7Online Review – The Truth Behind 7online.io Negative Experiences
Why do 7Online clients have such a bad experience, and why does the broker have a poor Trustpilot rating? Read our 7Online review and find all the details about this investment firm before you invest any money with it.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||FCA|
|Owned by:||RedRock Ltd|
|Headquarters Country:||Commonwealth of Dominica|
|Cryptocurrencies:||Available – BTC, ETH, XRP|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||N/A|
What About 7Online Regulation?
7Online is an anonymous brand that provides us with the UK support phone number and an address in the Commonwealth of Dominica. However, there’s nothing on the owner, license, and more.
Whenever offshore firms conveniently forget to include essential details, we know something is suspicious.
Why Must a Broker Have a License?
A broker must have a license for a few simple reasons – the biggest one is your funds’ safety. Most Tier1 regulators require brokers to form compensation funds of over 700,000 EUR to be used in fraud cases. And that’s your guarantee that you will get your money back, no matter what.
Since 7Online is not registered with any Tier1 license provider, including FCA, ASIC, and BaFin, we can only advise you to be extra cautious with this firm.
7Online Warnings From Financial Regulators
Based on numerous 7Online complaints, the UK FCA issued an official warning. The regulator discovered that this broker is owned by RedRock Ltd and has no license for providing financial services. Anyone involved is advised to file a complaint immediately.
Traders Reviews About 7Online Scam
As mentioned, 7Online broker is rated as poor with a score of 2.6 stars. Here’s just one of the examples of clients’ reviews.
“Have over $4000 in 7 online account, I can no longer log in, can somebody help me and get my money back” – Trustpilot customer
Supported Trading Platforms – Available Trading Software
The broker 7Online offers an appealing WebTrader. Unfortunately, there’s no app for desktop or mobile, so everything goes via a web browser.
The WebTrader has basic functions, including a few charts and indicators, trading history, Stop Loss and Take Profit.
However, basic trading conditions such as spread and leverage are not disclosed, so investing with this broker is risky and potentially leads to a trading scam.
Everything About 7Online Trading Accounts
Unlike most brokers, 7Online doesn’t have specified account types. We’ve learned from the clients’ terminal that the minimum deposit is $200, while the minimum withdrawal amount is $250 for wire transfers and $100 for credit cards. As mentioned, leverage and spread are not disclosed.
Will you get something if you decide to invest more than $200? Remains a question.
7Online Range of Trading Instruments & Markets
The offer is pretty much the standard when it comes to the trading instruments. Clients have access to:
- Currency pairs
7Online Deposit and Withdrawal Methods
The broker doesn’t provide much information about payment methods. The FAQ section vaguely suggests that clients have at their disposal:
- Wire transfer
- Major credit/debit cards
The same methods stand for withdrawals. However, here’s the tricky part. The broker suggests that clients might be charged commissions or fees for withdrawals, but nowhere is explained how much you can expect to be charged. Furthermore, the company says they have the right to deduct taxes from your account depending on the jurisdiction you live in. And that’s another way to rob you of your money since you will pay taxes anyways.
The company also charges a dormant account fee after 60 days, $200 at first and then 5% each month if you have over $250 or $20 if the balance is lower. On top, there’s a clause stating that the broker is completely free of any liabilities in regards to your account and cannot be held responsible for anything. And, of course, it has the right to decline your trades and change its policies whenever, without notifying you.
Fund Withdrawal Issues
Since the company has so many clauses preventing you from withdrawals, no wonder there are many reports about it. Clients complain that depositing is quite easy, but payouts are nearly impossible. Once you submit a request, your account manager starts giving you excuses up to the point they will just ignore you and suspend your trading account.
Scammed by 7Online Broker? – Tell Us Your Story
If you were scammed by 7Online or a similar bogus broker, let us know. Our chargeback specialists are here to assist you with a dispute and help you get a refund.
But What Is A Chargeback?
This is a way for your bank to reverse the fraudulent transaction and get your money back. Contact us via online chat to book a FREE consultation. Let’s get your money back before it’s too late!
What Is 7Online?
7Online is an offshore online trading CFD and Forex provider. It’s not advised to invest with such.
Is 7Online A Scam Broker?
7Online is a fraudulent offshore broker blacklisted in the UK for scam activities.
Is 7Online Available in the United States or the UK?
7Online is providing its services to both US and UK citizens with no legal authorization.
Does 7Online Offer a Demo Account?
7Online doesn’t offer a Demo account, only a Live account.