Key TakeawaysCompany History & OverviewTrading PlatformHow To Place A TradeMarkets & InstrumentsSpreads & Commission7Bforex LeverageMobile AppPayment MethodsDepositsWithdrawalsDemo AccountHow To Open A Demo AccountBonuses & Promotions7BForex RegulationAccount TypesStandardClassicEliteAdditional FeaturesEducationFxAutoProfitOpening HoursCustomer SupportSecurity & Safety7Bforex VerdictAccepted CountriesCompare 7Bforex7Bforex Comparison TableCompare Trading Instruments7Bforex vs Other BrokersFAQDoes 7Bforex Offer Low Trading Fees?Is 7Bforex Legit Or A Scam?Is 7Bforex A Good Or Bad Broker?What Is The Minimum Deposit To Start Trading With 7Bforex?Does 7Bforex Have A Practice Account?
7Bforex is a CFD broker aimed at Nigerian traders. The brokerage offers close to 200 financial instruments on the MetaTrader 4 (MT4) platform. This 7Bforex review will cover minimum deposit requirements, account types, client login security, mobile app downloads, and fees. Our experts also unpack the terms and conditions of the welcome bonus.
Key Takeaways
7Bforex is an online broker aimed at Nigerian traders with a Naira account
A range of welcome bonuses and promotions are available to new and existing users
Some negative user reviews raise concerns over the legitimacy and reliability of the firm
The company is not regulated by a trusted financial authority and there are limited customer safeguarding measures in place
Company History & Overview
7Bforex is operated by Instant Web-Net Technologies Ltd, which has been providing retail trading services since 2010. The brokerage operates from a head office in Lagos and offers bespoke solutions to Nigerian investors. ‘Trade Global Stay Local’ is 7Bforex’s vision.
Although no timelines are given, the brokerage is looking to expand its services to residents in Ghana, offering forex trading opportunities in the Ghanaian Cedi.
7BForex Ltd is registered in Saint Vincent and the Grenadines. The broker does not hold a license with the Central Bank of Nigeria.
Trading Platform
7Bforex offers the MetaTrader 4 platform. MT4 can be downloaded to desktop devices and used as a web-based platform via major browsers.
Although there are no other trading platforms available, MT4 is a versatile and customizable terminal that is suitable for traders of all experience levels. It is offered by hundreds of global brokers.
Key functionality includes:
Live price quotes
9 timeframe views
30+ in-built technical indicators
Access to full historical trading data
Option to integrate automated trading bots
Four pending orders and three order execution types
Customizable charts and graphs including bar and line charts
MetaTrader 4
How To Place A Trade
Download the MT4 platform to a desktop device or open the web terminal
Click on ‘Tools’ from the main menu and then ‘New Order’
Select the asset symbol you want to trade from the dropdown menu
Input the trade details, including lot size and order type
Confirm any risk management parameters
Click ‘Buy’ or ‘Sell’ to open a new position
Markets & Instruments
7Bforex offers 180+ instruments, though access does vary between account types. Importantly, there are plenty of opportunities to trade global assets for Nigerian investors, plus a wide selection of crypto products.
Indices – 12 major indices such as NASDAQ 100, CAC 40, and FTSE 100
Shares – 64 company stocks including Apple, Facebook, Mcdonald’s, and Tesla
Cryptocurrency – 35 crypto and fiat currency pairs including BTC/GBP, ETH/USD, and XRP/USD
Commodities – 3 precious metals and 3 energies including gold, silver, and natural gas
Forex Pairs – 7 major, 21 minor, and 36 exotic currency pairs such as EUR/USD, USD/CAD, and CHF/NOK
Spreads & Commission
The spreads offered by 7Bforex are not particularly competitive. They are floating and vary by account type. The Standard account offers spreads from 2.1 pips, the Classic account from 1.3 pips, and the Elite account from 1.9 pips.
Additional commission fees apply for the Standard and Elite profiles. This varies by instrument and is charged per 0.01 lot position. For example, when we used 7Bforex, we were offered a ₦60 commission on the GBP/USD. This means if you traded 0.05 lots you would be liable for a ₦300 commission fee on top of the 1.3 pip spread. Trading gold on the Standard account incurs a ₦93 commission plus the applicable spreads. Commission charges are deducted once the position is closed.
7Bforex applies swap charges on all forex trades that are kept open overnight. Details of overnight fees can be found on the broker’s official website.
Overall, 7Bforex is an expensive broker to trade with. Cheaper alternatives are available.
7Bforex Leverage
A default leverage of 1:200 is offered to all 7Bforex clients though there is a maximum limit of 1:1000. This is significantly higher vs regulated entities with typical restrictions of 1:30 on major currency pairs, for example.
Losses can quickly amplify as a result of higher leverage, especially with the absence of negative balance protection.
All accounts have a 70% margin call and a 50% stop-out level.
Mobile App
7Bforex clients can use the MT4 mobile app for trading on the go. Traders can check live price quotes and charts, anytime and anywhere.
Although the mobile application does support all the functions found on the desktop software, active traders will prefer to complete technical analysis on larger screens. The app is most suitable for managing open positions and amending orders.
The MT4 app is currently only available on Android (APK) devices due to Apple App Store restrictions.
On the downside, the broker does not currently offer a proprietary mobile app.
Payment Methods
Deposits
There is a ₦5,000 minimum deposit requirement for the Standard and Classic accounts and a ₦100,000 minimum for the Elite profile. There is a ₦1,000 minimum for all deposits thereafter and a maximum ₦10,000,000 payment limit per transaction.
As the broker provides localized services to Nigerians, the Naira is the only accepted account base currency. You will need to convert USD or other international currencies if you wish to trade with 7Bforex.
The brand does not charge any commissions to make a payment. 7Bforex aims to process deposit requests instantly, though you should allow up to 48 hours for payments made during the weekend or out-of-business-hours.
Accepted payment methods:
Mastercard/Visa/Verve card payments
GTBank, FirstBank, UBA, Sterling, Zenith and Alat internet banking
How To Make A Deposit
Log in to the 7Bforex client area
Select ‘Transactions’ from the left menu
Click on ‘Make A Deposit’
Choose a payment method
Enter the value to deposit
Select ‘Confirm’
Follow the same process to make a withdrawal. But instead, select ‘Make A Withdrawal’ in the transaction tab.
Withdrawals
7Bforex clients can make a withdrawal back to the same payment method. There is a minimum withdrawal amount of ₦1000 and a maximum of ₦10,000,000 per transaction.
The broker does not apply any commission fees, regardless of the withdrawal amount.
Demo Account
A free demo account is available so potential customers can test the platform and trading services risk-free. You can practice trading with up to $5,000,000 in virtual funds and up to 1:1000 leverage. Demo account denominations are available in either USD or NGN.
You can get up to speed with all the features and functions of the MT4 platform, without having to risk your own money. For more experienced traders, the demo mode is a good way to refine a strategy.
How To Open A Demo Account
The sign-up process takes no longer than five minutes.
Select the ‘Demo Account’ icon from the top menu on the 7Bforex website
Complete the online registration form
Login credentials will be sent to the registered email address
Follow the platform download links attached to the email
Log in to MT4 and start trading
Bonuses & Promotions
As an effectively unregulated brokerage, 7Bforex regularly runs no-deposit bonus deals and new sign-up rewards. This includes a ₦10,000 welcome bonus for all new clients which can be used as trading capital. A 100% booster bonus is also available to Standard and Elite account holders that deposit ₦20,000 or more.
In addition, day traders can opt into monthly contests. The ‘Trade Rally’ campaign offers up to ₦100,000 in rewards. Each 0.01 lot trade executed provides an additional entry into the competition.
7BForex Regulation
7BForex Ltd is incorporated in Saint Vincent and the Grenadines. The company is registered as an International Business Company, license number 24499.
Importantly, the brokerage is currently unregulated. As a result, we are unable to confirm that 7Bforex is a safe broker. There is no indication of consumer safeguarding measures such as negative balance protection or segregated accounts.
Account Types
7Bforex offers three live accounts; Standard, Elite, and Classic. Trading conditions and access to instruments vary between the profiles. However, all accounts offer a default leverage of 1:200, NGN as the account base currency, and access to the MT4 platform.
Standard
Trade major, minor and exotic currency pairs, precious metals, and energies.
Low commission fees
Access to FxAutoProfit
Trade micro lots from 0.01
Personal account manager
Floating spreads from 2.1 pips
₦5,000 minimum deposit
Classic
Trade major, minor and exotic currency pairs, precious metals, and energies.
No commission
Personal account manager
Floating spreads from 1.3 pips
Trade standard lot sizes from 1 lot
₦5,000 minimum deposit
Elite
Trade major, minor and exotic currency pairs, precious metals, energies, stocks, cryptocurrencies, and indices.
Low commission fees
Access to FxAutoProfit
Trade micro lots from 0.01
Personal account manager
Free monthly account audit
Floating spreads from 1.9 pips
₦100,000 minimum deposit
You can open one of each account type.
How To Open An Account
Navigate to the 7Bforex website using the ‘Visit’ button in this review
Select the ‘Live Account’ icon from the top menu
Review the trading conditions of each account type
Click ‘Open XX Account’
Complete the online registration form
Select ‘Register’
Additional Features
Education
While using 7Bforex, our experts were underwhelmed with the educational content provided.
There are some basic articles for beginners, including what is forex and what are contracts for difference (CFDs). There are also some outdated blogs and information on understanding the basics of inflation, using risk management strategies, and the best trading styles for beginners.
FxAutoProfit
Elite and Standard account holders benefit from access to the FxAutoProfit platform.
This is an automated trading tool that provides a hands-off approach to making investments. It monitors price trends and places positions automatically following pre-defined criteria. Day traders can also add risk management parameters, such as stop-losses.
Opening Hours
The broker follows standard trading hours. Customers are permitted to trade from Sunday 00:05 (GMT) to Friday 00:00 (GMT).
The forex market is typically open 24 hours a day due to international time zones throughout the world. Stock trading will be available depending on the relevant exchange. NASDAQ shares, for example, can be traded between 09:30 to 16:00 (EST), Monday to Friday. These times will be reflected in the MT4 platform.
Swap charges apply for positions held from 23:59:59 (GMT).
Customer Support
The 7Bforex customer service team is available between 9 AM and 5 PM (GMT +1), Monday to Friday. As well as the contact methods outlined below, there is also an FAQ portal on the official site, though only basic responses are available.
Email – support@7bforex.ng
Telephone – +2349038129463
Live Chat – Icon bottom left of each webpage
Online Contact Form – Head to the ‘Contact Us’ webpage
Office Address – Block A3, Suite 508/509 Eastline Shopping Complex, Opposite Abraham Adesanya Roundabout, along Lekki – Epe expressway
Security & Safety
Due to the unregulated nature of 7Bforex, plus some negative trader reviews, there is no guarantee that clients are protected from scams or fraud. 7Bforex provides limited insights into additional safeguarding measures so be cautious when trading with this firm.
The broker does, however, work as a PCI-DSS-compliant payment processor meaning financial transactions to live trading accounts are secure. The MT4 terminal is also renowned for its security procedures. This includes the use of RSA digital signatures, fully encrypted transmissions, and two-factor authentication login.
7Bforex Verdict
7Bforex provide a bespoke service to Nigerian traders, with local payment methods and customer support, plus a Naria account. The MT4 platform and app, as well as welcome bonuses, will also appeal to new traders. However, our experts are not confident that 7Bforex is a reputable online broker, especially given its effectively unregulated status.
Accepted Countries
7Bforex only accepts traders from Nigeria.
Compare 7Bforex
Compare 7Bforex with similar brokers that accept traders from your location. Among available brokers these are the most similar to 7Bforex:
Kwakol Markets – Kwakol offers trading on the MT4 & MT5 platforms with high leverage & copy trading.
OspreyFX – OspreyFX is an offshore forex and CFD broker with a range of tradeable assets, competitive leverage rates and access to the MT4 and MT5 trading platforms.
SuperForex – SuperForex is an European-based forex and derivatives broker with currency pairs, commodities, cryptos, stocks and indices. The online broker also offers welcome bonuses and trading contests.
Baxia Markets – Baxia Markets is an offshore CFD broker providing access to forex, commodities, cryptos and indices. The online brokerage offers straight-through processing with tight spreads and ultra-low latency.
7Bforex Comparison Table
| 1.8 | 2.4 | – | 3.6 | – |
| CFDs, Forex, Stocks, Indices, Commodities, Cryptos | CFDs, Stocks, Indices, Commodities, Forex, Cryptos | Forex, Cryptos, Indices, Stocks, Commodities | Forex, Stocks, Commodities, Crypto | CFDs on Forex, Commodities, Cryptos & Indices |
| Yes | Yes | Yes | Yes | Yes |
| ₦5,000 | $1 | $50 | $1 | $50 |
| 0.01 Lots | 0.01 Lots | 0.01 lots | 0.01 lots | 0.01 lots |
| – | ASIC, FINTRAC | – | IFSC | SCB, FSA |
| ₦10,000 Welcome Bonus | – | 20% Discount [DayTrading.com Exclusive] | 50% Welcome Deposit Bonus | $30 Welcome Bonus |
| No | No | No | No | No |
| MT4 | MT4, MT5 | MT4, MT5 | MT4 | MT4, MT5 |
| 1:200 (Default), 1:1000 (Maximum) | 1:1000 | 1:500 | 1:3000 | 1:500 |
| 5 | 4 | 5 | 11 | 7 |
| – | ||||
| 7Bforex Review |
Kwakol Markets Review |
OspreyFX Review |
SuperForex Review |
Baxia Markets Review |
Compare Trading Instruments
Compare the markets and instruments offered by 7Bforex and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
| Yes | Yes | Yes | Yes | Yes |
| Yes | Yes | Yes | Yes | Yes |
| Yes | Yes | Yes | Yes | Yes |
| Yes | Yes | Yes | Yes | Yes |
| Yes | Yes | Yes | Yes | Yes |
| Yes | Yes | Yes | Yes | Yes |
| No | Yes | Yes | No | No |
| Yes | Yes | Yes | Yes | Yes |
| No | No | No | No | No |
| Yes | Yes | Yes | Yes | Yes |
| No | No | Yes | No | No |
| No | No | No | No | No |
| No | No | No | No | No |
| No | No | No | No | No |
| No | No | No | No | No |
| No | No | No | No | No |
| No | No | No | No | No |
7Bforex vs Other Brokers
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FAQ
Does 7Bforex Offer Low Trading Fees?
7Bforex is not the cheapest broker to invest with. All account types offer floating spreads, the lowest from 1.3 pips. On top of this, commission fees apply per 0.01 lot traded, which can quickly add up.
Is 7Bforex Legit Or A Scam?
7Bforex is essentially unregulated. The firm is registered in Saint Vincent and the Grenadines but it does not hold a license with the Central Bank of Nigeria (CBN). There are also some poor user reviews online, which raise concerns over the safety and reputation of the trading firm.
Is 7Bforex A Good Or Bad Broker?
7Bforex is a long-standing brokerage that offers online trading to Nigerian retail investors. The brand offers 180+ instruments, including currency pairs, commodities, and stocks. However, the lack of regulatory oversight and questionable user ratings are red flags.
What Is The Minimum Deposit To Start Trading With 7Bforex?
The minimum deposit required to start trading with 7Bforex is ₦5,000 for the Standard and Classic accounts and ₦100,000 for the Elite profile. Following this, a ₦1,000 deposit requirement applies per transaction.
Does 7Bforex Have A Practice Account?
Yes, 7Bforex offers a free demo account to new traders. Users can practice trading on the MT4 platform with virtual funds and flexible leverage. This is a good way to learn the features and functions of the terminal and practice opening and closing positions without risking personal capital.