7XFX Review – Warning As The Cherry On Top
7XFX company is one of the newbies registered in St. Vincent and Grenadines. Not a good start in our opinion. With a lack of ownership information, this company is already behind its competitors. The even worse thing is to see that broker claims to be regulated by the FSA in SVG.
|Headquarters||St. Vincent and Grenadines|
|Spread||From 0.2 pips|
7XFX License and Fund Security
The first thing you notice upon opening their website is the license they are mentioning. Financial Securities Authority (FSA) in SVG is not issuing trading licenses for a long time. Therefore, all traders that believe in that are getting misled. In fact, all trading companies registered in SVG should get other licenses. Favorably Tier 1 group where FCA, BaFin, and ASIC belong.
Having any of those licenses mentioned would mean traders are protected. In general, traders are looking for funds protection measures. Like negative balance protection, compensation funds and segregated bank accounts for deposits. However, not only 7XFX scam broker doesn’t have any of those. This investment scam already got an official warning. After 1 year into the business.
Luckily, FCA is doing its job properly. Looks like this broker scam was operating in the UK without proper authorization.
Trading Platform Overview
Nothing about this company can’t be compared to a licensed one. Not even trading software. Instead of third-party Meta Trader or cTrader, you can get only a web trader. This is not your first option, especially if you are an inexperienced trader. Firstly, you don’t have any advanced metrics. Also, trading tools are quite poor. Not to mention missing algo, social, and copy trading.
Secondly, the broker promotes mobile apps on its website. However, you can’t see anywhere the link for those apps. Since they are misleading for the licenses, why not do it here as well?
Lastly, the company is not offering a demo account. That’s basically a clear sign they are up to something. If they are any transparent as they claim they would have such an option.
Account Types Offered
Yet another warning sign comes through account types. Generally speaking, those are designed to attract traders to deposit more money. Which is reasonable with licensed brokers. They usually offer better commissions, lower spreads, and overall better trading conditions. In fact, that’s how licensed brokers make money.
For the ones that are in the business just to steal, the story is different. You will see fictive benefits like:
an educational center, webinars, consultations with market specialists and many more. All costly benefits are shady. Everything has one very transparent trick once you learn to recognize it. In general, every offer states “up to” or “from”. Therefore, you can’t expect the amount advertised.
So, the 7XFX account types offer consists of:
- Standard $500
- 7XFX + $5.000
- Gold $25.000
- Expert $100.000
- Platinum On request
Leverage goes up to 1:600 which is way above any regulatory maximum of 1:30.
|Broker||7XFX||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
Procedure for Deposit and Withdrawal
Important to realize is that the 7XFX broker scam is not hiding they want to steal from you. Their only accepted payment method is Bitcoin. There is no better way to stay anonymous. These transactions are hardly traceable. Even more frightening is that those transactions are irreversible.
Also, both deposits and withdrawals have fees. On the positive side, they don’t hide that fact. On the negative side, they don’t clarify how big the fees are. Which leaves enough space for them to manipulate everything.
Usually, crypto deposits take up to 15 minutes. However, withdrawals are processed within 5 business days. More than enough time for a scam broker to make up a reason not to approve it. As we could see from 7XFX reviews, that’s exactly what happens.
How Is the Con Carried Out?
Brokers are luring online through campaign ads. Lately, they don’t even hesitate to harass people on social media. Once they get your attention and your phone number, you can forget about peace. Unless you change your number or deposit it won’t stop.
Their agents will play the role of your friend as long as you are depositing funds and not withdrawing anything. Once you start doing so, you can expect issues. If you hear anything about AML laws or non-existent fees or taxes, you know you are getting scammed. To avoid that, feel free to talk to our fund recovery team.
Their goal is to assist traders whose money was stolen. But also to help you understand what is your protection. Luckily, our team is equipped with CipherTrace software. A perfect tool to trace crypto transfers. Book your first free consultation today and find out more.
Top Regulated Forex Brokers
To avoid getting into any financial problems look for a licensed broker. Here is a list of trusted and regulated brokers. Also ones with high overall ratings by the users.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
- 7XFX openly lies about the trading license.
- Non-regulated offshore broker.
- Suspicious trading software.
- Non-transparent fees and commissions.
- Only crypto payments are acceptable.
FAQs About 7XFX Broker
Is 7XFX Good for Beginners?
No. There is no demo or micro account available. Also, they are non-regulated brokers.
Is Depositing with 7XFX Safe and Secure?
No. They only accept hardly traceable, irreversible, and anonymous crypto transfers.
How Long Will It Take to Process My Withdrawal Request?
According to the company withdrawal processing time is between 3-5 business days.