7bForex broker for Nigerian traders – Can you trust this broker
Over the last few years, there has been a big movement toward trading in different financial markets around the world, which contributed to more financial brokers coming into existence at a faster pace.
However, that does not mean that every broker is legit and can be trusted. Sometimes it is the opposite because this has opened the door for more companies abusing increased demand and luring people into trading with fraudulent brokerage companies.
- Max Leverage: N/A
- Spread:1.8 pips
- Forex Licence:N/A
After conducting deep research, we are going to present our findings in this 7bForex broker review. This is one of the brokers that are offering their services for a single market in Nigeria, and we will find out what are the chances of gaining a lot of money while trading with this broker.
7bForex broker is registered as a business entity in St. Vincent and Grenadines, which is probably the first thing a trader must be careful of because offshore companies have the reputation of being scammers.
This broker promotes a lot of bonuses and awards for their traders, besides a very generous maximum leverage of 1:1000 and variable spread ranges among different trading accounts.
A trader may use one of three trading accounts available on the 7bForex broker website, using the MT4 trading platform, and a set of tradable assets focusing mainly on the Forex market.
Is 7bForex regulated?
7bForex is only registered for making business in St.Vincent and the Grenadines. It is conducting trading and transactions in Nigeria under the company Instant Web-Net Technologies Ltd.
This means that 7bForex is not regulated by any financial regulatory commission, and the broker is not subject to any type of guidelines that shape its business conduct.
Many companies are offshoring part of their business to remote islands, and St.Vincent and the Grenadines is one of those places that offer easy business setup fees, lack of auditing requirements, and no penalty system if a company misbehaves.
Many individuals have reported being victims of financial scam activities originating from brokerage companies in those remote locations.
Trading platforms on 7bForex
The broker offers very limited ways for traders to open positions in the market, 7bForex broker Metatrader4 trading platform is the only way for traders to manage trading positions in the market.
This obviously does not attract many traders to the platform because traders prefer having many tools and platforms to trade with, or at least to have MT5 which is more contemporary and incorporates updated indicators and charting options.
7bForex broker’s website does not provide Webtrader as a trading platform, which is preferred by many traders due to its easy accessibility, as it does not require installation of any 3rd part software.
7bForex focuses mainly on providing trading positions in the Forex market regardless of the account type, as there are 64 currency pairs that can be traded from major currencies to crosses and exotics.
In addition to a few more assets available from other markets, such as gold (2 assets), silver (1 asset), and energy (3 assets), these are available for all types of accounts.
However, when using the elite account in 7bForex financial broker there are another 111 tradable assets, such as stocks, cryptos, and indices.
The maximum leverage that can be used across all these assets can go up to 1:1000 as they depend on the type of account a trader is using. And it is the same for the spread ranges, while the website does not indicate clearly the spread per asset.
There are 3 types of accounts offered for the traders registered at 7bForex, and they differ per access to the market and the minimum first-time deposit required for each of these accounts:
- Standard account.
- Elite account.
- Classic account.
The basic type of account is offered for beginner traders, who are not willing to risk a lot of money as a first-time deposit, and also those who want to trade with a minimum lot size of 0.01.
7bForex broker standard account minimum deposit is 5,000 NGN, while any other deposit can be done with 1,000 NGN at least. And the maximum deposit can be 10,000,000 NGN.
The maximum leverage offered for this type of account, similar to any other account can be from 1:200 to 1:1000. And the spread is variable and it starts from 2.1 pips.
The only advantage of operating under this account is that the 7bForex broker welcome bonus is offered for the standard account holders, and the demo trading account is offered only for the holders of this account.
This account offers traders access to more tradable assets, and requires a higher minimum deposit of 100,000 NGN, hence it is offered for experienced traders.
The other difference in this account is the floating spread which is slightly less than that of the standard account, and it starts from 1.9 pips.
Other than that, maximum leverage and minimum lot size remain the same as the standard account, however, elite account holders do not have the access to the demo account.
This account incorporates the best spreads across this broker’s website as 7bForex financial broker offers a spread range that starts from 1.3 pips and changes across different tradable assets and different markets.
However, this benefit does not come for free, because to trade with this type of account a trader must use 1.0 lot size at least, which is bigger than all the other accounts on this website.
The maximum leverage offered for this account users goes from 1:200 and 1:1000, while the minimum deposit to use this account is 5,000 NGN.
7bForex lures more and more traders to their platforms by the generous offering of bonuses and money awards that is obviously something every trader is looking for.
Every newly registered trader can receive this 7bForex welcome bonus, where the new trader receives an amount of 10,000 NGN. Once this bonus is received the trader has a window of 7 days to open a trading position.
If within 7 days, the trader does not start any trading activity, this 7bForex non-deposit bonus may get revoked and the bonus funds will get canceled from the trader’s account.
Note that this bonus is intended for trading purposes only, and cannot be directly withdrawn, however, any profits made by trading this bonus can be freely withdrawn without any limits.
100% 7bForex bonus
This is another type of 7bForex bonuses and it is offered for any trader using the standard account. Anytime a trader makes a deposit of 5,000 NGN, a 100% bonus is credited to the trader’s account, and it can be used for trading activities.
Any profits made from trading using the bonus amount can be withdrawn without any limitations.
A trader may use such a bonus only once at a time, meaning that when a 100% bonus is active, the trader cannot receive another 100% bonus even if they deposit the amount required.
7bForex offers their users an educational section on the website, explaining trading fundamentals for their clients especially the beginners, to keep them aware of what is being done with their money and are the main terminologies used in Forex trading.
However, that does not mean it is a reliable broker because the educational content itself does not present valuable information for traders, especially the advanced ones as the information given there is very primitive and basic.
This is not new for such brokers as 7bForex is a scam broker who does not pay much attention to the content of their website as much as they would do to scam their clients.
7bForex does not provide any useful information on their website regarding the payment methods that are available for traders. The only way to check that is to register and become their client, other than that there is no way to check beforehand.
The only information we can see is that traders in Nigeria can use the local payment methods used, whether bank ATM cards or internet banking platforms.
The lack of e-wallet payment hints that 7bForex broker is fraud because e-wallets are usually more secure, however, this broker prefers getting banking and credit card information from their clients, to facilitate their illicit activities.
One of the many ways this broker attracts more users to their website is by offering different awards and promotions.
Trade rally promotion
This is one way to get more people to trade on www.7bforex.ng, the broker offers bonuses for their traders the more they trade, which is naturally a way to push their users to throw more money into the brokers’ pockets.
This promotion is given for standard account users who have made their first deposit, and once they trade with a lot size 0.1 at least during the first month they become eligible to win 100,000 NGN.
7bForex indicates that there are a few ways for traders if they want to reach out for help, such as the telephone number, the support email, and the support request form but in fact, none of these really work.
Ideally, the live chat feature shall provide quick responses when a user encounters any issue and wants to have a swift response, especially when it comes to trading and money, but the live chat team seems helpless.
Sometimes to find a scam broker requires only a deeper investigation into their website, which is the case for this 7bForex scam broker, which is not regulated and very risky for any trader to get involved with.
We recommend staying away and safe from such brokers when they seem too good to be true, there are many brokers that are safe and legit and 7bForex is definitely not one of them.
Scam brokers are inconsistent in delivering information, and what makes 7bForex broker a fraud broker is that information is mentioned differently throughout their website, therefore, a trader shall not expect real promises over the offers provided.
FAQ about 7bForex broker
Is 7bForex regulated?
No, it is only registered as a business entity in St.Vincent and Grenadines, but does not follow any financial regulatory guidelines, and is not licensed by any financial authoritative body that monitors their business activities.
What is the minimum deposit to trade with 7bForex?
5,000 NGN is the minimum deposit allowed for traders using the accounts types standard or classic. The minimum for the elite account type is 100,000 NGN. The minimum for any regular deposit after the first time deposit is 1,000 NGN
How to participate in the trade rally promotion of 7bForex?
In order to participate in the trade rally promotion, you should follow these steps:
1- open a standard account in 7bForex.
2- Make the first deposit within the month of the contest.
3- trade with 1.0 lot size at least.
4- check the rally period provided on the website.
5- check the winner number given in the last hour of the day.
Does 7bForex offer any bonus?
Yes, there are 3 types of 7bForex broker bonuses, including a 10,000 NGN welcome bonus, a 100% deposit bonus, and a 100,000 NGN trading promotion distributed for winners every day.