Is 70Trades Scam or Legit Broker?

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 register online, prove initial establish capital which is $2,000 only, pay a fee, and within 2-3 months, 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 businesses. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

About 70 Trades
🗺️ Registered inVanuatu
🗺️ Type of LicenseOffshore License
🛡️ Is 70 Trades safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerGO Markets - licensed by ASIC in Australia

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 also the 24 hours a day customer service, 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, and webinars with investors from all around the world. However, all these benefits and pros do not guarantee the safety of funds and other issues during trading.

  • 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 feedback from traders about their negative experience with 70Trades. You can read the feedback here.

Overall 70Trades Ranking 

Based on our 70Trades research, we do not rank positively 70Trades.  With an  Expert Opinion with over 10 Years of experience in Forex Trading we have come up with the following ranking:

  • 70Trades Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
Ranking70TradesGo MarketsInteractive Brokers
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading ConditionsTrading Instruments

70Trades Alternative Brokers

Based on the research we conducted, we revealed many issues concerning the safety and reliability of 70Trades, thus here we offer much better Alternatives to 70Trades with tight regulations and favorable conditions. We select Good Brokers and reliable options for your comparison below: 

  • XM– Good for Beginner Traders
  • FP Markets – Good for CopyTrading
  • XTB – Good for CFDs trading

70Trades in India

70Trades has no mention of complying with any Indian regulators on its website.  Any regulatory body in India does not regulate the broker, so 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 U.S law, brokers regulated by CFTC are the only brokers allowed for 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 $200 and start trading immediately. Accounts at 70Trades are denominated in US Dollars, so all trading deposits are going to be converted into the base currency of the client’s trading account (US Dollars).
  • In case of the absence of any activity for a period of at least three (3) months, 70Trades reserves the right to apply a fee of US$ 500 thereafter, charged on a quarterly basis.

Rollover Fee is 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. 

70Trades Conclusion

Based on the issues we revealed on 70Trades mainly concerning its lack of regulations and safety, we strongly advise choosing 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.

  • Overall ranking and experience for 70Trades is Negative

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