Seventy Brokers foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://seventybrokers.com/onboarding/, about the company's legal and temporary regulatory information, the company's address Floor 32, 8 Marina View, Asia Square Tower 1, Singapore 018960.
Seventy Brokers Forex Broker
Basic Information
Singapore
5-10 years Suspicious Regulatory License Suspicious Scope of Business Vanuatu Retail Forex License Revoked Australia Appointed Representative(AR) Revoked United States Common Financial Service License Unauthorized Suspicious Overrun High potential riskCompany profile
Rating Index
X-leverage Account
CFD Clearing Account
Seventy Brokers Forex Broker - Complete Information Guide
1. Broker Overview
Seventy Brokers, officially known as Seventy Investech (Vanuatu) Co. Limited, was established in 2021. The broker claims to have its headquarters located at Floor 32, 8 Marina View, Asia Square Tower 1, Singapore 018960. It operates as a private entity and is part of the Seventy Investech Group, which has been in existence since 2015. The primary market served by Seventy Brokers includes retail traders, institutional clients, and fund managers, with a focus on providing access to various trading instruments.
Since its inception, Seventy Brokers has aimed to position itself as a leading international brokerage firm, offering services to clients across multiple regions including Asia, Australia, and the United States. Despite its claims of regulatory compliance, the broker has faced scrutiny regarding its legitimacy and operational practices. The business model primarily revolves around retail forex trading, catering to individual traders looking to access global markets.
The broker's development has been marked by its efforts to provide a comprehensive trading platform, although it has not been without challenges, particularly concerning regulatory issues and customer complaints. The relationship with its parent company, Seventy Investech Group, raises questions about its operational transparency and credibility in the financial services industry.
2. Regulation and Compliance Information
Seventy Brokers claims to be regulated by several financial authorities, including the Vanuatu Financial Services Commission (VFSC) under license number 14885. However, investigations reveal that this license may not be valid, as there are discrepancies in the registration details. The broker also mentions connections to the Australian Securities and Investments Commission (ASIC) and the National Futures Association (NFA) in the U.S., but these claims have been deemed misleading.
The regulatory status of Seventy Brokers is concerning due to the following factors:
- Lack of verified regulatory oversight: There is no substantial evidence that the broker is regulated by any recognized authority.
- Client funds segregation: Seventy Brokers does not appear to maintain segregated accounts for client funds, which is a standard practice among reputable brokers.
- Investor compensation fund participation: The broker does not participate in any investor compensation schemes, leaving clients vulnerable to potential losses.
- KYC and AML compliance: While the broker claims to follow Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, the lack of regulatory oversight raises doubts about the effectiveness of these measures.
Given these issues, potential clients should exercise caution when considering the services of Seventy Brokers, as the absence of credible regulatory oversight poses significant risks to investor security.
3. Trading Products and Services
Seventy Brokers offers a diverse range of trading products, catering to various trading preferences. The broker provides access to:
- Forex Trading: A selection of currency pairs, including major, minor, and exotic pairs, although the exact number of available pairs is not disclosed.
- CFD Products: The broker supports a variety of Contract for Difference (CFD) products, including:
- Indices: Major global indices.
- Commodities: Precious metals like gold and silver, as well as energy commodities such as oil.
- Stocks: Shares from prominent companies listed on major exchanges.
- Cryptocurrencies: A range of digital currencies, including Bitcoin and Ethereum.
The broker claims to update its product offerings regularly, but specific details about the frequency of updates or any new additions to their trading instruments have not been provided. Retail trading services are available, and there are indications that Seventy Brokers may also cater to institutional clients, although detailed information on institutional services is limited.
4. Trading Platform and Technology
Seventy Brokers utilizes the MetaTrader 5 (MT5) trading platform, which is widely recognized in the forex industry for its advanced features and user-friendly interface. The platform supports various functionalities, including:
- Multi-Asset Trading: Access to multiple asset classes, including forex, commodities, stocks, indices, and cryptocurrencies.
- Advanced Charting Tools: A comprehensive suite of technical analysis tools and indicators.
- Algorithmic Trading: Support for automated trading through Expert Advisors (EAs).
While the broker claims to provide a robust trading environment, concerns about the security and reliability of the MT5 platform have been raised, particularly given the broker's questionable regulatory status. The execution model employed by Seventy Brokers is not clearly defined, leaving potential clients uncertain about the nature of order execution (e.g., ECN, STP, Market Making).
The broker does not provide detailed information about its server locations or technical infrastructure, which are critical components for ensuring efficient trade execution. Additionally, there is no mention of API access or support for automated trading strategies outside of the MT5 platform.
5. Account Types and Trading Conditions
Seventy Brokers offers several account types designed to accommodate different trading needs. The account types include:
- X-Leverage Account: Minimum deposit of $100 with competitive spreads.
- CFD Clearing Account: Minimum deposit is negotiable, suitable for various trading strategies.
- Premium Integrated Account: Requires a $10,000 minimum deposit, providing enhanced trading conditions.
- Stock CFD Account: Requires a minimum deposit of $2,000, focused on stock trading.
- Integrated Account (BTC Based): Minimum deposit of 0.005 BTC.
The trading conditions vary across account types, with leverage options reportedly reaching up to 1:500. However, such high leverage is risky and not compliant with regulations in jurisdictions like Australia, where leverage is typically capped at 1:30 for retail clients.
The minimum trading lot size and overnight fees are not clearly specified, which can be a concern for traders looking for transparency in trading costs. The lack of a demo account policy further complicates the assessment of trading conditions for potential clients.
6. Fund Management
Seventy Brokers supports various deposit methods, including bank transfers, credit cards, and electronic wallets. The minimum deposit requirements vary by account type:
- X-Leverage Account: $100
- Premium Integrated Account: $10,000
- Stock CFD Account: $2,000
Deposit processing times are generally quick, with credit and debit card transactions being instantaneous. However, specific details regarding deposit fees and withdrawal methods are not transparently disclosed, raising potential red flags.
Withdrawal methods may include bank transfers and electronic wallets, but users have reported issues with withdrawal requests, including delays and complications. The processing time for withdrawals is often extended, and users have expressed concerns about the overall withdrawal experience with Seventy Brokers.
7. Customer Support and Educational Resources
Seventy Brokers provides customer support through various channels, including:
- Phone: +1 (856) 421 - 5844
- Email: info@seventybrokers.com
- Online chat and social media: Presence on platforms like Facebook and Twitter.
The broker claims to offer support across different time zones, although the response times have been reported as inconsistent. Multilingual support is not explicitly mentioned, which may limit accessibility for non-English speaking clients.
Educational resources available to clients appear to be limited, with few offerings in terms of webinars, tutorials, or comprehensive guides. Market analysis services, such as daily reports and research, are not highlighted, which could hinder the learning experience for new traders. The absence of trading tools like calculators or signal services further diminishes the educational support provided by the broker.
8. Regional Coverage and Restrictions
Seventy Brokers serves a diverse range of markets, with a primary focus on regions including Asia, Australia, and the United States. The broker claims to have offices in several locations, including Singapore, Hong Kong, and Sydney, although the operational status of these offices may vary.
However, the broker does not accept clients from certain jurisdictions, and specific countries where services are restricted have not been disclosed. Potential clients are advised to verify their eligibility based on local regulations before engaging with Seventy Brokers.
In summary, while Seventy Brokers presents itself as a comprehensive trading platform, significant concerns regarding its regulatory status, customer service, and overall reliability warrant careful consideration before proceeding with any investments.
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Latest Reviews
FX1237328357
Taiwan
After it was exposed last week that SeventyBrokers had problems with withdrawals, they didn’t reply to me about the withdrawals and closed my account as shown in the picture. Now I can’t even log in to make internal transfers or check information.
Exposure
2023-05-16
FX1237328357
Taiwan
I have been using this platform for several years, and last year's transactions/withdrawals were quite normal. However, since this year, the application for withdrawals has been very difficult. Seven Brokers told me that due to the approval of the acceptor, they requested me to reduce the number of withdrawals from USTD 7000 to USTD 5000 and then to USTD 3000; The USTD 3000 deposit I applied for in March has not been received yet. Seven Brokers has given me various reasons, so please continue to be patient. I believe there are significant issues and this has a significant impact on the rights and interests of users.
Exposure
2023-05-09
HurtD
Hong Kong
Open an account and deposit in 2021, and the withdrawal wouldn't be approved until March 2023. It hasn't arrived since it was approved. In addition, the background was prohibited, and I asked the customer service to lift the ban and asked me to provide a police certificate issued by the Public Security Bureau in English. Stupid platform. During this process, hundreds of emails were communicated. The final explanation was the issue of the acceptor, and waited for the feedback from the acceptor.
Exposure
2023-06-01