7XFX Review – Important Facts Regarding This Scam Broker
A vast number of fraudulent assertions appear on the website of 7XFX. The fact that 7XFX claims to be regulated in St. Vincent and the Grenadines is even more concerning.
As a result, this is a fraudulent broker, and we will try to explain this in our comprehensive 7XFX review.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||FCA|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Supported Platforms:||WebTrader, MT5|
|Types of Assets:||Energy commodities, crypto, currency options/FX, ETFs, mutual funds, precious metals, and soft commodities|
|Free Demo Account:||No|
|Accepts US clients:||No|
Is 7XFX a Fraudulent Broker Devoid of Licensing?
7XFX comes from St. Vincent and the Grenadines, where the local regulator SVGFSA does not license or monitor brokers. 7XFX also claims to be SVGFSA-regulated, which is a dubious claim.
Once you deposit your money with 7XFX, it moves offshore and vanishes. You will have limited chargeback options in case of a problem. Those are the reasons traders and investors should avoid it. This offshore brokerage is unaccountable. Also, it’s impossible to determine who runs the scam.
Note: The firm 7XFX lacks essential licenses, including FCA, ASIC, and BaFin, as well as Tier 1 regulation.
7XFX is an unregulated broker, blacklisted by the FCA, and falsely claims to be regulated by the SVG regulator. Traders report deceitful activities, hidden fees, and unresponsive customer service.
A Warning From The Financial Conduct Authority (FCA)
First, let’s talk about 7XFX being exposed by the British financial authority FCA. Trustworthy regulators expose such scam entities by putting them on the blacklist.
Yet, FCA failed to provide enough information about 7XFX. This data pertains to domain names, numbers, and addresses. All this is an unusual lapse in customer protection standards for FCA, leaving everyone unaware of which 7XFX the warning refers to.
Note: This broker is tricking traders from countries such as the United Kingdom, Bulgaria, South Africa, Norway, and Australia.
What Traders Are Saying About 7XFX
Scam brokers have been a big problem in the financial industry, and 7XFX is no exception. Many traders were victims of this scheming broker. Below are some of the things that traders are saying about 7XFX.
First, many people are warning others to stay away from this broker. Many traders have reported that they were promised high returns on their investments. But their funds disappear without a trace. Yet, note that the broker also charges hidden fees which further erodes the faith in the company.
When it comes to customer service, 7XFX is unresponsive. When traders try to reach out to the broker to resolve issues, they find only silence or empty promises. This lack of transparency and responsibility has led to only one conclusion – the company is nothing more than a scam.
What Platforms Does 7XFX Offer? – Available Software
7xFX claims to present top-notch MetaTrader 5 but only provides a basic WebTrader, inferior to MetaTrader 5. The displayed spread of 0.2 pips for EUR/USD is highly competitive.
Yet, the broker is officially exposed as a scam, so the favorable spreads are irrelevant. A leverage of 1:600 is too risky for most clients. So, it’s best to avoid this shady broker.
Is The Platform Available On Mobile Devices? – Mobile Trading
Yes, they offer an iPhone app, an Android app, and Tablet Trading. But all this is irrelevant as they are a scam.
You should trade with a reputable broker that has the scope of legitimate trading platforms. Keep this in mind.
7XFX’s Trading Assets and Instruments
7XFX advertises various trading instruments. For instance, energy commodities, various crypto coins, currency options/forex, ETFs, mutual funds, metals, and soft commodities.
The broker claims to present a wide range of financial instruments, such as forex, stocks, indices, and commodities. Considering the broker’s history of fraud, the authenticity of these claims is highly questionable.
7XFX – Countries Of Service
7XFX is a company that claims to provide trading services to individuals from various countries worldwide. According to the information from its web page, 7XFX claims to offer services to customers from countries such as the UK, Australia, South Africa, and Singapore, among others.
7XFX has been flagged by several regulatory bodies, including the Financial Conduct Authority (FCA) in the UK, for operating without appropriate authorization and misleading people.
Notably, while 7XFX claims to offer services to clients in several countries, traders are advised to be cautious and avoid this broker altogether. The company’s history of fraudulent activities and lack of proper authorization should serve as a warning sign to traders looking to invest their funds with this broker.
Account Types at 7XFX
7XFX broker offers 5 trading accounts, namely:
- 7XFX Gold,
- 7XFX Expert, and
- 7XFX Platinum.
The minimum initial deposit to start a Standard account is $500. Also, the other 4 accounts require much higher initial capital, $5,000, $25,000, and $100,000 respectively. Yet, the minimum deposit for the Platinum account requires further contact for more details.
Can a Trader Use a Demo Account?
7XFX does not offer a demo account for traders who want to test their platform. Note that the demo account provides access to all the same features as a real account.
But, demo accounts use virtual funds. This allows traders to practice trading in a risk-free environment before committing real funds to the market.
The Importance of Negative Balance Protection for Traders
Negative balance protection is a crucial feature that protects traders from incurring losses much higher than their account balance. 7XFX does not offer negative balance protection for the account types.
This tells us that traders cannot trade with confidence and without fear of losing more than they can afford. Note that this feature is particularly helpful in volatile markets where sudden price movements can result in large losses.
Terms of Service for 7XFX
Before trading with 7XFX, it is essential to understand and agree to the company’s terms of service. The terms of service cover key aspects such as trading conditions, account funding and withdrawal procedures, fees and commissions, and more.
Traders should read and understand the terms of service before opening an account with 7XFX. Keep this in mind.
Leverage, Spreads, and Fees
7XFX offers maximum leverage of 1:600, which is a very high ratio and carries substantial risks. While high leverage can amplify profits, it can also result in losses if the market moves against the trader.
Traders must understand the risks associated with high leverage. In addition to its high leverage, 7XFX also offers oddly competitive spreads, with a displayed spread of 0.2 pips for the EUR/USD currency pair.
Scammed by a 7XFX Broker? – We Want To Hear Your Story.
If you believe you have been scammed by a 7XFX broker, we want to hear your story.
Please contact us to share your experience, and we will do our part to help you resolve the issue. We take scam reports seriously and will investigate any claims to the fullest extent of our ability. Be mindful of that.
What is the Chargeback Procedure?
If you have been scammed by a 7XFX broker, one option is initiating a chargeback procedure. This involves contacting your bank or credit card company and requesting a chargeback of the funds taken from you.
Yet, providing as much evidence as possible to support your claim is important. The chargeback procedure can take some time, but it can effectively recover your funds.
What Is 7XFX?
7XFX is a fake online trading platform for forex, stocks, commodities, and crypto assets.
Is 7XFX a Scam Broker?
Yes, this broker is a suspected scam and you should avoid it.
Is 7XFX Available in the United States or the UK?
This broker is scamming traders from the UK but they don’t offer its services in the US.
Does 7XFX Offer a Demo Account?
No, 7XFX does not offer a free demo account for users to practice trading.