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V7 Markets Review
V7 Markets puts up an encouraging website that ultimately blocks members from withdrawing funds. What we see is an attempt by offshore brokers to penetrate the European trading scene. Read more about it in our comprehensive v7markets.com review.
V7 Markets (v7markets.com) claims to be one of the best brokers around. The truth is, there’s nothing to write home about regarding this platform. What we have is an unregulated platform. Members have also been complaining of withdrawal issues. We have to find out what makes the platform a problem for investors. Read on to find out the truth regarding this exploitative platform. Here’s our comprehensive V7 MARKETS REVIEW.
About V7 Markets
There’s no information on the platform’s background and history. Instead, we have a homepage with a video showing nothing relating to trading. It’s only at the end do you see the final slide with a trading message.
Those who have already signed up with V7 markets are ruing the decision. The platform is seen as a dubious investment platform. It would be best if you avoided it at all costs as withdrawal is an issue. The platform is going to take your money, and there’s no way of recovering it.
Hiring recovery agents won’t do the trick. These agents don’t have the mandate to freeze the assets or bank accounts of the platform. There’s even no information on who owns or runs the platform.
You should invest in a platform that’s geared for success. Make sure to sign up with leading platforms that guarantee success. Go for brokers with an eye for success and those that help investors achieve trading goals.
V7 Markets is nothing but a scary platform that should not be part of your trading routine. Despite having an alluring marketing strategy, the results tell it all. It’s now up to regulators to issue a warning regarding trading with V7 Markets.
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Your first step when trading is joining reliable investment platforms with a proven track record. To do this, you need to do due diligence. Make sure to do some thorough research on the platform in question. It will help you make a more informed decision.
Accounts and Plans V7 Markets
V7 Markets offers investors a chance to choose between five trading accounts. Each of the accounts comes with a different set of features. The five accounts include Standard, Silver, Premium, VIP, and Exclusive.
Here’s a closer look at the five accounts;
It’s the account set for beginner and junior traders. The set minimum acceptable deposit is $200. You get daily analysis and morning reviews of the market. That’s just about it when it comes to available features.
For the silver account holder, there’s an acceptable minimum deposit of $1,000. In addition, members get all features that come with the standard account. Additional features include having a dedicated account manager and premium daily analysis.
The premium account holder must deposit $5,000 to get started. After that, you get a chance to use the above features with a few additional features. Members get to trade via trading central and premium customer support.
For the VIP account holder, there’s a minimum trade size of $10,000. The account has the same features as the premium account. It makes no sense to have two accounts with the same features but different depository amounts.
Members have to deposit $20,000 and get the same trading features as the premium and VIP accounts. However, the account targets typically institutional traders and has no additional features to make one sign up.
What we notice with all these accounts is the lack of transparency. The platform fails to inform members of the available leverage and spreads. You won’t get to know available leverage and spreads until you sign up.
The industry has set specific rules when it comes to leverage. An excellent example is in the United States. Regulators in that jurisdiction have set 1:50 as the maximum leverage for retail traders.
You also get account managers with nearly all accounts. The issue with these managers is the way they hassle clients. Most clients indicate harassment as a major issue on the platform. Instead of offering financial advice, these managers solicit funds.
Members get constant calls from these account managers asking them to deposit more funds. The account manager will claim to have an innovative way of investing. It would be best if yHowever, you kept in mind that these ways are outside the scope of trading.
If you mistake depositing funds with the account manager, that’s the end of it. Your appeal to the platform to recover part of the funds will fall on deaf ears. So instead, the platform will replace that account manager with a new one.
Information on who owns or runs the entire trading platform remains a mystery. There are no records of V7 Markets anywhere on the face of the planet. We don’t get to see the platform’s registration documents.
What we see is a platform trying to hide its true identity. There are no names on the homepage to associate with the platform. So we don’t get to know the name of the CEO or CFO of the company. And this makes it a high-risk investment platform.
You should avoid platforms that fail to offer investors any transparency. It’s good to know who handles funds in a platform. That makes it known to everyone who is held responsible if things go south.
Contact and support
You should also make sure to test how well support communicates with members. And this means having to test how fast support responds to investors. Again, that’s what you need to look out for in an investment platform.
Make sure to use a platform that offers direct communication. It means live chat or a phone number where you can call and talk to a live agent. Unfortunately, the platform fails to provide any of these and prefers one-way communication.
Deposit and Withdrawal
Members can deposit or withdraw funds using a bank or wire transfer. The platform will ensure all parties get instructions on how best to fund accounts. After funding your account, the balance will reflect your trading dashboard within 24 hours.
You can then start trading and hopefully make winning trades. But, as the balance increases, there will come a time when you want to make a withdrawal. And this is the time the platform will show its true colors.
No member has had the chance to withdraw funds in the past few weeks. Those who claim to do so only withdraw partial amounts. To make the platform seem plausible, the platform allows some members to withdraw small amounts.
Is V7 Markets Licensed or Regulated?
V7 Markets is not a licensed or regulated trading platform. You don’t get any valid documents to prove the platform is legit. And this is why you need to stay away from the platform. There’s no compliance which puts your funds at risk.
Without any regulatory framework, V7Markets is free to impose any trading conditions. That’s why the platform chooses to hide leverage information. No regulator would allow investors to sign up not knowing the set leverage.
There are several available promotions, including a welcome bonus of $500. These are traps meant to bring in high membership. Once you get the reward, the platform ensures there’s no withdrawal.
You have to deposit more funds for the platform even to consider withdrawal of ten percent investment.
Safety of funds V7 Markets
Your funds are far from safe with a platform that doesn’t segregate accounts. In addition, there’s no insurance cover for deposits made by clients.
We won’t recommend an unregulated platform, and please stay away from it.
The best option is to go for brokers with a proven track record. Make sure to use brokers who enjoy the backing of the trading community. It’s your safest trading option.
Feel free to leave a comment or write to us.