7Bforex Review 2023

1.8

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7Bforex is a broker-dealer geared towards Nigerian traders, offering a sign-up bonus and the MT4 platform.

Pros

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

Cons

• No copy trading
• Weak regulatory oversight

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Bonus	₦10,000 Welcome Bonus
Instruments	CFDs, Forex, Stocks, Indices, Commodities, Cryptos
Demo Account	Yes
Min. Deposit	₦5,000
Payment Methods	Credit Card Debit Card Mastercard Visa Wire Transfer
Min. Trade	0.01 Lots
MetaTrader 4	Yes
MetaTrader 5	No
cTrader	No
OmniTrader	No
AlgoTrader	No
TradingView	No
Trading Central	No
Autochartist	No
eSignal	No
STP Account	Yes
ECN Account	No
DMA Account	No
MAM Account	No
PAMM Account	No
LAMM Account	No
Demat Account	No
Mobile Apps	Android
Margin Trading	Yes
Volatility Index	No
Spot Trading	No
Perpetual Swaps	No
ELWs	No
REITs	No
AI / Machine Learning	No
Robo Advisor	No
P2P Trading	No
Negative Balance Protection	No
VPS Hosting	No
Tournaments	Yes
Demo Competitions	No
Managed Accounts	No
Market Maker	No
Auto Trading	EAs
Social Trading	No
Copy Trading	No
Islamic Account	No
Account Currencies	USD NGN
Guaranteed Stop Loss	No
Stock Exchanges	Australian Securities Exchange CAC 40 Index France DAX GER 40 Index Dow Jones Euronext FTSE UK Index Hang Seng Hong Kong Stock Exchange IBEX 35 Japan Exchange Group Nasdaq S&P 500
Commodities	Gold Natural Gas Oil Silver
CFD Trading	Leveraged CFDs can be used to go long or short on hundreds of popular markets.
CFD FTSE Spread	From 2.1 pips (Standard)
CFD GBPUSD Spread	From 2.1 pips (Standard)
CFD Oil Spread	From 2.1 pips (Standard)
CFD Stocks Spread	From 2.1 pips (Standard)
CFD Leverage	1:200 (Default), 1:1000 (Maximum)
Forex Trading	Trade a wide range of currency pairs with floating spreads.
Forex GBPUSD Spread	From 2.1 pips (Standard)
Forex EURUSD Spread	From 2.1 pips (Standard)
Forex EURGBP Spread	From 2.1 pips (Standard)
Forex Assets	60+
Crypto Trading	Trade crypto-fiat pairs including major tokens like Bitcoin.
Crypto Spread	From 2.1 pips (Standard)
Crypto Lending	No
Crypto Staking	No
Crypto Mining	No
Crypto Auto Market Maker	No
Crypto Coins	BIT BTC DASH EDO EDO ETH ETP IOTA LTC NEO OMG SAN TRX XMR XRP ZEC

Risk Warning – Your capital is at risk

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

• 7Bforex is an online broker aimed at Nigerian traders with a Naira account
• A range of welcome bonuses and promotions are available to new and existing users
• Some negative user reviews raise concerns over the legitimacy and reliability of the firm
• The company is not regulated by a trusted financial authority and there are limited customer safeguarding measures in place

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:

• Live price quotes
• 9 timeframe views
• 30+ in-built technical indicators
• Access to full historical trading data
• Option to integrate automated trading bots
• Four pending orders and three order execution types
• Customizable charts and graphs including bar and line charts

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.

• Indices – 12 major indices such as NASDAQ 100, CAC 40, and FTSE 100
• Shares – 64 company stocks including Apple, Facebook, Mcdonald’s, and Tesla
• Cryptocurrency – 35 crypto and fiat currency pairs including BTC/GBP, ETH/USD, and XRP/USD
• Commodities – 3 precious metals and 3 energies including gold, silver, and natural gas
• Forex Pairs – 7 major, 21 minor, and 36 exotic currency pairs such as EUR/USD, USD/CAD, and CHF/NOK

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:

• Mastercard/Visa/Verve card payments
• GTBank, FirstBank, UBA, Sterling, Zenith and Alat internet banking

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

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.

• Low commission fees
• Access to FxAutoProfit
• Trade micro lots from 0.01
• Personal account manager
• Floating spreads from 2.1 pips
• ₦5,000 minimum deposit

Classic

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

• No commission
• Personal account manager
• Floating spreads from 1.3 pips
• Trade standard lot sizes from 1 lot
• ₦5,000 minimum deposit

Elite

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

• Low commission fees
• Access to FxAutoProfit
• Trade micro lots from 0.01
• Personal account manager
• Free monthly account audit
• Floating spreads from 1.9 pips
• ₦100,000 minimum deposit

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.

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.

• Email – support@7bforex.ng
• Telephone – +2349038129463
• Live Chat – Icon bottom left of each webpage
• Online Contact Form – Head to the ‘Contact Us’ webpage
• Office Address – Block A3, Suite 508/509 Eastline Shopping Complex, Opposite Abraham Adesanya Roundabout, along Lekki – Epe expressway

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.

Accepted Countries

7Bforex only accepts traders from Nigeria.

Compare 7Bforex

Compare 7Bforex with similar brokers that accept traders from your location. Among available brokers these are the most similar to 7Bforex:

1. Kwakol Markets – Kwakol offers trading on the MT4 & MT5 platforms with high leverage & copy trading.
   
2. ForexChief – ForexChief is a foreign exchange and CFD broker with offshore regulation and access to both MT4 and MT5 trading platforms.
   
3. World Forex – World Forex offers 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.
   
4. Coinexx – Coinexx is an ECN broker with 1:500 leverage, 80+ instruments and a joining bonus.
   

7Bforex Comparison Table

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FAQ

		7Bforex is a broker-dealer geared towards Nigerian traders, offering a sign-up bonus and the MT4 platform.
7Bforex is a broker-dealer geared towards Nigerian traders, offering a sign-up bonus and the MT4 platform.