70 Trades Review
Reason to avoid: Offshore license
Listed Date: February 28, 2019
Top 3 Regulated Forex Brokers
Beware 70Trades is a Non-Regulated broker. It is NOT SAFE to trade.
Is 70Trades a scam or legit broker?
No, 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. We have a detailed article explaining the risk of trading with brokers from Vanuatu.
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 (CySEC), 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.
We advise all investors and traders to avoid 70Trades and other brokers from Vanuatu. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and XM.com.