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7Online Broker Review
Why do 7Online customers have such a negative experience with the broker, and why does it have a low Trustpilot rating? Before you make any investments with this investment company, read our 7Online review to learn all there is to know about it.
Broker status: Offshore Broker
Regulated by: Unlicensed Scam Brokerage
Scammers Websites: 7online.io
Blacklisted as a Scam by: FCA
Owned by: RedRock Ltd
Headquarters Country: Commonwealth of Dominica
Foundation year: 2020
Supported Platforms: WebTrader
Minimum Deposit: $200
Cryptocurrencies: Available – BTC, ETH, XRP
Types of Assets: FX, commodities, indices, shares, cryptocurrencies
Maximum Leverage: N/A
Free Demo Account: No
Accepts US clients: N/A
How Does 7Online Regulation Fit In?
We are given the UK support phone number and an address in the Commonwealth of Dominica by the unknown company 7Online. On the owner, license, and other information, there is nothing, though.
When offshore companies conveniently omit important information, we can assume something is awry.
Seven online cautions from financial authorities
The UK FCA issued a formal warning in response to multiple 7Online complaints. The regulator found that this broker does not have a license to offer financial services and is owned by RedRock Ltd. Everyone involved is urged to lodge a complaint right away.
Forex and CFD leverage
Leverage is frequently used by investors who trade forex and CFDs. Their prospective earnings and very immediate risks are scaled up as a result. The retail trading accounts of this broker stay under the 1:30 maximum leverage allowed by ESMA.
They also have professional accounts that traders can only access with specific qualifications. Leverage on these is up to 1:100. These are significantly more responsible levels than those reportedly provided by eXcentral, an other CySEC broker.
Reviews from Traders Regarding 7Online Scam
As previously indicated, 7Online broker has a mediocre rating (2.6 stars). Here is only one illustration of a client review.
“I have more than $4000 in seven online accounts, but I can’t log in. Can someone please assist me get my money back?” – Trustpilot user
Supported Trading Platforms – Software for Trading
The WebTrader provided by the broker 7Online is intriguing. Unfortunately, everything is done through a web browser since there is neither a desktop nor a mobile app.
Basic features of the WebTrader include a few charts and indicators, trading history, Stop Loss and Take Profit, and other features.
However, fundamental trading terms like spread and leverage are not made clear, making using this broker dangerous and perhaps resulting in a trading scam.
Information Regarding 7Online Trading Accounts
7Online doesn’t offer specific account kinds, unlike the majority of brokers. The minimum deposit is $200, while the minimum withdrawal is $250 for wire transfers and $100 for credit cards, according to the clients’ terminal. Leverage and spread are not revealed, as was previously stated.
If you choose to invest more than $200, will you receive anything? Still a mystery.
7Online Selection of Trading Tools & Markets
When it comes to the trading instruments, the offer is relatively standard. Customers can access:
- Currency pairs
- Commodities
- Indices
- Shares
- Cryptocurrencies
7 Online Methods for Deposit and Withdrawal
There isn’t a lot of information about payment alternatives provided by the broker. The FAQ section indicates obliquely that clients can use:
Withdrawals use the same procedures. But now comes the hard part. Although it is implied by the broker that withdrawal commissions or fees may apply, the amount of these fees is never specified. In addition, the business asserts the right to deduct taxes from your account in accordance with the jurisdiction in which you reside. And since you’ll be paying taxes anyhow, that’s just another way to steal from you.
Issues with Fund Withdrawal
It makes sense why there are so many reports about the firm because there are so many stipulations that prevent withdrawals. Customers remark that while deposits are simple, payouts are practically impossible. Your account manager starts making excuses after you submit a request, eventually to the point where they just ignore you and suspend your trading account.
What Is 7Online?
7Online is an offshore online trading CFD and Forex provider. It’s not advised to invest with such. 7Online is a fraudulent offshore broker blacklisted in the UK for scam activities.
There are definitely good reasons to be wary of the services offered by brokers 7 Online.
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