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.
- Louis Schoeman
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Overall Rating
- 4.2/5
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
| 🏛️ Headquartered | Lagos, Nigeria |
| 🏛️ Nigerian Based Office | Yes |
| 👍 Accepts Nigerian Traders? | Yes |
| 📅 Year Founded | 2010 |
| 📱 Nigerian Office Contact Number | +2349038129463, +2348066172403 |
| 📱 Social Trading Platforms | Facebook |
| ⚖️ Regulation | None |
| 🔎License Number | Not Applicable |
| ⚖️ CBN Regulation | None |
| ✴️ Regional Restrictions | All other regions except Nigeria |
| ☪️ Islamic Account | No |
| 📈 Demo Account | Yes |
| 📈 Retail Investor Accounts | 3 |
| 📊 PAMM Accounts | None |
| 📊 Liquidity Providers | Unknown |
| 👍 Affiliate Program | Yes |
| 👍 Order Execution | Instant |
| 📈 Average spread | From 1.3 pips |
| 📊 Margin Call | 70% |
| 📊 Stop-Out | 50% |
| 📈 Maximum Leverage | 1:1000 |
| 📈 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 Stats | 1.3 million |
| 💰 Active Nigerian-based OctaFX customers | Unknown |
| 💰 Nigeria Daily Forex Turnover | $1.25 million+ |
| 💳 Deposit and Withdrawal Options | Credit Card Debit Card GTBank FirstBank UBA Sterling Zenith Alat |
| 💰 Segregated Accounts with Nigerian Banks? | No |
| 💻 Trading Platforms | MetaTrader 4 |
| 💰 Tradable Assets | Forex Precious Metals Energies Stocks Cryptocurrency Indices |
| 🌐 Offers USD/NGN currency pair? | No |
| 🌐 USD/NGN Average Spread | N/A |
| 📈 Offers Nigerian Stocks and CFDs | No |
| 👨💼 Languages supported on Website | English |
| 👥 Customer Support Languages | Multilingual |
| 👥 Customer Service Hours | 24/5 |
| 👥 Nigerian-based customer support? | Yes |
| 💰 Bonuses and Promotions for Nigerians | Yes |
| ✴️Education for Nigerian beginners | Yes |
| 📊 Proprietary trading software | No |
| 💰 Most Successful Nigerian Trader | Uche Paragon ($20 million net worth) |
| ✔️Is OctaFX a safe broker for Nigerians? | No |
| ✔️Rating for OctaFX Nigeria | 6/10 |
| ✔️Trust score for OctaFX Nigeria | 60% |
| 👉 Open an account | 👉 Open Account |
7BForex Review – 16 key points quick overview:
7BForex Overview- 7BForex Regulation and Safety of Funds
- 7BForex Account Types and Features
- 7BForex Account Registration
- 7BForex Vs OctaFX Vs Fidelity Investments – Broker Comparison
- 7BForex Trading Platforms
- 7BForex Range of Markets
- 7BForex Trading and Non-Trading Fees
- 7BForex Deposits and Withdrawals
- Broker Comparison for Range of Markets
- 7BForex Education and Research
- 7BForex Bonuses and Promotions
- 7BForex Affiliate Program
- Verdict on 7BForex
- 7BForex Pros and Cons
- Frequently Asked Questions
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 forex broker options for Nigerian traders.
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
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 Account | Yes |
| 💳 Maximum Deposit per Trade | ₦10,000,000 |
| 💳 Minimum Consecutive Deposit | ₦1,000 |
| 📈 Minimum Trade Size | 0.01 lots |
| 📈 Maximum Trade size | 1000 |
| 🌐 Maximum Number of Orders per | 1 Standard Lot x 1000 |
| 📊 Maximum Leverage | 1:1000 |
| 📊 Default Leverage | 1:200 |
| 👨💼 Access to a Personal Account Manager | Yes |
| 💰 Deposit and Withdrawal Fees? | Yes |
| 👍 Membership to FxAutoProfit? | Yes |
| ✴️ Free Monthly Account Audit | No |
| 🏛️ Average Spreads | Variable, from 2.1 pips |
| 🏛️ Commission charges | Forex Majors – ₦60 Forex Crosses – ₦100 Forex Exotics – ₦500 Gold – ₦92.5 Silver – ₦102.5 Energies – ₦12.5 |
| 🏛️ Available Instruments | 7 Forex Major Pairs 21 Forex Cross Pairs 36 Forex Exotic Pairs 2 Gold Instruments 1 Silver Instrument 3 Energies |
| 💻 Trading Platform available | MetaTrader 4 Mobile MetaTrader 4 WebTrader MetaTrader 4 Desktop Platform |
| 💳 Account Base Currency | Nigerian Naira (₦) |
| 🌐Trade Execution | Instant Execution, No Requotes |
| 🌐Margin Call | 70% |
| 🌐Stop-Out | 50% |
| 💳 Average Pricing | 5th 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 Value | 1:10 |
| 👥 Maximum Number of Accounts per client | 1 |
Classic Account
This account offers standard trading conditions along with the following unique features:
| 💳 Minimum Deposit (₦) | ₦5,000 |
| 📈 Demo Account | No |
| 💳 Maximum Deposit per Trade | ₦10,000,000 |
| 💳 Minimum Consecutive Deposit | ₦1,000 |
| 📈 Minimum Trade Size | 1 standard lot of 100,000 base units |
| 📈 Maximum Trade size | 1000 |
| 🌐 Maximum Number of Orders per | 1 Standard Lot x 1000 |
| 📊 Maximum Leverage | 1:1000 |
| 📊 Default Leverage | 1:200 |
| 👨💼 Access to a Personal Account Manager | Yes |
| 💰 Deposit and Withdrawal Fees? | Yes |
| 👍 Membership to FxAutoProfit? | Yes |
| ✴️ Free Monthly Account Audit | No |
| 🏛️ Average Spreads | Variable, from 1.3 pips |
| 🏛️ Commission charges | None |
| 🏛️ Available Instruments | 7 Forex Major Pairs 21 Forex Cross Pairs 36 Forex Exotic Pairs 2 Gold Instruments 1 Silver Instrument 3 Energies |
| 💻 Trading Platform available | MetaTrader 4 Mobile MetaTrader 4 WebTrader MetaTrader 4 Desktop Platform |
| 💳 Account Base Currency | Nigerian Naira (₦) |
| 🌐Trade Execution | Instant Execution, No Requotes |
| 🌐Margin Call | 70% |
| 🌐Stop-Out | 50% |
| 💳 Average Pricing | 5th 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 Value | 1:10 |
| 👥 Maximum Number of Accounts per client | 1 |
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 Account | No |
| 💳 Maximum Deposit per Trade | ₦10,000,000 |
| 💳 Minimum Consecutive Deposit | ₦1,000 |
| 📈 Minimum Trade Size | 0.01 lots |
| 📈 Maximum Trade size | 1000 |
| 🌐 Maximum Number of Orders per | 1 Standard Lot x 1000 |
| 📊 Maximum Leverage | 1:1000 |
| 📊 Default Leverage | 1:200 |
| 👨💼 Access to a Personal Account Manager | Yes |
| 💰 Deposit and Withdrawal Fees? | Yes |
| 👍 Membership to FxAutoProfit? | Yes |
| ✴️ Free Monthly Account Audit | Yes |
| 🏛️ Average Spreads | Variable, from 1.9 pips |
| 🏛️ Commission charges | Forex Majors – ₦120 Forex Crosses – ₦200 Forex Exotics – ₦1,000 Gold – ₦185 Silver – ₦205 Energies – ₦25 Stocks – ₦12,000 Cryptocurrencies – ₦12,000 Indices – ₦120 |
| 🏛️ Available Instruments | 7 Forex Major Pairs 21 Forex Cross Pairs 36 Forex Exotic Pairs 2 Gold Instruments 1 Silver Instrument 3 Energies |
| 💻 Trading Platform available | MetaTrader 4 Mobile MetaTrader 4 WebTrader MetaTrader 4 Desktop Platform |
| 💳 Account Base Currency | Nigerian Naira (₦) |
| 🌐Trade Execution | Instant Execution, No Requotes |
| 🌐Margin Call | 70% |
| 🌐Stop-Out | 50% |
| 💳 Average Pricing | 5th 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 Value | 1:10 |
| 👥 Maximum Number of Accounts per client | 1 |
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.
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.
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.
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
| 7BForex | OctaFX | Fidelity Investments | |
| ⚖️ Regulation | None | CySEC, SVG FSA | FINRA, SEC |
| 📱 Trading Platform | MetaTrader 4 | MetaTrader 4 MetaTrader 5 | MetaTrader 4 MetaTrader 5 |
| 💰 Withdrawal Fee | No | No | No |
| 📊 Demo Account | Yes | Yes | Yes |
| 📈 Minimum Deposit | 5,000 NGN | 41,500 NGN | 400 NGN |
| 📈 Leverage | 1:1000 | 1:500 | 1:1 |
| 📊 Spread | From 1.3 pips | 0.6 pips | None |
| 💰 Commissions | From ₦12.5 | None | $0 to $0.03 |
| ✴️ Margin Call/Stop-Out | 79%/50% | 25%/15% | None |
| ✴️ Order Execution | Instant | Market | None |
| 💳 No-Deposit Bonus | Yes | Yes | No |
| 📊 Cent Accounts | No | No | No |
| 📈 Account Types | Standard 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 Regulation | No | No | No |
| 💳 NGN Deposits | Yes | No | No |
| 📊 Nigerian Naira Account | Yes | No | No |
| 👥 Customer Service Hours | 24/7 | 24/5 | 24/5 |
| 📊 Retail Investor Accounts | 3 | 2 | 15 |
| ☪️ Islamic Account | No | Yes | No |
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
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 Account | Forex Majors – ₦60 Forex Crosses – ₦100 Forex Exotics – ₦500 Gold – ₦92.5 Silver – ₦102.5 Energies – ₦12.5 |
| Elite Account | Forex 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 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.
Overall Rating
- 4.2/5
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
| 7BForex | OctaFX | Fidelity Investments | |
| ➡️️ Forex | Yes | Yes | No |
| ➡️️ Precious Metals | Yes | Yes | No |
| ➡️️ ETFs | No | No | Yes |
| ➡️️ CFDs | Yes | Yes | No |
| ➡️️ Indices | Yes | Yes | No |
| ➡️️ Stocks | Yes | Yes | Yes |
| ➡️️ Cryptocurrency | Yes | Yes | No |
| ➡️️ Options | No | No | Yes |
| ➡️️ Energies | Yes | Yes | No |
| ➡️️ Bonds | No | No | Yes |
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
Overall Rating
- 4.2/5
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
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
Step 2: Fill in the form.
Complete the account verification process
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 from | The broker only accepts Nigerian traders |
| 7BForex is a Nigerian-based broker that offers local customer support | Unregulated broker |
| Nigerian traders can trade in Naira because all account types are NGN-denominated | There is no client fund safety assurance |
| There are local deposits and withdrawals offered to Nigerians with the benefit that fees are not charged on either | Limited trading platforms |
| There is a demo account offered | Only offers NGN as the base account currency |
| There is high leverage provided up to 1:1000 | Limited deposit and withdrawal options |
| The commissions charged are low and competitive | No Research Tools |
| MetaTrader 4 is offered across devices | Limited education |
| 7BForex offers a comprehensive affiliate program | The demo account is only offered on one live account |
| There are several bonuses and promotions offered to Nigerian traders | There is no option for a Swap-Free or Islamic Account |
| There is dedicated and friendly customer support offered via several channels | The 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
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