Reasons for Avoiding SevenSeasFX: SevenSeasFX Review
A review of SevenSeasFX is presented in the following picture:
The foreign exchange market is full of companies that are not to be trusted, and traders must be vigilant. Special caution should be exercised when dealing with SevenSeasFX, which is an anonymous entity without any legitimate trading credentials, and offers services that are not only poor, but also deceptive.
Upon researching the SevenSeasFX broker, it is quickly evident how fraudulent this company is. Therefore, in this review, we will delve deeper into this investment scam.
. If you want to protect your funds, do not trade with these unregistered brokers!
Submitting a report of a scam is a great way to help protect others from being taken advantage of. By flagging a fraud, people can be warned of the dangers associated with it and help prevent any further damage.
Does SevenSeasFX Hold a License as a Forex Broker?
Financial regulatory agencies work in conjunction with governments to make sure that all brokers adhere to the proper legislation when it comes to forex trading. This industry is highly regulated.
SevenSeasFX, an illegitimate broker, fails to reveal the location of its headquarters or any registration information, which makes it difficult to ascertain its jurisdiction. This is likely a deliberate attempt to mask the reality that it is an unregistered and uncontrolled business.
The only thing present on the SevenSeasFX website is a telephone number, which, when examining the dialing code, appears to originate from Australia. This suggests that this broker might be based in a highly regulated jurisdiction such as Australia.
SevenSeasFX cannot be regarded as a legitimate broker without authorization by the Australian financial authority, ASIC. As expected, the firm has not received licensing from any financial market regulatory agency.
What Are the Benefits of Utilizing a Licensed Broker’s Trading Platform?
Certified firms that are under the supervision of renowned regulatory bodies such as the Australian ASIC, British FCA, and German BaFin can be trusted with one’s funds due to their adherence to a strong code of practice. To illustrate, the ASIC has established criteria for eligibility which includes a mandatory minimum capital of 1M AUD and the separation of traders’ and brokers’ funds (segregation of funds).
In addition, individuals trading through regulated brokers are safeguarded by compensatory measures administered by supervisory agencies. For example, the Australian Securities and Investments Commission (ASIC) offers a 100,000 AUD reimbursement if a brokerage firm happens to go bankrupt. Moreover, legitimate firms incorporate a variety of risk management strategies to reduce trading risks, including negative balance protection (allowing investors to lose more than their original deposit), working with top-notch banks, delivering dependable trading platforms, and guaranteeing advantageous trading conditions.
Is SevenSeasFX a Worthy Broker or a Fraud?
SevenSeasFX is a broker that operates without oversight and has been found to be running fraudulent trading activities. This has been confirmed by many traders from the UK, Canada, Australia, the US and Sweden who have been victims of the scam.
What Trading Programs Do SevenSeasFX Provide?
A picture of the SevenSeasFX Trading Software can be found below.
Regarding the SevenSeasFX portal, a trading platform they provide, it is a web trader with limited features. This broker claims that its web trader satisfies both beginners and experienced traders. Nevertheless, we are skeptical about that assertion as its ordinary functions can’t ensure profitable trading.
In terms of trading software, the most suitable choice is one of the four newest options – MetaTrader 4, MetaTrader 5, cTrader, and Sirix – which come with a host of advanced functions such as expert advisors, stop loss, rapid implementation, unrestricted pending orders, copy trading, and more.
What Bonus Incentives Does SevenSeasFX Provide?
Incentive programs, such as bonuses and promotions, are used by scam brokers like SevenSeasFX to attract traders. Unfortunately, these offers normally come with less-than-ideal conditions. For instance, fraudulent brokers may require traders to reach a specific trading volume (which is usually too high) in order to be eligible for rewards.
When it comes to SevenSeasFX, the company has not revealed any promotions yet. Nonetheless, it is certain that whatever it does offer would be in violation of regulations. People must keep in mind that rewards are disallowed in the majority of jurisdictions because of their misuse.
Countries Where SevenSeasFX Offers Its Services
In relation to SevenSeasFX’s activities, this deceptive broker focuses on deceiving traders from
- The United Kingdom
- The Dominion of Canada
- The Commonwealth of Australia
- The United States of America
- The Kingdom of Sweden
Although SevenSeasFX has positive reviews, they are unreliable since they were likely created to deceive people into trading. All brokers that operate in these markets and offer services must be approved by their respective financial regulators such as FCA/UK, FCAC/Canada, ASIC/Australia, SEC/USA, and FI/Sweden. It is clear that SevenSeasFX is not authorised by any financial regulatory body.
Utilizing, Minimal Investment, and Expenses
Leverage can be utilized in order to increase potential gains or losses in a trade. A minimum deposit is the smallest amount of money that is required in order to open a trading account. Fees are charges that are incurred for particular services.
At SevenSeasFX, the leverage ratio for forex is seen to be as high as 1:100, which goes beyond what is authorized for retail traders in specific jurisdictions (e.g., 1:30 UK/EU and 1:50 US). It is not unexpected that this broker does not follow any regulations.
The amount you have to pay as a minimum deposit is quite high, especially taking into account the untrustworthy character of this company and their low-quality service. You can begin trading with a reliable brokerage firm for less than ten US dollars, for instance.
When it comes to trading fees, the amount SevenSeasFX charges depends on the type of account you have. Standard accounts incur a 5% fee, whereas VIP accounts have a reduced rate of 1.5%.
What Are the Features of SevenSeasFX’s Trading Environment?
When it comes to SevenSeasFX’s trading conditions, they are unfair, unreasonable, and dissatisfying. The amount needed to deposit is too high, the leverage ratio is not in line with the rules, and the fee for trading is expensive.
SevenSeasFX has different overnight fees (swap fees) for its different accounts, which range from 1.5% for the standard account to 0.65% for the VIP account. Similarly, the floating spreads are from 2.4 pips for the standard account to 0.4 pips for the VIP account.
To conclude, the deposit and withdrawal policy of SevenSeasFX is straightforward. This unregulated broker states that customers can move capital to and from their accounts using debit/credit cards, banks, and other payment strategies informed by the broker. This statement is suspicious since it hints at the possibility of crypto payments. We will discuss this further in the following section.
Have You Been Taken Advantage Of by SevenSeasFX Broker? – Share Your Experience With Us
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