7FX Online Forex Broker Review
The 7FX Group was established by an experienced team of experts in the Forex industry who have a strong knowledge of the financial market. The goal of this broker is to supply a transparent and professional trading environment to both novice traders and professional investors alike. The 7FX trading platform is very sophisticated with execution and spreads that reflect the true market. This broker is committed to serving their clients effectively and, as an IBC (International Business Company) with a base in St Vincent and the Grenadines, they are authorised by the FSA (Financial Services Authority) demonstrating their reliability and trustworthiness.
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7FX’s Funding Options for Accounts
The 7FX Group works in partnership with clients around the world and recognises that offering a variety of funding options for trading accounts as well as guaranteeing the security of investors’ funds is essential when running a brokerage service. Their operations team ensures that all withdrawals and deposits are processed quickly and efficiently and 7FX offer a good choice of banking methods. All of 7FX’s client funds are held at banks with a base in the EU with a high level of capitalisation for extra security.
Educational Resources and Tools Offered by 7FX
The team behind 7FX are experienced professionals with a background in providing Forex education. Thanks to this, they understand the importance of providing a good range of support tools and educational resources so that their clients can enjoy success in the trading market. New traders will benefit from the “New To Forex” section which lays out a 7 point plan for beginning a career in Forex trading, while more experienced investors who wish to develop or refine their trading strategies will benefit from one of the advanced seminars or courses that will help them to perfect their skills.
Offering round the clock trading of all of the most popular currency pairs, 7FX’s Forex trading gives traders a blend of challenges and opportunities. Supporting all kinds of trading strategies and styles, their site allows investors to use fundamental analysis, technical analysis or a mix of both and dedicated account managers are at hand to help traders to refine their strategies and navigate the market more effectively. Up to date market insights are provided by this broker and more information about trends and latest news can be found on the broker’s blog. There is also a section of Frequently Asked Questions which answers all of the most common queries and questions posed by traders.
Trading Platform, Account Types and Trading Instruments
7FX’s main platform is powered by MetaTrader 4, one of the most commonly found and popular trading platforms across the industry thanks to its user friendly interface and excellent features. This platform allows investors to either trade manually or to use an Expert Advisors service for automated trading. MetaTrader 4 is reliable and offers fast execution of trades to accommodate the needs of traders. 7FX also uses a web trader platform which can be accessed from any device and which requires no memory intensive downloads. With its user friendly interface, it is suited to the needs of both beginner and experienced traders. There is only one account type available through 7FX, however it is possible to open a demonstration account before making a final decision as to whether or not this is the right broker to suit your needs which will allow you to try out the trading platform and to experiment with a range of strategies before risking any of your own money.
7FX offers a wide range of instruments and assets for trading. These include:
- Forex – with major, minor and exotic currency pairs available. There are over 40 different pairs available for trading
- Spot metals – gold, silver, platinum and palladium
- Commodities – oil and natural gas
- CFDs – across 13 different international indices
The trading sessions for 7FX’s supported instruments are as follows:
Trading functionality and streaming prices for Forex instruments are continuously available from Sunday at 17:05 ET until Friday at 16:55 ET. The system is reset daily between 16:59:30 until 17:05 ET and during this time trading and pricing is unavailable.
All metals instruments trading functionality and quotes are active between 18:00 ET on Sundays until 16:55 ET on Fridays.
The metals exchanges close each day between 17:00 and 18:00 ET and during this time trading and quotes are not available.
The trading hours for energy and oil instruments are as follows:
Natural gas – trading begins at 18:00 ET on Sundays and is open until 16:55 ET on Fridays with a daily pricing break between 17:00 ET and 18:00 ET.
Brent crude oil – trading begins at 20:00 ET on Sundays and is open until 16:55 ET on Fridays with a daily pricing break between 17:00 ET and 20:00 ET.
Banking and Customer Service Options
7FX can be contacted in several different ways, giving investors the opportunity to get rapid responses to any of their queries or issues. The various contact methods available include:
- Social Media – Facebook, Twitter, YouTube
The minimum amount which can be deposited into a 7FX trading account is $100 or 100 Euros and leverages are available up to 1:100. When it comes to banking methods, investors can either use Neteller or Skrill, both of which are extremely convenient and offer the user the benefit of an extra layer of security to their financial transactions. Withdrawals are processed as quickly as possible, and usually within the same working day.
7FX is a reliable, authorised broker that offers an excellent choice of tradable assets to its registered clients. The range of impressive educational resources available is a distinct advantage, especially for novice traders who will benefit from the specialised guidance on offer for beginners and the selection of customer service contact methods make asking questions and getting answers a breeze. The downside, however, is that there is no range of account types catering for the needs of all levels of investor.