Beware! 7784Trades is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
There is no mistaking 7784Trades.com for anything but a limited and very shady website. On top of that it’s a scammer broker, but that is obvious. What’s more is that the website is very limited and not at all what a presentable broker would ever give off. There was very little information available overall, and what was actually there was limited and not helpful.
We registered in seconds, meaning the broker opens its doors to just about anyone. After that, we were met with a scammer user area, one that seemed to be taken out of broken website.
But by far the worse part of the user area was that there was no proper user area in the client portal. There are two main things to know here. The first is that whatever the website claims concerning the trading conditions is false and a lie; no matter what the broker advertises is completely fake. And second, 7784Trades cannot really be defined as a broker considering it lacks the main element that, otherwise, would have defined it.
7784TRADES REGULATION AND SAFETY OF FUNDS
The main regulatory claim is a simple UK address, which suggest that the broker is a holder of a UK-based license issued by the FCA. But there is no proof of this to be true, as evidence by the complete lack of supporting claims. Therefore, the UK address is obviously a fake.
Moreover, the website claims that the broker is part of a ton of exchanges, like the one in New York, Eurex, the commodity exchange, and dozens of others. Financial exchanges are on the top of the financial food chain, and to think that 7784Trades is anywhere on that summit would be proof of a very obvious lack of judgement.
As a final blow to 7784Trades are the missing legal documents. Users entering here would have no protection against the broker’s schemes, and they will have a hard time retrieving any stolen funds or personal details.
There is no doubt in the following statement – 7784Trades is without a license and a very risky broker.
Always aim to invest in regulated brokers, and not illicit ones. It may not be easy to distinguish them from one another, but there is a way to make the process much easier. The crucial point is to check the legitimacy of the broker’s regulatory or registration claim. If nothing’s there, you close the site and move on to any European, UK, US, or Australian broker, or any other with a legal status. Being regulated is not just encompassed in a simple permission to offer FX trading service. It comes with a ton of responsibilities, most of which are concerned with the way the broker treats its users. Misconduct on the side of the broker either results in financial penalties or in total closures of the brokerage website in question.
7784TRADES TRADING SOFTWARE
There is no trading software, as we revealed earlier. Therefore. let’s move to the alternatives that 7784Trades has presented.
First of all, we have a live trading section that seems to border a trading software, but in reality is a bunch of third party softwares clustered together.
Users can also invest in several strange packages, but not in the sense of those notorious investment packages. There are no profit promises. Instead, it’s a quasi-trading software in the form of simple questionary. Users pick a stock, crypto, or NFT, and directly invest, not knowing where their money goes. Here take a look:
There is nothing here resembling trading software.
Lastly, we also stumbled upon a crypto purchasing area, which does exactly that: users are told they buy a crypto coin and that’s that.
7784TRADES DEPOSIT/WITHDRAW METHODS AND FEES
The user area states that there are 5 different crypto wallets used as payment methods. But payments here are directly made to these wallets and are not to be reflected in the user’s account. If they are reflected it would be out of courtesy from the broker, as a way to motivate further investments. There was no minimum deposit. Users can invest as little as $1.
The withdrawal area reveals the exact same five crypto wallets. But, we find no reason to believe that the user will get her money back through these crypto sources.
There are no further details on payments. And what we do have is nowhere near satisfactory, not to mention it’s not at all truthful.
HOW DOES THE SCAM WORK
Scammers use a couple of tricks that make up a big scheme that has not changed since its inception, meaning that it’s fairly easy to avoid it.
The fraud starts when the broker contacts the user, who has unknowingly provided his or her contact details in the past through some seemingly innocent channel.
Communicating with the broker might seem like a pleasant experience as the other side sweettalks its way to your wallet. The reason why most frauds target non-trading audiences is because they are more susceptible to this kind of verbal manipulation. Otherwise, users might start receiving emails with unbelievable good investment deals, none of which are actually lucrative.
The tipping point is the first deposit that scammers are so eager to sell. After this first investment, the user has fallen into the clutches of the fraudster. Either he will be pushed to invest more by false promises of further “profit”, or the client will want to get back his initial deposit, a request to which he is told that further investments are needed.
On whichever side of the coin you the user is, she will most likely never be able to withdrawal. All withdrawal requests will be denied for a plethora of equally ludicrous reasons.
WHAT TO DO IF SCAMMED
Once scammed, your safest bet is a chargeback. Contact your credit or debit card company and move on from there. It’s good to know that MasterCard and VISA have a chargeback period of 540 days.
Bank investments are more difficult to reimburse but not impossible. Most banks have some sort of strategy for dealing with lost capital, so the client’s best bet is to contact her corresponding bank and proceed from there according to the bank’s plan of action. We also recommend that users change their bank account username and password if defrauded.
As for crypto investments, it is unfortunate to say but there is no real way of getting lost money back through these channels. All crypto investments are untraceable, and there is no telling where the investor’s funds will end up.
Don’t trust recovery agents or agencies. These are either independent scammer looking to charge users “service fees”, or extensions of illicit broker schemes.