Not available in Malta

Points

Overall

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Commissions & Fees

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Licensing & Safety

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Platforms & Tools

Each broker we review is judged on the same 10 key areas. We include different instruments and holding positions overnight. We check not only the licenses the broker claims to have for different countries, but whether these licenses are up to date too. We look for specific features such as customizability and trading signals.

150+Number of instruments

Open Account

10,000+ Traders

Regulated by

FSA(SVG)

Overview
Fees and commissions
Safety
Opening an account
Account types
Trading Platforms
Markets and products
Research tools
Education and training
Customer support
Our verdict

7bForex review

Item: 7bForex
Rating: 1

17 December 2021 -

Finding the right financial broker became not an easy task in the light of the increasing number of brokers who obtain different types of licenses, which helps them have a shiny surface.

However, taking a step further into the 7bForex broker review will unveil many flaws to help you make a wise decision and not fall victim to any sketchy financial trader.

7bForex broker is registered in St. Vincent & the Grenadines, which is a remote location in the Caribbean sea, and has emerged as a place for companies to offshore their illicit side of the business.

This broker offers their services mostly to Nigerian traders, and only in the Forex market, offering very generous packages of benefits and promotions.

Starting from the huge leverage that can go up to 1:1000, and minimum deposits that can be 1000 Naira at least facilitates the transactions for the Nigerian traders, avoiding exchange rates and commissions spent.

7bForex broker claims to offer the tightest spread range that can get as low as 0.01 pips, however, this contradicts what is stated in the accounts types section.

The broker offers a very contemporary technology while managing their clients’ trades, including a very fast withdrawal and deposit mechanism regardless of the payment method and the day of the week.

High leverage
Trading in local currency avoids currency exchanges
Low minimum deposits
Multiple bonuses are available
Lack of license
Contradictory statements
High spreads
Too high maximum leverage
The welcome bonus is exclusive for one account type
Lack of payment methods information
High trading commission fees
Unresponsive customer support
Poor educational material

7bForex overall scores

In this review, you can find all the information you need to decide whether 7bForex is the right broker for you. Our expert team has thoroughly explored the broker, using a tested methodology and scoring system. This process places importance on the things we know matter most to traders. Below you can see how 7bForex scored in each of our high-priority categories.

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