70Trades: Everything that you need to know
Brokers. Something that you are going to use when you are trading online. There are trustworthy brokers and brokers that you should rather stay away from. 70Trades are one of the brokers that you can use online.
However, are they trustworthy or are they one of those that you should stay away from? With this full review, will get to know everything about these brokers. And, you will see that this might not be the best brokers to use online.
Info about broker
70Trades are situated in Vanuatu. Making them offshore brokers. They are trading as forex and CFD brokers. The different type of cryptocurrencies that they are using is unknown and this is the first sign that they might be risky to use.
They have a valid address, email address and even have a couple of telephone numbers published. Making them safer to use than other brokers. However, there are still a couple of other things that you should make sure about them before you can start using them safely.
Are they registered and regulated?
Are 70Trades registered and regulated? Here you need to be really careful, to understand it correctly. The brokers are owned by a registered company called Commodius FX Ltd. This is a registered broker in Vanuatu. And, they are regulated in Vanuatu.
However, this means that they are regulated offshore, with offshore rules and regulations. Making them still not safe to use internationally. In general, it isn’t safe to use brokers that are offshore brokers, and if they are registered offshore, it is still as dangerous. Not only are your money not secure, but they have trading rules that are completely different from the international regulations and international trading rules.
Account and required deposit info
70Trades do offer three different accounts. The accounts are known as the entry-level, advanced and pro account.
The required deposit starts at $200 for the entry level account. This is a bit high for an offshore broker and this can mean that you risk a higher amount of money. Another problem is that there isn’t any information about the required deposit of the other two accounts. Letting us wonder why they don’t give the necessary information to make the right decision about which account to choose.
The platform that they are using
This is a problem that we have with 70Trades. The platform that they are using. They don’t offer the MT4 platform. We all know that MT4 is the most popular and trustworthy platform that we can use for trading.
And, if we don’t get this platform, that we are risking using a platform that we can’t use and that aren’t as trustworthy and reliable as MT4. This is why it is important to use a broker that is offering MT4 as a platform. 70Trade doesn’t and you need to reconsider using them.
Not using a huge variety of payment methods
The more payment methods a broker has to offer, the easier it is for traders to make the deposit and to withdraw their funds again. Normally, you are getting a huge variety of payment methods that include the normal credit and debit payment options and all the e-wallet payment options.
With 70Trades, this isn’t what you are getting. They are limiting the e-wallet payments to only a few of them. Making it harder to make payments and withdraw money from your account again.
High commissions fees to be paid
This is something serious that you need to consider. There are high commission fees that you need to pay to trade with them. Meaning that you are going to pay them a lot of your profit that you are making.
Even, if this is legit for them to make high commission fees, and other fees that traders need to pay, this is something that you should consider. The more money you are paying in fees, the less money you are going to get at the end of the day.
Unusual trading regulations to consider
Because they are offshore brokers, they have unusual trading regulations to consider. Their rules and regulations aren’t the same as what you are used to. Making it riskier for you to do something wrong and to get canceled.
When you are used to certain trading regulations, it is hard to start trading with other regulations in mind. And, you won’t be sure that your money is going to be safe and secure. This is something to consider before you register with 70Trades.
What are regulators saying about these brokers
What are our regulators saying about this broker that is regulated offshore? Our regulators are warning against using these brokers. This is because of the fact that they are trading with different rules and regulations. And, they aren’t internationally registered and regulated.
The other thing that you should know is that your money is never safe when you are making use of an offshore broker. Even if you are making use of an offshore broker that is registered.
70Trades. An offshore, registered and regulated broker. But, still not a recommended broker to use. This is because they aren’t registered and regulated internationally, and they don’t really offer great benefits. There is no information about the different accounts that they are offering, and your money won’t be safe in an offshore account.