Overview of 77markets
77markets, established in Seychelles in 2014, offers a wide range of over 2,000 tradable assets, including stocks, indices, forex, commodities, and cryptocurrencies.
Regulated by the Seychelles Financial Services Authority (FSA), it provides traders with a regulated and secure trading environment. The platform boasts 24/5 customer support and accepts all major payment methods without charging any commission on deposits or withdrawals.
However, some account types require high minimum deposits, such as GOLD ($10,000) and PLATINUM ($50,000), and certain forex pairs have relatively higher spreads, like EUR/USD (3 pips) and USD/JPY (3.3 pips).
Regulatory Status
77markets is regulated by the Seychelles Financial Services Authority under license number SD007, operating under an offshore regulatory framework with a Retail Forex License.
For traders on the platform, the regulatory status of 77markets provides a level of assurance regarding the platform's compliance with regulatory standards and guidelines. This regulation helps instill confidence in traders by ensuring that 77markets operates in accordance with established financial regulations and procedures, thus contributing to a more transparent and secure trading environment.
Pros and Cons
Pros:
Regulated by the FSA: This regulatory oversight ensures that 77markets adheres to strict financial standards and practices, providing traders with a sense of security and trust in the platform's operations.
Offers access to over 2,000 tradable assets: With a vast array of tradable assets available, including stocks, indices, commodities, forex, and cryptocurrencies, traders have ample opportunities to diversify their portfolios and explore different investment avenues.
Provides 24/5 customer support: Access to round-the-clock customer support ensures that traders can receive assistance and resolve any issues or queries promptly, regardless of the time zone they are in.
Accepts all major credit cards, e-wallets, local payment methods, and wire transfers: By offering multiple payment options, 77markets accommodates the various needs and preferences of traders worldwide.
No commission or fees on deposits/withdrawals: The absence of commission or fees on deposits and withdrawals alleviates additional costs for traders, allowing them to maximize their trading capital and potential profits.
Friendly trading platform: WebTrader: With its straightforward interface and comprehensive features, including advanced charting tools and real-time market data, WebTrader empowers traders to execute trades efficiently and make informed decisions.
Cons:
High minimum deposit requirements for some account types: The minimum deposit requirements for certain account types, such as GOLD ($10,000) and PLATINUM ($50,000), pose a barrier to entry for traders with limited capital or those who are just starting in the trading world.
Spreads relatively high for some forex pairs: While 77markets offers competitive spreads overall, certain forex pairs, such as EUR/USD (3 pips) and USD/JPY (3.3 pips), have relatively higher spreads compared to industry standards.
Market Instruments
77markets provides access to a wide range of trading assets, boasting a selection of over 2,000 tradable instruments. These assets encompass a variety of categories.
STOCKS
With assets like AMZN, APPLE, FACEBOOK, GOOGLE, and NVIDIA available for trading, investors can take advantage of price movements in some of the world's most prominent corporations.
INDICES
Traders can also engage in index trading through 77markets, with offerings such as Europe50, JAPAN225, TECH100, UK100, and USA500.
COMMODITIES
77markets offers a selection of commodities for trading, including BrentOil, GOLD, NaturalGas, OIL, and SILVER. Commodity trading enables investors to participate in the markets for essential raw materials and natural resources, diversifying their portfolios beyond traditional financial assets.
FOREX
The platform facilitates forex trading with currency pairs like AUD/USD, EUR/USD, GBP/USD, USD/CAD, and USD/JPY.
CRYPTO
For those interested in cryptocurrency trading, 77markets offers assets such as Cardano, Bitcoin, Dash, Ethereum, and Litecoin.
Account Types
77markets claims to offer five types of trading accounts, namely Discovery, Gold, Platinum, Diamond and Exclusive VIP.
The DISCOVERY account type, with an initial deposit of $250, is suited for novice traders or those with limited trading experience. Offering competitive spreads and a range of features including desktop and mobile trading, 24-hour customer service, and daily analysis, this account provides essential tools for individuals beginning their trading journey.
For traders with a more substantial capital base, the GOLD account, requiring a $10,000 deposit, offers tighter spreads and additional resources compared to the Discovery account.
The PLATINUM account, requiring a deposit of $50,000, is suitable for experienced traders looking for advanced tools and features to enhance their trading strategies. With tighter spreads and access to three advanced trading sessions, Platinum account holders can delve deeper into market analysis and execution.
For high-net-worth individuals and institutional traders, the EXCLUSIVE account, requiring a $100,000 deposit, offers the tightest spreads and the most comprehensive range of features. With access to five advanced trading sessions and dedicated account management, Exclusive account holders have access to a wealth of resources to optimize their trading strategies and manage their portfolios effectively.
How to Open an Account？
To open an account with 77markets, follow these concrete steps:
Visit the Website: Go to the official website of 77markets.
Click on “OPEN ACCOUNT”: Look for the “OPEN ACCOUNT” button on the website's homepage and click on it.
Fill Out the Registration Form: Complete the registration form with accurate personal information, including your name, email address, phone number, and any other required details.
Choose an Account Type: Select the type of account you wish to open based on your trading preferences and financial capabilities, such as Discovery, Gold, Platinum, or Exclusive.
Verify Your Identity: Follow the instructions provided to verify your identity. This typically involves submitting copies of identification documents, such as a passport or driver's license, and proof of address.
Fund Your Account: Once your identity has been verified, fund your account with the required minimum deposit amount using one of the available payment methods, such as credit/debit card, bank transfer, or electronic payment services.
Spreads & Commissions
77markets offers varying spreads and commissions across different account types to accommodate traders with different levels of experience and capital.
The DISCOVERY account, with a minimum deposit of $250, features relatively wider spreads, such as EUR/USD: 3, USD/JPY: 3.3, and GBP/USD: 3.5. Additionally, the commission on shares is 0.2% plus $10. This account type is suitable for novice traders or those with smaller trading budgets who prioritize accessibility over lower fees.
In contrast, the GOLD account requires a higher minimum deposit of $10,000 but offers tighter spreads, such as EUR/USD: 1.4, USD/JPY: 1.4, and GBP/USD: 1.4. The commission on shares remains the same at 0.2% plus $10. This account type is suitable for traders with more experience and a larger capital base who seek better trading conditions and are willing to invest more upfront.
The PLATINUM account, with a minimum deposit of $50,000, maintains the same commission structure as the Gold account but offers even tighter spreads, such as EUR/USD: 1, USD/JPY: 1, and GBP/USD: 1. This account type is suitable for experienced traders who require competitive spreads and are willing to commit a significant amount of capital.
For high-net-worth individuals and institutional traders, the EXCLUSIVE account, requiring a minimum deposit of $100,000, offers the tightest spreads, such as EUR/USD: 0.8, USD/JPY: 0.8, and GBP/USD: 0.8. With a commission on shares of 0.2% plus $10, this account provides premium trading conditions tailored to sophisticated traders who prioritize low fees and high-quality execution.
Trading Platform
With two primary platforms available, including the WebTrader and mobile trading via iOS and Android apps, traders can access financial markets anytime and from anywhere, offering flexibility and accessibility.
The WebTrader platform serves as the flagship trading interface, providing access to over 2,100 assets from global financial markets. Designed for quick execution in a fast-paced trading environment, WebTrader offers a range of analysis tools and features essential for portfolio management. Traders can execute trades swiftly and efficiently, with access to stop loss, take profit, limit, and stop orders to manage positions effectively.
Moreover, the mobile trading apps for iOS and Android devices extend the platform's functionality to traders on the go, ensuring seamless access to trading opportunities and portfolio management tools from smartphones and tablets.
Deposit & Withdrawal
77markets offers a variety of payment methods for deposits, providing flexibility and convenience to traders. Accepted methods include all major credit cards, e-wallets, local payment methods, and wire transfers. This extensive range of payment options allows users to choose the method that best suits their preferences and circumstances.
The minimum deposit requirements vary depending on the chosen account type, with the Discovery account requiring a minimum deposit of $250, followed by the Gold account with a minimum deposit of $10,000, the Platinum account with a minimum deposit of $50,000, and the Exclusive account with a minimum deposit of $100,000.
Customer Support
77markets provides round-the-clock customer support to assist traders.
Their support team is available 24/5, from Sunday evening at 5 pm EST through Friday afternoon at 4 pm EST.
You can reach them via email at support@77markets.comfor inquiries and assistance.
Additionally, they offer support through WhatsApp at +35799613869, providing a convenient messaging option for traders. For those who prefer social media, you can connect with 77markets on Facebook at https://www.facebook.com/77marketscom.
With multiple channels available, including email, WhatsApp, and Facebook, traders can easily reach out for help whenever needed.
Educational Resources
77markets offers a range of educational resources aimed at supporting traders of all levels.
While the free personal training session upon sign-up provides a solid foundation for beginners, the platform also offers more advanced resources like panoramic views, newsletters, analyst views, trading signals, economic calendars, and economic insights.
For traders seeking a solid introduction to trading and access to essential market analysis tools, 77markets' educational offerings can be a valuable asset.
Conclusion
In conclusion, 77markets presents a compelling option for traders seeking access to a wide range of tradable assets across multiple markets.
Regulated by the Seychelles Financial Services Authority, it offers a secure trading environment with 24/5 customer support and accepts various payment methods without commission fees.
However, the platform has some drawbacks, including high minimum deposit requirements for certain account types and relatively higher spreads for specific forex pairs.
Despite these limitations, the user-friendly WebTrader platform and extensive educational resources contribute to a positive trading experience, making 77markets a viable choice for traders looking to navigate the financial markets.
FAQs
Question: What assets can be traded on 77markets？
Answer: Traders can access a wide range of assets including stocks, indices, forex, commodities, and cryptocurrencies.
Question: How can customers contact customer support？
Answer: Customer support is available 24/5 via email, WhatsApp, or Facebook for assistance with any inquiries or issues.
Question: Is there a minimum deposit requirement？
Answer: Yes, the minimum deposit varies depending on the account type, ranging from $250 for the DISCOVERY account to $100,000 for the EXCLUSIVE account.
Question: Are there any fees for deposits or withdrawals？
Answer: No, there are no commission or fees charged for deposits or withdrawals on 77markets.
Question: What trading platform does 77markets offer？
Answer: 77markets offers the WebTrader platform, which provides a user-friendly interface designed for efficient trading execution and analysis.
Question: Is 77markets regulated？
Answer: Yes, 77markets is regulated by the Seychelles Financial Services Authority (FSA), ensuring compliance with regulatory standards and guidelines.
2023-02-21 22:31
2022-12-15 16:30
2022-12-02 09:47
