| Overall | Commissions & Fees | Licensing & Safety | Platforms & Tools | |
|---|---|---|---|---|
| Points | 91 | 86 | 87 | 90 |
Overview – Fees and commissions – Safety – Opening an account – Account types – Trading Platforms – Markets and products – Research tools – Education and training – Customer support – Our verdict
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
- Has a simple and easy-to-navigate platform.
- 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
- The welcome bonus is exclusive for one account type
- Lack of payment methods information
- High trading commission fees
- Unresponsive customer support
- Poor educational material
overall scores
In this review, you can find all the information you need to decide whether 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 scored in each of our high-priority categories.
Fees and commissions
There are two types of payments demonstrated onwww.7bForex.ng and are mainly in the forms of trading commissions and deposits.
Minimum first-time deposit
The deposit that a new trader can make differs between the types of accounts, the standard and the classic types of accounts require a 5,000 NGN first-time deposit.
The Elite account, which is considered more for advanced traders, requires an investment of 100,000 NGN at the first time, however, any consecutive deposits cost way less than that.
Regular deposits
Any consecutive deposit at 7bForex broker has its maximum and minimum limitation, and across all three types of accounts a trader may not deposit more than 10,000,000 NGN per transaction.
On the other hand, the minimum regular deposit required if a trader wants to add funds to their account differs from the first-time deposit, and a 1,000 Nigerian Naira is required at least.
Commissions
Firstly, the classic account has no commission associated with any trading activity, which could be the reason for the limited trading instruments with this account.
The commissions for the standard and the elite types of accounts are changing per the asset being traded and per the lost size.
The standard account commissions are concerning trading on currencies (major – crosses – exotic), gold, silver, and energy. The commission amount ranges between 12.50 NGN – 500 NGN.
The elite accounts commissions include more assets, which are currencies (major – crosses – exotic), gold, silver, energy, stocks, indices, and cryptocurrencies. The commission amount ranges between 25 NGN – 12,000 NGN.
Note that 7bForex financial broker commission of each asset is per 0.01 lot size, which means that if a trader opens a market position with more than 0.01 lot size, the amount will be multiplied by how many 0.01 lots are being traded.
Spreads
Traders with 7bForex enjoy floating spreads that are adjustable and are not tied with any fixed commission fee, however, 7bForex broker opinions indicate that spreads here are not one of the best in the market.
The minimum spread range is 1.3 pips, for the classic account, which goes higher to 2.1 pips minimum for the standard account holders. That is relatively high compared to other brokers in the market.
However, the spread ranges of each account contradict what is being promoted on the main page of the broker, where they claim to have 0.01 pips as the lowest spread, which is not seen under any type of account.
Is 7bForex safe to trade with?
7bForex broker is registered for business activities in Saint Vincent and the Grenadines, while the trading, depositing, and withdrawing operations are provided in Nigeria by Web-Net Technologies Ltd.
With that being said, 7bForex broker is not regulated by any authority that is concerned with financial trading activities, and it does not follow any regulations imposed by any authoritative body
That makes it quite risky to invest any money with this broker because there are no stringent or penalizing frameworks that can deter the broker from undertaking any fraudulent activity.
In addition to that, the offers and the promotions offered by the broker are too good to be true, especially when it comes to the point that any withdrawal/deposit during any day of the week and at any time, will be processed in 2 hours as the broker claims.
That raises the possibility that 7bForex is a scam broker and it lures the traders to put more funds in their accounts with the vivid image of generous promotions and bonuses.
Opening an account
The process of opening an account is quite straightforward. On the top right corner of the navigation bar, you will find boxes where you can choose to create your live or a demo account.
To start your demo account, the process is much simpler, you will just need to enter your personal information such as full name, email address, phone number, country of residence, then you select the leverage you want to test and it ranges from 1:1 to 1:1000.
Furthermore, to have your 7bForex broker demo account you will also need to select the deposit you are going to trade with the demo account, noting that this amount is virtual and is given by the website, you will not need to make any deposit from your side.
While opening the live account takes a different way because at first, you will need to choose the type of account you are going to start with from the three types (standard – elite – classic).
Besides the general personal information, you will also need to provide address information and agree on the terms and conditions, client agreement, and privacy policy statements.
Opening your new account will make you eligible for receiving your welcome bonus which will be discussed further in this review.
Account types
There are three types of accounts that a client can have with a 7bForex broker, and they differ based on the access given and based on the markets available for the account holder.
Standard account
The basic one is the standard account, which is usually what most new traders come for, and there is a 7bForex bonus that is given exclusively for this account holder.
It requires a 5,000 NGN minimum for the first-time deposit, and the leverage here ranges from 1:200 to 1:1000 which is considered massively huge. While the minimum lot size can be 0.01.
The spread offered for this type of account is floating and the lowest it can go for is 2.1 pips, on the 70 assets offered for trading on different markets, mainly on the Forex market.
Elite account
This account is offered for more experienced traders who can start with a first-time deposit of 100,000 NGN at least, and with this account, a trader can only get a live account, with no access to any demo account.
A client with the elite account can use the 7bForex broker floating spread that can get down to 1.9 pips at least, which might not really attract many traders, as it remains higher in comparison to other brokers on the market.
At the same time, the elite account enables traders to access +150 products on different markets, with 64 instruments on the Forex market, and 64 instruments in the stock market.
The leverage offered here is adjustable and can go from 1:200 to 1:1000 while trading with a lot size that shall be 0.01 at least.
Classic account
This account looks similar to the standard account, with some slight differences when it comes to the lot size where 1.0 lot size is required at least to trade with.
While the benefits that classic account holders can enjoy are the zero commissions on this account and the lower spread range, which gets as low as 1.3 pips.
The leverage here remains floating with the same ranges and the same minimum deposit requirements.
How to create your account
After this detailed 7bForex broker review, if you have decided to discover things yourself by creating your own account, you only need to follow these steps:
1- Click on “open live account” found on the top-right corner in a green box.
2- Enter your first and last name, email address, contact number, and type a new password.
3- click send a PIN to receive a code on your phone that you need to enter to activate your account. You might also receive a verification email, you will need to follow instructions there.
4- Fill a questionnaire that will be regarding your experience in trading and your expectations.
5- Submit additional verification documents within a given deadline.
6- Add money to your account and start trading.
Trading Platforms
Probably not one of the strongest marketing tools of 7bForex as there is only one trading platform available on this broker’s website.
7bForex MT4 trading platform is the sole way for clients to manage their trades with this broker, which might not attract many traders who prefer using MT5 or the Webtrader.
Some traders prefer using the Webtrader since it does not require the installation of any 3rd party software, and it can be easier for traders to operate there.
This seems like an attempt from 7bForex to shed a reliable image since Metatrader cooperates only with trustworthy brokers, on the other hand, it is easy to get the association with the MT4, so this does not really add much to their reliability, or unreliability.
The 7bForex MetaTrader 4 trading software is downloadable on any device, whether a desktop or a mobile device, there is a dedicated link that is provided on the broker’s website.
Tradable assets
7bForex mainly operates in the currency market, however, they also offer a limited number of assets from other markets, and majorly for the elite account holders.
In the light of the limited information available on the website about the products available in each market, it is only indicated that holders of the standards and the classic types of accounts can use up to 70 tradable assets.
These 70 tradable assets are mainly from the Forex market with 64 currency pairs available, in addition to the gold (2 assets), silver (1 asset), and energy (3 assets)
While 7bForex broker elite account, enables the traders to use more assets from other markets, where additional 111 assets are tradable, they are stocks (64 assets), indices (12 assets), and cryptos (35 assets).
Research tools
The broker does not really provide any informative tools for their traders to stay aware of the market trends and movements, there are no market news or market research tab on the website that a trader may use.
The only possible tool for the trader to read about the market is the “Blog” section, the blog post section provides weekly updates regarding the market in written articles.
The articles in the blog post seem to be not of great quality, the style is not really appealing for a reader, and the content itself is very vague and very pushy. In addition, it is not consistent and there are several weeks left without any updated post.
Education and training
The education found on the website is very primitive and unprofessional, the material goes around (what is Forex, why is Forex, and what are CFDs) explaining the basic information about every concept.
Add to that, the educational material is plain textual material, which is very dull and does not really make any value for the trader, especially the new ones who are looking to learn some new information.
There is a FAQ section in the education tab, which ideally shall be helpful to find some important information, which is not the case here because 7bForex scam broker does not really pay much attention to providing any information for their clients.
Customer support
There are limited points of contact between the trader and the team from 7bForex, only the support email address and a single telephone number are provided, and in fact both ways a one cannot receive any valid help.
If you have faced any issue while trading and you send an email for some help, you will only get the automated reply and nothing really after that, while by the telephone there is a long waiting line and eventually nobody is really picking up the phone.
7bForex financial broker is available on a couple of social media platforms, namely Facebook and Instagram, however, their presence there is extremely poor and their content there does not really provide any value.
Our thoughts
We conclude, based on the several 7bForex broker opinions, that 7bForex is definitely not a broker that you would like to trade with, and there is a considerable amount of reliable Forex brokers in the market.
The facts on this broker’s website contradict each other, for example, the minimum spread range is claimed to be 0.01 pips on the main page of the website, while under each account type it can only reach lows of 1.3 pips.
The features of the website are too good to be true, they are so unrealistic, and it seems this is one way for the broker to lure some traders to get scammed on their website.
The fact that 7bForex is not registered with any financial service license makes it clear that 7bForex is a fraud broker because the lack of license, means the lack of regulations and the doors are open to practice any monetary scam activity.
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