Do you plan to trade in different financial markets? They are rife with profit-making opportunities for everyone, but you have to have a good broker by your side in order to take advantage of them. With the right platform, you will be able to access the instruments of your choice, use the best tools and minimize your trading costs, but the wrong one can turn things upside down. Therefore, you need to choose wisely, if you want to succeed in the long run. Does Trade7fx give you what you want? You can only find out through a Trade7fx review.
In this digital world, it is recommended that you know what you are signing up for because the online world comes with its share of frauds and scams. The best way to protect yourself is by checking out a broker properly and this is what needs to be done in the case of Trade7fx. You can check out the details below:
Licensing and Regulation
The first thing you will come to know about Trade7fx is that it is providing its trading services in the EU market. To be able to cater to people in the European Union region, brokerages have to follow some rules. They have to have a specific amount of capital to indicate they are stable enough, have to follow customer segregation policies and they also participate in an investor compensation fund. Has Trade7fx done any of it?
Unfortunately, it will become apparent that they have not done any of this, which means they are not licensed or regulated by any regulatory authority. They are not permitted to operate in the EU, yet they have been doing so without the proper permission, so the authorities in Luxembourg have issued a warning to them. The CSSF has declared that they have not issued a licensed to Trade7fx and they are illegally offering their services in Luxembourg.
One of the prominent features that can tell you whether you are opting for the right broker for you or not is their withdrawal policy. You would obviously want to have access to your money as quickly and easily as possible and a scam broker would want the opposite. So, where does Trade7fx in this regard? The withdrawal policies of the platform should definitely be a red flag for anyone because they claim that they will have the right to implement withdrawal limits on their clients’ withdrawal requests. This doesn’t seem logical, as it means that they can come up with whatever reason to cancel a withdrawal request.
The key feature of any good brokerage is the trading platform. Hence, you need to know exactly what kind of platform they provide and if it has the best possible technology and tools to serve your needs. Any legitimate broker wouldn’t hesitate in informing their clients about the trading platform they are offering, yet no details have been provided by Trade7fx, which is undoubtedly concerning. There is no information about what kind of platform will be available, so you have no idea what to expect.
It is a given that you will have to make deposits and withdrawals when you are trading and to be able to do so, you need to check out what payment methods are available. After all, you want to ensure that convenient, low-cost and quick payment solutions are offered. What about Trade7fx? The problem with this platform is that they are only accepting deposits in Bitcoin. Why is this a concern? This is due to the fact that cryptocurrencies are difficult to trace and the perfect tool for scammers because they will be able to disappear with your funds and it will not be possible to find them.
When you take all of these features and offerings into account, you will come to the conclusion that Trade7fx is not a good fit for any trader wanting to make profits in the trading world.