W7BT Forex broker review — Everything you need to know

Minimum deposit

$100

Bonus

None

Maximum leverage

1:200

Year founded

2019

Regulation

None

Trading platform

MT5

W7BT or W7 Limited is an offshore Forex broker that has been operating since 2019. The broker mainly provides CFDs and has ECN accounts using the MT5 advanced platform. The broker claims to offer institutional-grade ECN trading with competitive conditions, but it simply is not true. The broker is not regulated by any financial authority, which is a serious security concern.

It is not confirmed that the company secures traders’ funds by using segregated bank accounts, which is also a major concern. The lack of negative balance protection is yet another serious drawback for the broker. W7BT is not a member of the investor compensation fund.

W7BT Overview of the website

W7BT or W7 Broker and Trading offers a very responsive and simplistic website design. Users can just scroll to see all the important details such as account types, payment options, and so on. However, the broker does not provide any details about available markets, which is a serious downside.

There is no live chat provided on the website, which makes it difficult to get help in time.

W7BT Accounts Reviewed

W7BT provides three distinct ECN account types: Standard ECN, Professional ECN, and Privilege ECN. All accounts follow a commission-based pricing model, but spreads are also charged on top of the commission, which makes W7BT one of the most expensive ECN account providers.

W7BT Standard ECN Account

The standard ECN account is for general trading purposes and has the following specs:

Minimum deposit – 100 USD
Spreads from – 1 pip
Commissions – 6.5 USD per lot
Maximum leverage – 1:200
Minimum lot size – 0.01 lots

W7BT Professional ECN Account

The professional account offers even lower spreads and also charges commissions. Here are its specs:

Minimum deposit – 10,000 USD
Spreads from – 0.6 pips
Commissions – 5 USD per lot
Maximum leverage – 1:200
Minimum lot size – 0.01 lots

As we can see, the spreads are from 0.6 pips, and commissions are also charged, making this account very expensive and not competitive.

W7BT Privilege ECN Account

This account is like a VIP account that offers premium conditions. However, the broker still has both spreads and commissions, although even smaller. Here is what it has to offer:

Minimum deposit – 100,000 USD
Spreads from – 0.3 pips
Commissions – 4 USD per lot
Maximum leverage – 1:200
Minimum lot size – 0.01 lots

With a minimum deposit of 100,000 USD, this account is for professional traders but is still costly.

Deposit and withdrawal options at W7BT

W7 Broker and Trading supports deposits via traditional bank cards, wire transfers, and a range of digital currencies. Deposits are charged no fees and are processed instantly, while withdrawal information is not clear, with no clear processing times or fees disclosed. This lack of transparency indicates that withdrawals most likely take several business days and could potentially involve fees, which makes the broker even less attractive.

W7BT Assets — What can you trade?

The broker allows trading on a limited selection of trading assets, such as Forex pairs (majors and minors included), commodities (metals and energies), and popular indices. Unfortunately, W7BT does not allow crypto trading or individual stocks, which is a serious downside as these asset classes are very popular among financial traders. Almost all instruments are traded as CFDs and provide leverage and the ability to quickly open buy or sell trade. For traders and investors who seek to diversify their trading, the broker is not attractive because of its limited offerings.

Trading platforms of W7BT

Traders at W7BT can access markets through MetaTrader 5, a powerful and robust platform known for advanced charting, custom indicators, and support for Expert Advisors (EAs). MT5 is available on desktop, mobile, and as a web trader, ensuring traders can stay connected to markets and execute trades on the go. The broker allows traders to employ EAs and all types of trading strategies.

Education at W7BT

Educational materials at W7BT are virtually zero. The broker does not provide webinars, articles, courses, or video guides. The absence of educational resources indicates that the broker is more focused on experienced traders and is therefore not suitable for beginners. There are several tools available such as an economic calendar and market news, which can be useful for traders.

W7BT Customer Support

Customer support service at W7BT is limited to an email and an online form, which is also an email. There is no live chat or telephone support available. This limited communications availability is a serious problem, as traders might want to resolve issues during critical trading hours. The lack of instant support options, such as live chat, reduces trust and reliability of the broker and is a serious disadvantage compared to brokers that offer 24/7 multilingual assistance through multiple channels. Both the support and website of W7BT are only provided in the English language, which is a drawback.

W7BT bonuses and promotions

W7BT does not currently offer any promos such as deposit bonuses or loyalty programs. While some traders might prefer no-bonus policy, others might view this as a missed opportunity. There are no welcome bonuses either.

Is W7BT your broker? Final verdict

W7BT offers a functional website and mediocre trading experience through the MT5 platform. It provides access to popular instruments with the ECN execution model. The broker has high spreads coupled with commissions, is not regulated, and offers limited support which makes it a very risky broker to trade with. The broker is better suited to high risk-tolerant traders who are familiar with offshore brokers and need high leverage. For most retail FX traders, W7BT does not provide competitive conditions and its minimum deposit requirements are also high.