7 street Information
7 street is a brokerage company known as 7 Street Corporation Ltd, registered in Mauritius. The broker claims that it can provide traders with more than 200 tradable assets, including currencies, indices and commodities, and also supports trading using the advanced MT5 platform. But the issue to consider before the deal is that 7 street is not regulated, and there are doubts about its safety.
Pros and Cons
Is 7 street Legit？
7 street, the full name of 7 Street Corporation Ltd, is a registered broker based in Mauritius. Whether it is subject to formal supervision and safety. But apparently, 7 street is unregulated and security is lacking.
What Can I Trade on 7 street？
With 7 street, you can trade more than 30 currency pairs, such as EUR/USD, GBP/USD, etc. It also offers metal trading, giving you the opportunity to make a profit. With supply and demand trends in global commodity markets, you can trade energy at 7 street to diversify your portfolio and reap hedging benefits.
In addition, it is possible to trade CFDS on 26 major stock indices around the world, such as NASDAQ 100,DAX 30, FTSE 100, US 30, S&P 500 and many more. There are also CFDS for more than 1,000 stocks from leading multinational companies listed on major stock exchanges around the world.
Account Types
There are 4 kinds of accounts provided by 7 street: Excellent account, Infnite account, Platinum account and Signature account. Among the four accounts, the minimum deposit requirement is ￥1,000, up to ￥1,00,000. It can be seen that the threshold for trading is relatively high for novices, which is more suitable for relatively experienced, skilled and well-funded traders.
7 street offers zero commission trading across all four account types, which is a huge advantage when it comes to cost control. The range of spreads from 0.5 to 2 is not the lowest in the market. The uniform leverage ratio is 1:100, which provides a relatively stable trading environment for traders with different risk preferences.
In addition, all account types are open to trading in forex, commodities, indices and equity products, which is intended to give investors the flexibility to build a diversified portfolio.
7 street Fees
FOBO Spreads
Trading instruments offered by 7 street all offer a 0.0 spread. And the spread of the account decreases as the account level increases, providing more competitive transaction costs.
Trading Platforms
Deposit and Withdrawal
7 street did not show details of the deposit. It is known that the minimum deposit amount is different for each account level, and the minimum deposit amount increases as the account level increases. The minimum deposit required is $1,000.
Customer Service
7 street supports 5/24 customer service, and the broker can also be contacted by phone, email and social media. 7 street also has offices in Mauritius and Dubai to serve you.
The Bottom Line
You can enjoy the 0 commission advantage on 7th Street, but the more important point is that the spread will also incur fees. Moreover, it is not regulated, which may create some problems and risks, and novice traders should consider regulated and regularized brokers. The minimum deposit threshold is high and may be suitable for experienced traders.
FAQs
Is 7 street good for beginners？
No. 7 street has a high minimum deposit threshold and is not regulated, which is not suitable for beginners.
Is 7 street good for day trading？
No, it's not suitable. 7 Street's zero commission and MT5 platform are attractive to day traders, but the unregulated status and high spreads can present risk and cost issues.
Is it safe to trade with 7 street？
No. Whether it is regulated by an authoritative regulatory body is an important sign to ensure its legitimacy and safety. But 7 street is not regulated, so security is potentially problematic.
