SevenTrade24 Review – 5 things you should know about seventrade24.com

SevenTrade24 Review – 5 things you should know about seventrade24.com

Rating: 1

Beware! SevenTrade24 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.

 

SevenTrade24 is another fraudulent broker who promises great things and amazing conditions – but, as is usually the case with such scammers, has nothing to show for its promises. Investing money with this broker – who has already been blacklisted by a reputable EU financial authority and who does not provide any essential details about trading conditions – is not the smartest choice. Avoid SevenTrade24 and turn to a licensed, reliable broker instead.

SevenTrade24 REGULATION AND SAFETY OF FUNDS

SevenTrade24 did not provide us with any adequate proof that they are reliable or regulated. The broker is supposedly based in Bruxelles, Belgium – a country with fairly strict forex trading laws.

However, some of the things SevenTrade24 offers – like bonuses, for example – are strictly banned in the EU which Belgium is a part of. Moreover, no EU broker could be as anonymous as this one is – there are many requirements for EU brokers meant to ensure transparency. This company only gave very vague information about its trading conditions and payment methods, and conveniently left important clauses out of its Terms and Conditions. Moreover, we were not able to find any information related to SevenTrade24 on the website of the Belgian Financial Services and Markets Authority (FSMA).

Another EU regulatory body, the Italian CONSOB, has recently blacklisted SevenTrade24 and deemed it to be a dangerous scam.

All of these things considered, we believe that trading with this broker is an extremely bad idea that could only lead to financial losses on your side.

Our advice for you is to choose a reliable, licensed broker to work with – companies regulated by the FCA (the UK), CySEC (Cyprus), or ASIC (Australia) are usually a solid choice. These are the most reputable financial authorities in the world so it is only natural for them to have high expectations for brokers under their supervision – there are a ton of requirements such companies are obligated to meet in order to obtain a license. For example, all licensed brokers have to prove their financial stability and long-term approach by maintaining a certain minimum capital – €730 000 in the UK and the EU, and A$1 million in Australia. They must keep client money separate from their own in segregated bank accounts – this proves that the broker would not be able to reinvest your funds and protects client investments in case of broker insolvency. We would also like to mention Negative Balance Protection is a vital safety net – as a retail investor, you could not lose more money than you have in your account.

Only work with licensed enterprises if you want to trade safely and problem-free, and if you want to rely on all of the safety nets we already described.

SevenTrade24 TRADING SOFTWARE

SevenTrade24 promised to provide access to MetaTrader 4 – one of the leading, most established platforms in the world of trading. However, we were not allowed to download the software from the broker’s website. When we tried to open an account, we were informed that the connection is not secure and were not allowed to access any sort of registration form – which means that we remain uncertain that this broker has managed to afford an efficient platform like MT4. Many scam brokers use the good reputation MT4 and its successor MT5 have built in order to attract victims – in reality, few scammers really provide access to their own MT4 terminal.

Check out these licensed and reliable MT4 brokers. We fully endorse you giving the platform a try – it is great for beginners because it is accessible and user-friendly, and seasoned professionals will be able to find a multitude of technical indicators, chart types, graphical objects, and timeframes. The offer of additional features – Expert Advisors that track markets for you and trade automatically, a Strategy Tester, a market for additional trading apps, the possibility to set signals or to subscribe to those set by others for a small monthly fee, etc. – are also not to be neglected.

SevenTrade24 TRADING CONDITIONS

SevenTrade24 did not say too much about its trading conditions. We got to learn that they ask for at least $250 in order to open an account – which is far too much considering how many legitimate brokers would have you as a client for as little as $10.

As for things like spreads or leverage – vital elements of every broker’s offer – SevenTrade24 chose to remain silent. Do not expect great things from such scammers – they might not offer a platform to trade on in which case these terms become irrelevant. A legitimate broker would always provide you with a comprehensive description of its trading conditions – something these scammers did not do. Expect surprises such as huge commissions or extremely wide spreads.

SevenTrade24 DEPOSIT/WITHDRAWAL METHODS AND FEES

Supposedly, SevenTrade24 accepts payments made via wire transfer or with a credit or debit card. However, since we could not open an account, we are also unable to confirm or deny this information. Usually, the opportunity for credit and debit card deposits means that there is a good chance that you would be able to retrieve your money if you have already deposited with this broker – both Visa and MasterCard allow chargeback within 540 days of the transaction in order to combat such scams. However, prevention is the best defense here – do not deposit with this fraudulent broker in the first place.

SevenTrade24 charges an inactivity fee of $50 after 60 days of no trading activity – which is higher than what can be expected. Most legitimate brokers charge such fees after a longer period of time – and they are usually around $5-$10.

There is also the mention of bonuses – as we already pointed out, those are banned not only in the EU (where this broker claims to be based) but also in the UK and Australia. The reason for this ban is dubious clauses such as the one you can see below:

In short, if you have received a bonus of just $100, you would have to reach a turnover of 10 lots – or 10 000 000 currency units – in order to withdraw any profits and the bonus itself. Although legitimate brokers sometimes have turnover requirements, no such broker would deny you access to your own profits – this is something only a scam broker would do. Such brokers often change their turnover requirements – so you might even have to reach a higher turnover in order to withdraw. All of these tricks are meant to prevent you from withdrawing your money too soon – so the broker could rob you as much as possible before you figure out there is something wrong going on.

HOW DOES THE SCAM WORK?

Such scams are more common than you think and trick thousands of people into investing with fraudulent brokers who exist with the sole purpose to rob you. The best thing you can do to avoid them is check registers, research matters carefully, and have a general idea about how scam brokers operate.

Such brokers usually promise immense, fast profits – slow, gradual, and informed rarely seems to be the way for them. You take one look at a broker’s website and decide that it looks decent and legitimate and that all the promises and claims must be true. Such scammers often try to convince you that they are legitimate in various ways – they lie about being regulated, provide fake legal documents, and divert your attention with unbelievable offers. You decide to try your luck and open an account – providing the scammers with your phone number and email in the process.

After that you would not be left alone before you make a deposit – you receive dozens of calls and emails from smooth-talking scammers whose very job is to prey on unsuspecting people who are trying to turn a quick profit. And once you have deposited, they will keep asking you for more and more money – which you would gladly invest because, at that point, you might even be turning a decent profit. However, when you try to withdraw your profits, you will quickly see that you have been fooled. Different reasons why withdrawing is impossible will appear – additional taxes, minimum withdrawal limits, and previously unmentioned clauses in the Terms and Conditions.

At some point, you understand you are being scammed – but by the time you reach this point, the scammers will already be long gone.

WHAT TO DO WHEN SCAMMED?

Unfortunately, the chances of you tracking down the scammers and retrieving your money are not good.

You can, however, avoid additional problems and losses of money by changing your banking details and passwords, and removing all software they have asked you to install – this just provides them with easy access to your computer and all of your passwords.

Don’t trust any recovery agents promising to retrieve your money for a fee – this is just another type of scam, often conducted by the same people who initially robbed you.

If you have used Visa or MasterCard to deposit, there is a chance that you might be able to get a chargeback – both card providers allow chargebacks within 540 days of the transaction. Reversing wire transfers and payments made in crypto, on the other hand, is impossible – only use these payment solutions with trusted brokers.

Finally, make sure to notify the responsible authorities and share your story with as many people as possible – this way, others will know how to avoid such scams and stay away from them.

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$5 Click for a special offerWebsite

Leave a Reply

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