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70Trades Broker Review

Vanuatu is the base of operations for the online forex and CFD broker 70Trades. The main firm, Commodius FX Ltd., oversees their operations there. Financial services were first provided by the broker in 2016. Even though the broker holds a license from the Vanuatu Financial Services Commission, not much can be inferred from that.

The little island nation in the Pacific is well renowned as a safe haven for businesses looking to escape other countries’ stringent regulations. Vanuatu has been added to the European Union’s continuous list of non-cooperative nations due to the frequency of non-compliant businesses.

Regulated by: No regulation
Headquarters Country: Seychelles
Foundation year: 2016
Supported Platforms: web trader
Minimum Deposit: $300
Types of Assets: FX, indices, shares, commodities, bonds
Maximum Leverage: 1:200
Demo Account: No

70Trades Complaints

Similar to another offshore broker, Eurotrader, the broker has a poor reputation among its previous clients. The inability to process withdrawals and the general lack of security while dealing with an offshore broker are often the two most common 70Trades concerns. 

Without a capable financial regulator controlling the broker’s behavior, traders are left with few options for effectively recovering their money without assistance.

70Trades Trading

Traders don’t have many reasons to select this broker, even in the absence of the 70Trades scam allegation from their former consumers. 

The spreads offered by the broker are absurdly high, making it impossible to engage in competitive trading. The typical trading rate for the EUR/USD pair is 3 pip. A broker that gives a spread as close to 1 pip as possible would be ideal for traders. At more than three times that, 70Trades is completely outclassed.

Trading Platform and Accounts

Overall, the trading environment with the broker is dreadfully subpar. The broker has its own platform called PROfit in place of the well-known and adored MetaTrader 4 that is typically available. This platform lacks both technical indicators and automated trading tools, which are two characteristics that traders need to succeed.

The broker’s minimum deposit requirement for opening an Entry Level account is $200, which is slightly less than the industry standard. 

Additionally, the broker offers Advanced and Pro accounts. For all accounts, they offer leverage of 1:200, which is frequently greater than the ESMA safe limit of 1:30.

Is 70trades a scam?

Vanuatu’s reputation as an offshore haven on a global scale ought should be sufficient to dissuade traders from picking a broker there. Some traders keep trying because they think they can gain anything by breaking the rules. Only the fraudulent broker will profit from this.

The broker operates illegally because there are no regulations in place. On the basis of that, we can conclude that it is engaging in fraud by offering unauthorized financial services.

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