7Bforex Review 2024

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Written By
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Written By
William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
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Fact Checked By
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Fact Checked By
Tobias Robinson
Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.
Updated

1.8 / 5
7Bforex is #109 in our CFD broker rankings.
₦5,000
MT4
CFDs, Forex, Stocks, Indices, Commodities, Cryptos
USD, NGN
Visa, Mastercard, Debit Card, Credit Card, Wire Transfer

Pros

  • Full range of investments
  • Low minimum deposit
  • MT4 integration

Cons

  • Weak regulatory oversight
  • No copy trading

7Bforex Review

7Bforex is a CFD broker aimed at Nigerian traders. The brokerage offers close to 200 financial instruments on the MetaTrader 4 (MT4) platform. This 7Bforex review will cover minimum deposit requirements, account types, client login security, mobile app downloads, and fees. Our experts also unpack the terms and conditions of the welcome bonus.

Key Takeaways

Company History & Overview

7Bforex is operated by Instant Web-Net Technologies Ltd, which has been providing retail trading services since 2010. The brokerage operates from a head office in Lagos and offers bespoke solutions to Nigerian investors. ‘Trade Global Stay Local’ is 7Bforex’s vision.

Although no timelines are given, the brokerage is looking to expand its services to residents in Ghana, offering forex trading opportunities in the Ghanaian Cedi.

7BForex Ltd is registered in Saint Vincent and the Grenadines. The broker does not hold a license with the Central Bank of Nigeria.

Trading Platform

7Bforex offers the MetaTrader 4 platform. MT4 can be downloaded to desktop devices and used as a web-based platform via major browsers.

Although there are no other trading platforms available, MT4 is a versatile and customizable terminal that is suitable for traders of all experience levels. It is offered by hundreds of global brokers.

Key functionality includes:

7Bforex MT4 user guide
MetaTrader 4

How To Place A Trade

  1. Download the MT4 platform to a desktop device or open the web terminal
  2. Click on ‘Tools’ from the main menu and then ‘New Order’
  3. Select the asset symbol you want to trade from the dropdown menu
  4. Input the trade details, including lot size and order type
  5. Confirm any risk management parameters
  6. Click ‘Buy’ or ‘Sell’ to open a new position

Markets & Instruments

7Bforex offers 180+ instruments, though access does vary between account types. Importantly, there are plenty of opportunities to trade global assets for Nigerian investors, plus a wide selection of crypto products.

Spreads & Commission

The spreads offered by 7Bforex are not particularly competitive. They are floating and vary by account type. The Standard account offers spreads from 2.1 pips, the Classic account from 1.3 pips, and the Elite account from 1.9 pips.

Additional commission fees apply for the Standard and Elite profiles. This varies by instrument and is charged per 0.01 lot position. For example, when we used 7Bforex, we were offered a ₦60 commission on the GBP/USD. This means if you traded 0.05 lots you would be liable for a ₦300 commission fee on top of the 1.3 pip spread. Trading gold on the Standard account incurs a ₦93 commission plus the applicable spreads. Commission charges are deducted once the position is closed.

7Bforex applies swap charges on all forex trades that are kept open overnight. Details of overnight fees can be found on the broker’s official website.

Overall, 7Bforex is an expensive broker to trade with. Cheaper alternatives are available.

7Bforex Leverage

A default leverage of 1:200 is offered to all 7Bforex clients though there is a maximum limit of 1:1000. This is significantly higher vs regulated entities with typical restrictions of 1:30 on major currency pairs, for example.

Losses can quickly amplify as a result of higher leverage, especially with the absence of negative balance protection.

All accounts have a 70% margin call and a 50% stop-out level.

Mobile App

7Bforex clients can use the MT4 mobile app for trading on the go. Traders can check live price quotes and charts, anytime and anywhere.

Although the mobile application does support all the functions found on the desktop software, active traders will prefer to complete technical analysis on larger screens. The app is most suitable for managing open positions and amending orders.

The MT4 app is currently only available on Android (APK) devices due to Apple App Store restrictions.

On the downside, the broker does not currently offer a proprietary mobile app.

Payment Methods

Deposits

There is a ₦5,000 minimum deposit requirement for the Standard and Classic accounts and a ₦100,000 minimum for the Elite profile. There is a ₦1,000 minimum for all deposits thereafter and a maximum ₦10,000,000 payment limit per transaction.

As the broker provides localized services to Nigerians, the Naira is the only accepted account base currency. You will need to convert USD or other international currencies if you wish to trade with 7Bforex.

The brand does not charge any commissions to make a payment. 7Bforex aims to process deposit requests instantly, though you should allow up to 48 hours for payments made during the weekend or out-of-business-hours.

Accepted payment methods:

How To Make A Deposit

  1. Log in to the 7Bforex client area
  2. Select ‘Transactions’ from the left menu
  3. Click on ‘Make A Deposit’
  4. Choose a payment method
  5. Enter the value to deposit
  6. Select ‘Confirm’

Follow the same process to make a withdrawal. But instead, select ‘Make A Withdrawal’ in the transaction tab.

Withdrawals

7Bforex clients can make a withdrawal back to the same payment method. There is a minimum withdrawal amount of ₦1000 and a maximum of ₦10,000,000 per transaction.

The broker does not apply any commission fees, regardless of the withdrawal amount.

Demo Account

A free demo account is available so potential customers can test the platform and trading services risk-free. You can practice trading with up to $5,000,000 in virtual funds and up to 1:1000 leverage. Demo account denominations are available in either USD or NGN.

You can get up to speed with all the features and functions of the MT4 platform, without having to risk your own money. For more experienced traders, the demo mode is a good way to refine a strategy.

How To Open A Demo Account

The sign-up process takes no longer than five minutes.

  1. Select the ‘Demo Account’ icon from the top menu on the 7Bforex website
  2. Complete the online registration form
  3. Login credentials will be sent to the registered email address
  4. Follow the platform download links attached to the email
  5. Log in to MT4 and start trading

How to open a 7Bforex demo account

Bonuses & Promotions

As an effectively unregulated brokerage, 7Bforex regularly runs no-deposit bonus deals and new sign-up rewards. This includes a ₦10,000 welcome bonus for all new clients which can be used as trading capital. A 100% booster bonus is also available to Standard and Elite account holders that deposit ₦20,000 or more.

In addition, day traders can opt into monthly contests. The ‘Trade Rally’ campaign offers up to ₦100,000 in rewards. Each 0.01 lot trade executed provides an additional entry into the competition.

7BForex Regulation

7BForex Ltd is incorporated in Saint Vincent and the Grenadines. The company is registered as an International Business Company, license number 24499.

Importantly, the brokerage is currently unregulated. As a result, we are unable to confirm that 7Bforex is a safe broker. There is no indication of consumer safeguarding measures such as negative balance protection or segregated accounts.

Account Types

7Bforex offers three live accounts; Standard, Elite, and Classic. Trading conditions and access to instruments vary between the profiles. However, all accounts offer a default leverage of 1:200, NGN as the account base currency, and access to the MT4 platform.

Standard

Trade major, minor and exotic currency pairs, precious metals, and energies.

Classic

Trade major, minor and exotic currency pairs, precious metals, and energies.

Elite

Trade major, minor and exotic currency pairs, precious metals, energies, stocks, cryptocurrencies, and indices.

You can open one of each account type.

How To Open An Account

  1. Navigate to the 7Bforex website using the ‘Visit’ button in this review
  2. Select the ‘Live Account’ icon from the top menu
  3. Review the trading conditions of each account type
  4. Click ‘Open XX Account’
  5. Complete the online registration form
  6. Select ‘Register’

Additional Features

Education

While using 7Bforex, our experts were underwhelmed with the educational content provided.

There are some basic articles for beginners, including what is forex and what are contracts for difference (CFDs). There are also some outdated blogs and information on understanding the basics of inflation, using risk management strategies, and the best trading styles for beginners.

7Bforex trading education

FxAutoProfit

Elite and Standard account holders benefit from access to the FxAutoProfit platform.

This is an automated trading tool that provides a hands-off approach to making investments. It monitors price trends and places positions automatically following pre-defined criteria. Day traders can also add risk management parameters, such as stop-losses.

Opening Hours

The broker follows standard trading hours. Customers are permitted to trade from Sunday 00:05 (GMT) to Friday 00:00 (GMT).

The forex market is typically open 24 hours a day due to international time zones throughout the world. Stock trading will be available depending on the relevant exchange. NASDAQ shares, for example, can be traded between 09:30 to 16:00 (EST), Monday to Friday. These times will be reflected in the MT4 platform.

Swap charges apply for positions held from 23:59:59 (GMT).

Customer Support

The 7Bforex customer service team is available between 9 AM and 5 PM (GMT +1), Monday to Friday. As well as the contact methods outlined below, there is also an FAQ portal on the official site, though only basic responses are available.

Security & Safety

Due to the unregulated nature of 7Bforex, plus some negative trader reviews, there is no guarantee that clients are protected from scams or fraud. 7Bforex provides limited insights into additional safeguarding measures so be cautious when trading with this firm.

The broker does, however, work as a PCI-DSS-compliant payment processor meaning financial transactions to live trading accounts are secure. The MT4 terminal is also renowned for its security procedures. This includes the use of RSA digital signatures, fully encrypted transmissions, and two-factor authentication login.

7Bforex Verdict

7Bforex provide a bespoke service to Nigerian traders, with local payment methods and customer support, plus a Naria account. The MT4 platform and app, as well as welcome bonuses, will also appeal to new traders. However, our experts are not confident that 7Bforex is a reputable online broker, especially given its effectively unregulated status.

FAQs

Does 7Bforex Offer Low Trading Fees?

7Bforex is not the cheapest broker to invest with. All account types offer floating spreads, the lowest from 1.3 pips. On top of this, commission fees apply per 0.01 lot traded, which can quickly add up.

Is 7Bforex Legit Or A Scam?

7Bforex is essentially unregulated. The firm is registered in Saint Vincent and the Grenadines but it does not hold a license with the Central Bank of Nigeria (CBN). There are also some poor user reviews online, which raise concerns over the safety and reputation of the trading firm.

Is 7Bforex A Good Or Bad Broker?

7Bforex is a long-standing brokerage that offers online trading to Nigerian retail investors. The brand offers 180+ instruments, including currency pairs, commodities, and stocks. However, the lack of regulatory oversight and questionable user ratings are red flags.

What Is The Minimum Deposit To Start Trading With 7Bforex?

The minimum deposit required to start trading with 7Bforex is ₦5,000 for the Standard and Classic accounts and ₦100,000 for the Elite profile. Following this, a ₦1,000 deposit requirement applies per transaction.

Does 7Bforex Have A Practice Account?

Yes, 7Bforex offers a free demo account to new traders. Users can practice trading on the MT4 platform with virtual funds and flexible leverage. This is a good way to learn the features and functions of the terminal and practice opening and closing positions without risking personal capital.

Top 3 Alternatives to 7Bforex

Compare 7Bforex with the top 3 similar brokers that accept traders from your location.

  1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

  2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.

  3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.

7Bforex Comparison Table

Compare 7Bforex With Similar Brokers
7Bforex IG Interactive Brokers World Forex
Rating 1.8 4.4 4.3 4
Markets CFDs, Forex, Stocks, Indices, Commodities, Cryptos CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts
Demo Account Yes Yes Yes Yes
Minimum Deposit ₦5,000 $0 $0 $1
Minimum Trade 0.01 Lots 0.01 Lots $100 0.01 Lots
Regulators FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA SVGFSA
Bonus ₦10,000 Welcome Bonus 100% Deposit Bonus
Education No Yes Yes No
Platforms MT4 Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral MT4, MT5
Leverage 1:200 (Default), 1:1000 (Maximum) 1:30 (Retail), 1:250 (Pro) 1:50 1:1000
Payment Methods 5 6 6 10
Visit Visit Visit Visit
Review IG
Review
Interactive Brokers
Review
World Forex
Review

Compare Trading Instruments

Compare the markets and instruments offered by 7Bforex and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare 7Bforex Trading Instruments
7Bforex IG Interactive Brokers World Forex
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes No Yes
Gold Yes Yes Yes Yes
Copper No Yes No No
Silver Yes Yes No Yes
Corn No No No No
Crypto Yes Yes Yes Yes
Futures No Yes Yes No
Options No Yes Yes No
ETFs No Yes Yes No
Bonds No Yes Yes No
Warrants No Yes Yes No
Spreadbetting No Yes No No
Volatility Index No Yes No No

7Bforex vs Other Brokers

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