70Trades Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
Business
License
FSA Suspicious Clone 
70Trades is registered in Vanuatu. We all know that this place is famous for issuing offshore licenses, but this company doesn't even have an offshore license. I don't recommend everyone to trade with it.
In the volatile world of forex trading, choosing a reliable broker is paramount. The 70trades review reveals a broker that operates under an offshore license, raising concerns about its reliability and the safety of traders' funds. While it offers various trading features and educational resources, numerous user complaints highlight significant issues, particularly regarding withdrawals and customer support.
Note: It's important to consider that 70trades operates through multiple entities across different jurisdictions, which may impact the overall trustworthiness of the broker. This review aims to provide a balanced perspective based on various sources to ensure fairness and accuracy.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4.5 |
| Tools and Resources | 5.0 |
| Customer Service and Support | 3.0 |
| Trading Setup (Experience) | 4.0 |
| Trustworthiness | 3.5 |
| User Experience | 4.0 |
| Overall Score | 4.2 |
We evaluate brokers based on user feedback, expert reviews, and available trading conditions.
Founded in 2016, 70trades is an online forex and CFD broker owned by Securcap Securities Limited, based in Seychelles. The broker operates under the supervision of the Seychelles Financial Services Authority (FSA), which is considered a tier-3 regulator, raising concerns about the level of investor protection. 70trades utilizes its proprietary trading platform, known as "Xcite," which offers access to a range of financial instruments, including currencies, commodities, indices, and cryptocurrencies. However, the lack of integration with popular platforms like MetaTrader 4 or 5 could deter some traders.
70trades is regulated by the Seychelles FSA, which has minimal oversight compared to more stringent regulators like the FCA or ASIC. This raises concerns about the safety of funds, as there is little recourse for traders in the event of disputes. The broker's operations in Vanuatu further complicate the regulatory landscape, as Vanuatu is known for being a haven for less scrupulous brokers.
The primary trading currency for accounts at 70trades is USD. The broker accepts deposits in various forms, including credit/debit cards, bank transfers, and e-wallets like Skrill and Neteller. However, the withdrawal process can be cumbersome, with users reporting delays and issues in accessing their funds.
The minimum deposit required to open an account with 70trades is $200, which is higher than some competitors that allow entry with as little as $10. This higher threshold may limit accessibility for novice traders looking to start with smaller amounts.
While 70trades does not prominently advertise bonuses, it does offer "protected positions" for new traders. These allow users to trade without the risk of loss on their first few trades, but this feature may not compensate for the lack of a demo account.
70trades provides a diverse range of tradable assets, including forex pairs, commodities, indices, and cryptocurrencies. However, the fixed spreads, starting from 3 pips for major pairs like EUR/USD, are considered high compared to industry standards.
The broker employs a fixed spread model, which can lead to higher costs during trading. The inactivity fee of $500 after three months of non-activity is particularly alarming, as it significantly penalizes traders who may not be actively trading.
70trades offers leverage of up to 1:200, which is standard in the industry. However, such high leverage can amplify losses, making it a risky proposition for inexperienced traders.
The primary trading platform offered by 70trades is the Xcite web-based platform, which lacks the advanced features found in more established platforms like MetaTrader. This could limit the trading experience for users accustomed to more robust trading tools.
70trades does not accept clients from several countries, including the United States and the United Kingdom, which may limit its appeal to a broader audience.
70trades offers customer support in multiple languages, including English, Arabic, and Spanish. However, user feedback suggests that the quality of customer service is lacking, with many users reporting slow response times and unhelpful interactions.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4.5 |
| Tools and Resources | 5.0 |
| Customer Service and Support | 3.0 |
| Trading Setup (Experience) | 4.0 |
| Trustworthiness | 3.5 |
| User Experience | 4.0 |
| Overall Score | 4.2 |
The account conditions at 70trades are relatively standard, with a higher minimum deposit than many competitors. The lack of a demo account is a significant drawback, as it limits new traders' ability to practice without financial risk. The three account types (Entry, Advanced, Pro) offer minimal differentiation beyond the required deposit.
While 70trades provides some educational resources, the absence of a demo account and reliance on a proprietary platform may hinder traders' ability to develop their skills effectively. The available tools for market analysis are not as comprehensive as those offered by more established brokers.
Customer support has received mixed reviews, with many users expressing dissatisfaction with response times and the quality of assistance. The support team is available during limited hours, which may not be sufficient for traders operating in different time zones.
The trading experience on the Xcite platform is generally user-friendly, but it lacks the advanced features and customization options that experienced traders may desire. The high fixed spreads can also impact profitability.
Given the offshore nature of 70trades' regulation and the numerous complaints regarding fund withdrawals, the overall trustworthiness of the broker is low. Potential traders should exercise caution and consider other regulated options.
User experiences vary widely, with some users reporting initial satisfaction with the platform but later expressing frustration over withdrawal issues and poor customer service. The lack of transparency regarding fees and trading conditions further complicates the user experience.
In summary, while 70trades presents itself as an accessible option for forex trading, the multiple red flags regarding its regulatory status, high fees, and customer service issues suggest that potential traders should proceed with caution. The findings from this 70trades review highlight the importance of thorough research and consideration of alternative, more reliable brokers.
