7XFX does look suspicious at first glance. So, we decided to investigate the legal background of this broker and its trading offer.
And we found evidence that 7XFX is an outrageous scam broker with no license. All the necessary information about the 7XFX trading scam can be found in the 7XFX Review.
Not at all. 7XFX is anonymous, i.e. the bogus website we found didn’t mention the company that runs this brokerage but it did say that this entity is based in Saint Vincent and the Grenadines (SVG).
The very name SVG gives us the shivers. This notorious offshore domain has become home to countless scammers due to its favorable tax system. SVG’s Financial Services Authority (FSA) doesn’t regulate trading, only the banking sector.
Therefore, the 7XFX regulation claims are lies, this is an unlicensed scam broker. We plead with you not to trust this anonymous financial swindler.
A much safer bet is to find a broker that operates under the jurisdiction of the European Securities and Markets Authority (ESMA) regulator. Tier 1 authorities outside Europe include the CFTC (US), JFSA (Japan), ASIC (Australia), MAS (Singapore), IIROC (Canada), etc.
7XFX is an unregulated offshore broker from Saint Vincent and the Grenadines that offers Forex, CFD and crypto trading. Since 2022, this entity has scammed traders from the UK, South Africa, Bulgaria, Norway, and Australia.
When you open 7XFX’s website, you’ll read “Offshore Secrecy and Regulation” on the Home page. This is a deceitful claim meant to boost the 7XFX reputation.
Do not fall for this trap, 7XFX didn’t even include a physical address we could verify. To make matters worse, we checked the FSA register and didn’t find an entity by the name of 7XFX.
We conclude the part about 7XFX’s legal status with this section. So far, we’ve exposed the broker’s lies about being regulated and proved that this anonymous entity doesn’t have a trading license.
It’s important to note where 7XFX was active, i.e. in which areas. We did some research and eventually narrowed it down to five countries where the broker was most active:
Basically, we have the UK and Australia, which are the most heavily regulated on this list. Bulgaria, Norway and South Africa may not be as strict but still have reputable regulators. No place for unlicensed scammers like 7XFX in these countries.
7XFX is not present on social media. The broker included links to various platforms such as Facebook, Telegram and YouTube on its website, but the links just lead you back to the top of the home page.
Nevertheless, 7XFX does have a phone number and an email so we assume that’s how the fraudster contacts potential victims. Either that, or through hired agents, Google ads, and online marketing campaigns.
On personal-reviews.com, we found numerous complaints against 7XFX. Victims of this scam were fuming in the comment section. They left negative reviews outlining the 7XFX scam and withdrawal issues they had experienced. Here’s one such complaint:
Your correct 7xfx is a total scam, I have requested a refund and they are saying that this needs to be confirmed verbally after fobbing me off for a week, they just want to try and get more funds out of me.
According to 7XFX’s website, traders can utilize a web-based platform and mobile & tablet trading apps.
We got a preview of the broker’s WebTrader and it looks a bit more decent than most other browser-based platforms offered by offshore scammers. However, it’s still not up to par with reliable third-party software such as MT4, MT5 or cTrader.
Aside from basic charts, graphs and indicators, there’s nothing else there. WebTrader lacks advanced tools such as automated trading, live market reports and multiple timeframes.
7XFX offers mobile trading apps for Android & iOS and a tablet trading app. The broker didn’t really specify which platforms these apps offer but we know for sure they aren’t MT platforms.
Since there’s no demo account, we couldn’t check for ourselves. If the app simply provides access to WebTrader, which is an online platform, then it’s pretty redundant.
When it comes to trading instruments, 7XFX claims to offer the following:
On the trading platform, we saw that the average spread for EUR/USD was around 0.2 pips, which means the trading cost is 2 $ per lot, which is great. The industry’s average is 10 $ or less per lot.
However, attractive trading costs are there to entice you and make you invest more. Do not forget that 7XFX is unregulated and won’t hesitate to steal all your profits.
Here’s an overview of 7XFX’s trading account types:
We got to say that the minimum prices of these accounts are costly. There are numerous legitimate brokers that require just 10 $ for a micro-account.
As for the leverage, it ranges from 1:100 to 1:600, which are quite high levels. The regulatory limit in Europe and Australia is 1:30 for retail clients. In the US and Canada, it’s 1:50. Extremely high leverage, like the one offered by 7XFX, is risky and can easily lead to huge losses.
No. We didn’t find a demo account option on 7XFX’s website. That’s bad news because it means traders have to invest real money if they want to try out trading.
7XFX allows you to see its WebTrader but requires you to open a live account before allowing any action on the platform.
The 7XFX withdrawal process goes through only one payment method – Bitcoin. It’s a dead giveaway that 7XFX is a scammer. Financial swindlers love crypto transactions because they allow them to remain anonymous.
Reliable brokers will always offer you at least three funding options such as credit cards, wire transfers and e-wallets.
As for the fees, 7XFX says it charges “50 USD per month for the first 3 inactive months and 100 USD per month from the fourth inactive month onwards.” It’s an insane fee!
To sum up, 7XFX is a terrible offshore scam broker with no regulation. If this broker violated any terms and conditions, please let us know, you’re not the only victim of 7XFX scam.
Global Fraud Protection can help you get your money back. Since this fraudster accepts only crypto payments, our team of experts can use advanced tracing software called CipherTrace to try and locate your money.
If this broker steals your money, contact us for help. Book your free consultation with us today using Online Chat and find out what you can do to get your money back.
No. 7XFX is an unlicensed scam broker that wants to defraud you. If you invested in this scam, contact us for help.
No. 7XFX allows you to see the trading platform but not to trade unless you open a live account.
Yes, 7XFX claims to offer a mobile app for both Android & iOS and tablet.
No. 7XFX’s trading platform is web-based and lacks advanced tools.
No. 7XFX is an unlicensed scam broker that wants to defraud you. If you invested in this scam, contact us for help.
No. 7XFX allows you to see the trading platform but not to trade unless you open a live account.
Yes, 7XFX claims to offer a mobile app for both Android & iOS and tablet.
No. 7XFX’s trading platform is web-based and lacks advanced tools.
The post 7XFX Review – Do Not Trust This Unlicensed Scam Broker appeared first on Global Fraud Protection.
