Table of Content
SevenSeasFX Review – All You Need to Know About This Firm
Table of Content
The shady broker wants to use and abuse you, so the song goes. We foreshadowed the unscrupulous scheme in those verses and now we plan to expose this con artist once and for all. In the SevenSeasFX Review, you will read about the huge risks associated with this scam investment.
Also, we shall discuss and analyze key trading aspects such as the platform and conditions that this FX and crypto provider allegedly offers. Time is of the essence here, so let’s get into it.
|Leverage||Up to 1:100|
|Minimum Deposit||USD 200|
|Broker Type||Forex & Cryptocurrencies|
|Spread||As low as 0.6 pips|
Is SevenSeasFX a Legit Brokerage? Safety and Regulation
Right off the bat, we noticed that we are dealing with an anonymous trickster. This phony failed to provide a registration number, license and address. The only clue available is the phone number, which starts with +61, the phone code for Australia. Well, at least that’s something. We shall check the rest for the demented provider.
Let’s see what the Australian Securities & Investments Commission (ASIC) has to say about it. After all, this is a Tier 1 regulator with strict rules in place. Imagine our surprise, we found nothing on the suspicious broker.
If SevenSeasFX were really regulated by ASIC, it would have to have an operating capital of AUD 1 million while storing clients’ funds in a segregated account in Tier 1 Australian banks. Do you honestly believe that SevenSeasFX does that?
Also, in case of the broker’s bankruptcy, ASIC covers traders with an AUD 100,000 indemnification. That alone is reason enough to ditch these masked fraudsters and stick to licensed providers. To conclude this section, SevenSeasFX is an unregulated and dangerous broker.
Trading Software Overview
When it comes to the trading platform, SevenSeasFX claims to offer “a premium trading experience.” By now, we know this is probably another hoax, but let’s investigate for the sake of fairness.
Turns out, the financial swindler provides nothing more than a simple, cheap-looking web-based platform, i. e. WebTrader. What else could you expect from such a fraudulent broker? Bear in mind that this platform is devoid of advanced features such as live-market reports and automated trading.
On the other hand, options like these are available in Meta Trader 4 and 5. Thus, we suggest you find a provider with those platforms. Also, make sure it’s licensed because otherwise, you could be in for a world of trouble. Scammers distribute these rigged platforms to deceive you. There’s a deposit option but the trading itself is fake, you’re not earning anything.
Account Types Available
SevenSeasFX claims to offer six different account types on its website:
- Basic – min. deposit of USD 2,500, commissions 5%, swap 1.5%, leverage 1:2 (crypto) & 1:50 (Forex), spreads 2.4 pips;
- Silver – USD 2,500, commissions 4%, swap 1%, leverage 1:5 (crypto) & 1:100 (Forex), spreads 2.1 pips;
- Gold – USD 10,000, commissions 3%, swap 1%, leverage 1:10 (crypto) & 1:100 (Forex), spreads 1.8 pips;
- Platinum – USD 75,000, commissions 2.5%, swap 0.85%, leverage 1:20 (crypto) & 1:100 (Forex), spreads 0.6 pips;
- VIP – USD 150,000, commissions 1.5%, swap 0.65%, leverage 1:20 (crypto) & 1:100 (Forex), spreads 0.4 pips.
Quite an offer, you could say. However, there is this one discrepancy that bothers us – the lowest minimum deposit, i. e. for the basic account, is USD 2,500, but in the Terms and Conditions, the broker says it’s USD 200. Also, there’s no demo account, which is a huge red flag.
Trading Instruments and Conditions
To reiterate, SevenSeasFX deals only with Forex and crypto trading. The shameless scammer did not elaborate further on this topic. A “wide variety” means nothing to honest traders who want to know which instruments they will get.
As for the trading conditions, the leverage starts off perfectly legit at 1:5 for crypto trading and 1:50 for FX pairs. Although the legal limit in Australia is 1:30, 1:50 is allowed in the US and Canada. But then it goes wild – 1:20 for crypto and 1:100 for FX pairs.
At such high leverage, you could really lose big time, as most traders do, especially in extremely volatile markets like the crypto ones. When spreads are concerned, the basic account offers 2.4 pips, which is not cool at all. It’s unlikely you’ll be making any profits that way. More advanced account types offer tighter spreads but that matters little at this point.
Deposit and Withdrawal Process
SevenSeasFX was not transparent enough regarding payment methods. The fraudster mentioned credit/debit cards and wire transfers. As we previously said, the T&C section states that the scam broker requires a minimum deposit of $200. A legitimate broker would offer you more than just those two methods such as electronic wallets (Skrill, Neteller, etc.).
Got Scammed by SevenSeasFX? Get Your Money Back!
That’s unfortunate and we feel for you. Not just for you, we’re afraid that you’re not the only one that fell victim to this malevolent scheme. We’re here to tell you about two possible ways of getting a refund – the chargeback and the recall.
- A chargeback is performed by the issuing bank within 540 days to reverse credit/debit card transactions.
- A recall can be used to reverse wire transfers but only if the transactions themselves have not gone through.
- SevenSeasFX is an anonymous scam broker that’s pretty vague and shady;
- The provider is unregulated;
- It deals only with FX pairs and cryptocurrency trading;
- Allegedly, the minimum deposit is $200;
- Available payment methods are credit/debit cards and wire transfers.
FAQs About SevenSeasFX Broker
Is My Money Safe With SevenSeasFX?
Your money is not safe with SevenSeasFX because the broker is anonymous and unregulated.
How Long Do SevenSeasFX Withdrawals Take?
The broker says withdrawals take up to seven business days.
What Trading Asset does SevenSeasFX Offer?
SevenSeasFX claims it offers two trading assets - Forex pairs and cryptocurrencies.