Bitcoin Forum

Hey guys!

I’m Michael, I represent 7b crypto broker app (https://sevenb.io/). Recently we’ve dropped our app on Google Play (https://play.google.com/store/apps/details?id=io.sevenb.terminal) and now we invite you to test it and share your ideas on how to upgrade it!

!PS
Your feedback is really important for us. Don’t be shy and send us an email - support@sevenb.io

Since you mentioned this is connected/powered by Binance, then what are the advantages of using this in comparison to their app?
^{- I've already read the FAQ page but I'm still not convinced.}

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Can you provide more details in regards to your "top-notch verification procedures (https://sevenb.io/)"?

I don't get what exactly brand new here?

In our app we focus in easy-to-use interface and security. Binance provides users with advanced trading instruments and big amount of data which can distract rookies.

Our interface allows even beginners to enter trading, because it gives them an opportunity to buy crypto assets in just 2-3 clicks.

However we understand that those users need the maximum amount of security possible - that is why our app is powered by Binance Brokerage API - users assets are under the protection of Binance. At the same time we've implemented withdrawals verification and currently we are working on 2FA.

This app is powered by Binance exchange, so does the same rules apply for no kyc up to 2 Bitcoins or not?

My second question is what advantage there is compared to Binance app and why should people not just use Binance app instead of your app?

I'm assuming because you are using the API of Binance that any KYC documentation will be seen by your company, and Binance? So that the documentation is shared between the two or does it go directly, and only to Binance?
One could easily argue that Binance is easy to use, and is perfectly acceptable for new users to start trading on it. If you are using Binance for the security side, you are effectively operating as a white label exchange, which you design your interface, but use Binance for all the heavy lifting, which wouldn't make it anymore secure than using Binance direct, unless I'm misunderstanding something?
 

Yeah, any limitations imposed by Binance would still apply even if you are using their API. You would have to check the documentation to be absolutely sure, but generally this is the case, and part of the API terms of service.

Thanks for your feedback!

Indeed - some users enjoy trading on Binance, but according to our research - for beginners Binance is over-complicated. Some members of the focus groups even could not buy or sell something. Our app provides an intuitive way of trading, suitable for beginners and people who'd like to trade easily with security guarantee from Binance

So it's clear that there is no advantage for using your app.
Binance have multiple modes for trading including Convert - for easy converting of coins, Classic - that is very simple to use, and Advanced mode weith full access of all trading tools.
This is not more complicated than using your app according to screenshots from your website.

Cannot agree with you - you should first use it before making a decision. For example buying your first crypto asset even in Binance Lite will take more than 30 minutes, while in our app you can do within 5-6 minutes.

Plus, you should not forget that you might be already an advanced trader and for sure there is not enough instruments for you in our app and classic Binance may seem easy for you. But for a majority of users - our app can be an opportunity to start trading.

Who told you that you need 30 minutes to start trading on Binance?
I am not an expert trader at all but I can open account and trade on Binance in less than 10 minutes, and I know other people who did the same thing even if they never used any exchange before.

Maybe you need to be more clear on this. Do you count the time to transfer your fund to the exchange or not? How did you define the time to buy or trade something? And more. If those are not answered, your promotion might face more problems and meet more skepticism later on.

They're basically an off brand of Binance so they basically do what Binance, I think that people from places that have Binance banned in their place can make a use out of it since it's the same but it's not the same as Binance.

It is a great question, but the answer is simple - from the moment of download it takes a regular user with no experience in trading crypto 30 minutes to register, pass KYC and understand how to buy any crypto asset. The last part is one of the most confusing. In 7b it takes 5-6 minutes, because the customer journey is not so complicated and does not require special knowledge

Can you provide proof of your legal management of the company? In the sense of asking individuals to risk sharing their data with third parties, which you may share with other parties, you must first prove the business address and the commercial license for that.
Second, what is your policy with data? Will it be erased once the identity is verified? How will you ensure that? Will it be kept? How long? And what is the guarantor of that?
Finally, many platforms provide the possibility to exchange 100$ without KYC, meaning you can not ask for identity verification from users until certain limits.

and it is better to develop an online exchange website because many people do not trust applications.