order on Bitseven you have a number of options. Market order vs limit order. A market order immediately fixes the current bitcoin price and, as it were, buys the orders out of the order book until your order is filled. You set a limit order for a price that will remain unchanged. When Bitcoin reaches your desired price, your order will be triggered and activated.

You have 2 options, Buy order up vs buy order down. Here you could make a choice for your expected price trend when your order is activated. On Bitseven you also have the opportunity to earn money if you successfully predict that the Bitcoin price will go down.

You have the option to automatically sell your order when it is in 100% profit to already ensure that you close your order on that desired result.

Ultimately you can select how much leverage you want to trade with. Keep this in mind, that every percent that moves the rate also determines your bet with a multiple of the chosen leverage. With a price movement of 10 percent and a leverage of 10X you could already be liquidated.

Enter the amount of Bitcoin in the calculator and start with your first trade. You will receive a confirmation in a pop-up with your order before it is executed so you are able to check everything in a small overview.

Security on Bitseven

Two-factor authentication (2FA)

Add an extra layer of security to your account and protect sensitive operations such as generating API keys, and withdrawing. Configure two-factor authentication using Google Authenticator, Twilio, or a U2F Security Key.

Cryptocurrency storage

The overwhelming majority of system funds are stored in offline, cold wallets. Only approximately 0.5% of crypto assets are accessible in hot wallets for day-to-day platform operations. As an added protection, the cold wallets are not available from the platform or the platform servers. The funds in offline cold storage require manual intervention by several members of our management to access.

System security

Always up-to-date Linux systems to host the platform. Our servers network is protected using always up-to-date software and the best possible practices.

*Check on their website for more information stated by Bitseven about their security:
https://www.bitseven.com/en/Security

 

 

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