70Trades Review: Avoid 70Trades.Com at Any Cost
The online forex and CFD broker 70Trades operates out of Vanuatu. Their operations there are handled by the parent company, Commodius FX Ltd. The broker first began offering financial services in 2016. The broker has a license with the Vanuatu Financial Services Commission, but that isn’t saying much.
The small island nation in the Pacific is a known haven for companies trying to avoid strict rules elsewhere. Because of the prevalence of non-compliant companies, the European Union has added Vanuatu to its ongoing blacklist of non-cooperative jurisdictions. That’s why we have made this 70Trades broker review so you can see all the tricks this investment scam uses to pass a legit looking business.
|Broker Type||Forex and CFD|
Regulation and Fund Security of 70Trades
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 offshore 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.
So, in other words, 70Trades and many other scam brokers alike, are operating offshore and are presenting themselves as regulated and licensed companies.
Trading Platform Available at 70Trades
The trading environment with the broker is incredibly poor across the board. Instead of offering the standard MetaTrader 4 that every trader knows and loves, the broker has their own platform called PROfit.
This platform doesn’t have the variety of features that traders need to succeed because it lacks both technical indicators and automated trading tools.
And don’t be surprised to see that these illicit brokers like to manipulate the trading software to make it seem that you are making profits, but in reality they are just scamming you for even more.
Account Type Offered at 70Trades
In regards to the trading accounts, we have found that 70Trades offers the following ones:
- Entry level $200
- Advanced from $1,000 to $4,000
- Pro $4,000+
As you can see, all of these fraudulent brokers like to set the deposit minimum way too high. No regulated broker will ever come and tell you need to deposit $200 to be able to start.
Deposit and Withdrawal Methods
70Trades offers quite a lot of deposit methods which include the following ones:
- Visa or Master credit or debit card
- Wire trabsfers
- PaySafe card
How Does The Scam Actually Work?
Ads that can be found online are full of fake stories promising easy earnings. Once you decide to leave your personal information in order to find out more about this, the agents will call you daily to try and convince you that what they are offering is a legit thing.
Initially, they will ask for a smaller amount just enough to cover the minimum deposit requirement but if you agree, they will begin to persuade you to invest even more. Many think they are immune to these fake stories the agents are going to tell them or they will just sense if something is off, but in reality, it’s much harder to stay firm.
These fraudsters pose as brokers to take advantage of the general public’s lack of knowledge of trading. And the agents calling are professionals who have many ways to get you on board with making an investment.
We read so many complaints that have stated withdrawal issues when people assumed they were being scammed and tried to get their money back. So, in case you are one of them, remember that getting your money back is possible but it just takes time. We would be thankful if you can share your experience with us since we can help you report your scammers to the authorities.
In our 70Trades review we tried our best to warn you against this scam broker and the fraudulent activities they are trying to pull off in order to steal people’s money. They offer their customers an opportunity to invest in forex and CFD. However, something as basic as their platform is barely functioning, indicating that you are dealing with a fraudulent broker.
On the internet many complaints can be found against the broker on withdrawal issues, so we concluded that you should just stay away from them.
Think twice before taking any risks while investing money and keep in mind that this investment scam will demand at least $200 while legit brokers will ask for as little as $5 as an initial deposit.
Doing proper research is a necessary step, especially for someone new to the world of trading. Don’t rely on their get-rich-fast stories and be careful with your hard-earned money.
FAQs About 70Trades Broker
Is 70Trades Broker Regulated?
No, they are not regulated by any big regulatory bodies you should trust so you should just avoid this broker.
How Much Is The Minimum Deposit for 70Trades?
The minimum deposit for trading with 70Trades is $200, which is just too high.
Does 70Trades Offers a Demo Account?
As per usual with scams broker, there is no option to open a demo account to see what you are getting yourself into.