77markets
Pros and Cons
Pros
- Regulated by Seychelles Financial Services Authority (FSA)
- Diverse trading instruments including forex, commodities, indices, and stocks
- Access to advanced platforms: WebTrader and MetaTrader 5
- 24/5 multilingual customer support
- Personalized one-on-one training sessions for new clients
Cons
- Limited trading tools compared to other brokers
- No acceptance of clients from the United States
- Relatively new broker with limited trading history
- High minimum deposit requirement for advanced accounts
- Not regulated by major financial authorities
Basic Information
User Reviews
77markets Overview
77markets is a forex broker that was founded in 2014 and is based in Seychelles. It operates under the full company name Leadcapital Corp Ltd and is regulated by the Seychelles Financial Services Authority (FSA), holding license number SD 007. This regulatory oversight ensures that the broker adheres to the required standards for financial operations and client protection, establishing a secure trading environment for its clients.
The broker offers a diverse range of trading instruments, including forex, commodities, indices, and stocks, making it a versatile platform for traders. 77markets provides access to its trading services through modern platforms such as WebTrader and MetaTrader 5, which are designed to enhance the trading experience with advanced analytical tools and seamless execution. Customer support is available 24/5 in multiple languages, ensuring that clients receive timely assistance. One unique aspect of 77markets is its commitment to personalized training, offering new clients one-on-one sessions to help them navigate the trading platform and develop effective trading strategies.
Is 77markets Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Seychelles Financial Services Authority (FSA) | Seychelles | Segregated Accounts at Top-Tier Banks |
Is 77markets Regulated and How Are Client Funds Protected?
77markets is regulated by the Seychelles Financial Services Authority (FSA), holding license number SD 007. This regulatory status ensures that the broker adheres to necessary standards for financial operations and client protection. Client funds are protected through the implementation of segregated accounts, which are maintained at top-tier global banks. This practice safeguards client assets and prevents them from being used for operational purposes. Additionally, 77markets emphasizes data security and client privacy, further enhancing the safety of its trading environment. By adhering to these regulations and protective measures, 77markets establishes itself as a legitimate and trusted broker in the forex trading market.
Trading Products and Services
What trading instruments does 77markets offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, AUD/USD, USD/CAD | 40 |
| Commodities | Gold, Silver, Crude Oil, Wheat | Many |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Many |
| Stocks | Apple, Amazon, Google, Tesla | 2000+ |
| Cryptocurrencies | BTC, ETH, LTC, XRP | Many |
77markets offers a diverse range of trading instruments that cater to various traders, from beginners to seasoned professionals. With products spanning across key asset categories such as forex, commodities, indices, stocks, and cryptocurrencies, traders can easily diversify their portfolios and adapt their strategies. The inclusion of multiple asset types ensures that users can engage in trading that aligns with their individual goals, whether they are looking for short-term opportunities or long-term investments. This variety not only enhances trading flexibility but also empowers users to make informed decisions based on market trends and insights, further elevating their trading experience.
Account Types and Trading Conditions
What Account Types and Fees Does 77markets Offer?
| Account Type | Target User Group | Key Characteristics | Applicability Notes |
|---|---|---|---|
| Discovery Account | Beginners | Low minimum deposit, access to basic educational resources | Suitable for small-capital practice |
| Gold Account | Intermediate Traders | Enhanced support, additional trading sessions | Requires a minimum deposit of $10,000 |
| Platinum Account | Experienced Traders | Tighter spreads, advanced trading sessions | Requires a minimum deposit of $50,000 |
| Exclusive Account | High Net-Worth Individuals | Premium services, lowest spreads | Requires a minimum deposit of $100,000 |
Account Opening Process
The account opening process at 77markets is straightforward. Traders begin by submitting personal information, including their name, email address, and phone number. Next, they provide employment and financial information to assess their trading experience and needs. Identity verification is essential, requiring documents such as a government-issued ID and proof of address. After completing these steps, traders can easily upgrade to a professional account if they meet the necessary criteria and wish to access additional features.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 3 | $0 (on shares: 0.2% + $10) | Basic spreads for Discovery account |
| Forex (Gold Account) | 1.4 | $0 (on shares: 0.2% + $10) | Reduced spreads for higher deposit |
| Forex (Platinum Account) | 1 | $0 (on shares: 0.2% + $10) | Lower spreads for experienced traders |
| Forex (Exclusive Account) | 0.8 | $0 (on shares: 0.2% + $10) | Best spreads available |
| CFDs (Stocks) | Variable | 0.2% + $10 | Depends on stock volatility |
| Cryptocurrencies | Variable | 0.1% | Fluctuates with market conditions |
Other Fees
77markets maintains transparency regarding additional fees. There are no deposit or withdrawal fees, and traders do not incur inactivity fees. However, overnight interest may apply for positions held beyond the trading day, and currency conversion fees may be charged for trading in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does 77markets Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| WebTrader | Web (Windows, macOS) | Secure login, multiple order types, technical indicators, price alerts | Demo accounts, educational materials |
| MetaTrader 5 | Windows, macOS, iOS, Android | Encryption, one-click trading, push notifications, economic calendar | VPS, API interfaces |
| Mobile App | iOS, Android | Biometrics, market search, fast order execution, alerts | Demo accounts |
The trading platforms offered by 77markets are designed to cater to various trading styles and preferences. WebTrader provides a robust environment for trading directly from a browser, while MetaTrader 5 is ideal for users seeking advanced tools and multi-asset trading capabilities. The mobile app enables traders to manage their accounts and execute trades on the go, ensuring flexibility and accessibility.
With a strong emphasis on security, 77markets implements measures such as encryption and secure login protocols to protect user data. Traders benefit from real-time alerts and efficient search tools, facilitating timely decision-making in dynamic market conditions.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 days | No platform fee | Min $50, Max $20,000/day | USD, EUR |
| Credit/Debit Card | Instant | No platform fee | Min $50, Max $10,000/day | USD, EUR |
| e-Wallets (e.g., Skrill, Neteller) | Instant | No platform fee, but 1.5% charge on deposits | Min $20, Max $5,000/day | USD, EUR |
Minimum Deposit
The minimum deposit requirement at 77markets is $50 for the Discovery Account. This amount may vary based on the account type selected by the trader. For example, higher minimum deposits are required for Gold, Platinum, and Exclusive accounts.
How to Withdraw
- Log into your 77markets account.
- Navigate to the ‘Withdraw’ section in your account dashboard.
- Select your preferred withdrawal method from the available options.
- Enter the amount you wish to withdraw, ensuring it complies with the limits set.
- Confirm the withdrawal request and follow any additional instructions, if prompted.
- Monitor your email for confirmation and updates regarding your withdrawal status.
Customer Support
77markets Customer Support Overview
Support Channels
77markets provides various contact methods to ensure effective customer support. Clients can reach out via:
- Email: Support inquiries can be sent to support@77markets.com.
- Live Chat: Immediate assistance is available through the live chat feature on the website.
- Telephone: Clients can also contact support directly via phone.
- Social Media: 77markets can be reached through platforms like WhatsApp for quick communication.
Service Availability
The customer support at 77markets is available 24/5, meaning it operates from Sunday evening at 5 PM EST through Friday afternoon at 4 PM EST. The support team is multilingual, catering to a diverse client base, and is prepared to assist in several languages.
Additional Resources
In addition to direct support, 77markets offers educational resources such as video tutorials and market analysis to help clients enhance their trading skills and knowledge.
Frequently Asked Questions
Yes, 77markets is regulated by the Seychelles Financial Services Authority (FSA) under license number SD 007. Client funds are protected through the use of segregated accounts maintained at top-tier global banks, ensuring that these funds are not used for operational purposes. This regulatory oversight and protection measures contribute to a secure trading environment for clients.
77markets offers four main types of trading accounts: Discovery Account for beginners with a low minimum deposit, Gold Account for intermediate traders requiring a higher deposit, Platinum Account for experienced traders with tighter spreads, and Exclusive Account for high net-worth individuals seeking premium services. Each account type has distinct features and requirements designed to cater to different trading needs.
77markets provides access to trading through two main platforms: WebTrader and MetaTrader 5. WebTrader allows for trading directly via a web browser, while MetaTrader 5 offers advanced tools and multi-asset trading capabilities. Both platforms are equipped with features that enhance the trading experience, including secure login, various order types, and real-time alerts.
Clients can reach 77markets’ customer support through several channels: via email at support@77markets.com, through the live chat feature on their website, or by telephone. The customer support team is available 24/5 and can assist clients in multiple languages, ensuring timely and effective assistance.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.