- Are you making the right choice
- Missing mobile application
- Limited Number of Assets
- Live chat support not available
- Fewer trading options
- Early closure facility not offered
- Does not provide a demo account
Have you ever been lured by trading brokers that promise an unreasonably low deposit? One such example is 777Trader. Yes, you need to think over and over again before opting for this trading broker, and we will just give you the reason.
This broker was founded way back in 2012, and it is not regulated. When a trading broker is regulated, then it means that is being monitored by a financial authority, and your investment is not at stake.
When you come across 777Trader, then the missing regulation is the main red flag alert.
Most traders prefer to trade on the go, but they are deprived of this opportunity because 777Trader does not offer a mobile application. Now, this is a big setback because most of the trading platforms do offer this feature.
777Trader just offers about 80 different assets. These assets are also quite less in comparison to the assets offered by other trading platforms. When the assets are limited, then the trader feels quite restricted.
Another issue with 777Trader is that they do not offer live chat support. There are times when the trader has an urgent query and need the response to his concerns right away. Well, that is not the case with 777Trader. Secondly, this also puts a question on the credibility of the platform.
The credible platforms are willing to assist the trader at the spur of the moment.
The trader can only choose between two basic trade options. As a trader, you can opt for Turbo or High/Low option. What traders want is variety. Some traders are experienced, and they prefer the complex trading types, but 777Trader does not offer this facility.
Most trading platforms offer the early closure facility so that the trader can close the trades that do not appear to be profitable. However, 777Trader does not offer this facility as well. This is why this platform is quite risky for the new traders who have just stepped into the market with little or no experience.
If you think you will get hold of a practice account with 777Trader, then you are wrong here. The truth is that the demo account is a big plus because you get a fair chance to test your trading strategies.
Now, you cannot judge the authenticity of 777Trader because of the absence of a demo account. When the demo account is available, then you can also check out the features and figure out if the platform is worth the investment.
You should not opt for 777Trader just because it allows a minimal deposit of about $200. The cons are far more than the pros. Secondly, if you conduct detailed research, then you will realize that the reviews on this platform are not quite positive so you should not take any risk at all. Go for a reputed trading platform.