W7 Broker & Trading Forex Review

Read our full W7BT review to get exact details about their safety, accounts, spreads, platforms, assets, support, etc. Our unbiased W7BT opinion allows our readers to decide whether W7BT is a reliable broker.

W7BT Forex Broker History

Launched in 2019, W7BT or W7 LIMITED is a Forex and CFDs broker that offers access to several popular asset classes. However, the broker is not regulated, which makes it risky. Despite this, there are mostly positive comments online, but there are only a few trader comments. There are several account types offered with a minimum deposit of 100 dollars for the standard ECN one, which is slightly higher when compared to other reliable brokers. The website is very simplistic but responsive, and all key details about accounts and spreads are listed on the main page without the need to go somewhere else. Traders have to scroll down to find all the important details, which is very flexible and reduces the time needed to find what they are looking for.

W7 Broker & Trading Broker Safety

When it comes to safety and security, the broker is not overseen by any authorities, which is a huge red flag. However, as we have mentioned above, there are mostly positive comments online, which indicates that the broker should not be a scam.

W7 LIMITED is incorporated in Saint Lucia, and the broker is not required to hold a license from the local regulator to offer its services, as this jurisdiction is much less strict than others.

The broker is not a member of the investor compensation fund, and we can not confirm it employs segregated bank accounts to keep trader funds untouched from its personnel.

W7 Broker & Trading Broker Review of Accounts

W7BT offers several accounts, including standard ECN, professional ECN, and privileged ECN types. All three accounts are ECN accounts, meaning spreads are very low and the broker charges commission. Higher-tier accounts charge smaller commissions, which is useful for experienced traders who want to get as low trading costs as possible.

W7BT Standard ECN

Since all three accounts are ECN, there are small differences between them. However, this small difference is important because while the standard account requires just 100 dollars to start training, other accounts have much higher minimum deposit requirements. The leverage is 1:200, which is enough to control large position sizes, amplifying both potential profit and losses.

The commission is 6.5 USD per lot round trip, which is very competitive and well within the forex trading standards. When it comes to spreads, the account has spreads from 1 pip, which is very high and makes trading on this account very expensive. Charging commissions on top of a 1 pip spread makes this account very unattractive for any type of trading, including scalping. Minimum lot size is 0.01 lots.

W7BT Professional ECN

The professional ECN account has lower commissions and spreads but much higher minimum deposit requirements. The spreads start from 0.6 pips, and the commission is 5 USD per lot round trip, which makes this account still expensive to operate. The minimum deposit is very high at 10,000 dollars. Many reliable and regulated brokers offer 0 pips for the same commissions but require much smaller minimum deposits. Minimum lot size is also 0.01 lots, and maximum leverage is also 1:200.

W7BT Privilege ECN

The Privilege ECN can be considered the cheapest account type of the three accounts. It has spread from 0.3 pips, which is still not zero. The commission is low, though, at 4 USD per lot round trip. So, if we translate the commission into spreads, the broker has a 0.5 pips, which is still not attractive, as many brokers offer 0 pips spreads and do not have a 100,000 USD minimum deposit like the Privilege ECN by W7BT broker. The minimum lot size is still 0.01 lots, and the maximum leverage is 1:200.

W7 Broker & Trading instruments

W7 Broker and Trading broker offers access to several popular markets, including Forex pairs, commodities, and indices. The broker does not provide access to crypto pairs and stocks, which is a serious downside and makes W7BT unattractive for multi-asset and stock traders. The leverage is competitive at 1:200 but commissions make the broker expensive on standard ECN accounts. Traders can access these instruments on MT5, and most of them are CFDs, enabling traders to quickly open and close trades.

W7 Broker & Trading Reviews of Trading Platforms

W7BT provides access to the advanced trading platform MetaTrader 5 (MT5). The broker allows both custom indicators and Expert Advisors (EAs) or automated trading systems, which is really flexible. Mobile trading is available via the MT5 mobile app, accessible on Android and iOS. There is also a web trader version of MT5, which requires no installation.

W7BT Forex Review of Extra Features

The broker does not offer many extra features. Its website is very simple and only offers information about essentials. There are no bonuses like deposit bonuses or welcome bonuses to enhance the trader experience.

There are no educational resources available, such as webinars, articles, or video guides. There are news and economic calendars offered, which is flexible.

W7BT Reviews of Customer Support

W7BT falls short in customer support experience, as the broker only offers an email support channel. There is no live chat support or hotline channel, which is a serious red flag. Live chat is an important support option that enables traders to instantly connect with the broker and resolve any issues during trading, while phone support is more of a reputation indicator. Phone support is especially important for professional traders who might want to call the broker to close down positions in case of internet issues.

W7BT Deposit and Withdrawal

The broker accepts several payment methods, including wire transfers, bank cards, and multiple cryptocurrencies. While deposits are not charged, withdrawals have commissions and the broker does not disclose details about withdrawal processing times. This makes us believe that it is a lengthy process to withdraw from a W7BT broker, making it a 3-5 day process, which is not attractive at all.

W7BT Review Conclusion – Can you trust W7BT?

While W7BT offers access to an advanced MT5 platform and competitive leverage of 1:200, the lack of regulations is a serious risk. The broker offers only ECN accounts, and all of them have commissions and spreads that make trading very costly, especially for standard accounts. The Privilege ECN account offers low spreads and low commissions, but it has a 100,000 USD minimum deposit requirement, which is too high. There are no educational materials, and the broker does not provide access to other assets except popular FX asset classes.

Overall, the broker might be legit, but its conditions are not very attractive.

FAQs on W7BT

Is W7BT a scam?

W7BT scam is still a possibility as the broker is not overseen by any financial regulator, making it risky.

What is the W7BT minimum deposit?

The minimum deposit starts at 100 USD on the Standard ECN account, which could be better.

Is W7BT a cheap broker?

No. Despite requiring a 100 USD minimum deposit, all trading accounts have both spreads and commissions, making it a very costly broker.