Based in Lagos, Nigeria, 7BForex is an online brokerage firm that provides traders with the MT4 platform. They operate the STP execution model, which offers access to the interbank markets. They offer access to trade multiple financial instruments, including forex, gold, silver, energies, stocks, cryptocurrencies, and indices. There are numerous trading account options to choose from with a minimum deposit amount of N1,000.
Pros / Cons
- Intuitive MT4 trading platforms
- Multiple financial instruments
- Various account options
- Educational resources
- Unregulated brokerage firm
- No standalone trading tools
- Limited account funding methods
- No USA clients
In this detailed 7BForex review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
7BForex is an online retail trading broker that offers multiple financial instruments for online trading via the popular MT4 trading platform. The broker provides traders with competitive trading conditions, such as multiple account types, various payment methods, leverage of up to 1:1000, low spreads from 0.01 pips, and more. A responsive client support team is available to assist traders.
7BForex is not regulated by any known financial authority at the moment. The broker’s trading services are provided by 7BForex Ltd, incorporated in St. Vincent & the Grenadines as an International Business Company with registration number 24499 IBC 2018.
Many experts and professionals would not trade with an unregulated broker as they cannot offer the same protection to investors that a regulated brokerage firm can. Please see our trading broker reviews for alternative regulated brokers.
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The broker offers its services to residents of countries and jurisdictions where the use of such services would not be contrary to any local laws or regulations.
Some 7BForex features and products mentioned within this 7BForex review may not be available to traders from certain countries because of legal restrictions.
At 7BForex, all trading activities are executed on the popular MT4 trading platform. It is a powerful forex trading platform that is equipped with convenient trading tools in the forex market and technical analysis. The platform has an unlimited number of charts and has analytic tools that make forex trading decisions easy. The broker makes the MT4 trading platform available as a desktop application for Windows and Mac computers, WebTrader, and a mobile app that is compatible with Android and iOS devices. The mobile app can be downloaded from the relevant app stores and used to place trades and check trading positions while on the move as long as there is an internet connection.
7BForex Trading Tools
There is no well-defined standalone trading tool on the broker’s website at the moment, but the available trading platforms should have more than enough trading tools to suit even the most demanding of traders.
There are some learning resources on the broker’s website. These educational resources are designed to help traders make informed trading decisions. The educational materials include learning articles, trading guides, blogs, and an FAQ section that answers some of the common questions traders may have.
The broker offers the following financial markets: forex, gold, silver, energies, stocks, cryptocurrencies, and indices.
7BForex Accounts & Fees
7BForex offers a choice of three live trading account types. The account types and their corresponding minimum deposit requirements are as follows: Standard (N5,000), Classic(N5,000), and Elite (N100,000) Accounts. A demo account is available for practice purposes.
As broker fees can vary and change, there may be additional fees that are not listed in this 7BForex review. It is imperative to ensure that you check and understand all of the latest information before opening a 7BForex broker account for online trading.
The broker offers a knowledgeable customer support team who are polite and prompt in response. The support team is available from Mondays to Fridays during working hours and can be contacted via telephone, email, online form, and social media.
7BForex Deposit & Withdrawal
Traders can deposit and withdraw funds to and from their trading accounts using their bank ATM card — MasterCard, VISA, Verve — or their internet banking platform if they use GTBank, FirstBank, UBA, Sterling, Zenith, and Alat.
7BForex Account Opening
It is easy to open a live trading account with 7BForex: click on the “Live Account” button at the broker’s website’s top right corner.
It is imperative to ensure that when you are going through a broker application, you read all of the broker’s terms, conditions, and policies. Only proceed if you fully understand and agree to them.
7BForex is a multi-asset brokerage firm that operates from Lagos, Nigeria. They allow clients to trade multiple financial instruments via the MT4 trading platform, which is available in desktop, web, and mobile versions. They provide customers with competitive trading conditions to help try and ensure a hitch-free trading process. They also offer various learning tools and a customer support team to assist traders. There is no regulatory information on the broker’s website at the moment.
Forex Trading can be very speculative, and it involves significant risk and may result in losses and profits. Foreign Exchange and Derivatives Trading is not suitable for many members of the public, be sure to understand the risk involved and do not apply more than you can afford to lose.