7online is a forex broker supposedly in Dominican and licensed by the authorities of the Dominican Republic. In the review below, we take an in-depth look at the features 7online.io allegedly offers. This review answers the questions: is 7online legit? Is Seven Online good? The review covers aspects of its licensing, its account types, its leverages, its withdrawal, and deposit methods. Read through our review to see what we and other experts have to say about 7Online.
Table of Contents
7online Trading Platform
Seven Online uses a professional but average approach in its design. At first glance, we discover that this broker support neither the MT4 nor the MT5 trading platform. They use a web-based platform to offer assets such as Forex (with leverages up to 1:400) CFDs, Indices, Stocks, and Precious metals.
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7 Online Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea of how a broker might work.
After thoroughly checking, we couldn’t find anywhere in the documentation where it mentioned an account type
Seven online Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
According to the website, Payment methods include Credit and Debit card, and a bitcoin gateway
One thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume to be eligible for withdrawal. This is purposefully done to stop traders from making a withdrawal.
Is 7online Licensed?
Licensing is another important part because a regulated broker can be trusted to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if they are actually regulated.
7online claims to be in Tavernier Street, Wall House, 00152 Loubiere, Dominica. It also claims to be registered by the Dominican Republic if we are to trust the Terms and Conditions.
The Dominican Republic is a place that attracts shady brokers because of their lack of proper licensing laws and a regulatory body
Traders should always determine if a broker is licensed before investing in them. They should check regulatory bodies such as the FCA in the UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy, and many others.
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Conclusion
We wouldn’t recommend using this forex brokerage, they do not impress us with the vague information they have provided.
In conclusion, we wouldn’t advise or recommend you to trade with active brokers as they don’t give any information concerning if they are a regulated broker.
7online.io is likely a platform run by scammers. Trading with them would likely result in you losing your money. There is a tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading options.
Scamming people out of their money is not the only way in which 7online loots unsuspecting people of their peace of mind. One they get possession of your name, e-mail and phone number, they sell it to third parties after which the nightmare calls from various companies start. They all read the same script. Calls come multiple times a day, from unknow, private, local mobile numbers, on Sat and Sun as well including late night and early morning.
18th Sept 2020: I get a call from ‘an Adam’ he blatantly said, ‘’The only way of stopping these calls is that you activate your account with me, put some money in, the money remains as yours, leave it in the account for a few weeks, you will get financial advisor’s call, you can decline their suggested actions and withdraw your money.’’ I declined. He persisted and said, ‘’then you can continue to enjoy getting these calls, they are coming from more than one company and will not cease in any other way’’.
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