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770capital Review - is it scam or safe?

770capital review - Is 770capital.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz 770capital
770capital is an offshore broker. Your money is not safe.

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770capital is a unregulated, offshore broker that is primarily targeting customers in Russia, as its website is supported in Russian, but also in some European countries like Latvia, Lithuania and the UK. And although the broker is registered in a couple of offshore territories, they are not authorized to provide financial services on regulated markets like the Russian Federation or the EU.

 

770capital Advantages:

 

Good selection of currency pairs and some crypto CFDs

 

770capital offers over 40 currency pairs with plenty of exotic ones like USD/HKD, USD/SGD, USD/DKK, USD/TRY, USD/PLN, USD/NOK, USD/SEK,   USD/ILS, USD/HUF, USD/RON, USD/MXN, USD/ZAR, USD/RUB and USD/CZK.

 

And they also offer CFDs on commodities, precious metals, indices, stocks and even some crypto coins like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero, Ripple and Zcahs. But if you like the idea of trading crypto assets here you may also check our list of brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:400

 

The option to trade with higher leverage is considered an advantage and yet traders should use it with caution as it is associated with higher risk. Actually, after the regulatory authorities in the European Union reduced the maximum leverage allowed with forex transactions to 1:30 last August, following similar measures by regulators in Japan, the US and Canada, traders can still enjoy higher leverage only with brokers regulated in Australia. So here you may check our list of Australian brokers, licensed by the Australian Securities and Investments Commission (ASIC):

 

>>Brokers regulated in Australia<<

 

MetaTrader4 available

 

770capital offers its clients a well know trading solution – the MetaTrader4, which has been the most popular platform on the market for more then a decade. MT4 has excellent charting package, user friendly interface and plenty of customizable market indicators and trading bots with which one can easily run automated trading sessions. Besides here you may check our list of brokers, supporting the MetaTrade4 as well:

 

>>MT4 Brokers<<

 

PayPal and Western Union supported

 

770capital accepts payments with major credit cards like VISA and MasterCard, bank transfer and money transfer services like PayPal, WebMoney and Western Union. The broker, however does not accept payments with NetellerSkrill and that is notable, because Skrill recently adopted a new anti scam policy according which, all brokers using its services on the European market should present a valid license. As we noted  770capital does not have a license to provide financial services.

 

770capital Disadvantages:

 

Shady background, no license

 

770capital is owned by Maxi Services Ltd., which has two registrations - one on  St. Vincent and Grenadines and one in Anguilla. In any case, both destinations are offshore territories and both do not regulate internationally operating forex and CFD brokers. Besides all payments are processed by another company - Maxi Platinum Ltd., which is based in Bulgaria, but also does not have a license to offer financial services.

 

On top of that on 770capital website we found two more companies, which are somehow associated with the broker - Apachewell Ltd., based in Ireland and Quant ROI Ltd., based in Cyprus. They also do not have licenses from the Central Bank of Ireland (CBI)  and the Cyprus Securities and Exchange Commission (CySEC) respectively, as it is required, so basically we are talking about a unregulated broker with rather shady back ground and pretty low credibility.

 

And because 770capital are primarily trying to attract customers in Russia, we should note that non of the above mentioned companies is licensed in the Russian Federation by the Central Bank of Russia (CRB) and the Association of Forex Dealers (AFD) as it is established by the Russian law. 

 

Bear in mind that trading with unregulated brokers is extremely risky, because most such companies  in one way or another are invariably involved in scam.  

 

And besides, choosing a broker regulated for example by the Financial Conduct Authority in the UK or by CySEC in Cyprus will guarantee your funds even in the unlikely case the broker files for bankruptcy. 

 

Your insurance with a CySEC broker will cover 20 000 euro in your balance, while with a FCA broker the covered amount will be 50 000 GBP. Besides, here you may also check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses with additional withdraw conditions

 

Bear in mind that if you accept any kind of trading bonus you will have to fulfill additional withdraw conditions, which too often prove challenging. Actually, the practice is banned in Europe altogether, as well on some other regulated markets.

 

No demo account

 

770capital says to be offering spreads starting at 1 pips, which sounds find. Unfortunately we were not able to open a demo account to verify this. And besides, here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Excessive minimum deposit requirement

 

770capital asks for a minimum deposit of at least 500 USD and that is twice the deposit, most brokers require for a trading account. Also take a note that some big, well established companies like FBS and IG do not have a minimum deposit requirement at all.

 

Conclusion:

 

We had hard time establishing which company exactly owns 770capital and that even further increased our suspicions about the broker.  And as we noted, 770capital does not have a license and that makes all its operations on regulated markets totally illegal. 

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Traders` reviews for 770capital

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