General Information
Registered in Canada, V7Markets is an online forex broker offering a series of trading instruments, such as Forex, Individual Stocks, Commodities, Precious Metals, Energies and Equity Indices.
V7Markets is an unregulated platform operating as a Ponzi Scheme, promising high returns to investors by using new investors' funds to pay earlier investors. It has been listed as a scam broker with suspicious regulatory licenses and a suspicious scope of business. The platform lacks valid regulation, raising concerns about investor safety and overall legitimacy. It offers a range of market instruments, including stocks, ETFs, cryptocurrencies, and CFD trading. However, the lack of regulation and transparency pose significant risks to investors. The platform also provides various account types with different features, but the absence of regulation and limited information raise doubts about the platform's reliability. High leverage levels and the absence of specific information on spreads and commissions further contribute to the risks associated with trading on V7Markets. The platform offers promotions, referral programs, and free VPS services, but caution is advised due to the platform's fraudulent nature. Traders can access the MetaTrader 4 and MetaTrader 5 platforms, but information on reliability and customer support is limited. The platform offers educational resources, including webinars and market analysis, but details are scarce. Customer support is available via telephone and email, but online chat support is not provided.
Investors have the flexibility to choose from five trading accounts through the V7 Markets platform, and the minimum deposit to trade with V7 Markets starting at $200.
V7 Markets is not authorized or regulated by any regulatory authorities, so trading with this forex broker need to take extra vigilance or just stay away from it.
Pros and Cons
V7Markets offers a range of pros and cons for traders to consider. On the positive side, the platform provides a wide selection of trading instruments, including stocks, ETFs, and cryptocurrencies, allowing for diversified trading opportunities. Additionally, there are no commission charges on stocks and ETFs, which can be advantageous for investors. The platform also offers leverage options in CFD trading, enabling traders to amplify their potential returns. Daily analysis and market insights are provided to keep traders informed about market trends. V7Markets offers desktop and mobile trading platforms, allowing for convenient access to trading activities. Furthermore, the platform provides 24-hour customer service and multiple payment methods, including instant withdrawals for certain methods. On the downside, the lack of regulation poses risks for investors, as it may result in limited oversight and potential lack of transparency in pricing and execution. The volatility in the cryptocurrency market can also lead to losses for traders. CFD trading, while offering leverage options, involves high risk and the potential for significant losses. The platform has limited details on additional benefits, such as educational resources. There is a potential requirement for a high minimum account size, which may limit accessibility for some traders. The account requirements are also reported to have a lack of transparency. Lastly, while the platform offers frequent promotions and bonuses, the welcome bonus is non-withdrawable. Traders should carefully evaluate these pros and cons before deciding to trade with V7Markets.
Is V7Markets Legit？
V7Markets is a platform that is not regulated and has been identified as a Ponzi Scheme. A Ponzi Scheme is a fraudulent investment operation where the scheme operator promises high returns to investors, usually through the use of new investors' funds to pay the earlier investors. This creates a false impression of profitability and encourages more people to invest.
In the case of V7Markets, it operates by utilizing the “principle of value multiplication” in a rolling or static fund circulation manner. This means that the money from new members is used to pay the current ones, creating the illusion of profits. However, this model is fundamentally unsustainable and operates as a pyramid scheme, which is both deceptive and socially harmful.
It is important to note that V7Markets has been flagged as an illegal broker with expired licenses. It has also been listed in WikiFX's Scam Brokers list, further indicating its fraudulent nature. Moreover, the platform lacks valid regulation, meaning there are no governing authorities overseeing its operations. This absence of regulation raises significant concerns about the safety of investors' funds and the overall legitimacy of the platform.
Market Instruments
Stocks and ETFs: V7Markets allows users to trade stocks and ETFs without any commission charges. This means that there are no additional markups on these instruments.
Cryptocurrencies: The platform enables users to buy, sell, and store popular cryptocurrencies such as Bitcoin and other leading digital assets. This feature offers accessibility for those interested in the cryptocurrency market.
CFD Trading: V7Markets facilitates Contracts for Difference (CFD) trading, which allows users to take both long and short positions on a range of financial instruments. These instruments include foreign exchange (FX), commodities, and equity indices. The platform offers leverage options, providing traders with the opportunity to amplify their potential gains or losses.
Pros and Cons
Account Types
V7Markets provides a total of five types of trading accounts to suit its clients varying trading needs, Standard, Silver, Premium, VIP and Exclusive accounts.
To open a Standard account, traders need to fund at least $200, which sounds acceptable. However, initial deposits become quite high for the other four trading accounts, with the Silver account from$1,000, the Premium account from $5,000, the VIP account from $10,000, and the Exclusive account from $20,000.
CLASSIC ACCOUNT:
The Classic Account is suitable for beginner and intermediate traders. With this account, you can enjoy generous spreads that can have a significant impact on your overall trading performance. It provides access to features such as daily analysis, desktop and mobile trading platforms, 24-hour customer service, events and trade opportunities, an account manager, premium daily analysis, Trading Central, and premium customer support.
STANDARD ACCOUNT:
The Standard Account requires a minimum account size of $200. It offers similar features to the Classic Account, including generous spreads, daily analysis, desktop and mobile trading platforms, 24-hour customer service, events and trade opportunities, an account manager, premium daily analysis, Trading Central, and premium customer support.
SILVER ACCOUNT:
The Silver Account has a minimum account size of $1,000. It provides the same features as the Standard and Classic Accounts, including generous spreads, daily analysis, desktop and mobile trading platforms, 24-hour customer service, events and trade opportunities, an account manager, premium daily analysis, Trading Central, and premium customer support.
PREMIUM ACCOUNT:
With a minimum account size of $5,000, the Premium Account offers all the features of the previous account types, including generous spreads, daily analysis, desktop and mobile trading platforms, 24-hour customer service, events and trade opportunities, an account manager, premium daily analysis, Trading Central, and premium customer support.
VIP ACCOUNT:
The VIP Account requires a minimum account size of $10,000. It provides access to the same features as the lower-tier accounts, including generous spreads, daily analysis, desktop and mobile trading platforms, 24-hour customer service, events and trade opportunities, an account manager, premium daily analysis, Trading Central, and premium customer support.
EXCLUSIVE ACCOUNT:
The Exclusive Account is the top-tier account type at V7Markets. It requires a minimum account size of $20,000. This account offers all the features provided by the lower-tier accounts, including generous spreads, daily analysis, desktop and mobile trading platforms, 24-hour customer service, events and trade opportunities, an account manager, premium daily analysis, Trading Central, and premium customer support.
Pros and Cons
Leverage
When it comes to leverage, V7Markets allows its traders to use leverage of up to 1:100 for forex trading. This is not the safe option for inexperienced traders, and it is much higher than the levels regarded appropriate by many regulators.
Bear in mind that high leverage offered is not always the good thing, as it can magnify gains as well as losses.
Spreads and Commissions
V7Markets does not provide specific information about spreads on its website. The broker claims to offer a zero-commission trading environment for stocks and ETFs, indicating that there are no additional fees on these instruments. However, details about spreads for other assets are not mentioned, requiring traders to contact V7Markets directly for further clarification. Conducting thorough research and comparing trading conditions with other regulated brokers is recommended to ensure transparency and informed decision-making.
Promotions
V7Markets offers various promotions to its clients, providing additional benefits and incentives. One of their promotions is the 15% Welcome Bonus, where clients can receive a bonus of up to $500 or the equivalent in their currency. The bonus is credited instantly and automatically, and clients can deposit funds to maximize the bonus amount. However, it's important to note that the bonus itself is non-withdrawable.
Another promotion available at V7Markets is their Loyalty Program. In addition to the existing rewards and bonuses, the platform occasionally offers special seasonal bonuses tied to specific calendar events and occasions. These bonuses are available for a limited period of time. Additionally, highly exclusive bonuses are offered on an invitation-only basis.
V7Markets also has a referral program called “Refer a Friend,” where clients can earn up to $35 for each person they refer to the platform. The more friends a client refers, the more they can earn. Clients have the option to share their referral link or invite friends via email. It's worth mentioning that all earnings from the referral program can be withdrawn, subject to the terms and conditions.
To enhance trading experiences, V7Markets provides free VPS services to its clients. This service helps eliminate downtime and is particularly useful for those using Expert Advisors (EAs). The VPS is accessible from anywhere and ensures 24/7 online availability.
Furthermore, V7Markets offers zero fees on deposits and withdrawals. They cover the transfer fees for all e-wallets and major credit cards. Additionally, wire transfers above 200 USD are also covered. This allows clients to fund their accounts instantly without incurring any fees.
Trading Platform
V7Markets offers its clients access to two trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are online software that allow investors to access the foreign exchange market and trade various financial instruments such as currencies, commodities, CFDs, and indices. The platforms can be downloaded for free and provide a range of tools, indicators, and timeframes to monitor and analyze the markets in real-time. They are user-friendly, customizable, and support web and mobile trading.
MetaTrader 4 (MT4) is a stand-alone trading platform developed by MetaQuotes Software. It gained popularity due to its wide variety of third-party scripts and advisors. With MT4, traders can manage trades, analyze markets, and access over 30 technical indicators. It offers interactive charts, multiple timeframes.
MetaTrader 5 (MT5) is the newest and most advanced trading platform from MetaQuotes. It provides even greater access to financial markets and offers diverse functionality, including fundamental and technical analysis tools, copy trading, and automated trading. MT5 has an integrated economic calendar, an email system, and a multi-threaded strategy tester. It also provides a platform for traders to chat, network, and share strategies in the embedded MQL5 community.
Both MT4 and MT5 are available on various devices, including Windows PCs, Mac computers, web browsers (WebTrader), Android mobile devices, and iOS devices (iPhone and iPad). This allows traders to choose the device that suits their preferences.
Deposit and Withdrawal
V7Markets offers its clients various payment methods for making deposits and withdrawals. The minimum deposit required to start trading with this forex broker is $200. The available payment options include VISA, MasterCard, Fasapay, Online Banking, Local Transfer, and Bank Wire Transfer.
When it comes to withdrawals, the processing time and availability of funds in your account depend on the specific payment method chosen. Here is a breakdown of the withdrawal options and their corresponding processing times:
V7Markets offers a range of withdrawal options with varying processing times. Withdrawals can be made through methods such as TC Payment, Latin American Local Transfer, Latin American Solutions via Skrill, South East Asia Online Banking, Moroccan Local Transfer, Telepay Local Transfer, Turkish Local Transfers, South Arabian Peninsula Local Transfer, African Local Solutions(D), Ghanan Local Transfers, Sub-Saharan Africa and Dubai Local Transfer, Nigeria Local Bank Wire Transfer, Indonesian Local Transfer, Algerian Local Transfers, Local transfer for India and Pakistan, Online Banking Malaysia, Online Banking Indonesia, Afghani Local Transfers, Latin American solutions, and Sub-Saharan Africa and Dubai Local Transfer. The processing time for withdrawals varies, with some methods offering instant withdrawals while others taking approximately 24 hours or 1-2 business days. It is important to consider that the processing times mentioned are approximate and may be subject to factors such as currency and transaction volume.
Educational Resources
V7Markets offers a range of educational resources to assist traders in enhancing their knowledge and skills. The platform understands the importance of education and aims to provide valuable tools and information to help traders achieve success. Here are the educational resources available:
Webinars: V7Markets conducts weekly webinars facilitated by experienced account managers. These webinars are designed to cater to trading amateurs and guide them towards becoming expert traders. Participants can learn various trading strategies, techniques, and market analysis from these webinars.
Technical Analysis and Summary: The platform recognizes that some of its clients may view trading as a part-time endeavor. To support them, V7Markets has a team that monitors the market and provides regular updates. These updates include technical analysis and market summaries, ensuring traders stay informed about the latest market trends and developments.
Premium Indicators: V7Markets has established partnerships with multiple companies worldwide. These collaborations enable the platform to offer premium indicators to its traders. Premium indicators can provide valuable insights and signals, assisting traders in making informed decisions and improving their trading success.
Economic Calendar: V7Markets provides an economic calendar that displays key global events on the horizon. Traders can refer to this calendar to stay updated on important economic indicators, central bank announcements, and other events that may impact the financial markets. Having access to an economic calendar helps traders anticipate market movements and adjust their trading strategies accordingly.
Customer Support
V7Markets offers customer support services to assist traders with their inquiries and concerns. Traders can contact the platform through the following methods:
Telephone: Traders have the option to reach out to V7Markets via telephone. The provided phone number is (+01) 247-898-7654. By contacting customer support through this channel, traders can directly speak with a representative and address their questions or issues.
Email: Another communication method available is email. Traders can send their inquiries or concerns to the V7Markets customer support team at support@v7markets.com. By using email, traders can provide detailed information and expect a response from the support team within a reasonable time frame.
However, it is important to note that online chat support is not available at V7Markets. Additionally, V7Markets emphasizes that customer support services are available 24/7, ensuring that traders can seek assistance at any time they require it. The platform also promotes multilingual customer support, indicating that traders from different regions can communicate with the support team in their preferred language.
Restricted Regions
V7 Markets does not accept clients from specific countries, such as Canada, USA and EU.
Risk Warning
There is a level of danger that comes with trading on the financial markets. As sophisticated instruments, foreign exchange, futures, CFDs, and other financial contracts are typically traded using margin, which significantly increases the inherent risks involved. Therefore, you should consider carefully whether or not this sort of investment activity is right for you.
The information presented in this article is intended solely for reference purposes.
Conclusion
In conclusion, V7Markets is an online trading platform that offers a range of market instruments, including stocks, ETFs, cryptocurrencies, and CFDs. While it provides access to various financial markets, there are notable disadvantages to consider. V7Markets operates without proper regulation, raising concerns about the safety of investors' funds and the overall legitimacy of the platform. The lack of transparency in pricing and execution, along with the potential risks associated with high leverage levels, may pose additional challenges for traders. Furthermore, the platform's customer support options are limited, and there is a lack of comprehensive educational resources. It is crucial for potential users to conduct thorough research and exercise caution when considering V7Markets as a trading platform.
FAQs
Q: Is V7Markets a legitimate platform？
A: No, V7Markets is not a legitimate platform and has been identified as a Ponzi Scheme. It lacks valid regulation and has been flagged as an illegal broker with expired licenses.
Q: What market instruments does V7Markets offer？
A: V7Markets offers trading opportunities in stocks, ETFs, cryptocurrencies, and various CFDs, including forex, commodities, and equity indices.
Q: What account types are available at V7Markets？
A: V7Markets offers Classic, Standard, Silver, Premium, VIP, and Exclusive account types, each with varying minimum account sizes and benefits.
Q: Does V7Markets provide promotions or bonuses？
A: Yes, V7Markets offers promotions such as a welcome bonus, loyalty program, referral program, and free VPS services. However, the welcome bonus is non-withdrawable.
Q: What payment methods can I use for deposits and withdrawals on V7Markets？
A: V7Markets accepts deposits and withdrawals through various methods, including VISA, MasterCard, Fasapay, Online Banking, Local Transfer, and Bank Wire Transfer.
Q: What trading platforms does V7Markets offer？
A: V7Markets offers access to MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, which are available for desktop, web, and mobile devices.
Q: Are there educational resources available on V7Markets？
A: Yes, V7Markets provides educational resources such as webinars, technical analysis, premium indicators, and an economic calendar to support traders in improving their knowledge and skills.
Q: How can I contact customer support at V7Markets？
A: You can contact V7Markets' customer support through telephone (+01) 247-898-7654 or by emailing support@v7markets.com. However, online chat support is not available.
2023-02-28 13:50
2022-12-12 14:14
