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70trades Review - Is it scam or safe?

70trades Review - is 70trades.com scam or good forex broker?

RATING: 1 / 8 REVIEWS
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 Trading Accounts

Account type  Minimum deposit  Maximum leverage
Spread
Entry Level
$200 1:200 Fixed, from 3.0 pips
Advanced
Unknown 1:200 Fixed, from 3.0 pips
Pro
Unknown 1:200 Fixed, from 3.0 pips

 

70trades  is a forex broker, offering three account types. While we couldn't find the qualification criteria, to get a better account type, we did a lot of research on the broker and will be presenting it in this review.

 

The Company. Security of Funds

 

Company Country Regulation
Commodius FX  Ltd. Vanuatu VFSC

 

70trades is owned by Commodius FX  Ltd., a Vanuatu registered broker. The local Vanuatu Financial Services Commission - VFSC regulator is better than nothing, but we would still not recommend trading with an off-shore company.

 

The island of Vanuatu is a bit of a hot-spot for dishonest forex brokers. This is mainly due to the fact, you only need $2,000 in order to open a new brokerage there. Of course, not all companies registered there are scammers, but this lack of strictness does attract scammers and ruins the island's reputation.

 

Regulation should be an important factor for you, when comparing forex brokers. A company which is registered under the Australian ASIC, for instance, has to keep clients funds in segregated accounts. This effectively means, the broker can not freely access clients' deposits and spend them in any way. Additionally, ASIC requires AUD 1 million in capital holdings from new brokerages, as a sign of good will. Compare that with the $2,000 requirement in Vanuatu and you will see our cause for concern.

 

Trading Conditions

 

Minimum Initial Deposit

The initial deposit requirement at 70trades is $200. This is a higher than what most other brokers demand. Some even go extremely low, like FXTM which only requires $5 for your first deposit. Keep in mind the minimum requirements should only be used for testing a company's service. A long-term trading system has to be backed by adequate capital.

 

Average spreads & Commissions

70trades offers fixed spreads, starting from 3 pips for EUR/USD. This is above than the current industry average. Other fixed spread brokers offer much better conditions, with easyMarkets going as low as 1.0 pip on EUR/USD. While fixed spreads offer some form of stability, you may also want to look into floating spreads.

 

Leverage

The maximum leverage, offered by 70trades is 1:200. This is in line with offers by other brokers and definitely enough for a sensible trading strategy.
 
High leverage can be a double-edged sword, as it amplifies both your winning and loosing trades. In fact, it can be so dangerous, US regulators decided to set a cap for the levels offered to retail clients at 1:50.

 

Trading Platforms

 

70trades offers the PROfit trading platform. At first it does feel a bit weird, when compared to other platforms. The chart window is relatively small, but this can easily be adjusted. Other than our dislike for the classic layout, everything else seems to be intuitive.

That being said some forex veterans will miss their favorite custom indicators and automated systems, available for MetaTrader4.

 

Methods of Payment

 

70trades offers quite a few payment methods. They include the typical Bank Transfer, Credit/Debit Card and e-wallets such as Skrill, Netteller and Weboney.

 

Conclusion

 

70trades is a forex broker registered in Vanuatu. The company is under the oversight of the local VFSC. We generally have a bit of distrust to off-shore companies. Trading conditions at 70trades are worse than current offering by other brokers. Additionally the trading platform isn't spectacular. It certainly does the job when it comes to manual trading, but we felt we missed a lot of little details, available in other platforms. Furthermore the websiteis missing some key details, creating an overall feeling of sloppiness. Here is a list of this broker’s pros and cons:

 

Pros Cons
  Off-shore regulation
  High Fixed spreads
  Not a standard trading platform

 

 

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Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for 70trades

thieves

they stole all of our money after gaing initial trust they ask you to deposit more money do not do it they will steal your money even if it reaches 1000 us dollars i have been stung do not let this happen to you

kevinmcdonnell 09/19/2017

bogus company

my dear friends,
this is most idiot forex company , i have earned 1800 $ from 400 $ capital, when i submitted withdrawal of 700 , the bastards did not gave me any
response

after 10 days they were $%^&* their mother
finally i loosed my fund , but i lost only my profit but they loosed their 550 $ bonus
that is jaise ko taisa
one call girl is v $%^&*, her name is Fleura Agarwal.
so never trust on them

i have a account in Bforex , they are giving any time withdrawal ,

john decosta 09/18/2017

Insisting to start trading with investment

I have signed up a couple of forex trading but luckily I did not invest. But 70 Trades looked like a genuine one. One lady called Gayatri talked to me in my language Tamil. Despite several calls, she insists me to make deposit of 200 dolloar. But I did not reply after seeing the review of others who lost their money

Anwar Deen 08/26/2017

70 Trades are Fradulent, Fraud and Cheater

They are cheater, fraud. they are not giving back your money. at first you will make money you can see profit. it is just on screen. after that they will tell you to open position in opposite trend you will ends up in loss. and you will loose all your money. Don't listen to them Fleura Agarwal, Syalli, Ruther they are account manger and so called administration team. Be aware!!!!!THEY ARE FRAUDELENT

Zaynah Ahmad 08/07/2017

70trades Fraud company

This is a fraud company..I have put 3000 USD and wanted to withdraw my money and they are not refunding...now they are incommunicado...I have lost all my money.

Please dont put money in this company...

Rajesh Shetty 08/02/2017

Cheaters: 70 trades is a fraud company

70 trades is a fraud company. They have no value. Pl do not be mesmerised by their talk.Their each version is a having a cheating intention.The moment you invest more you are all gone.
Be aware.
70trades is a big scam no one should ever join, they keep on calling me consistently named himself as Adam and ask me to join and told me after i join they will give me my account manager who help me to trade so i finally join and one lady called herself as Shivangi start calling me as my account manager she just call me for some few days and she stop calling me i finally lose all my money and i could not trade, any time i tried to trade the system was showing me error and asking me to make more deposit i tried to redraw my remaining balance but i could not then i realist it was just an empty figure making you to believed your money is there in your account and finally it turn to zero.

Sanjay Gantayet 07/22/2017

70trades is a big scam

70trades is a big scam no one should ever join, they keep on calling me consistently and ask me to join and told me after i join they will give me my account manager who help me to trade so i finally join and one fucken lady start calling me as my account manager she just call me for some few days and she stop calling me i finally lose all my money and i could not trade, any time i tried to trade the system was showing me error and asking me to make more deposit i tried to redraw my remaining balance but i could not then i realist it was just an empty figure making you to believed your money is there in your account and finally it turn to zero.

So 70trades is a big scam no one should ever join.

jospeh 06/26/2017

70trades Scam

I have opened account with them, totally scam., will call you numbers of time to insist you to deposit more ., once you request for withdrawal..they will disappear like they were never born in this world.. good way to make money by cheating people.. I am thinking to make one for me tooo.. . stay far away from them.. I have all the proofs against them... can give on request

Anees Ahmad 06/06/2017
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