What 7BForex is
Owned and operated by 7BForex Ltd, 7BForex is an online forex broker that is located in Lagos, Nigeria. This brokerage firm provides traders with multiple trading instruments through MT4 platform. According to its website, 7BForex offers three different trading account types：standard account, classic account, and elite account. A demo account is also offered by 7BForex for practice purposes. Also, 7BForex offers a knowledgeable customer support team who is prompt in response. The support team is available from Mondays to Fridays during working hours and can be contacted via telephone, email, online chat, and social media. However, WikiFX gives 7BForex a very low rating of 1.36/10. One of the reasons is that 7BForex doesnt have a legitimate license, which means it is not regulated by any regulatory institution. Therefore, it is risky to put your money under their management. And we advise you to find a better alternative instead of 7BForex.
Leverage of up to 1:1000
7BForex offers a wide variety of instruments, including 70 currency pairs, cryptocurrency pairs, commodities, equities and index CFDs with a leverage of up to 1:1000. Since leverage can amplify gains as well as losses, a leverage of up to 1:1000 can give you a huge benefit, but please note that trading with broker offering such a high leverage is also extremely risky as you may lose everything to the last penny. Considering its unlicensed situation, we suggest you to stay away from 7BForex as possible as you can.
Complaint
7BForex has a bad track record of taking clients money away. WikiFX has received several complaints from the traders. One trader who comes from the Philippines claimed that 7BForex invited him/her to invest in a very profitable business and promised to offer all supports since the trader is a beginner of forex trading. At the beginning, 7BForex asked her/him to deposit just 200 USD. Then 7BForex asked him/her to deposit additional 5000USD. When the trader refused to deposit the 5000 USD, 7BForex cut out of the connection with the trader. Overall, this trader lost 200 USD. Another trader who comes from Nigeria experienced account closure. According to the claim, an excessive slippage happened, and suddenly his/her account was terminated without any explanation from 7BForex.
Conclusion
As an unlicensed brokerage firm, 7BForex doesn't have enough data to prove that it is absolutely trustworthy. Please do your research and make yourself comfortable before you decide to invest in it. WikiFX contains details of more than 31,000 global forex brokers, which gives you a huge advantage while seeking the best forex brokers. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link (https://www.wikifx.com/en/download.html). Running well in both the Android system and the IOS system, the WikiFX APP offers you the easiest and most convenient way to seek the brokers that you are curious about.
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