Beware! Trade7FX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Trade7FX is introduced as a Forex broker, but that’s not what it actually is. They claim to offer Forex and CFDs trading but fail to deliver functional trading software. In fact, Trade7FX is a confirmed scam scheme that was recently blacklisted by a European financial authority. Find out which regulator issued a warning against this broker in the full Trade7FX review.
Trade7FX REGULATION AND SAFETY OF FUNDS
Trade7FX boldly states that the Luxembourg financial authority license and regulates them. Having this information in mind, we researched the authority’s registers for confirmation but found a warning issued against the broker instead. Your funds are not safe if you deposit with Trade7FX because it’s a scam scheme exposed by the Luxembourg financial regulator CSSF. For more information, see the screenshot at the bottom of this section.
Avoid this scam and see the EU brokers and British brokers instead. The high-rated brokers on both lists are safe to trade with because those companies are covered by deposit insurance funds laid down to protect clients’ money. Each EU member is bound to operate money protection schemes and if you trade with CySEC regulated brokers, you can claim up to 20 000 EUR in compensation. The British guarantees are even greater- up to 85 000 GBP per person. The shady unregulated offshore brokers not only can’t secure any protections but will most likely scam you, so make sure to stay away from unlicensed financial businesses like Trade7FX.
Trade7FX TRADING SOFTWARE
In the Intro, we already mentioned that Trade7FX doesn’t provide trading software. Trade7FX is a pure scam and an exposed one, so make sure to stay away from this crookery.
As a result, there are no spreads we can discuss, but speaking of trading software, see the MetaTrader4 brokers and MetaTrader5 brokers are topping both lists. The platforms feature advanced trading tools such as Expert Advisors, complex indicators, and first-class charting tools, which are also very easy to use. MetaTrader also comes with a Marketplace where traders and investors can find more than 10 000 trading apps and third-party developed solutions.
There is no leverage, too, but we need to focus on this aspect of trading because it carries significant risks and can cause severe losses if not carefully used. Leverage is so dangerous that many financial authorities even imposed regulations to keep its usage under control. After the interventions, EU, British and Australian brokers have to limit their clients to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t offer more than 1:50. Most of the high-leverage FX companies are poorly regulated and very likely a scam, so be cautious.
Trade7FX DEPOSIT/WITHDRAW METHODS AND FEES
According to the website, the minimum deposit with Trade7FX is $500, but in the Terms and Conditions, we found that it could actually be as low as $50. So far, so good, but Trade7FX presents the legal documents of some company named 21stOption, which is also CSSF blacklisted. We can only guess what the link between both entities is, but in any case, you shouldn’t deposit any sum whatsoever.
The funding methods enlisted are many, but that’s a deception, too. In fact, we couldn’t test their deposit system because it was dysfunctional when we tried to play with it. While talking about deposits, see the high-rated Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have trusted payment systems. The companies topping the lists are adequately regulated, and you won’t face scammers among those.
The minimum withdrawal amount is said to be $50, but as you’ve already guessed, that’s a deception, as well. Trade7FX is an exposed scam, so you shouldn’t expect any money from them anyway. The rest of the trading provisions are scarce, and we only found that an account becomes dormant after 6 months of inactivity. They do not determine inactivity fees but reserve the right to charge the account “minimum fees”, whatever this should mean.
Overall, Trade7FX is an exposed scam that you should avoid and report immediately to the police and other authorities if they approach you.
HOW DOES THE SCAM WORK
Internet is plagued by fraudulent ads and deceitful social media profiles, promising get-rich-quick schemes, and it’s tempting to at least have a look.
If you click on and submit your e-mail and contact numbers, scammers would ring you immediately. Those people are seasoned manipulators and continuously try to entice you into their crooked games while having a conversation over the phone. You’d be offered bonuses, promotions, risk-free offers, bitcoin deals, and anything else you could possibly imagine. Scammers would claim to work with highly reputable businesses, banks, governments, and so on while pushing you to start investing with them. At the same time, they’d try to get close, pretend to form a friendship, and eventually may even become aggressive.
Nevertheless, the first deposit is just the beginning. Gradually scammers would carry on asking for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d demand from you to fund your account over and over again for no obvious reason. Urgency is a treacherous sign, so if you receive a call and someone starts pushing you to begin investing ASAP, that’s very likely a scam, and you should remain suspicious.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!
Rich Snippet Data