7BForex Review 2024

What is 7BForex?

7BForex is an online trading broker that allows traders to buy and sell various financial markets across different asset classes, such as forex, gold, silver, energies, stocks, and more. It is owned and operated by 7BForex Ltd, which is incorporated in St. Vincent & the Grenadines as an International Business Company with registration number 24499 IBC 2018. The brokerage is dedicated especially to service the Nigerian market. They offer three trading accounts, which you may fund in Nigerian Naira, all offered with leverage as high as 1:1000. The platform used is the well-known MetaTrader 4 (MT4). The MT4 platform can be downloaded to desktop devices and used as a web-based platform via major browsers. It is a versatile and customizable terminal that is suitable for traders of all experience levels. Key functionality includes live price quotes, 9 timeframe views, 30+ in-built technical indicators, access to full historical trading data, option to integrate automated trading bots, four pending orders and three order execution types, and customizable charts and graphs including bar and line charts. The head office of 7BForex is in Lagos, Nigeria. The brokerage operates from a head office in Lagos and offers bespoke solutions to Nigerian investors. ‘Trade Global Stay Local’ is 7Bforex’s vision. Although no timelines are given, the brokerage is looking to expand its services to residents in Ghana, offering forex trading opportunities in the Ghanaian Cedi. However, it’s important to note that the company is not regulated by a trusted financial authority and there are limited customer safeguarding measures in place. Some negative user reviews raise concerns over the legitimacy and reliability of the firm.

What is the Review Rating of 7BForex?

What are the Pros of 7BForex?

7BForex, a broker-dealer geared towards Nigerian traders, offers a variety of advantages that make it an attractive option for those interested in forex trading. Here are some of the key benefits:. Wide Range of Investments: 7BForex offers a full range of investments, including forex, stocks, indices, commodities, and cryptocurrencies. This diversity allows traders to diversify their portfolio and take advantage of different market conditions. Low Minimum Deposit: The platform has a low minimum deposit requirement. For the Standard and Classic accounts, the minimum deposit is ₦5,000, while for the Elite account, it’s ₦100,000. This makes the platform accessible to traders with different investment capacities. MT4 Integration: 7BForex integrates with MetaTrader 4 (MT4), a popular and versatile trading platform. MT4 offers live price quotes, multiple timeframe views, access to full historical trading data, and the option to integrate automated trading bots. Welcome Bonus: 7BForex offers a welcome bonus of ₦10,000 to every newly registered trader, without requiring any deposit. This can provide a financial boost to new traders. Local Currency Accounts: One of the unique features of 7BForex is that it allows Nigerian traders to open an account in their own currency. This can save traders from the hassles and costs associated with currency conversion. However, it’s important to note that while 7BForex offers several advantages, it also has some limitations. For instance, it lacks copy trading features and has weak regulatory oversight. As with any investment, potential traders should carefully consider these factors and conduct thorough research before deciding to trade with 7BForex.

What are the Cons of 7BForex?

7BForex, a broker-dealer geared towards Nigerian traders, has several drawbacks that potential investors should be aware of. Weak Regulatory Oversight One of the primary concerns with 7BForex is its weak regulatory oversight. The company is operated by Instant Web-Net Technologies Ltd and is registered in Saint Vincent and the Grenadines. However, it does not hold a license with the Central Bank of Nigeria. This lack of regulation by a trusted financial authority raises questions about the legitimacy and reliability of the firm. Limited Payment Options Another issue is the limited options for processing payments. The 7BForex website does not include the safest ways to process payments such as e-wallets and wire transfers. This limitation could potentially expose clients to risks when it comes to their banking and credit card information. No Copy Trading The absence of copy trading is another disadvantage of 7BForex. Copy trading allows traders to replicate the strategies of successful traders, which can be particularly beneficial for beginners. The lack of this feature limits the resources available to traders on the platform. High Commissions and Wide Spreads Despite the low minimum deposit required, the high commissions and wide spreads could lead to higher trading costs. This could potentially eat into the profits of traders. In conclusion, while 7BForex may offer a range of investments and a low minimum deposit, potential investors should be aware of these significant drawbacks. It’s always recommended to thoroughly research and consider the regulatory oversight, payment options, available trading features, and cost structure before choosing a forex broker.

Is 7BForex Regulated and who are the Regulators?

7BForex is a forex and CFD broker that primarily services the Nigerian market. The company behind 7BForex, 7BForex Ltd, is based offshore and incorporated in St. Vincent and the Grenadines. However, the broker is operated by a Nigerian company named Instant Web-Net Technologies Ltd. Despite its operations, 7BForex is not regulated by any recognized financial authority. This includes the Central Bank of Nigeria (CBN), which has not authorized 7BForex to provide trading solutions. Furthermore, 7BForex is only registered with SVG FSA, but it’s important to note that SVG FSA does not regulate forex trading. The lack of regulation raises concerns about the safety of funds, as there are limited customer safeguarding measures in place. Trading with unregulated brokers can pose significant risks, including the potential for scams. Therefore, traders are advised to consider these risks carefully before investing with unregulated brokers like 7BForex. For those not specifically needing to open a trading account in Nigerian Naira with a locally operating Nigerian broker, it might be a better idea to consider a properly regulated, internationally operating broker. This is especially pertinent given that the retail forex market in Nigeria remains largely unregulated. In conclusion, while 7BForex offers a range of trading options and operates in a market with few local alternatives, the lack of regulation is a significant concern. Traders should carefully consider this before choosing to invest with 7BForex.