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.

RECOMMENDED FOREX BROKERS

Forex.com

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

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!

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite
UK, Cyprus, Belize4.94/5$5 Click for a special offerWebsite
Australia, Cyprus4.93/5$100 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite
Cyprus4.75/5$100 Click for a special offerWebsite
New Zealand4.65/5$1 Click for a special offerWebsite

5 Comments

  1. After an article on This Morning about Quantum AI and fx investment. I googled it and filled out a form online and I got a call within minutes from 7xfx. The call continues from different sources up till today and all saying different things using UK numbers band claiming to be my account manager and to help me set up an account, but when you call back the phone numbers never go through.

    Anyway, the guy took me through registration and I added money/crypto. No check was done to verify my identity and all they want is for me to deposit more money/crypto.

    As soon as the money was deposited, something rang in my head and I thought this was too easy and all they speak about is how you add more money and make more interest. While the guy was still on the phone with me I googled the 7xfx and I knew I made a mistake. I read articles and warnings from FCA and other UK citizens.

    I played along and ask the guy to show me how withdrawal works because all he was talking about is the deposit. He asked why I wanted to withdraw any money and he went through it demonstrating it to me but I insisted on making a withdrawal and seeing the money in my PayPal/bank/crypto account. I deposited £200 and noticed immediately they deducted £50. When I mentioned the £50 deduction he said he will add a measure of goodwill and he did but I was never able to withdraw it.

    I convinced the guy to withdraw $100 into my account which he did but it took almost a week to get the money while receiving emails with different names and claiming to be different departments confirming my request or asking me to confirm again by replying to the emails. And while I was waiting for the money to hit my account the guy was still booking appointments with me and trying to convince me to add more money. I already convinced him I was going to deposit £6,000 but I wanted the withdrawal first.
    Eventually, when the withdrawal was not fulfilled and he keeps badgering me to add more money with examples of people buying mansions and making money, I eventually told him that I read reviews especially Trustpilot and FCA warnings and that I don’t trust the company and they are not recognised by FCA nor registered with UK government, therefore, I am not protected in case something happens. Then there was a long discussion with the guy talking about bank reviews not important, why FCA is not important because 7xfx is an international company, that other UK investors making thousands and millions etc

    I already gave up when the withdrawal was paid into my Coinbase account and the guy called straight away trying to convince me to add money since I had received my withdrawal. He would call every day and spend over 30 mins up to an hour on phone with me to convince me to deposit money and we keep going on about the same discussion not to trust reviews, to ignore FCA and UK govt advice but I stick to my gun and ask him to close my account, which I already did online by requesting for withdrawal of my remaining fund and closure of the account. The closure and withdrawal requests were ignored but still, I keep getting calls from different people asking why I want to close my account, why this why that, very rudely and aggressively and no matter what I said they kept calling saying don’t you want to buy a mansion, don’t you want to be rich and retire now, don’t you want to buy an aeroplane etc.

    Along the line, they logged me out of the account completely and I had no access. I gave up completely and was angry and called them scammers on the phone and I stopped picking up their calls.
    Along the line, I was still getting different calls from different companies claiming to be my account manager with funny accents. Suddenly like 10 days or so after payment was made into my Coinbase account again and I was just so happy I managed to get something back.
    Still, they keep calling to convince me to add money. I still got a call from a lady last Friday 21st January and she spent like 30 min in the morning till I asked her to call back later in the evening and she did and spent like an hour on the phone trying to convince. At least she was polite and respectful and not shouting.

    They may not be scammers, I don’t because I got most of my £200 back but avoid for your own sanity.

  2. I got done as well. Luckily it was only for about $350 NZ. I have decided to write it off. I have renewed my visa card. But I feel a bit uncomfortable with the fact that they have my drivers license and photo of my face. Not much that I can do about that.

  3. I fell for it too. All the other bad experiences are repeats of my experience. Initially friendly, chummy, optimistic. flattering(a classic sales pitch learnt on sales seminars), then rude, insulting, “you are full of fear”. Repeating addvice to invest more to ‘support your investment’, suggesting I should deposit maximum funds even if they were all that I had! I gave up and accepted my loss and mistake. But hey,yesterday after several months, they called me again, saying they can set up a system to recover my loss……coincidentally I just had a windfall, nothing to do with trading…..(??) My advice is avlid, and always listen to that “still small voice” whcih knows best!

  4. I was made to take a loan, and thousands of dollars were gone. The guy Steven called me every day to convince me to put more money. Now I am on debtor because of these scammers. They told me because of Ukraine all money was gone yet they had already scammed my cash. I am spreading the word never to fall victim to this so-called 7xfx. Making a withdrawal is a nightmare. STAY AWAY

  5. I opened an account with them investing 250 USD. After seeing it was not for me. I asked to close my account. They said I need a bitcoin account somewhere and need to withdraw into that bitcoin account. I did that and trying to withdraw. Every time I try I get message the following day that my bitcoin wallet address is missing. After they they deducted inactivity charges etc I know have 69.2 USD but unable to withdraw and close my I account. Don’t know what to do really.

Leave a Reply

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