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7BForex-review

7BForex Review

With 7BForex, traders in underserved nations and areas can make use of 7Bforex’s world-class services and tools, as well as direct access to the world’s financial markets. Traders in Nigeria can rely on 7Bforex’s representation by Instant Web-Net Technologies Ltd, which has been providing top-notch service since 2010. 7BForex is currently not regulated by the CBN.

Updated : August 10, 2022

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7bforex

Overall Rating

Min Deposit

12 USD / ₦5,000

Regulators

No Regulation

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

7BFOREX NIGERIA AT A GLANCE

🏛️ HeadquarteredLagos, Nigeria
🏛️ Nigerian Based OfficeYes
👍 Accepts Nigerian Traders?Yes
📅 Year Founded2010
📱 Nigerian Office Contact Number+2349038129463, +2348066172403
📱 Social Trading PlatformsFacebook
Twitter
Instagram
⚖️ RegulationNone
🔎License NumberNot Applicable
⚖️ CBN RegulationNone
✴️ Regional RestrictionsAll other regions except Nigeria
☪️ Islamic AccountNo
📈 Demo AccountYes
📈 Retail Investor Accounts3
📊 PAMM AccountsNone
📊 Liquidity ProvidersUnknown
👍 Affiliate ProgramYes
👍 Order ExecutionInstant
📈 Average spreadFrom 1.3 pips
📊 Margin Call70%
📊 Stop-Out50%
📈 Maximum Leverage1:1000
📈 Crypto trading offered?Yes, on the Elite Account only
📈 Offers a Nigerian Account?Yes
👨‍💼 Dedicated Nigerian Account Manager?Yes
📈 Leverage Restrictions for Nigeria?No
💳 Minimum Deposit (₦)5,000 Nigerian Naira
💳 Nigerian Naira Deposits Allowed?Yes
💰 Active Nigerian Trader Stats1.3 million
💰 Active Nigerian-based OctaFX customersUnknown
💰 Nigeria Daily Forex Turnover$1.25 million+
💳 Deposit and Withdrawal OptionsCredit Card
Debit Card
GTBank
FirstBank
UBA
Sterling
Zenith
Alat
💰 Segregated Accounts with Nigerian Banks?No
💻 Trading PlatformsMetaTrader 4
💰 Tradable AssetsForex
Precious Metals
Energies
Stocks
Cryptocurrency
Indices
🌐 Offers USD/NGN currency pair?No
🌐 USD/NGN Average SpreadN/A
📈 Offers Nigerian Stocks and CFDsNo
👨‍💼 Languages supported on WebsiteEnglish
👥 Customer Support LanguagesMultilingual
👥 Customer Service Hours24/5
👥 Nigerian-based customer support?Yes

💰 Bonuses and Promotions for NigeriansYes
✴️Education for Nigerian beginnersYes
📊 Proprietary trading softwareNo
💰 Most Successful Nigerian TraderUche Paragon ($20 million net worth)
✔️Is OctaFX a safe broker for Nigerians?No
✔️Rating for OctaFX Nigeria6/10
✔️Trust score for OctaFX Nigeria60%
👉 Open an account👉 Open Account

 

7BForex Overview

7BForex Overview

👉 7BForex is a Nigerian-based broker that offers low minimum deposits and competitive trading conditions to all local traders.

 

👉 7BForex is a Nigerian-based forex and CFD broker that provides comprehensive and tailored solutions to beginner and professional traders in Nigeria.

 

👉 This 7BForex review will provide traders with the d10.etails that they need to consider whether the broker is suited towards their unique trading objectives and needs.

 

Distribution of Traders

👉 While there are no statistics on the global distribution of traders, 7BForex is a Nigerian-based broker, which means that this broker caters specifically to local traders.

 

Popularity among traders who choose 7BForex

👉 7BForex is one of few Nigerian-based forex and CFD brokers, making it one of the Top 10 options for Nigerian traders.

7BForex Regulation and Safety of Funds

7BForex Regulation and Safety of Funds

 

👉 7BForex is a broker that is based in Lagos, Nigeria and does not have regulation or authorization through the Central Bank of Nigeria (CBN) to provide trading solutions. In addition, 7BForex does not have any other licenses or authorization to provide financial services or products from any regulatory entity.

 

👉 In addition, the broker does not specify how client funds are protected and there is no mention of any partnership with banks in Nigeria to keep funds in segregated accounts. This makes 7BForex a high-risk broker because it has such a low trust score and no information on how it protects its clients.

 

👉 Traders are urged to proceed with caution with this forex and CFD broker even though they are a local broker.

 

7BForex Account Types and Features

7BForex Account Types and Features

 

 

👉 There are three live trading accounts available to Nigerian traders. With a variety of options available, managing assets and receiving top-notch customer support is as simple. Nigerian traders can choose between:

 

➡️ Standard Account

➡️ Classic Account

➡️ Elite Account

 

Live Trading Accounts

Standard Account

👉 This is the entry-level account that caters for most Nigerian traders despite the trading strategy or style that they use.

 

💳 Minimum Deposit (₦)₦5,000
📈 Demo AccountYes
💳 Maximum Deposit per Trade₦10,000,000
💳 Minimum Consecutive Deposit₦1,000
📈 Minimum Trade Size0.01 lots
📈 Maximum Trade size1000
🌐 Maximum Number of Orders per1 Standard Lot x 1000
📊 Maximum Leverage1:1000
📊 Default Leverage1:200
👨‍💼 Access to a Personal Account ManagerYes
💰 Deposit and Withdrawal Fees?Yes
👍 Membership to FxAutoProfit?Yes
✴️ Free Monthly Account AuditNo
🏛️ Average SpreadsVariable, from 2.1 pips
🏛️ Commission chargesForex Majors – ₦60
Forex Crosses – ₦100
Forex Exotics – ₦500
Gold – ₦92.5
Silver – ₦102.5
Energies – ₦12.5
🏛️ Available Instruments7 Forex Major Pairs
21 Forex Cross Pairs
36 Forex Exotic Pairs
2 Gold Instruments
1 Silver Instrument
3 Energies
💻 Trading Platform availableMetaTrader 4 Mobile
MetaTrader 4 WebTrader
MetaTrader 4 Desktop Platform
💳 Account Base CurrencyNigerian Naira (₦)
🌐Trade ExecutionInstant Execution, No Requotes
🌐Margin Call70%
🌐Stop-Out50%
💳 Average Pricing5th decimal for Forex
3rd decimal on JPY Forex Pairs
2nd decimal on Spot Metals (XAU/USD)
3rd decimal on Spot Metals (XAG/USD)
⚖️ Pip to Pip Value1:10
👥 Maximum Number of Accounts per client1

 

Classic Account

👉 This account offers standard trading conditions along with the following unique features:

 

💳 Minimum Deposit (₦)₦5,000
📈 Demo AccountNo
💳 Maximum Deposit per Trade₦10,000,000
💳 Minimum Consecutive Deposit₦1,000
📈 Minimum Trade Size1 standard lot of 100,000 base units
📈 Maximum Trade size1000
🌐 Maximum Number of Orders per1 Standard Lot x 1000
📊 Maximum Leverage1:1000
📊 Default Leverage1:200
👨‍💼 Access to a Personal Account ManagerYes
💰 Deposit and Withdrawal Fees?Yes
👍 Membership to FxAutoProfit?Yes
✴️ Free Monthly Account AuditNo
🏛️ Average SpreadsVariable, from 1.3 pips
🏛️ Commission chargesNone
🏛️ Available Instruments7 Forex Major Pairs
21 Forex Cross Pairs
36 Forex Exotic Pairs
2 Gold Instruments
1 Silver Instrument
3 Energies
💻 Trading Platform availableMetaTrader 4 Mobile
MetaTrader 4 WebTrader
MetaTrader 4 Desktop Platform
💳 Account Base CurrencyNigerian Naira (₦)
🌐Trade ExecutionInstant Execution, No Requotes
🌐Margin Call70%
🌐Stop-Out50%
💳 Average Pricing5th decimal for Forex
3rd decimal on JPY Forex Pairs
2nd decimal on Spot Metals (XAU/USD)
3rd decimal on Spot Metals (XAG/USD)
⚖️ Pip to Pip Value1:10
👥 Maximum Number of Accounts per client1

 

Elite Account

👉 This account type is suited to more professional traders who need the best trading conditions, lower spreads, and competitive commissions.

 

💳 Minimum Deposit (₦)₦100,000
📈 Demo AccountNo
💳 Maximum Deposit per Trade₦10,000,000
💳 Minimum Consecutive Deposit₦1,000
📈 Minimum Trade Size0.01 lots
📈 Maximum Trade size1000
🌐 Maximum Number of Orders per1 Standard Lot x 1000
📊 Maximum Leverage1:1000
📊 Default Leverage1:200
👨‍💼 Access to a Personal Account ManagerYes
💰 Deposit and Withdrawal Fees?Yes
👍 Membership to FxAutoProfit?Yes
✴️ Free Monthly Account AuditYes
🏛️ Average SpreadsVariable, from 1.9 pips
🏛️ Commission chargesForex Majors – ₦120
Forex Crosses – ₦200
Forex Exotics – ₦1,000
Gold – ₦185
Silver – ₦205
Energies – ₦25
Stocks – ₦12,000
Cryptocurrencies – ₦12,000
Indices – ₦120
🏛️ Available Instruments7 Forex Major Pairs
21 Forex Cross Pairs
36 Forex Exotic Pairs
2 Gold Instruments
1 Silver Instrument
3 Energies
💻 Trading Platform availableMetaTrader 4 Mobile
MetaTrader 4 WebTrader
MetaTrader 4 Desktop Platform
💳 Account Base CurrencyNigerian Naira (₦)
🌐Trade ExecutionInstant Execution, No Requotes
🌐Margin Call70%
🌐Stop-Out50%
💳 Average Pricing5th decimal for Forex
3rd decimal on JPY Forex Pairs
2nd decimal on Spot Metals (XAU/USD)
3rd decimal on Spot Metals (XAG/USD)
⚖️ Pip to Pip Value1:10
👥 Maximum Number of Accounts per client1

 

Demo Account

7BForex Demo Account

 

👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital. 

 

👉 There is a certain degree of risk involved when trading financial markets and 7BForex offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.

 

Islamic Account

👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.

 

👉 This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.

 

👉 According to 7BForex customer support, there is currently no Islamic Account option offered by the broker.

 

7BForex Account Registration

👉 To register an account with 7BForex, Nigerian traders can follow these steps:

 

Step 1: Select open live account.

 Traders can navigate to the official 7BForex website and select “Open Live Account” from the homepage.

7BForex account registration 1

 

Step 2: Choose which account you want.

 Traders will be redirected to the Account Types page where they can review the trading conditions of every account type.

7BForex account registration 2

 

Step 3: Fill out the form.

 To apply for an account, traders can complete the online application by providing details such as personal information, a residential address, contact info, and several others.

7BForex account registration 3

 

➡️ Once the account is approved, Nigerian traders can make the minimum deposit to start trading.

 

👉 When Nigerian traders register an account, they must familiarize themselves with the overall trading conditions, including these important notes:

➡️ Only NGN MT4 accounts are accessible through 7BForex, which are solely available to customers in Nigeria.

➡️ Clients are limited to three Live Accounts at any one time, one for each kind of account that they may have open.

➡️ 7B Forex accounts on MT4 charge spreads and commissions only when a position is established and in addition, all charges are denominated in Naira.

 

7BForex Vs OctaFX Vs Fidelity Investments – Broker Comparison

7BForexOctaFXFidelity Investments
⚖️ RegulationNoneCySEC, SVG FSAFINRA, SEC
📱 Trading PlatformMetaTrader 4MetaTrader 4
MetaTrader 5
MetaTrader 4
MetaTrader 5
💰 Withdrawal FeeNoNoNo
📊 Demo AccountYesYesYes
📈 Minimum Deposit5,000 NGN41,500 NGN400 NGN
📈 Leverage1:10001:5001:1
📊 SpreadFrom 1.3 pips0.6 pipsNone
💰 CommissionsFrom ₦12.5None$0 to $0.03
✴️ Margin Call/Stop-Out79%/50%25%/15%None
✴️ Order ExecutionInstantMarketNone
💳 No-Deposit BonusYesYesNo
📊 Cent AccountsNoNoNo
📈 Account TypesStandard Account
Classic Account
Elite Account
MetaTrader 4 Habitual Trader
MetaTrader 5 Smart Trader
Brokerage Account
Cash Management Account
Brokerage and Cash Management
The Fidelity Account for Businesses
Fidelity Go, and several others
⚖️ CBN RegulationNoNoNo
💳 NGN DepositsYesNoNo
📊 Nigerian Naira AccountYesNoNo
👥 Customer Service Hours24/724/524/5
📊 Retail Investor Accounts3215
☪️ Islamic AccountNoYesNo

7BForex Trading Platforms

7BForex Trading Platforms

 

👉 7BForex offers the following trading software that can be used to connect Nigerian traders to global financial markets:

 

➡️ MetaTrader 4 Mobile

➡️ MetaTrader 4 WebTrader

➡️ MetaTrader 4 Desktop Platform

 

Desktop Platform

👉 The 7BForex MetaTrader 4 trading platform is available for download on desktop computers and laptops that support Linux, Windows, or macOS. MetaTrader 4 is the most popular trading platform in the industry, offering Nigerian traders a wide range of charting options, analytical tools, expert advisors, and more.

 

WebTrader Platform

👉 The WebTrader platform can be used on any browser if Nigerians have a steady internet connection, exempting them from having to download and install the trading platform. The MetaTrader 4 WebTrader offers the same extensive portfolio of features and functions as the desktop platform, with the benefit that it can be used on both computers and mobile devices with an internet browser.

 

Trading App

👉 The MetaTrader 4 app is offered to all Android and iOS devices including smartphones and tablets, giving Nigerian traders flexibility. With MT4 mobile, Nigerian traders can open, monitor, and close their trades, access newsfeeds, trading alerts, and several other functions that are offered on the other two platform types.

 

7BForex Range of Markets

👉 The range of Markets that Nigerian traders can expect include:

 

➡️ Forex

➡️ Precious Metals

➡️ Energies

➡️ Stocks

➡️ Cryptocurrency

➡️ Indices

 

7BForex Trading and Non-Trading Fees

7BForex Trading and Non-Trading Fees

 

Spreads

👉 The spreads that Nigerian traders can expect when they use 7BForex include the following:

 

➡️ Standard Account – from 2.1 pips

➡️ Classic Account – from 1.3 pips

➡️ Elite Account – from 1.9 pips

 

Commissions

👉 Commissions are charged on two of the three accounts offered by 7BForex as follows:

 

Standard AccountForex Majors – ₦60
Forex Crosses – ₦100
Forex Exotics – ₦500
Gold – ₦92.5
Silver – ₦102.5
Energies – ₦12.5
Elite AccountForex Majors – ₦120
Forex Crosses – ₦200
Forex Exotics – ₦1,000
Gold – ₦185
Silver – ₦205
Energies – ₦25
Stocks – ₦12,000
Cryptocurrencies – ₦12,000
Indices – ₦120

 

Overnight Fees, Rollovers, or Swaps

👉 All overnight positions in FX currency trading are subject to 7B Forex’s Swap fees.

 

7BForex Deposits and Withdrawals

7BForex Deposits and Withdrawals

 

👉 7BForex offers the following deposit and withdrawal methods:

 

➡️ Credit Card

➡️ Debit Card

➡️ GTBank

➡️ FirstBank

➡️ UBA

➡️ Sterling

➡️ Zenith

➡️ Alat

 

How to Deposit Funds with 7BForex

👉 To deposit funds, Nigerian traders must ensure that the trading account has been approved. Traders must have valid credentials for the Client’s Cabinet that they can use to log in. Once logged in, traders can navigate to deposits, select a deposit method, enter an amount, and follow any further instructions according to the payment method used to verify the deposit.

 

How to Withdraw Funds with 7BForex

👉 To withdraw funds, traders must log into their Client’s Cabinet, select the option to withdraw, provide the amount, and verify the withdrawal.

 

7bforex

Overall Rating

Min Deposit

12 USD / ₦5,000

Regulators

No Regulation

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Broker Comparison for Range of Markets

7BForexOctaFXFidelity Investments
➡️️​ ForexYesYesNo
➡️️​ Precious MetalsYesYesNo
➡️️​ ETFsNoNoYes
➡️️​ CFDsYesYesNo
➡️️​ IndicesYesYesNo
➡️️​ StocksYesYesYes
➡️️​ CryptocurrencyYesYesNo
➡️️​ OptionsNoNoYes
➡️️​ EnergiesYesYesNo
➡️️​ BondsNo
NoYes

 

7BForex Education and Research

7BForex Education and Research

 

👉 The Educational Materials offered by 7BForex includes:

 

➡️ What is Forex?

➡️ Why Forex?

➡️ What are CFDs?

➡️ Frequently Asked Questions

➡️ Understanding 7BForex Account Types

➡️ Understanding 7BForex Commissions

 

7bforex

Overall Rating

Min Deposit

12 USD / ₦5,000

Regulators

No Regulation

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

7BForex Bonuses and Promotions

7BForex Bonuses and Promotions

 

👉 The bonuses and promotions that 7BForex offers Nigerian traders include the following:

➡️ Trade Rally – where Nigerians can win up to ₦100,000 after they fund the trading account and step up their trading to enter the 7BForex raffle

➡️ The 100% Boom Bonus is offered to new and existing trading accounts that deposit ₦5,000 and more.

➡️ The Welcome Bonus is a no-deposit bonus for all new traders, providing them with a bonus of ₦10,000 that they can use to start trading risk-free

 

7BForex Affiliate Program

👉 The affiliate program that is offered by 7BForex offers Nigerians a chance to make a passive income. Affiliates can earn up to 40% in commissions for every trade that is made on the 7BForex platform. For every person that the partner refers to 7BForex, they will receive commissions based on the referral’s trades.

 

👉 To join 7BForex’s affiliate program, Nigerians can:

 

Step 1: Click on the partners tab.

Select the option to become a partner under the “Partners” tab

7BForex Affiliate Program 1

 

Step 2: Fill in the form.

Complete the account verification process

7BForex Affiliate Program 2

 

Step 3: Check your email for the referral code.

Check their email address for their unique referral code once the trading account is verified

 

Verdict on 7BForex

👉 7BForex is a locally-based Nigerian broker that offers comprehensive and competitive trading conditions and solutions. However, there are some drawbacks to the broker’s service that gives cause for concern.

 

👉 The broker is not licensed or registered with any reputable financial market regulator, does not provide any client fund safety information, and the broker is not a member of a compensation scheme.

 

👉 This lack of regulatory status means that Nigerian traders are not protected if the broker fails to fulfil its financial obligations. In addition, while 7BForex offers a choice between three live trading accounts, the demo account is only offered on one and the broker does not offer the option for a Swap-Free Islamic Account.

 

👉 The spreads on the account types are competitive but they are extremely wide. In addition, commissions are charged on two of the three accounts, and there are some other restrictions as well.

 

👉 While 7BForex offers the use of MetaTrader 4 through which trades can be executed, there is no other option for a trading platform, which limits Nigerian traders extremely. 7BForex offers some educational material for beginner traders but there is no comprehensive research or standalone trading tools offered.

 

👉 The broker’s trading fees are not transparent, but customer support is friendly and extremely helpful, offering prompt replies and extensive information on queries. In addition, the minimum deposit is extremely low and 7BForex offers a range of bonuses and promotions, including a no-deposit bonus of ₦10,000 when traders register a live account for the first time.

 

7BForex Pros and Cons

✔️ Pros❌ Cons
There are three accounts to choose fromThe broker only accepts Nigerian traders
7BForex is a Nigerian-based broker that offers local customer supportUnregulated broker
Nigerian traders can trade in Naira because all account types are NGN-denominatedThere is no client fund safety assurance
There are local deposits and withdrawals offered to Nigerians with the benefit that fees are not charged on eitherLimited trading platforms
There is a demo account offeredOnly offers NGN as the base account currency
There is high leverage provided up to 1:1000Limited deposit and withdrawal options
The commissions charged are low and competitiveNo Research Tools
MetaTrader 4 is offered across devicesLimited education
7BForex offers a comprehensive affiliate programThe demo account is only offered on one live account
There are several bonuses and promotions offered to Nigerian tradersThere is no option for a Swap-Free or Islamic Account
There is dedicated and friendly customer support offered via several channelsThe spreads are extremely wide on all accounts
There is instant trade execution without any requotes
Traders can open one live trading account of each type of account

Frequently Asked Questions

 

Is 7BForex regulated and by whom?

No, 7BForex is not regulated by any market regulators.

What is the overall rating for 7BForex out of 10?

Our review reveals a overall rating of 6/10.

Is 7BForex suitable for beginner and professional traders?

While 7BForex accepts both beginner and professional traders the broker is not recommended because of the lack of regulation, absence of assurance that client fund security is guaranteed, and several other missing or unclear components.

What is the minimum deposit required to register an account with 7BForex?

5,000 Nigerian naira.

Which trading platforms are supported by 7BForex?

7BForex only offers the use of MetaTrader 4 across the following devices:

  • MetaTrader 4 Mobile
  • MetaTrader 4 WebTrader
  • MetaTrader 4 Desktop Platform
9.4/10 - (16 votes)

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