Seven Capital 24 – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Seven Capital 24 - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://sevencapital24.com
Founded: 2023
Regulations: None
Languages: English, French, German, Italian, Spanish
Deposit Methods: E-Wallets (Not Specified), Wire Transfer, Credit Cards
Minimum Deposit: $250
Free Demo Account: No
Number of Assets: 1,000+
Types of Assets: Stocks, Forex, Commodities, Indices, Cryptocurrencies
Trading Accounts and Conditions
Seven Capital 24 offers their clients the following trading accounts:
- Basic: The deposit requirement for this account is $250.
- Silver: The deposit requirement for this account is $10,000.
- Gold: The deposit requirement for this account is $50,000.
- Platinum: The deposit requirement for this account is $100,000.
- Diamond: The deposit requirement for this account is $500,000.
The broker claims that they do not charge commissions if the trading volume is $1 million or above. Spreads are not mentioned anywhere on this broker’s website and the leverage is maxed at 1:200. We do not know what fees and commissions are being charged for the trades.
Seven Capital 24 – Advantages
There are no advantages to trading with Seven Capital 24.
Seven Capital 24 – Disadvantages
We cannot trust Seven Capital 24, and here are all the reasons why:
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Unregulated Broker Blacklisted by CONSOB
The first thing that tells us that Seven Capital 24 is not to be trusted is the fact that this broker is unregulated.
Seven Capital 24 claims to be based in Italy; they provide us with an Italian to prove this claim. There is also an Italian telephone number on their Contact Us page, as well as a generic email address.
All of this looks quite above-board, until you realize that this broker has given us no information about their regulation status.
Operating in Italy means that a broker needs to get authorization from the CONSOB. The CONSOB is the Commissione Nazionale per le Societa e la Borsa, which is Italy’s financial regulator.
We checked the CONSOB’s online register to see if Seven Capital 24 was really authorized by the regulator. We found that not only was this broker not authorized, but that the regulator has issued a public warning against them. The financial authority has warned all traders to beware of Seven Capital 24 because this broker was operating in their jurisdiction without their authorization. This means that this broker is operating illegally and is therefore a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Remote Sharing Software Offered
Another cause for concern is the fact that Seven Capital 24 offers the following software on their website: AnyDesk, ScreeLeap and TeamViewer. These apps allow the broker to access any user’s desktop from anywhere in the world. Ideally, these apps are used for technical support, where a tech specialist can take control of your computer to help resolve any problems you may be having with your device.
However, in the hands of unscrupulous scammers, these apps are used to gain access to unsuspecting traders’ information that is stored on their devices. These brokers ask their clients to download these apps and tell their customers that they need to allow them access to their desktops – ostensibly to help out with any tech glitches they may experience while using their platform. This pretext allows them to gain access to all the information on that client’s desktop – passwords, banking details, personal information and so on. Then, they can use this information to scam you out of money or even steal your identity.
When an unregulated and blacklisted broker such as Seven Capital 24 offers these types of software, it is a huge warning to stay away from this broker. They are definitely out to scam you!
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Lies About Trading Platform
Seven Capital 24 claims to offer their clients their own proprietary trading platform called the SevenCapital24 Trading Platform. However, we believe that this broker doesn’t really have any kind of trading platform at all. This is because there is no demo account available for clients and neither are there any links to any trading platform on their website.
When we review a broker, we also try to open an account to assess their registration process as well as check to see what their trading platform looks like. With this broker, since we were unable to complete the registration process, we could not check to see if there a trading platform actually exists.
Having said that, considering the fact that there is no real sign of a trading platform on their website, we can conclude that Seven Capital 24 doesn’t really have a trading software.
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Issues with Registration
As we said, we had issues due to which we were unable to register for an account with Seven Capital 24. Every time we tried to complete the registration process and submit our application, we received an error message that did not allow us to proceed any further.
This could mean one of two things – that this broker’s registration process is broken. Or, that this is way for them to trick you into contacting them, after which they get you to make deposits directly over the phone. This is a typical scamming process.
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Issues with Trading Conditions
Since we could not access their trading platform, we had to rely on the information available on Seven Capital 24’s website with regard to their trading conditions.
The minimum deposit of $250 is on the higher side, especially with so many brokers in the market offering accounts for minimum deposits as low as $10. And then there is the massive jump of the minimum deposit requirement from the basic account to the next level account, which also raises a red flag.
A maximum leverage of 1:200 is too high, especially since Italy, as part of the European Union, has a limit of 1:30 on that trading condition.
And, of course we have no information on the cost of a trade – the spreads and commissions.
All of this tells us that we are dealing with a scammer.
Conclusion
Seven Capital 24 is a scammer and therefore not trustworthy.
Seven Capital 24
Pros
- None
Cons
- Unregulated Broker Blacklisted by CONSOB
- Remote Sharing Software Offered
- Lies About Trading Platform
- Issues with Registration
- Issues with Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.