Table of Content
70Trades Review – Issues Behind 70trades.Com
Table of Content
70Trades broker is a quite mysterious one. Even though they provide ownership information, some facts are raising suspicion. Multiple entities owned this trading company.
Firstly, Commodious FX Ltd ( Vanuatu). Secondly, Securap Securities Limited (Seychelles). Thirdly, the broker claims that a group of companies involves as well Wanakena Ltd (Cyprus).
What makes this broker incompetent is reading this detailed 70Trades review.
|Leverage||Up to 1:200|
|Headquarters||Seychelles, Vanuatu, Cyprus|
|Review Rating||1.6 on Trustpilot|
|Broker Type||Offshore broker|
|Spread||From 3 pips|
How Are You Protected at 70Trades?
70Trades had a license issued by FSA (Seychelles) that expired on the 10th of February 2023. However, their license issued by VFSC (Vanuatu) is still active. But what makes a trading company reliable is not just any license. What that license requires from the trading company is important.
For instance, to get registered in Vanuatu you need only $2.000. But you don’t need to meet some strict requirements to get that. That’s why we always recommend traders look for FCA, ASIC, or BaFin-regulated companies.
For example, ASIC requires a broker to have separate bank accounts for clients’ deposits. Therefore, they can’t do anything shady with it and freely move it around. On the other hand, FCA provides clients with compensation of up to 85.000 GBP in case of a company goes bankrupt. Not to mention guaranteed stop loss and negative balance protection required by those regulators.
To sum it up, yes they are regulated, but your funds would be much safer with a company that has Tier 1 regulation.
Available Trading Software at 70Trades
Many regulated brokers tend to provide a trusted trading platform. This is not the case with the 70Trades broker. Unfortunately, they only allow traders to use their proprietary trading platform. It’s called XCite and it’s a web-based platform. On the positive side, they have an app available for Android and iOS devices.
What raises our concerns are 70Trades broker reviews. Where clients complained about the unusual events that occurred on this platform. It is not rare that offshore brokers manipulate such platforms in their favor. Especially non-regulated ones.
Besides basic trading tools and charting options, this web trader doesn’t offer anything competitive. There is no social or copy trading available. Not to mention algorithmic trading and advanced trading tools. That’s why it’s better to look for a Tier 1 regulated broker with a trusted platform like Meta Trader.
Account Types Offered by 70Trades
In general, the idea of account types is to motivate traders to invest more money. Generally speaking, it is always a preferable option with trusted brokers. However, when a broker doesn’t have a reputation it’s not clear what the intentions of those account types are. For instance, 70Trades broker offers 3 account types. In this case, they only differ in the educational program provided for each customer.
Those 3 account types are:
- Entry level
All accounts provide leverage up to 1:200. This can wipe your account off in a blink of an eye. One wrong market movement and you can lose all of your funds. Especially because you don’t have guaranteed stop-loss and negative balance protection. Not to mention spreads that start from 3 pips. Obviously, the broker designed everything to make profits for themselves. Above all, the broker doesn’t provide a demo account.
As can be seen from 70Trades broker reviews, only the broker made money in the end.
What Market Instrument Can Be Traded at 70Trades?
From the broker Live Data Center we can see quite a poor instrument offer. But we hope that platform provides much more instruments than presented. There are 4 groups of instruments available:
- Forex – EUR/USD, USD/CHF, USD/CAD
- Commodities – Alluminimu, Coffee, Corn
- Indices – CAC40, DAX30, DJI
- Shares – Amazon, Apple, eBay
With uncompetitive trading conditions, we are wondering why would anyone invest here. After reading some 70Trades reviews we realized that the range of instruments is not even important here. Traders mostly complained about withdrawal issues. So, even if you had 1000+ assets, it doesn’t matter if you can’t get the money out.
Deposit and Withdrawal Process
For account activations, clients can start with $200. Funding methods available are:
- Debit/Credit cards – Visa, Master Card
- Bank Transfers
- e-payments – Skrill, Neteller, Webmoney
At first glance, everything looks nice and shiny. However, when traders request a withdrawal that’s where the problem starts. Some 70Trades reviews can show you the reality of some offshore brokers. Some brokers even reported unexpected money losses. Mostly after numerous attempts from agents to make their deposit more.
This is where segregated bank account plays a key role in the trading business. However, if you decide not to respond to their calls anymore, they will charge you an inactivity fee after 3 months. The problem is the insanely high fee of $500 and it’s charged every quarter.
How Do I Get My Money Back If I Have a Problem with 70Trades?
It all depends on what happened to you and how you deposited the funds. Firstly, share your experience with us. Secondly, you can try your luck with their regulator. Some traders tried recovering funds that way. Last but most importantly, we have a fund recovery specialized team. Don’t let those troubles make you a headache.
If you have used a debit/credit card your solution is a chargeback. Our team can guide you through a step-by-step procedure to get your funds back. To start your chargeback process today get back to us now!
- Not a completely transparent offshore broker.
- Loose offshore license.
- Non-competitive trading conditions.
- Untrusted trading platform.
FAQs About 70Trades Broker
Is My Money Safe with 70Trades?
Even though they have an offshore license that is not considered high-level security. Besides, traders don’t have negative balance protection and guaranteed stop-loss.
How Long Does it Take to Withdraw From 70Trades?
Withdrawal requests should be approved within 120 working hours according to their policy. However, some traders experienced even longer waiting times and other withdrawal issues.
What Are The Funding Methods For 70Trades?
Broker accepts debit/credit cards, bank transfers, Skrill, Neteller and Webmoney transfers.