W7BT Review – Jurisdiction They Picked Does Not Regulate Brokers
Looking at the website for the first time gives an impression of a well-made, yet somewhat cheap website. The footer on the website looks the part of an actual, legit company, until you start reading it. We have found a few alarming sentences that pointed out that the company behind the website is completely illicit.
Take a look at our W7BT review to learn more about how these faux brokers operate, and how to look for the signs of fraudulent behavior.
|Regulated by:||Unregulated Offshore Broker|
|Is This Company Safe?||No, never invest with unlicensed companies!|
|Have Warnings from:||N/A|
|Registered in:||Saint Lucia (alleged)|
|Trading Assets:||Forex, Metals, CFDs on Indices, Crypto|
|Free Demo Account:||Available|
|How to Withdraw from This Company?||This offshore brokerage will steal your funds! Contact our legal support channel for help with fund recovery.|
Unregistered And Unregulated
The w7bt.com website is owned and operated by W7 LIMITED, allegedly based in Saint Lucia. Looking into the ROCIP register, we can see that no company under the given name exists.
In addition, the main financial regulator in this nation, FSRA, does not regulate Forex brokers, as is the case with the SVGFSA, another alleged legal jurisdiction that is mentioned in the Terms and Conditions.
The footer on the website also says that the firm is authorized to provide services in the EU. This holds no truth either, as the company is not regulated by BaFIN, CySEC, FMA, FSMA, or any other regulatory body in the EU.
Since these sorts of unregulated brokerages, another one being Bitlerz, have started popping up all over the web it’s very important to check the company background before investing. Unregulated firms don’t provide any safeties like compensation funds or segregated bank accounts, and are more than likely to just steal your money.
Hiding Behind Encryption
The WhoIs register shows us that the w7bt.com domain is in use for fraudulent activity since 2019. It mostly targets the population of these regions:
- United States
Their digital footprint with this broker is quite small as well, consisting of a single LinkedIn profile. The company boiler room agents are most active on Telegram, where end-to-end encryption lets them hide more easily.
One of the common approaches with these agents is that they seek new investors for a revolutionary new financial venture.
It’s all a pack of lies, used to entice victims into depositing the money they will never see again. For this reason, recovering money from this scheme or Komslex for instance, requires professional help.
Trading Environment Characteristics
Typically for an offshore, unregistered business, this site also offers far higher leverage than allowed in the EEA, where they promote and sell their services. The maximum leverage allowed by this Forex dealer is 1:200, while the strict regulators have banned any ratio higher than 1:30.
Starting spreads vary, depending on the account type. Naturally, they’re tightest for the priciest account, where they start at 0.7 Pips, with commission of $5 per lot traded. Otherwise, the cheapest account type features spreads from 1.5 pips with commission fees of US$ 7.50/lot.
Deceptive Features To Make You Feel Safe
There’s no doubt that the platform owners have invested a certain amount of effort to make their offer look attractive despite the lacking license. In that sense, you’ll have MT5 offered, with precisely outlined account types and instruments on offer. Let’s take a look at these features individually.
MT5 For Desktop
In an attempt to test the prestigious platform on this broker’s server, we downloaded the Demo version and were sent the correct login credentials. Everything worked fine, we have to admit. However, the MT5 web trader wasn’t available unless for live trading accounts.
Needless to say, this platform offers a wide range of analytical instruments and charting options, with comprehensive and advanced features for precise market tracking. Such a shame we can’t trust an offshore Forex portal offering it.
MT5 For Mobile
Downloading the premium trading solution is also made available for all mobile devices. Android and iOS users are given Google and Apple store links for fast download. However, only the MT5 Mobile Demo version is available this way.
Unclarified Access To Markets
It is strange how an online trading portal doesn’t even mention what financial instruments they provide access to. The only information considering the tradable asset groups were the one we got directly from the platform:
- Forex (EUR/USD, EUR/CHF, AUD/USD)
- Indices CFDs (HK50, JPN225, NAS100, SPA35)
- Metals (Silver and Gold)
- Crypto (BTC, ETH, LTC, XRP, ZEC, NEO, DOT)
Tiered ECN Accounts
At first glance it seems like W7BT account types are in line with the current industry average, until you see the attached price tag.
All of the accounts are allegedly based on ECN market execution, with the difference being in how tight the spreads are. Here’s an overview of initial deposits:
- STANDARD ECN – $100
- PROFESSIONAL ECN – $10,000
- PRIVILEGE ECN – $100,000
After creating an account we have encountered a server error that has prevented us from accessing the client area.
The company offers a free demo account with their MT5 software, which comes with $10,000 of virtual currency. The issue is that with unregulated companies, these demos are usually run with different trading parameters.
This makes the business of trading seem less risky than it actually is, and the victim is in for a cold shower as soon as they deposit actual money.
Unclear Payout Policy
On the website, the broker advertises several payment methods, including bank cards, wire transfers, e-wallet and cryptocurrency payments. The issue with defunct W7BT login means that there is no way to verify any of these claims, however.
As there is no clear policy for W7BT withdrawal, the swindlers can change the rules and conditions any time they like, and effectively block your assets. For help with recovery, get in touch with our professionals via the live chat.
Evasive Customer Service
A brand that only allows communication via email doesn’t quite leave an impression of being at your service. The only way to establish any information exchange with the W7BT support is via an email or an online form to get another email reply. That doesn’t seem like they like to be contacted often or that they care to support clients.
Convincing But Not Quite
The online trading site in question is almost deceptive enough with their claims of being legally incorporated, MT5 present and a defined, transparent offer of accounts. However, anyone can publish just about whatever they want on their website and the same goes for unregulated trading firms.
Please contact us immediately if you’re facing troubles with withdrawing your investment from this platform. Our chargeback specialist and legal counselors can help you get your money back in no time. In addition, know that your first consultation is completely free of charge.
Who is W7BT Broker?
It is a fraudulent offshore company, allegedly based in Saint Lucia but with no actual registration or license.
Is W7BT Regulated?
No, this broker does not have any license, and is not subject to any regulatory oversight whatsoever.
Is There a Way to Recover Money Lost in Online Trading Scam?
It’s difficult to get your money back from these scammers without professional help. Book a free consultation with our experts in order to start a chargeback.