Review: My painful attempt to buy BTC from 247Exchange

In this post, although I will cover how to buy Bitcoins using a credit card with 247Exchange, I’m also going to describe my own personal experience with them.

What does a guy have to do to get some Bitcoins around here?

It all started about a week and a half ago, when I decided to check out 247Exchange’s services. Following my Bitcoin scam test principles, I first checked out other reviews online (e.g. TrustPilot, SiteJabber, etc.) and saw that it was getting some pretty good ratings.

I opened up a free account and verified my email, pretty standard up to here. Then I decided to buy some Bitcoins with my credit card. I entered my information as followed:

247exchange buy bitcoins

As you can see the nice thing about 247Exchange is that:

  1. The user interface is pretty simple to understand
  2. It discloses all fees in advance

I would wish that they would show the aggregated fees as well (credit card fees + transaction fees), but I guess this is already way better than the alternatives out there.

Moving forward I clicked “Make Order” and found that I needed to verify my address and phone number in order to be able to buy BTC with my credit card. Phone verification was pretty straightforward: to verify your phone you need to input a code sent by text message. Easy peasy.

Identity verification requires a government ID. I don’t usually like sending these documents online to strangers but I gave it a shot. Unfortunately, I entered my passport number incorrectly and had to wait until the verification was denied to re-enter it (it added one more day to the process).

The address verification requires some sort of a utility bill, which I didn’t have next to me at the time. But once I got home I submitted it and it went smoothly.

So until now everything looks pretty dandy and all that’s left is to buy the card. Unfortunately, here is where it gets complicated. Even though the user interface for buying Bitcoins on 247Exchange is pretty good, the ‘Add a Credit Card’ process is pretty cumbersome. Let me explain.

When you first add a card, 247Exchange will perform a test payment, which you will need to verify on your credit card statement. Following this process, I waited patiently for two days and didn’t see any verification charge.

I then contacted the exchange’s support (which answered pretty quickly). They told me that the charge probably wasn’t made and that I needed to delete my card and add it again. The only issue is that I can’t do that using the website interface. Finally, the support rep told me they would delete my card and I would then be able to add it later on. He also mentioned I would get an email about this.

So I waited a while longer and after another two days with no email I decided to check what had happened. A new support rep answered, telling me that they could see that a charge was actually made on my card for $2.04. Now here’s my issue with this:

  1. Why wasn’t I emailed about this? It seems that there is no follow-up process with the support on 247Exchange.
  2. The verification amount was given to me without any need to identify myself, which was pretty odd. Meaning, I could have just been some hacker requesting to know the verification amount, so I would be able to use the card on file and the support rep decided to just hand it out (take a look below for the chat transcript).

247 support

One may argue that since I was logged in this means that I have the password for this account, but from my experience with other services it’s standard protocol to usually ask for some more identifying information.

Leaving all of that behind me, I went and approved my card. I was finally getting close to my goal – getting my coins. However, when I tried to purchase with my newly approved card I was not allowed to use it for some reason.

Contacting support again, I was told to delete my card and re-add it. At this point I got stuck with the 3D-secure service verification and decided to give up all together. All in all it took me a week and a half to finally give up without purchasing the coins.

247Exchange has great potential, but it needs polishing on the user experience

It seems to me that 247Exchange is one of those companies that can give tremendous service to Bitcoin customers, but they fail to do so because of their buying process. It is known that the Achilles heal of all Bitcoin buying processes is verification – and 247Exchange hasn’t solved this part efficiently yet.

My final verdict is that if you wish to try your luck with 247Exchange go ahead, as all signs show that it’s a legit business with good support. I just hope you don’t get frustrated and stuck in the process as I did.

If you’d like to share your experience with them leave a comment below.

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