SevenSeasFX Review – Why Staying Away From This Broker
In today’s forex market flooded with scam brokers, traders must tread every online financial trading company carefully. You must be particularly aware of shady brokerage firms like SevenSeasFX that are anonymous, do not hold any trading credentials, and provide poor services based on deception.
If you have come across the SevenSeasFX broker, you will soon realize how fraudulent this company is. So, continue with our SevenSeasFX review for more information about this investment scam.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Supported Platforms:||Web Trader|
|Minimum Deposit:||2,500 USD|
|Cryptocurrencies:||Yes (Bitcoin, Litecoin, Ripple)|
|Types of Assets:||Cryptocurrencies, Forex|
|Free Demo Account:||No|
|Accepts US clients:||No|
Is SevenSeasFX a Licensed Forex Broker?
Forex trading is a heavily controlled industry by financial regulatory agencies closely cooperating with governments and ensuring that every broker complies with relevant legislation.
When a phony broker like SevenSeasFX doesn’t state its headquarters or any information about the company’s registration, it is hard to determine its jurisdiction. This is done with the purpose to cover up the fact that it is an unlicensed and unregulated business.
The only info about SevenSeasFX available on its website is a telephone number, which is an Australian phone number according to the dialing code. That brings us to the assumption that this broker might be based in Australia, which is one of the most stringent jurisdictions.
If it is the case, it is impossible to be a legitimate broker without being authorized by the Australian financial authority, ASIC. Not unexpectedly, SevenSeasFX is not licensed under this or any other financial market regulatory agency.
Why Is Trading On a Licensed Broker’s Platform Preferable?
Unlike unauthorized brokers, certified companies can be trusted with money since they adhere to a strict code of conduct – especially forex providers regulated by top-level supervisory bodies like the Australian ASIC, British FCA, and German BaFin. For example, ASIC’s eligibility conditions stipulate a broker maintain a minimum operating capital of 1M AUD and keep its and traders’ money separated (segregation of funds).
Additionally, traders of licensed brokers are protected by indemnification programs run by supervisory agencies. For example, ASIC covers traders with a 100,000 AUD indemnification in the event of a broker’s bankruptcy. On top of that, legitimate companies implement a range of risk management measures to mitigate trading risks, such as offering negative balance protection (a trader can lose more than deposited), cooperating with first-rate banks, providing reliable trading platforms, and ensuring propitious trading conditions.
So Is SevenSeasFX a Decent Broker or a Scam?
SevenSeasFX is an anonymous and unregulated broker running online trading scams and cheating traders from the UK, Canada, Australia, the US, and Sweden.
What Trading Software Does SevenSeasFX Offer?
Speaking of the SevenSeasFX portal, a trading platform available here, it is a web trader with limited functionality. This unscrupulous broker claims that its web trader fits the needs of both beginners and experienced traders. However, we are dubious about that since it has generic functions that can’t ensure profitable trading.
As far as that is concerned, your best option is the latest trading programs – MetaTrader 4, MetaTrader 5, cTrader, and Sirix – providing advanced tools such as expert advisors, stop loss, fast execution, unlimited pending orders, copy trading, and more.
SevenSeasFX Accounts Overview
In the matter of SevenSeasFX accounts, there are several options available, outlined below.
- Basic: deposit 2,500 USD, commissions 5%, swap 1.5%, leverage 1:2 (crypto) and 1:50 (forex), spreads 2.4 pips
- Silver: deposit 2,500 USD–9,999 USD, commissions 4%, swap 1%, leverage 1:5 (crypto) and 1:100 (forex), spreads 2.1 pips
- Gold: deposit 10,000 USD–74,999 USD, commissions 3%, swap 1%, leverage 1:10 (crypto) and 1:100 (forex), spreads 1.8 pips
- Platinum: deposit 75,000 USD–149,999 USD, commissions 2.5%, swap 0.85%, leverage 1:20 (crypto) and 1:100 (forex), spreads 0.6 pips
- VIP: deposit 150,000 USD+, commissions 1.5%, swap 0.65%, leverage 1:20 (crypto) and 1:100 (forex), spreads 0.4 pips.
In relation to what trading instruments account holders can trade with, this dishonest scam broker is not clear. According to the SevenSeasFX website, traders can buy/sell forex pairs and crypto assets, which is a very limited offer. One more reason to skip this brokerage company.
What Bonuses Does SevenSeasFX Offer?
When it comes to bonuses and promotions, they are employed by scam brokers like SevenSeasFX to entice traders. However, these bonuses always come with unfavorable preconditions. For example, bogus brokers can demand traders to achieve a certain trade size (which is always too high) to become eligible for rewards.
As for SevenSeasFX, it doesn’t reveal its current promotion. But, we are sure that when it does, it will be against regulations. Remember, bonuses are banned in most jurisdictions due to being misused.
SevenSeasFX – Countries Of Service
Apropos of the area of operation of SevenSeasFX, this fraudulent broker is geared towards camming traders from
Despite positive SevenSeasFX reviews on the web, they are unhelpful due to being fabricated to lure people into trading. All brokers either based or providing services in those markets must be accredited by respective financial regulators. In this case, FCA/UK, FCAC/Canada, ASIC/Australia, SEC/USA, and FI/Sweden. As has already been concluded, SevenSeasFX is not approved by any financial authority.
Also remember the names of the ProgresiveTrade, Keler Group and TopTrade500 trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
Leverage, Minimum Deposit, and Fees
Regarding the leverage ratio at SevenSeasFX, as you can observe from the account details, it goes up to 1:100 for forex. That is higher than what is allowed for retail traders in certain jurisdictions (e.g., 1:30 UK/EU and 1:50 US). But it comes with no surprise since this broker doesn’t abide by any rules.
As for the minimum deposit, it is 2,500 USD, which is too much considering the fraudulent nature of this company and its inferior service. For instance, you can start trading with a reputable brokerage firm for less than 10 USD.
With reference to trading fees, SevenSeasFX charges a commission contingent on the account. For example, holders of a standard account are charged a 5% fee, which goes down to a 1.5% fee for VIP accounts.
What Is Known About SevenSeasFX’s Trading Conditions?
Concerning SevenSeasFX trading conditions, they are manipulated, unreasonable, and unacceptable. Its deposit is too high, the leverage ratio doesn’t comply with legislation, and the trading commission is costly.
Also, SevenSeasFX charges overnight fees (swap fees), depending on the account. It ranges from 1.5% for its standard account to 0.65% for its VIP account. Likewise, floating spreads are from 2.4 pips/standard account to 0.4 pips/VIP account.
Finally, deposit and withdrawal procedures at SevenSeasFX are unambiguous. Namely, according to this shady brokerage company, clients can transfer funds to and from their accounts via credit/debit cards, banks, and any other means of payment instructed by the broker. The latter statement raises a red flag since we assume that it is probably a crypto payment. But more on this matter in the next section.
Scammed by SevenSeasFX Broker? – Let Us Hear Your Story
If you are defrauded by SevenSeasFX, worry not since there is a chance to get your money back. But first to explain why fraudsters like SevenSeasFX don’t accept secure funding methods such as credit cards and wire transfers. It is simply because these methods can be reversed. That is why this financial swindler supports anonymous crypto wallets that are hard to charge back.
But What Is A Chargeback?
As mentioned, getting money back is possible, especially if it is concerned with credit/debit cards and bank transfers. Keep in mind that cashback with VISA and MasterCard must be done within 540 days while bank transactions are doable before confirmation. Although crypto payments are hard to trace and undo, cybersecurity specialists can help you with this matter. Therefore, contact our chargeback experts to assist you with retrieving funds.
What Is SevenSeasFX?
It is an unlicensed brokerage company without any information about its headquarters.
Is SevenSeasFX a Scam Broker?
Yes, it is; it consists of all traits of a broker scam.
Is SevenSeasFX Available in the United States or the UK?
It is not available in the US and is available in the UK, but it is not authorized to render services anywhere.
Does SevenSeasFX Offer a Demo Account?
No, it doesn’t, which is expected from an online trading scam.