General Information & Regulation
With its head office in Lagos, Nigeria, 7BForex is an online trading broker that allows traders to buy and sell various financial markets across different asset classes, such as forex, gold, silver, energies, stocks, and more. 7BForex is owned and operated by 7BForex Ltd, which is incorporated in St. Vincent & the Grenadines as an International Business Company with registration number 24499 IBC 2018. There is no regulatory information on the brokers website at the moment.
Executive Forex offers 70 currency pairs, cryptocurrency pairs, commodities, equities and index CFDs.
Three trading account options are available at 7BForex: Standard (N5,000), Classic(N5,000), and Elite (N100,000) Accounts. There is a demo account option to help traders to acquaint themselves with the brokers trading platform before opening a live trading account. The demo account comes loaded with virtual funds for practice purposes.
The maximum trading leverage offered by Executive Forex s up to 1:000, which is considered high. Leverage can amplify returns as well as losses, investing in such an unregulated broker offering such generous leverage is not a good option.
Spreads & Commissions
7BForex advertises that it offers low spreads, starting from 0. 0 pips, but does not specify its detailed spreads on particular instruments.
Trading Platform Available
7BForex provides traders with the MetaTrader 4 trading platform. It is a sophisticated trading platform that was developed in 2005 by MetaQuotes. It is designed to suit traders of all levels with a user interface that is user-friendly yet packed with versatile functionalities. It features charting tools, market indicators, scripts, expert advisors, advanced risk management tools, real-time market execution, and more. The MT4 trading platform is available as a desktop application for Windows and Mac computers and a mobile app for Android and iOS devices.
7BForex accepts various payment methods for both account deposits and withdrawals, including bank cards, such as MasterCard, Visa, Verve, and more. Traders can also deposit and withdraw money using their internet banking platform: GTBank, FirstBank, UBA, Sterling, Zenith, and Alat.
All clients general, technical, and account-related inquiries can be sent to a knowledgeable client support team who are available during working hours and can be contacted through the following contact channels: telephone, email, online form, and social media.
To ensure clients make knowledgeable trading decisions, the broker makes available a good selection of educational resources on their website. These learning materials include learning articles, trading guides, blogs, and an FAQ section that answers some of the common questions traders may have.