70Trades is a broker operating from Vanuatu with bleak regulatory status. They have been around for a pretty considerable amount of time. However, that does not necessarily mean that they are completely safe.
Details about the associated firms are available, but they aren’t that active in the social media platforms which is a bit odd. Information regarding owners or liquidity providers are not disclosed.
User feedback about them is positive and they have managed to keep a large chunk of their users happy. Moreover, the kind of attention given by them towards educating their clients is a good sign and it reveals their morals precisely.
As you can tell by now, there are both merits and demerits present. At the end of the day, you should decide whether it is worth it to indulge with them and the following content will definitely help you make an informed decision.
Note that if you have any issues with this entity involving money, then do talk to our experts and they will guide you through the recovery process for free(if needed).
Regulation and Safety
This brokerage is said to be founded in 2016 by Commodius FX Ltd(license number – 14654). As they are under the radar of the Vanuatu Financial Services Commission, safety of funds isn’t completely guaranteed.
The loopholes present in their regulatory status are too obvious and it certainly wouldn’t be a wise choice to give them the benefit of the doubt. At the time of publishing this post, there aren’t any serious complaints against them.
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However, lack of insurance schemes and segregated bank accounts are unjustifiable. While they do offer certain competitive prices, it isn’t worth it as the clients will be exposed to some degree of risk at all times.
Support Team
Many users have mentioned positive things about the support staff of this firm. Though we have not tested them out personally, the general consensus does look good and it does instill confidence.
The way support staff interact with the public speaks volumes of their moral barometer. Apart from the fact that the response time isn’t stated, we do not have much to complain about.
If you are looking for their contact information, the following section will benefit you.
Email – customer.service@70trades.com
Telephone – +6351592317
Address – Wanakena Ltd, 73 Arch, Makarios 3rd Avenue, Office 301, 1070 Nicosia, Cyprus.
70Trades Trading Tools and Platform
Web based trading platform is offered by this broker. Though most of the things they provide are adequate, chances are professionals might be not satisfied as the web based interface does not support custom indicators.
On the positive side, there are a lot of interesting trading tools available. Autochartist, Portfolio Builder and Economic Calendar are made available under a single roof. For things like setting trade alerts and detecting emerging patterns, the available range of tools are flawless.
Economic calendar helps traders to be prepared and it gives us a pretty good view of volatility. There is a wide range of trading instruments present and leverage offered by them is also more than enough. In short, apart from the lack of support for MT4 platform, there isn’t anything about them that shuns people away.
Leverage and Costs
This broker offers 3 account types, but regardless of which one you choose, the leverage is capped at 1:200. The kind of leverage they have offered is certainly too high and one needs to be careful while using it.
If you do not have much experience with the markets, then it is better to avoid using any trading strategy that involves amplification of capital. Spreads are on the higher side and information about other trading costs are not revealed.
If you are a scalper, then the high spreads will definitely be an issue for you. To be on the safer side, talk with the customer support before depositing money.
70Trades User Reviews
70Trades has got many mentions on social media platforms and other forums. They have received positive ratings and the number of users that are happy with them are plenty.
We did find fair share of criticism against them. However, as most allegations are not completely verifiable, it does not make any sense to dwell on them. Moreover, even many reputable review blogs and websites have praised them.
All in all, they have impressed their user base and at the time of making this post, they do appear to be one of the most reliable offshore brokers ever.
Payments
Minimum capital required to get started with them is around $200. Note that minimum deposit amount varies depending upon the account type you select. Payment methods supported by them are e-wallets such as Skrill, Neteller, bank transfer and credit/debit cards.
Processing time depends upon the payment method selected. Note that KYC is a must and there might be other charges present. Lastly, know that we could not find much information about the inactivity fees so, we suggest you ask about it before getting started with them.
Is 70Trades a Scam?
70Trades does not look like a scam from any angle. They have earned a solid reputation and people appear to be pleased with the services offered by them.
Number of trading tools they have made available along with the educational materials tells us a lot about their principles. Nonetheless, the only reason as to why we encourage people to stay away from firms like this one is their regulatory status.
Clearly, they are not comparable to the top brokers due to the way they have structured themselves. Use e-wallets with them if you want to try them out.
For any reason, if you are unable to withdraw funds, then get in touch with us. Our team will assess your case for free and provide you actionable plans.
Bottom Line
Trading is an enormous skill game and it takes years to find a strategy that suits your needs and lifestyle. Once you have found a reliable approach, do choose a reliable broker or else the entire venture might turn out to be unprofitable.
Also, pay attention to trading costs and as a rule of thumb, talk to a professional financial planner before you pull the trigger.
Do let us know your opinion about 70Trades by commenting below and help others make better decisions.
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