77markets is an offshore broker based in Seychelles. This platform offers a wide range of trading instruments from Forex currency pairs to CFDs and cryptocurrencies.
The main purpose of our 77markets Review is to determine whether this offshore brokerage is reliable. Please read our review to learn whether you can make profits with this company.
| Regulated by: | Seychelles FSA |
| Is This Company Safe? | No |
| Known Websites: | 77markets.com |
| Have Warnings from: | N/A |
| Registered in: | Seychelles |
| Operating since: | 2021-12-20 |
| Trading Platforms: | MT5, WebTrader |
| Maximum Leverage: | 1:150 |
| Minimum Deposit: | 250 $ |
| Deposit Bonus: | Available |
| Trading Assets: | Forex, Indices, Commodities, Stocks, Crypto |
| Free Demo Account: | Available |
| How to Withdraw from This Company? | You can request a withdrawal from 77markets’ representatives or contact us in case you face any issues regarding this question. |
Is 77markets Legit or a Scam?
Is 77markets legit? That’s what this section aims to answer. This brokerage is run by Lead Capital Corp, a company incorporated in 2014 in Seychelles, registration number 8413415-1. Lead Capital Corp Ltd operates through ArgoTrade, Finq.com, and 77markets.com websites which offer online trading platforms.
So what’s the issue here? Well, Seychelles is an offshore domain, meaning the regulations there are pretty lax and not credible. For instance, to obtain a brokerage license in Seychelles, the minimum capital requirement is 50,000 $ whereas in Europe, under ESMA, brokers must possess an operating capital of at least 730,000 EUR.
Also, offshore brokers are not liable to compensate the client in case of insolvency. Traders aren’t entitled to benefits such as negative balance protection, segregated funds, etc. A better choice for trading would be cpt-markets.
Who are 77markets Clients?
According to whois data, 77markets.com was created on December 20, 2021. Since then, the broker’s main interest lies in the Middle East. The majority of 77markets’ clients include traders from the following countries:
- United Arab Emirates;
- Lebanon;
- Qatar.
Needless to say, 77markets is not compliant with the financial market regulations of these countries due to being based offshore. Such brokers usually end up on warning lists. Take investmarkets for example. If you need any help recovering your funds, please contact us.
Trader Reviews
This broker actually received positive feedback on trustpilot, albeit there are several complaints. However, other 77markets.com reviews on sites such as personal-reviews and sitejabber suggest that this platform is far from “clean”.
Traders had issues with withdrawals, illegal upfront fees before withdrawals, poor communication, bad trading education, etc. If you’re still interested in trading with 77markets, please heed these warnings from traders and be careful.
Different site, but 77coins.com has to be a scam. Duped me into investing and now cannot withdraw unless I pay 20% personal income tax on the profits…
– PersonalReviews user, February 25, 2023.
This 77 Market is 100% scam. It has been six months since they don’t allow me to withdraw. Please, guys, ensure you don’t deposit money on their website…
– Sitejabber user, June 5, 2023.
This is a fraud exchange. Once you deposit your money there isn’t any way to get it back. The agents will always try that you will deposit more and more money.
– Trustpilot user, December 20, 2022.
Leverage, Commissions, Spreads & Fees
77markets’ maximum leverage is 1:150, which is typical of offshore brokers and extremely risky. Really high leverage is a double-edged sword; you can win big time but chances are, you will lose everything, hence why regulators limited the max leverage for retail clients to 1:30 (Europe, Australia) and 1:50 (North America).
When it comes to spreads, 77markets provided a comprehensive list of all the available trading instruments and the spreads for each. For the benchmark EUR/USD Forex currency pair, the broker promises 3 pips (Discovery account).
This is double the industry’s average; in other words, too wide to be profitable. As for the commissions, 77markets charges 0.2% + 10 $ on shares per trade.
Bonuses
77markets does award bonuses to clients. Based on what we read in other reviews, the deposit bonus can be as high as 100%. Keep in mind that brokers in Europe and Australia are banned from issuing bonuses to clients, mainly due to a fraudulent practice with shady bonus policies usually associated with scammers.
To elaborate, fraud brokers award clients hefty bonuses but then there’s a clause that stipulates that clients have to reach an insane trading volume (i.g. bonus + deposit times 30) to be able to withdraw funds.
Although the 77markets bonus-policy does not mention the specific trading amount, there are certain conditions that the trader must meet regarding the bonus so be cautious.
Trading Platforms Available
According to the 77markets website, traders can use the all-powerful MetaTrader 5 platform. This cutting-edge trading software set the bar pretty high upon its release. Widely considered the best trading platform in the game, MT5 offers a range of advanced tools such as algorithmic trading and lightning-fast order execution.
MT5 can also be downloaded for MAC. Aside from MT5, there is also a more simplified web-based trading terminal available. The broker included a mobile trading app for Android and iOS systems to enable users to trade on the go.
77markets did a great job regarding the trading platform choice. However, it still cannot quite make up for the fact that this is an offshore broker with a questionable license.
77markets’ Markets
77markets promises traders access to the following markets:
- Forex currency pairs – EUR/USD, GBP/USD, EUR/JPY…
- Indices – S&P 500, FTSE 100, DOW 30…
- Commodities – gold, silver, oil…
- Stocks – Apple, PayPal, Netflix…
- Crypto – BTC, ETH, LTC…
Trading Account Types
Here’s an overview of 77markets’ trading account types:
- Discovery – 250 $;
- Gold – 10,000 $;
- Platinum – 50,000 $;
- Diamond – 100,000 $;
- Exclusive VIP – 250,000 $.
The Discovery account’s price (minimum deposit) is nothing out of the ordinary but the rest of the accounts are quite expensive. Although the Discovery account is not pricy, the spreads on it are pretty wide, making this account unfavorable. For decent spreads, you would need the Exclusive VIP account, which is a huge disadvantage.
Is There a Demo Account on 77markets.com?
Yes. 77markets provided a free demo account to traders. There is also an Islamic version, for which traders need to contact the company. If you’re a beginner trader, be sure to first check out the demo account before investing real money.
You’ll see how the whole thing works but be careful because trading with real money can be harsh. If your money is trapped with 77markets, you can call us to retrieve your funds.
Deposit & Withdrawal Methods
Based on the available information on the website, 77markets accepts payments via the following methods:
- Credit/debit cards;
- Wire transfers;
- E-wallets (Skrill, Neteller).
The minimum deposit amount is 250 $. There are no deposit or withdrawal fees. 77markets says that the company pursues the Anti-Money Laundering (AML) policy; the same method used for both deposits and withdrawals. The minimum withdrawal amount is 20 $ for all the methods except for wires (100 $).
Customer Support
The broker posted the company’s email and phone number in case traders need any support. In addition, there is a download link for the WhatsApp app. We assume that the broker invites the client to a private WhatsApp chat where all the “deals” are made. Be careful as these chats can be full of dirty deeds.
Final Thoughts on 77markets
77markets is an offshore broker based in Seychelles. Active since late 2021, this broker is interested in providing services to traders from the UAE, Lebanon, and Qatar.
Our verdict is that 77markets has a nice offer but the issues and complaints we pointed out don’t do the broker’s reputation any good. There are so many better brokers in the market so we suggest you seek them out.
In case you have issues with 77markets, you can book a free consultation with us and learn how to initiate the chargeback process. Our team will gladly assist you throughout the process.
Book your free consultation today and start the chargeback procedure.
What Is 77markets, And Should I Invest Money In It?
77markets is an offshore broker based in Seychelles. We suggest you find an onshore broker with a Tier 1 trading license.
Can I Trade Cryptocurrencies And CFDs With 77markets?
Yes, you can trade both CFDs and cryptocurrencies. If you lost money to 77markets, please contact us for help.
Does 77markets Give a Deposit Bonus When Opening an Account?
Yes. 77markets awards deposit bonuses to clients. The deposit bonus can be as high as 100%.