70Trades Review (2023)

Is 70 trades legit or a scam?

According to our research, it is not safe to trade with 70Trades. 70Trades is owned by Commodius FX Ltd. which is an offshore company registered in Vanuatu and claims to be registered with a Vanuatu Financial Services Commission (VFSC) license.

Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial establish capital which is $2,000 only, to pay a fee, and within a 2-3 month, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as Circle Markets, Wigmarkets and more. 

As to the broker’s VFSC license, from our source, it costs €24,000 per year to become a member. However, there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

What is 70Trades?

70Trades is an offshore Forex broker. Its traders can choose from a large list of Stocks, Commodities, Currencies and Indices. Among attractive broker’s offerings are customer service 24 hours a day, user-friendly platforms and multilingual support: English, Arabic and Spanish. They claim to provide an easy withdrawal process, online trading courses, market news and updates, professional analysis, training sessions for each level, webinars with investors from all around the world. However, all these benefits and pros do not guarantee safety of funds and other issues during trading.

Is 70Trades a scam?

There is also a group of companies Wanakena Ltd. behind the brand’s name. It claims to be registered in Cyprus by the Cyprus Securities and Exchange Commission (check the CySEC regulated TriumphFX Review), however, it is not overseen by this or any other reliable regulator and therefore, is not allowed to provide financial services. We have heard brokers from Vanuatu deny traders withdrawing funds. We have feedbacks from traders about their negative experience with 70Trades. You can read the feedback here.

70Trades in India

70Trades has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

70Trades in the USA

The United States is one of the countries that is not accepted by 70Trades. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for IronFX, you are only permitted to trade with the U.S regulated platforms.

Deposits & Withdrawals

70Trades provides a variety of deposit methods to make funding your account as easy as possible (Bank Transfer, Credit/Debit Card and e-wallets such as Skrill, Neteller and Webmoney). The withdrawal process has also been simplified for traders convenience. 

70Trades clients can open an account with only an initial deposit of $200 and start trading immediately. Accounts at 70Trades are denominated in US Dollars, so all trading deposits are going to be converted into the base currency of the client’s trading account (US Dollars).

In case of absence of any activity for a period of at least three (3) months, 70Trades reserves the right to apply a fee of US$ 500 thereafter, charged on a quarterly basis.

Rollover Fee charged at 0.02% of the overnight exposure on CFDs (Indices, Currencies, Stocks and Commodities) and 0.50% on CFDs (Cryptocurrencies) due to high volatility.

Apps

70Trades offers a mobile platform to its traders. With the new technology that the mobile brings plus their advanced and responsive mobile platform traders can open trading positions anytime, anywhere. The platform is user-friendly, and gives access to market analysis. It is also suitable for Apple and Android.

Demo Account

70Trades does not offer a demo account. 

Conclusion

We advise to choose only reliable companies to invest with. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and BlackBull Markets.

You can also share your trading experience with 70Trades by commenting on this review.