What is 7option？
7Option, established in 2019 and based in Seychelles, is a relatively new player in the financial market. It's important to note that the broker operates without regulation, making it an unregulated entity.
Despite this, 7Option offers a diverse range of market instruments, including currency pairs and stocks, catering to traders seeking variety in their investment choices. The availability of a demo account allows prospective clients to explore the platform without a significant financial commitment, as the minimum deposit requirement is set at a modest $10.
7Option provides customer support through phone, email, ensuring multiple avenues for assistance. Potential clients should exercise caution due to the lack of regulation, conduct thorough research, and carefully assess whether 7Option aligns with their trading objectives and risk tolerance.
Pros & Cons
Pros
Diverse Market Instruments: 7Option's offering of a variety of market instruments allows traders to diversify their portfolios and explore different trading opportunities, potentially enhancing their investment strategies and risk management.
Available Demo Account: The availability of a demo account is a valuable feature for both novice and experienced traders. It enables users to familiarize themselves with the platform, test strategies, and gain confidence in their trading skills without risking real capital.
Low Deposit Requirement: The low minimum deposit requirement of $10 is an attractive aspect for traders who want to start trading with a minimal initial investment, reducing their financial risk.
Cons
Unregulated: 7Option's lack of regulation raises concerns about client protection, transparency, and adherence to industry standards. Traders should be cautious and thoroughly evaluate the risks associated with unregulated brokers.
No MT4/MT5 Platform Provided: The absence of the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms may disappoint traders who prefer these widely recognized and feature-rich trading platforms known for their versatility, technical analysis tools, and expert advisors.
Limited Information: The scarcity of comprehensive information on 7Option's website can be a drawback, as it may leave potential clients with unanswered questions about the broker's services, trading conditions, and company background. Clear and transparent communication is crucial for building trust in the financial industry.
Is 7option Safe or Scam？
The absence of regulatory oversight for 7Option is a significant concern that brings potential risks for traders. Regulation is a crucial element in the financial industry, as it provides a framework for ensuring client protection, transparency, and fair business practices. Without regulatory supervision, traders may face increased vulnerability to fraudulent activities, lack of accountability in case of disputes, and potential issues related to the safety of their funds.
Furthermore, unregulated brokers may operate without adhering to industry standards, making it imperative for prospective clients to approach 7Option with heightened caution, conduct thorough due diligence, and carefully assess the associated risks before considering it as a trading partner.
Market Instruments
From forex trading to online stocks trading, the platform provides multiple avenues for potential investment. Here are some examples of the instruments available:
Currency Pairs Trading: The Forex segment at 7option features traditional instruments for this market, such as currency pairs. These pairs express the value of one currency in terms of another.
Online Stock Trading: This segment comprises CFDs on highly liquid stocks from companies listed on major global stock markets.
Accounts
The broker offers demo and live account types The broker also claims that traders don`t need to save start-up capital to start earning without investing. However, we have no way to know something more specific about account types in the absence of login.
Specific instructions for opening trading accounts are not provided on the broker's website. To register with this broker, simply visit their sign-up page and provide your name, email address, phone number, and create a password. You'll also need to agree to their Terms and Conditions and confirm that you are of legal age (over 18). Once these steps are completed, you'll gain access to the trading platform and can commence trading with their demo account.
Deposit & Withdrawal
7Option accepts deposits and withdrawals with Visa, MasterCard, WebMoney, Skrill, UZB SOM and Perfect Money, yet we can't be sure if these payment options are all available.
The minimum deposit requirement is $10 and the withdrawal amount is $3,000 at most per day. The commission for withdrawals is 10% of the account balance. As for the processing time of withdrawal requests, they usually can be processed for up to three working days.
Trading Platforms
7Option's trading platform is described as rudimentary and lacks the sophistication commonly found in reputable brokers' trading software, such as MetaTrader 4 (MT4) or MetaTrader 5 (MT5).
While established brokers aim to provide their clients with feature-rich, user-friendly platforms suitable for both novice and professional traders, 7Option's web-based platform appears to be basic, limited to executing buy and sell orders.
It's important to note that the presence of a working trading platform alone does not necessarily signify legitimacy. The broker's rudimentary platform raises concerns about its commitment to providing a robust trading experience and emphasizes the need for cautious evaluation and due diligence when considering 7Option as a trading partner. Traders should be vigilant against potential risks associated with unregulated brokers and simplistic trading software that may not reflect genuine trading activities.
Customer Service
7options customer support can be reached by email: support@7option.com or by live chat. Besides, you can also follow this broker on some social media platforms like Facebook, Instagram and Telegram.
Company address: Calista Group Ltd, 215581, Suite 1, Francis Rachel Str., Mahe, Victoria, Seychelles.
However, this broker doesnt disclose other more direct contact information like telephone numbers while most brokers offer.
Conclusion
In summary, 7Option offers a diverse range of market instruments, but it operates without regulatory oversight, posing potential risks for traders. While the availability of a demo account and a low minimum deposit may be attractive, the broker's rudimentary trading platform and limited website information raise concerns about the depth of its offerings. Investors should exercise caution, conduct thorough research, and consider the associated risks before trading with 7Option.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
