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70Trades Company
70Trades Company Overview
Founding Date and Background
70Trades is a forex and CFD broker that was founded in 2010. The company aims to provide a user-friendly trading experience for both novice and experienced traders. It specializes in offering a range of trading instruments across various asset classes, including currencies, stocks, and commodities.
Parent Company/Ownership Structure
70Trades operates under the ownership of Wanakena Ltd, a company registered in Cyprus. This structure allows 70Trades to provide a broad range of financial services while adhering to the regulatory requirements of its operating jurisdictions.
Headquarters Location
The headquarters of 70Trades is located in Victoria, Mahé, Seychelles. The choice of Seychelles as a base of operations is common among forex brokers due to its favorable regulatory environment.
Global Business Scope
70Trades has established itself as a global broker, providing trading services to clients in various countries. However, it is important to note that the broker is not available in certain regions, such as Singapore. This broad reach allows 70Trades to cater to a diverse clientele with varying trading needs.
Main Regulatory Bodies
70Trades is regulated by the Financial Services Authority (FSA) of Seychelles. This regulatory oversight is essential for maintaining operational standards and ensuring the protection of client funds.
Company History and Development
Key Milestones
Since its inception in 2010, 70Trades has achieved several key milestones, including the launch of its proprietary trading platform, Xcite, in February 2023. This platform was developed to enhance user experience and provide advanced trading tools for clients.
Business Expansion Journey
Over the years, 70Trades has expanded its service offerings to include a wider range of financial instruments and trading options. The broker has continuously adapted to market demands, introducing new features and tools to improve trading efficiency.
Customer Base Growth
70Trades has seen a steady increase in its customer base, with traders from various backgrounds and experience levels choosing the platform for their trading activities. The brokers focus on providing educational resources has contributed to attracting novice traders.
Platform Development History
The development of the Xcite trading platform marked a significant advancement for 70Trades. The platform supports both web and mobile trading, providing users with flexibility and accessibility. It features various analytical tools, real-time market data, and a user-friendly interface.
Important Awards or Recognitions Received
Throughout its operational history, 70Trades has received multiple awards, recognizing its services in the forex trading sector. These accolades have helped establish the broker's reputation within the industry.
Trading Services Offered
Forex Trading Options
70Trades offers trading in over 42 currency pairs, including major pairs such as EUR/USD, USD/JPY, and GBP/USD. This variety allows traders to engage in both major and minor currency markets.
Stock Trading Options
The broker provides access to stocks of major global companies, including well-known names like Apple, Amazon, and Tesla. This stock trading option allows clients to diversify their portfolios beyond forex.
CFD Trading Products
In addition to forex and stocks, 70Trades offers a range of CFDs (Contracts for Difference) on various asset classes. This includes commodities, indices, and cryptocurrencies, enabling traders to speculate on price movements without owning the underlying assets.
Other Financial Instruments
70Trades also allows trading in cryptocurrencies, metals (such as gold and silver), and commodities like oil and cocoa. This diverse range of instruments provides traders with multiple avenues for investment.
Special Services or Unique Advantages
One of the unique features of 70Trades is its "First Protected Positions" (FPP) program, which allows new clients to receive refunds on losses incurred from their first few trades. This initiative is designed to reduce the risk for beginners and encourage them to start trading.
Regulatory and Legal Background
Detailed Regulatory Information
70Trades is regulated by the Financial Services Authority (FSA) of Seychelles. The broker operates under the license number SD 012. While the regulation is valid, it is important to note that Seychelles is often viewed as an offshore jurisdiction, which may raise concerns among some traders regarding the robustness of regulatory oversight.
Legal Entity Structure by Region
The legal entity structure of 70Trades is primarily based in Seychelles, with operations managed by Wanakena Ltd. This structure is typical for many brokers that operate in multiple regions while maintaining compliance with local regulations.
Client Fund Protection Measures
70Trades implements client fund protection measures, including negative balance protection, which ensures that clients cannot lose more than their deposited funds. Additionally, client funds are held in segregated accounts with reputable global banks.
Countries/Regions Served
70Trades serves a global clientele, but it is important to check the availability of services in specific countries, as the broker is not accessible in regions such as the European Economic Area (EEA) and the United Kingdom.
Compliance History
The broker has maintained a compliance history with its regulatory obligations. However, some reviews indicate mixed experiences from clients, highlighting the importance of thorough research before engaging with the platform.
Competitive Landscape
3-5 Main Competitors
70Trades competes with several other forex and CFD brokers, including:
- RoboForex - Known for its low spreads and a wide range of account types.
- Exness - Offers high leverage and various trading platforms, including MetaTrader.
- Teletrade - Provides comprehensive educational resources and a range of trading instruments.
- The unique First Protected Positions (FPP) program for new traders.
- A proprietary trading platform, Xcite, designed for ease of use and advanced trading features.
- A diverse range of financial instruments, including cryptocurrencies and commodities.
Positioning in the Industry
70Trades positions itself as a broker that caters to both beginners and experienced traders, offering educational resources and a user-friendly trading platform. Its focus on fixed spreads and client protection measures differentiates it from competitors.
Market Differentiation Factors
Key factors that differentiate 70Trades from its competitors include:
In conclusion, 70Trades is a forex and CFD broker with a solid foundation and a growing presence in the trading industry. While it offers a wide range of trading services and educational resources, potential clients should carefully consider the regulatory environment and customer reviews before making investment decisions. For those interested in exploring the trading opportunities with 70Trades, it is advisable to conduct further research and assess personal trading needs.