7xFx review – 5 things you should know about 7xfx.com

7xFx review – 5 things you should know about 7xfx.com

Rating: 1

Beware! 7xFx is an offshore broker! Your investment may be at risk.

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7xFx has stuffed its website with an enormous amount of fraudulent claims. There is so much of it that’s simply not worth covering it all; what’s more important, though, is that 7xFx claims to be regulated in St. Vincent and the Grenadines, which is simply not possible. The broker is a scam, and you’ll see why in the full 7xFx review.

7xFx REGULATION AND SAFETY OF FUNDS

First things first: 7xFx is an exposed scam as the British financial authority FCA issued a warning against the brokerage, confirming it’s nothing else but a fraudulent scheme. Trustworthy regulators regularly blacklist scam entities, so every time you see a brokerage with a warning, then it’s a scam you should avoid at all costs. However, in this particular case, FCA failed to provide enough information about 7xFx as it didn’t include domain names, contact numbers, addresses and so on. The regulator is known to be meticulous when it comes to customer protection, so such an omission is just not up to your standards, FCA! How would investors know which 7xFx are you talking about?

Anyway, 7xFx is an offshore broker registered in St. Vincent and the Grenadines, so we would still urge traders and investors to avoid it even if it weren’t officially exposed. We do so because the local regulator SVGFSA doesn’t license or monitor brokers registered on the island, meaning that these entities are unregulated and unaccountable, and as such, they can steal your money easily. However, as you can see from the screenshot above, 7xFx proudly claims to be SVGFSA regulated. We need no warning to tell that this broker is 99% a scam!

On the other hand, though, SVG is one of those offshore jurisdictions that allow the incorporation of totally anonymous companies that are nowhere to be found. So, 7xFx is not only unaccountable as a brokerage, but it’s even unknown who’s really running the sham. On top of all that, once you deposit, your money goes offshore where it actually disappears, so you’ll have almost no chargeback options left if things go wrong.

That’s why you’d be much better off if you stick with authentic companies authorised by trustworthy financial regulators like CySEC (Cyprus) and FCA (Britain). Both maintain the highest supervision standards and require brokers to keep deposits segregated in local banks, thus ensuring clients won’t lose their capital if something wrong happens. The segregation improves transparency, speeds withdrawals up, makes chargebacks easier and generally helps prevent fraud. What’s more, the European FX companies are covered by deposit insurance funds laid down to compensate unfortunate people in case of unforeseen events- CySEC brokers’ clients can claim up to €20 000 per person, while the British guarantees are even up to £85 000.

The bottom line is that you’ll lose your money to fraud if you deposit with 7xFx because it’s an offshore exposed brokerage. Avoid!

7xFx TRADING SOFTWARE

More fraudulent claims now- 7xFx pretends to offer MetaTrader 5, which is a leading platform packed with many advanced features such as Expert Advisors, sophisticated indicators and a marketplace with more than 10 000 apps. Well, 7xFx merely wants to take advantage of MT5’s impeccable reputation. In fact, the broker only provides with a basic Webtrader that’s inferior to MetaTrader 5.

The platform displays a spread of 0.2 pips for EUR/USD, which is a highly competitive rate actually. In other words, clients generally pay $2 per lot, while the industry standard sits at $10 or less. Still, 7xFx is an officially exposed scam, so the favourable spreads are irrelevant in this case and may as well be fraudulent.

As for leverage, it can reach 1:600 for people who deposit way over $100 000, and we sincerely hope that no one really went that far. In any way, though, 1:600 is a suicidal ratio that’s too risky for most of the clients as they can lose their capital very quickly. Avoid!

7xFx DEPOSIT/WITHDRAW METHODS AND FEES

Clients should deposit no less than $500 to open a Standard account, which is a demand 5 times higher than usual as most of the regulated brokers ask for $100 on average. 7xFx accepts only Bitcoin deposits, which is bad news for people who have already deposited as this method is anonymous and final- no chargebacks possible. However, 7xFx is operated by boiler rooms, so these scammers may as well use some other undisclosed methods for funding. In any case, make sure not to deposit even a cent with this fraudulent broker.

There is no minimum withdrawal requirement nor malicious bonus clauses. However, the inactivity policy is truly adverse: an account becomes dormant after 3 months of inactivity and will be charged $100 per month. Unreasonably high demand; in contrast, most of the regulated brokers take 5 to 10 dollars per month.

HOW DOES THE SCAM WORK

7xFx is an officially exposed scam, so now we’ll describe how scammers usually work while taking unfortunate people for a ride.

So, when fraudsters get hold of your contact numbers, you’ll get a call, promised the moon and the stars if you deposit immediately. And to gain trust, those criminals will usually pretend to work for governments, financial authorities, banks, other reputable companies and so on. Scammers will be confident in what they say, so if you don’t see the warning signs, you may end up depositing fascinated by their fake commitment. However, the fraudulent game actually begins after you send the money. Once they have the desired deposit, the cons will distort prices and forge fake reports to make you believe you are on the winning side, manipulating you to start thinking big and consider more deposits.

Then, the fraudsters will continuously ask you to increase the size of the investment and invent stories to make you deposits over and over again. Sooner or later, though, you’ll get determined to withdraw some money, and then the scammers will ask you to deposit again because, according to their words, there are taxes and fees that you should pay. At this point, you’ll probably realise something wrong is going on, and when the scam becomes too apparent, the cons will simply stop answering your calls and e-mails.

WHAT TO DO WHEN SCAMMED

It would be best if you first call your bank to inform it and then deactivate your card to avoid any additional risks, as the scammers may as well have obtained your details.

Then, call the police, inform the financial authorities, file complaints and don’t forget to spread the word online so that other people can find out about the particular scam, too. Still, it’s crucial not to rush trying to reclaim your funds as numerous scams are disguised as chargeback agencies set up to double-scam victims.

Finally, we know it’s an awful experience to get scammed, but please share your story to help protect others!

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