7Online – Are They Safe?

Website URL: www.7online.io

Founded: 2020

Regulations: Unregulated

Languages: English, German

Deposit Methods: Bitcoin Gateway, Credit/Debit Card

Minimum Deposit: $200

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex Pairs, Commodities, Stocks, Cryptocurrencies, Indices

Trading Accounts and Conditions

There is no information given about the types of trading accounts 7Online offers. The only thing this broker has is a registration form that allows you to open an account.

When we registered for an account, we found out the minimum deposit you need to make is $200. The spread on the EURUSD pair was 1.4 pips. Leverage in the Terms and Conditions section is given as 1:30, but when we checked the client dashboard after registering, it showed us a leverage ratio of 1:400.

7Online – Advantages

We did not see any pluses to trading with 7Online.

7Online – Disadvantages

Here is a list of disadvantages you will encounter when trading with 7Online:

• Unregulated, Offshore Broker

In its Terms and Conditions section, 7Online states that it is owned and operated by RedRock Ltd, a company that is based in the Commonwealth of Dominica. The government of Dominica does not have a legal framework in place for the regulation of forex and CFD brokerages, which means that being registered in this country does not allow a broker to offer financial services.

Since 7Online has not provided any other information related to its regulation status, we can only conclude that this broker is unregulated and is operating illegally.

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• Broker Can Release Client’s Personal Information to 3^rd Parties

Another serious issue we have with this broker is that clearly states that it will share your personal details with its partners, service providers and financial institutions. No brokerage should be able to share your personal information as it is a violation of your privacy.

• Poor Trading Platform

7Online does not support a professional trading platform like the MetaTrader 4. The MT4 platform offers its uses a whole range of added features that make trading so much easier – charting and market analysis options, automatic trading tools, and so on.

What you get with 7Online instead is a web-based unknown terminal that has just one trading feature – pending orders. It just looks good. Furthermore, the charts that you see on this platform’s dashboard have the logo of TradingView, which is an independent market data provider.

What this means is that the data on this broker’s platform is not their own, which basically nullifies all its trading conditions.

• Confusing Withdrawal Policy

This broker’s withdrawal policy is confusing and contradictory. According to the legal withdrawal policy, your payment request will take 10 days to process. It also states that you can transfer a minimum of $250 for wire transfers and $100 for credit cards. The minimum amount you must transfer if you use cryptocurrency gateways is not mentioned.

However, when you check the payment area, it says that a request will take 7 days to process. The broker also states that transfer charges will apply but fails to mention how much and what the minimum transfer amounts are.

• Broker Can Do Anything to Protect Itself

A strange clause we found in the Terms and Conditions was very worrisome. According to that clause, 7Online can do anything under its terms and conditions to protect its interests.

This is a very unusual clause, since most brokers will say that they will do anything legal to rightfully protect their interests – and their customers’ interests.

• High Account Maintenance Fee

7Online charges a Maintenance Fee of $200 after your account has been dormant for 2 months. After the first month of dormancy, the broker will charge a monthly fee of $20 or 5% of your balance if it is more than $250.

It is to be noted that this fee is not a Dormancy Fee, which is separate.

• Numerous Indemnification Clauses

We have noticed that scam brokers dedicate a large part of their Terms and Conditions to protecting themselves from their clients. In 7Online’s case, the following are the clauses the broker has put in place:

• The broker is not liable for any delay in your transactions or any error in transmissions of trades. What this means is that if the broker’s trading terminal is not working, it’s not their fault!
• If you suffer any losses due to a default on the broker’s part, then it is not their fault.
• Any information provided by a third-party affiliate of the broker is not the broker’s responsibility. And if you are provided with any information by the broker, you are not allowed to share it with anyone.
• If you take any third party advice about the market, then you cannot hold 7Options responsible for any losses you suffer.

• The Broker Can Stop Your Trades At Any Time

In its Terms and Conditions, 7Online states that it reserves the right to refuse your trades without any explanation – at its sole discretion. It can even limit your trade position without giving you a reason why.

• Swap Fees Tripled on Fridays

While it is normal for brokers to increase the swap fees on Fridays due to the oncoming weekend, what stands out with 7Online is the amount the fees are increased. 7Online charges three times the amount on Fridays for Swaps, which is something that only scam brokers do.

Conclusion

Everything we have learned about 7Online has revealed to us that this broker is not safe. In fact, all the signs show that this broker is a scammer. It is an unregulated broker operating from a location that is known for shady financial operations, its terms and conditions are not only biased they are also contradictory and vague.

This is not a broker you should do business with.

7Online

2.5

User Experience

3.4/10

Payment Options

2.3/10

Security

2.3/10

Support

2.4/10

Reputation

2.1/10

Pros

• None

Cons

• Unregulated Offshore Broker
• Broker can Release Client’s Personal Information to 3rd Parties
• Poor Trading Platform
• Confusing Withdrawal Policy
• Broker Can Do Anything to Protect Itself