7 Money is this a scam? Review and Customers Reviews

Age of the exchanger 7 Money It is almost three years – relatively short, but, as it turned out, enough to provide itself with a solid base of clients, including from abroad, to introduce about 20 areas of exchange and build up impressive reserves in various currencies. Electronic signs, Cryptocurrencies and bank cards – all this is included in the range of this exchanger. Clients of 7 Money highly appreciate fast processing of applications, high level of service and professionalism of technical support staff. 7 Money has an amazingly strong reputation – or so it seems at first glance? Let’s find out: is 7 Money a scam?

7 Money currency exchange platform

The service was launched in October 2016. According to the information about the service in the FAQ section, the main activity of the platform is the exchange of electronic currency, as well as the purchase and sale of e-marks through banking systems (only for the Ukrainian hryvnia) and operations with cryptocurrency.

The service works with the most popular types of e-money, including Yandex.Money, Perfect Money, Payeer and QIWI. Cryptocurrency is represented by Bitcoin and Bitcoin Cash, as well as LiteCoin, Dash and Zcash. The exchanger also cooperates with banks in Russia and Ukraine, such as Sberbank, PrivatBank and Alfa-Bank and with VISA and MasterCard payment systems.

7 Money has a limited working hours – from 9 a.m. to midnight Moscow time, unlike most exchangers working around the clock. This brings some difficulties to customers who are in another time zone – they have to constantly check the time in Moscow, so that the processing of the application does not “hang” for nine hours. However, within the limits of their work schedule, the processing of applications is fast and of high quality.

All exchange rates and directions can be found on the main page 7money.co – web page in a pleasant design will offer you to immediately calculate the exchange, provide information on reserves, share the news of the platform and introduce user feedback. The site has useful sections – FAQ, affiliate program, exchange instructions, user agreement, and a useful tool – check the status of transactions. At any time the client can enter their transaction number into a special field on the website and receive data on the transaction.

The website of the platform also contains contact information – email address where you can contact the administration. The easiest way to contact is the online chat on the site, through which any user can solve all the issues related to currency exchange online at 7 Money. The platform supports Russian and English interface languages, which creates additional convenience for foreign users of the service. And they are – a lot of reviews about 7 Money are written in English by users from Portugal, Spain and other foreign countries.

E-money exchange

The list of electronic signs, with which 7Money works, includes QIWI and Yandex.Money (currency RUB), as well as Perfect Money, Advanced Cash, Payeer (currency USD) and Exmo (currency RUB and USD). Banks cooperating with the service are Russian Sberbank, Alfa Bank, Tinkoff, VTB24 and Ukrainian PrivatBank and PUMB Online with the appropriate currency. The platform since its foundation supports transactions in the direction of “cryptocurrency” – the client is available to choose Bitcoin and Bitcoin Cash, Dash, Zcash and Litecoin. According to the information provided in the news of the exchanger, there are plans to fully add another cryptocurrency – Etherium. Payment systems with which you can operate on 7 Money are limited to VISA and MasterCard.

According to the regulations, the maximum processing time per application is 30 minutes. In fact, the service works much faster – on average, it takes from 10 to 15 minutes to process an application. As the platform itself claims, money is instantly credited to the electronic wallets of Yandex.Money, QIWI, Payeer, Perfect Money and Advanced Cash. There is information that the withdrawal of money from Perfect Money there may be complexities, due to which the operation may take up to a day. However, the management of the platform warns about this directly on the official site.

The exchange in all directions, except those related to Ukrainian banks, is in automatic and semi-automatic mode. All transactions with Ukrainian banks are carried out in manual mode. In this regard, all requests involving Ukrainian hryvnias are processed slightly longer, although within the already mentioned above 10-15 minutes in normal mode.

Receiving applications

7 Money accepts applications at any time of the day, however, processing takes place only from 9 am to midnight Moscow time. During this time, the client can count on the fast receipt of money to the account. When filling out the application, the exchange rate is fixed for 20 minutes – during this time, the customer must pay the application, that is, deposit a sufficient amount to the specified account for the operation. After 20 minutes the application is closed.

It should be noted that the service requests the purpose of payment for some transactions (with PrivatBank and FUIB Online). In these cases it is obligatory to provide this information. Otherwise, the service reserves the right to return the amount to the specified details and reject the request. This measure has been introduced to counteract the financing of illegal activities. Each request is given a number which can be used to track its status. If any technical difficulties arise, the client can always contact the support service using the chat on the site.

Commission 7money.co

The service fee is included in the exchange rate – when using the calculator on the main page of the site 7money.co the user does not need to calculate the amount he will receive. However, it is worth noting that when using Payeer signs transactions are subject to an internal commission of 0.95% for transferring and receiving funds. Also internal commission is charged when using Perfect Money – its amount is specified when using the calculator.

Currency of operations

The main types of currency on 7 Money are rubles (RUB) and U.S. dollars (USD). The first currency is represented by the well-known QIWI and Yandex.Money, the second – Perfect Money, Peyeer and Advanced Cash. Exmo system works with both rubles and dollars. Transactions with VISA and MasterCard payment systems are only in rubles, as well as with banks Tinkoff, VTB24, Sberbank and Alfa-bank. PrivatBank and FUIB Online work with Ukrainian hryvnia (UAH).

Cryptocurrency is represented primarily by the most popular Bitcoin and Bitcoin Cash. Other currencies supported by the platform are Litecoin, Dash and Zcash. Earlier, the platform stated its intentions to introduce Etherium into circulation – the main page of the website still does not have this currency, however, it is specified in the list of possible transfer destinations.

Verification

It is not necessary to register to make an exchange. You need to specify contact information and account number when carrying out an operation. Registration may significantly simplify this process – these data will be pulled from your profile. Please note that when you work with Privat24 you need to verify your card and confirm the identity of its holder.

Also, registered users can use the “Exchange templates” function. Its purpose is very simple – to reduce the time to apply for a transfer, if you regularly carry out the same operation, for example, withdraw funds from some payment system to your bank card. Creating a template is very simple – you choose the required direction from the list, enter the amount and two account numbers, from where and where the money will be transferred. Later you can use the template for a quick application. Authorized users get access to a personal account, as well as various bonuses, which we’ll talk about below.

Bonuses 7 Money

Let’s take a closer look at the bonuses for 7 Money users.

Loyalty Program

The essence of the 7 Money loyalty program is quite simple – the user earns himself one of four loyalty levels, depending on the total amount of transfers. Each level has its own level of discount. The correlation of levels, amounts and size of the discount is shown in the table below.

After receiving a discount, the user is given the right to decide which currency the discount will be added to – that the user receives or gives away in the exchange. By default, the discount is tied to the amount received. This discount will affect all transactions in either direction.

Affiliate Program

Registered users of the service can also participate in an affiliate program 7 Money. Its meaning is simple – for attracting new clients the user-partner gets a monetary reward. There are two ways to count the number of new clients – a referral link, which the new user enters in a special field during registration, and a link to be embedded on the site.

All information about the user’s participation in the affiliate program is available in his personal cabinet. The amount of remuneration, balance and the level of client loyalty program are also available there. In your personal cabinet you can also withdraw remuneration, which by default is credited to your Perfect Money account.

Partners of 7 Money receive a fixed commission – 25% of the service profit from each transaction of the client brought by them, but not less than 1 USD in Perfect Money.

Complaints about 7money.co

You’ve probably noticed the testimonials page on 7money.co. Of course, for marketing reasons, it’s all about positive feedback. But how are things really? People’s impressions of the 7 Money platform are very good. Various aspects of the service are praised, including the speed of processing requests, professional responses from technical support and favorable exchange rates. One of the positive factors is also the availability of several ways of contacting the technical support and the service’s quick response to arising problems.

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Regulation and License 7 Money

The reliability and goodwill of the exchanger is confirmed by its license. Let’s study it right now.

License and regulator

Data on the license of 7 Money could not be found in the public domain, which may have a negative impact on its perception among potential customers. Information about the exchanger’s registration on the territory of Ukraine is available. No contacts, except for the e-mail address, could not be found. Nevertheless, about the reliability – albeit quite weak – testify banners partners 7 Money, which are QIWI, Perfect Money, Payeer and Advanced Cash. Also known that the administration in carrying out transactions guided by the User Agreement, the Rules and a document on security. They can be found at the corresponding links.

Where to complain about 7Money?

E-mail address [email protected] and online chat on the main page of the site are the main channels for complaints and grievances about the work of 7 Money. Technical support staff can ask you to leave a phone number or other contact information to contact you if necessary. Note that the professionalism of employees is very high – they quickly solve a variety of problems, maintain a polite and relaxed tone of communication and in any situation behave with restraint and culture. When searching for negative reviews on 7 Money on the Internet did not notice a single one – most often because they were closed by employees due to the solution of the problem.

7money.co User Agreement

On 7money.co website there is a Service User Agreement which regulates a number of important terms used: user, service, electronic currency, payment, payment system and services of the service.

In the User Agreement there is paragraph 2.8, according to which the service prevents the use of its resources for illegal activities such as fraud, money laundering and financing of criminal activity. To comply with this clause, the service actively cooperates with law enforcement agencies.

A number of points secure the relationship between the user and the service. For example, if the user refuses to exchange through the service, 7 Money has the right to withhold up to 3% of the refunded amount as a commission. Also, the User Agreement states that the user has 5 calendar days to contact technical support in case of failure to cancel the operation. And if the user decides to suddenly hack the scripts or perform a DDos attack on the 7 Money servers, his funds can be withheld without refund for an indefinite period. Also the User Agreement specifies the policy of personal data as precisely as possible – it remains strictly confidential and can only be given to law enforcement agencies, by court order, or to the payment systems in accordance with appeals.

Is 7 Money a scam?

It is absolutely possible to assert: 7 Money – it is not a scam. Apparently, the administration of the service has heard about all fraudulent transactions involving exchangers, so it informs the user about some important nuances on its website. The most important thing they warn users about is that all transactions are made only through 7money.co and no other way. Any recourse to users from third parties, supposedly relatives, as well as supposedly on behalf of the service in messengers and social networks are machinations of swindlers. Also, the resource warns against possible participation in criminal schemes, which even for the uninformed user can cause criminal prosecution.

The site itself has passed GoDaddy.com’s SSL certificate security check. The security certificate is available here:

Conclusion

If you are looking for a good exchanger with favorable exchange rates for cryptocurrency transactions and favorable terms of cooperation, we advise you to pay attention to 7 Money. In three incomplete years the exchanger was able to build up an impressive customer base, start working on the most popular exchange directions and gain a strong credibility with its users.

Of course, it was not without annoying minuses, for example, the lack of information about the license of the service, however, it does not detract from the advantages of the platform. In addition, 7 Money is an excellent example of a dynamically developing exchanger, which every year covers more and more new territories.