To be clear, this is a 70Trades Review.
This is an online forex broker that offers three account types to its customers and it’s owned by a company in Vanuatu. This is already a big red flag if you want to work with them. It may be regulated there but it’s still an off-shore broker that we do not recommend trying. It’s dangerous for your money and personal details mainly because the island of Vanuatu is a bit of a paradise for SCAM brokers and 70Trades is certainly one of them.
In this review, we will reveal why we think that 70Trades is a SCAM broker that’s dishonest and only looks to trick people into stealing their money. We DO NOT RECOMMEND choosing them, especially when you have so many other good alternatives for successful trading endeavors.
About the 70Trades offer
The first thing you encounter when you want to register on 70Trades is that relatively big minimum deposit which is $200. So, this means that they force you to invest a lot of money right from the get-go which is sketchy. Besides that, the minimum deposits for the other accounts, which should be more professional, are not available anywhere. This clearly means that something weird is up with 70Trades.
Their fixed spreads start from 3 pip for EUR/USD which is, again, higher than the average in the industry at the moment. It seems that 70Trades has a thing for being more expensive than the competition which is definitely questionable. It’s also worth noting that their name comes from the concept according to which a trader needs about seventy trades before they can consider themselves experienced. One thing is sure: we don’t recommend doing them with this broker!
70Trades has a weird trading platform
This online broker uses the Profit trading platform which is quite unknown and definitely shady. It simply has a weird feeling to it, like it doesn’t offer clients everything it should in order to trick them. Also, it is hugely inferior to the MetaTrader 4 and has some minuscule charts that won’t help beginner traders at all. But then again, maybe that’s the point.
Their fee structure is also incredibly bizarre in the sense that the company doesn’t offer details about it. For example, they have an inactivity fee which is $100 that they charge after three months. Not only this is huge compared to other brokers, but there is no information on how this fee actually works. In fact, there is NO information on withdrawals on the 70Trades website. This is a huge red flag that should make you turn away immediately!
70Trades is unregulated
Besides the fact that 70Trades has that highly shady Vanuatu regulation that should never be trusted, we can safely consider them an unregulated broker. These companies use a simple tactic to obtain people’s money and personal information. Traders are first convinced to make an immediate deposit through repetitive phone calls or e-mails. Furthermore, many promotions and offers that seem to be exceptional will be made available in order to entice people to become their prey.
If you make your first deposit, you will be trapped in an endless cycle that will continue to extort money from you by promising more and more discounts and insane benefits. Most probably, 70Trades is one of those brokers and this is why you should think twice before registering on their platform.
Tell others why you don’t recommend them
Telling others about your negative encounter with 70Trades will be very beneficial. You can accomplish this by leaving real feedback about your issues with this broker on different review websites and informing your fellow traders about what occurred to you. Tell people the reasons why you don’t recommend them so that many can keep away from their money-stealing schemes.
There is also a standard tactic used by these brokers after they have been exposed as SCAMS. They usually change their websites and approach former customers in order to encourage them to sign up once more. If this happens to you, do not be afraid to expose them and make the world aware of who they are! And never return to a broker that has previously stolen money from you or has done any kind of weird things.
In the end, your safety is all that matters, and that’s beyond being a successful trader. With 70Trades, you can never be sure of who they are and what to expect. You should never trust a broker that doesn’t mention how you can withdraw your money from their platform! Moreover, the trading conditions offered by this broker are worse than those of many other similar services. So, there is no reason to register on their platform! Their website is sloppy, sketchy, it is missing a lot of crucial info, and doesn’t seem legit. It is clearly a SCAM that should have no customers at all!