Who are they 7Online ?
You can see their website and it is clear that they are not subject to any regulatory agency. This is a major red flag! This should be enough to convince you not to invest with them. They also work with websites 7Online offering “Automated trading Software”, which is another red flag. These websites are well-known for their scamming schemes.
7Online is an unregulated forex broker. Customers are not protected. It is very likely that they will steal your money. There will be no regulatory agency to hold them accountable.
What is the Secret to it?
The following is how forex brokers, which are usually not licensed, work. They will attempt to convince people to make the minimum deposit and then try every possible method to make it happen. You may be offered deals that seem too good to true. For example, we will double your deposit and you will earn $100 per day. Don’t believe anything they tell you! It’s a scam! People are transferred to a more sophisticated scammer called a “retention agency” who will try and get more money from them after they make the initial deposit.
7Online Withdrawing Funds
Because your funds are not safe with unregulated brokers, you should immediately submit a withdrawal request. Here is where things get complicated.
They will delay your withdrawal process for several months if you want to withdraw money. You won’t have the ability to file a chargeback if they delay it for more than six months. Your money will be gone forever. You will not get your money back, no matter how many times you remind them or insist on withdrawing it. You will also lose your funds if they sign the Managed Account Agreement (MAA), which basically authorizes them to do whatever they want with your account.
How can you get your Money Back 7Online?
If they refuse to return your money after you have already made a deposit, which is quite likely, don’t be discouraged. There might be other ways to get your money back.
First, keep your emails. This is proof that you requested the money back. 7Online doesn’t give it back to you or delays the process long enough to not refund you.
You should first perform a chargeback. This should be done immediately! Your bank or credit card provider should be contacted to explain how you were tricked into depositing money for a trading firm that is not 7Online regulated. They will refuse to refund your money. This is the easiest way to get your money back, but it is also the most damaging. 7Online will end their relationship with payment service providers if they have multiple chargebacks. We can help you prepare your chargeback case if you don’t know how or where to begin.