I'm assuming due to reference to satellites that you have a Spektrum Tx?
The Microbeast only supports one satellite receiver, which would definitely not be recommended for a 700. If you go with a 'full' receiver it's much better to go for one that has SRXL or SRXL2 output. This means that you can use a single wire between the FBL and Rx, which saves a lot of wiring 'clutter' and is also necessary if you want to use the FBL governor. For SRXL2 a special cable may be required to connect between the SRXL2 output on the Rx and the side input on the Microbeast.. Check the online manual.
wiki.beastx.com
Or scroll down to bottom of this page for SRXL2 wiring:
wiki.beastx.com