January 29, 2023

7Option Reviews- Should You Trade With 7option Broker?

7Option Reviews

Do you want to trade with 7Option forex broker? Should you trust 7Option FX? Here is a detailed 7Option review to know about this broker.

This article promises to share helpful review to support clients/traders in making the right decision.

7Option

7Option also known as 7Option.com is an offshore brokerage company with a lot of promises for forex traders. The broker’s address is shown in Seychelles and the Customer Agreement in Saint Vincent and the Grenadines (SVG).

Address
Governing Laws

In addition, the broker specializes on different instruments like forex, stocks, commodities, crypto, bonds and indices. More so, it presents a zero spread difference in Buy/Sell.

To clarify, traders must know they are dealing with an unknown broker which does not have a regulation over its head.

Deposit and Withdrawal

7Option Minimum Deposit:

7Option minimum deposit is not indicated. The good thing about a licensed FX broker is that minimum deposit is made known to traders, and clients can start trading as low as $100 .

In regards to the payment methods, the broker presented logos of popular payment methods like Perfect Money, Skrill and Master cards.

Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!

Withdrawal process:

7Option leaves us with a withdrawal process of 3 business days and a specified withdrawal fee of 10%.

Another red flag about this trading platform is the information that the bank may charge an inactivity fee of $30. An inactivity fee could only be charged by the broker itself.

7Option Platform:

7Option platform does not provide a clear detail on its accepted platform. However, we believe the broker offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms). Many scammers have trading software to fool their victims that their money is being invested.

As for 7Option leverage, nothing is said about it. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.

Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website

Should You Trade With 7Option.com?

First of, 7Option.com has no financial authority overseeing its financial services. As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit. We believe this broker is not in the records of either the Seychelles Financial Services Authority or the Financial Services Authority of St. Vincent and the Grenadines.

Regrettably, the broker is a clear scam whose presentation of St. Vincent & The Grenadines (SVG) governance and regulation cannot be proved. We know SVG financial authority is not known for regulating forex brokers. This is a big warning for traders to avoid losing money with this broker.  See excerpt from SVG

St. Vincent & The Grenadines SVG

Further, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.

These are drawbacks for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.

7Option Licensing and Regulation

It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website

Verdict:

7Option located at 7Option.com claims to be a trustworthy trading broker, however, that cannot be ascertained. From indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.

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