7bforex Review: is it a Legit or Scam Forex Broker?

7bForex is a foreign exchange broker operating out of Nigeria and provides all local traders with advantageous trading circumstances, including low minimum deposits.

7bForex is a foreign exchange (forex) and contract for difference (CFD) broker that operates out of Nigeria and offers comprehensive and individualized solutions to traders in Nigeria, both novice and experienced.

Traders in Nigeria and other emerging African economies now have direct access to the world’s financial markets thanks to 7bforex’s world-class services and tools.

Traders in Nigeria can rely on 7bforex’s representation by Instant Web-Net Technologies Ltd, which has been delivering first-rate service since 2010.

That said, is 7bForex truly a secure broker, or is it in fact a scam? Read our comprehensive review to find out.

7bForex Regulation
7BForex is a broker that operates out of Lagos, Nigeria, however, it is not regulated or authorized to provide trading solutions by the Central Bank of Nigeria (CBN).

In addition, 7BForex does not possess any additional licenses or authorisation from any regulatory authority that would allow them to offer financial services or products to customers.

In addition, the broker does not detail how customer monies are safeguarded, nor does it make any reference to a collaboration with Nigerian institutions that would see to it that customer funds are held in separate accounts.

7bForex Trading Fees
Spreads from 7bForex average at 2.1 pips on the Standard Account, 1.3 pips on the Classic Account, and 1.9 pips on the Elite Account.

These are not the lowest spreads offered in the industry, and 7bForex also offers commissions on both the Standard and Elite Accounts, making it an uncompetitive broker in terms of its pricing.

👉Open a Free Trading Account Now 

7bForex Platforms and Trading Features
The MetaTrader 4 trading platform from 7bForex may be downloaded onto desktop computers and laptops that run Linux, Windows, or the macOS operating system.

This platform provides Nigerian traders with a broad variety of charting choices, analytical tools, expert advisors, and other useful features.

The MetaTrader 4 app is available for download on both Android and iOS devices, including smartphones and tablets, providing Nigerian traders with an increased degree of flexibility.

Utilizing MT4 mobile, Nigerian traders are able to open, monitor, and close their transactions, as well as gain access to newsfeeds and trading notifications.

Finally, if Nigerians have a reliable internet connection, they won’t need to download and install the trading platform because the WebTrader platform can be used on any browser.

You might also be interested in: Forex Trading Platforms in Nigeria

7bForex Accounts
Nigerian traders can choose from one of three different live trading accounts that are offered to them. The management of assets and the receipt of first-rate customer service are both made much easier by the availability of a wide range of solutions.

Standard Accounts, Classic Accounts, and Elite Accounts are the three different types of trading accounts that may be opened with 7bForex.

Final Thoughts
7bForex offers traders in Nigeria broad-based access to a range of markets using the gold standard MT4 platform, as well as WebTrader.

However, 7bForex is currently not licensed or regulated, and until such time as the broker acquires the necessary licenses traders in Nigeria should proceed with caution.

Related News: Forex: FG to Investigate Founder of Aboki FX

Share this:

Herman Everett

I am passionate about Agriculture, Information Technology, Alternative Energy and Metropolitan Transportation. I look up to some great Nigerians like Chief Segun Odegbami, Aliko Dangote, John Momoh, Babatunde Raji Fashola and the late Dr Dora Akunyili; great entrepreneurs and iconic personalities whom I believe young people should emulate. More »

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *