K7 Trade Detailed Review – K7trade.com Is An Offshore Scam After Your Money
K7 Trade is a typical offshore scheme brokerage. The firm has never disclosed its owner or provided customers with any form of contact. There’s a plain support email, but you probably won’t get any of your answers there.
Read our K7 Trade review and learn how not to become their next victim.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Types of Assets:||Forex, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||Yes|
What About K7 Trade Regulation?
K7 Trade has two alleged headquarters. The first one is a registered office in Saint Vincent and the Grenadines. Solely, this address is not enough to find a company owner since this address is shared with many other scam firms, including Trading257, 12Trader, and more.
The second address is 175 Piccadilly, St. James’s, London, UK. This is the heart of London businesses, and there are numerous companies in this exact location. However, upon checking, we haven’t found K7 Trade. Besides, any Forex firm that wants to provide financial services from the UK ought to have an FCA license. From our research, it’s clear that K7 Trade operates unregulated.
Why Is It Important For A Broker To Be Licensed?
Any financial institution that wants to provide legitimate financial services needs to be appropriately regulated. It means it’s under the proper supervision, and any malversations are difficult.
Since we have already explained that K7 Trade is nothing but a bogus offshore firm, it’s clear that there’s no funds’ safety and that the firm can vanish with your money at any moment.
Is K7 Trade a Legitimate Broker Or A Fraud?
K7 Trade is a fraudulent trading brokerage. The firm is based in Saint Vincent and the Grenadines, but presents clients with a fake address in the UK. There’s no valid financial regulation for providing Forex trading services.
Traders Reviews About K7 Trade
According to the broker reviews, clients cannot get their funds back. Everything sounds perfect while investing the money, but once the withdrawal request is submitted, the company’s account managers and support team are suddenly unavailable.
If you are having issues getting your money back from K7 Trade, it’s time to file a complaint.
What Platforms Does K7 Trade Offer? – Available Trade Software
We cannot say that we were amazed by the K7 Trade trading platform. The broker offers a basic WebTrader with several attached indicators. Some advanced tools such as automated trading and copy trading systems are provided in the most limited versions.
It’s always better to trade on reputable software such as MT4 or MT5. If you decide to start trading, MetaTrader is one of the indicators that you’re dealing with the right firm.
All About K7 Trade Accounts
Clients can choose among 6 K7 Trade account types. They are:
- Basic – $250
- Bronze – $1,000
- Silver – $5,000
- Gold – $10,000
- Platinum – $25,000
- Diamond – Exclusive offer
Accounts differ in terms of leverage, spread, welcome bonuses, and other perks.
K7 Trade Broker – Countries Of Service
According to our review, the broker is mainly active in:
Since this broker is not actually regulated and is not UK-based, you should be pretty aware that your funds may not be handled appropriately. Investing with this firm means risking everything you have.
K7 Trade Range of Trading Instruments & Markets
This broker offers quite a standard range of trading instruments, including:
- Forex – EUR/USD, GBP/USD
- Commodities – gold, oil, silver
- Indices – Dow Jones, NASDAQ
- Shares – Apple, Amazon, Google
- Cryptocurrencies – BTC, ETH, XRP
K7 Trade Minimum Deposit
The firm requires an initial deposit of $250. This is a solid standard in the trading industry. However, giving your funds to unregulated brokerages can lead to many problems. For instance, account managers of scheme offshore firms will never let it stay on the initial deposit. That’s why there are so many account types and different deposits. You will be approached to invest more and upgrade, lured by fake promises. On your end, you can lose everything you have or start a chargeback procedure as the only way to recover your funds.
Trading Bonuses – Methods Of Fraud
Not long ago, regulators prohibited bonuses and other incentives since unlicensed firms were abusing them to prevent clients from withdrawing. Yet, K7 Trade still offers some. For instance, the broker enables up to a 40% welcome bonus on the initial deposit. What you won’t hear before requesting a withdrawal is that you’re not eligible to even submit a request before reaching a rollover of 25 times the deposit plus the bonus amount. And that’s how you’re being delayed and pressured to invest more and reach this rollover sooner.
Does K7 Trade Have SSL Security Standard?
SSL stands for Security Socket Layer, encryption that ensures that you can safely browse the website and provide your personal information, including credit card numbers and passwords. You can usually recognize it by the padlock standing next to the website URL.
With this, hacking your details is harder. The firm does provide this type of security for its clients. If there’s any good thing about this unregulated firm, it’s SSL data protection.
K7 Trade Trading Conditions
A glance at the trading company platform confused us a bit regarding trading conditions. We were offered zero spread, which is too good to be true. It means that the firm charges too high commissions or their utmost goal is stealing your initial deposit, and they don’t care to pretend to have any legitimate fees.
The leverage varies between 1:100 and 1:600, while EU and UK regulators allow 1:30 for the Forex market and 1:2 for the crypto market. Thus, you can understand that your funds are at 20 times higher risk just by leverage size.
K7 Trade Deposit, Withdrawal Methods, and Fees
According to the website, the broker accepts:
- Debit/credit cards
- Wire transfer
Investing using a crypto wallet is the worst option since tracking the transaction and recovering the funds can be quite challenging.
Fee For Funds Transfer And For Inactive Account
There are some hefty withdrawal fees of 50 units for wire transfers and 25 units for credit cards, with an additional levy fee of 10% for accounts that did not reach more than 200 in turnover. On top, there’s a 10% dormant fee for inactive accounts.
Scammed by Invest K7 Trade Broker? – Let Us Hear Your Story
If you were scammed by K7 Trade or a similar cyber-fraud, let us know. Our chargeback specialists will be more than happy to assist you with this issue and help recover your funds.
But What Is A Chargeback?
A chargeback is a way for your bank to reverse the fraudulent transaction. For more information, contact us via online chat to book a free consultation. Let’s start before it’s too late.
What Is K7 Trade?
The firm is an offshore online trading brokerage without a license.
Is K7 Trade a Scam Broker?
K7 Trade is a scam broker that provides financial services without regulations.
Is K7 Trade Available in the United States or the UK?
The company is available in both the US and the UK.
Does K7 Trade Offer a Demo Account?
Yes, K7 Trade offers a Demo account for practicing.